Cemindia Projects Limited: Building Momentum in Q2 FY26

Cemindia Projects Limited, a prominent player in India's infrastructure sector, has delivered a robust performance in the second quarter of fiscal year 2026. The company, known for its diverse portfolio spanning maritime, urban, and industrial structures, reported significant growth across key financial metrics, signaling strong operational execution and strategic foresight. Despite the typical seasonal impact of monsoons on Q2 revenues, Cemindia demonstrated resilience and a clear path forward.

For Q2 FY26, Cemindia's total operating income reached INR 2,175 crore, marking a 9% year-on-year growth from INR 1,991 crore in the corresponding previous year quarter. This revenue growth was complemented by an impressive 19% increase in EBITDA, which stood at INR 242 crore, up from INR 204 crore. The EBITDA margin improved to 11.1% in Q2 FY26 from 10.3% in Q2 FY25. The most striking highlight was the Profit After Tax (PAT), which surged by 49% year-on-year to INR 108 crore, compared to INR 72 crore in the prior year. For the first half of FY26, the company's total operating income was INR 4,718 crore, an 8% growth, with EBITDA at INR 496 crore (13% growth) and PAT at INR 245 crore (42% growth). This consistent performance underscores the company's operational efficiency and effective project management.

Financial Highlights (INR Crore)

Strategic Diversification and Order Book Strength

Cemindia's strategic focus on diversifying its order book across various high-growth infrastructure segments has paid off. The company secured significant orders worth INR 3,258 crore in Q2 FY26, bringing the total secured orders for H1 FY26 to INR 6,189 crore. The total order book now stands at close to INR 9,700 crore. This robust order book provides multi-year revenue visibility and reflects the company's strong competitive position. The clientele is well-diversified, comprising 40% from Government projects, 9% from Public Sector Undertakings (PSUs), and 51% from the Private Sector.

A key strategic initiative is the company's foray into the data center business. Management views this as a segment with huge prospects and is actively building capabilities to handle both the civil construction and the electromechanical components of these projects. The company has already secured its first data center project in Navi Mumbai, with an estimated completion timeline of approximately two years. Furthermore, Cemindia is expanding its presence in the airport segment, having secured significant projects in Jaipur and Trivandrum, and is also focusing on large diameter tunnels as another avenue for growth. These initiatives highlight Cemindia's commitment to adapting to evolving market demands and leveraging its core competencies in specialized infrastructure.

Operational Excellence and Future Outlook

Cemindia's operational excellence is evident in its ability to manage complex projects across various geographies, including India, Sri Lanka, Bangladesh, and the United Arab Emirates. The company's management emphasizes its strong execution capabilities, with teams and resources readily available to deliver projects on time and to quality standards. While acknowledging the seasonal impact of monsoons on Q2 revenues, the company remains optimistic about Q3 and Q4 performance.

Looking ahead, Cemindia has set ambitious targets, projecting a revenue growth of 20-22% for FY26. The company aims to maintain an EBITDA margin of around 11% and a PAT close to 4%. Management also believes it is a reasonable assumption to double revenues in less than three years, supported by the strong order book and execution capabilities. The company's conservative net debt-to-equity ratio of 0.25x further underscores its disciplined financial management. Cemindia Projects Limited is not just constructing physical infrastructure; it is building a resilient and growth-oriented enterprise, poised for continued success in India's dynamic infrastructure landscape.