Cemindia Projects Ltd

CEMPRO

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Market Cap

₹ 14,160 Cr

P/E

31.79

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Cemindia Projects Limited, a leader in engineering and construction, specializes in diverse infrastructure projects such as maritime structures, tunnels, and airports, strongly contributing to India's industrial advancement.

In the latest quarter, the company secured an impressive order book of close to INR 9,700 crores, indicating robust expansion in diverse sectors including metro, data centers, and marine projects.

The company's EBITDA margin improved to 11.1% in Q2 FY '26 from 10.3% in Q2 FY '25, highlighting improved operational efficiency despite monsoon-related revenue dips.

Cemindia's strategic entry into the data center business, with a focus on civil and electromechanical components, marks a significant diversification in its portfolio and growth strategy.

The company's robust execution capabilities are evidenced by the completion of major projects like the Ganga Expressway and Bangalore Metro, positioning it as a formidable player in the construction industry.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Large

Market Cap

14,160 Cr

Volatility

Moderate Risk

P/E Ratio

31.8

Industry P/E

23.2

PEG Ratio

1.4

P/B Ratio

6.9

52W High

943.20

52W Low

477.00

Sales CAGR

17.87%

40.30%

33.18%

10Y

—

Profit CAGR

36.16%

75.63%

53.91%

10Y

—

ROE

TTM

21.77%

16.84%

12.61%

10Y

—

ROCE

TTM

26.38%

32.26%

26.85%

10Y

—

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IRCON	157.05	14,771 Cr	24.58	2.29	1.69	9.30	8.06	2.96
AFCONS	400.00	14,680 Cr	29.22	2.72	0.63	9.32	11.63	2.80
CEMPRO	825.50	14,160 Cr	31.79	6.92	0.24	21.77	26.38	6.68
NCC	161.75	10,155 Cr	12.80	1.35	1.36	10.54	17.27	3.60
GRINFRA	1027.80	9,956 Cr	9.18	1.11	1.21	12.34	13.16	6.73
DBL	447.60	7,270 Cr	19.77	1.26	0.20	6.37	13.21	4.47
WELENT	509.30	7,056 Cr	19.17	2.63	0.58	12.95	15.33	5.98

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,833	1,610	2,017	2,258	2,381	1,991	2,245	2,480	2,542	2,175
Expenses	1,671	1,452	1,812	2,037	2,160	1,809	2,039	2,220	2,310	1,972
Operating Profit	162	158	205	221	221	182	206	259	233	203
OPM %	8.81	9.82	10.15	9.77	9.30	9.12	9.18	10.46	9.16	9.35
Other Income	13	14	15	22	16	23	7.82	8.54	22	39
Interest	51	52	58	57	53	57	57	62	50	53
Depreciation	45	53	56	54	49	47	45	51	41	43
Profit Before Tax	79	68	106	130	135	100	112	155	164	146
Tax %	33.58	21.11	25.72	31.31	25.84	27.90	22.42	26.71	16.09	26.44
Net Profit	52	54	79	90	100	72	87	114	137	108
EPS in Rs	3.04	3.12	4.56	5.21	5.83	4.19	5.07	6.61	7.99	6.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,938	2,061	3,170	2,861	2,728	3,809	5,091	7,718	9,097	9,258
Expenses	2,673	1,789	2,848	2,565	2,515	3,516	4,691	6,973	8,228	8,378
Operating Profit	264	271	322	296	213	293	400	745	869	880
OPM %	9.00	13.17	10.17	10.33	7.80	7.69	7.86	9.65	9.55	9.51
Other Income	-30	-0.41	19	-8.52	45	45	63	64	55	60
Interest	89	88	124	130	138	142	165	218	229	226
Depreciation	46	58	82	96	100	103	114	208	192	183
Profit Before Tax	99	126	135	60	20	94	184	383	503	531
Tax %	48.31	42.00	38.17	27.18	20.25	26.05	32.17	28.42	25.76	22.76
Net Profit	51	73	83	44	16	69	125	274	373	410
EPS in Rs	—	—	3.21	2.51	0.92	4.00	7.23	15.93	21.70	25.94
Dividend Payout %	9.15	8.53	8.33	11.95	13.04	11.22	10.37	10.67	9.22	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2015	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	16	17	17	17	17	17	17	17
Reserves	493	537	602	1,004	1,035	1,049	1,114	1,220	1,477	1,816
Borrowings	574	334	447	521	526	458	560	766	889	961
Other Liabilities	1,363	995	1,332	1,055	1,549	1,669	1,925	3,013	3,534	3,710
Total Liabilities	2,445	1,881	2,396	2,597	3,127	3,192	3,616	5,017	5,917	6,505
Fixed Assets	349	385	462	529	624	601	655	847	1,081	1,074
CWIP	2.67	5.60	38	7.35	4.86	53	2.00	117	10	21
Investments	0.00	0.58	0.57	0.57	255	194	113	45	4.84	42
Other Assets	2,093	1,489	1,895	2,060	2,243	2,344	2,847	4,007	4,821	5,367
Total Assets	2,445	1,881	2,396	2,597	3,127	3,192	3,616	5,017	5,917	6,505

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Dec 2015	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	465	326	68	-134	447	191	339	471	704	203
Cash from Investing Activity	-104	-20	-157	-133	-87	-51	-25	-438	-419	-245
Cash from Financing Activity	-302	-222	40	244	-212	-250	-56	28	-123	-209
Net Cash Flow	59	83	-49	-24	147	-110	258	61	162	-251

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.63%	46.63%	46.63%	46.64%	46.63%	46.63%	46.63%	46.63%	46.63%	46.63%	67.46%	67.46%
FIIs	13.30%	12.23%	13.46%	14.43%	13.90%	17.07%	20.00%	20.99%	17.04%	13.95%	9.21%	8.36%
DIIs	5.64%	5.07%	4.57%	3.38%	1.95%	1.83%	2.44%	2.32%	2.61%	6.15%	0.79%	0.72%
Public	34.43%	36.06%	35.34%	35.56%	37.52%	34.47%	30.93%	30.05%	33.71%	33.27%	22.54%	23.46%
Total Shareholders	46,637	49,858	57,196	73,005	76,050	78,347	86,975	1,08,988	1,07,317	1,02,140	92,686	98,422

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 08, 2024	Qe securities llp	Bulk	Buy	537.41	48.70 Cr	9,06,214	0.52
Aug 08, 2024	Qe securities llp	Bulk	Sell	539.49	52.14 Cr	9,66,519	0.56

Projection

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Q2 FY26

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Q4 FY25

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Overall

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IRCON	157.05	14,771 Cr	24.58	2.29	1.69	9.30	8.06	2.96
AFCONS	400.00	14,680 Cr	29.22	2.72	0.63	9.32	11.63	2.80
CEMPRO	825.50	14,160 Cr	31.79	6.92	0.24	21.77	26.38	6.68
NCC	161.75	10,155 Cr	12.80	1.35	1.36	10.54	17.27	3.60
GRINFRA	1027.80	9,956 Cr	9.18	1.11	1.21	12.34	13.16	6.73
DBL	447.60	7,270 Cr	19.77	1.26	0.20	6.37	13.21	4.47
WELENT	509.30	7,056 Cr	19.17	2.63	0.58	12.95	15.33	5.98

Overview

Detailed Summary

In the latest quarter, the company secured an impressive order book of close to INR 9,700 crores, indicating robust expansion in diverse sectors including metro, data centers, and marine projects.

The company's EBITDA margin improved to 11.1% in Q2 FY '26 from 10.3% in Q2 FY '25, highlighting improved operational efficiency despite monsoon-related revenue dips.

Cemindia's strategic entry into the data center business, with a focus on civil and electromechanical components, marks a significant diversification in its portfolio and growth strategy.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Large

Market Cap

14,160 Cr

Volatility

Moderate Risk

P/E Ratio

31.8

Industry P/E

23.2

PEG Ratio

1.4

P/B Ratio

6.9

52W High

943.20

52W Low

477.00

Sales CAGR

17.87%

40.30%

33.18%

10Y

—

Profit CAGR

36.16%

75.63%

53.91%

10Y

—

ROE

TTM

21.77%

16.84%

12.61%

10Y

—

ROCE

TTM

26.38%

32.26%

26.85%

10Y

—