Cemindia Projects logo

Cemindia Projects

CEMPRO NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹21,097 Cr
Volatility
Moderate
P/E Ratio
35.52
EBITDA
₹1,199 Cr
Return on Equity
24.91%
Debt to Equity
0.42
Book Value
₹139.68
EPS
₹18.73
52W High
₹1,649.2
52W Low
₹503.3

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 112% CAGR over last 5 years

Weaknesses

2
  • Stock is trading at 8.91 times its book value
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
9.85% lower than 3Y
Net Income Growth
60.33% lower than 3Y
Cash Flow Change
171% higher than 3Y
ROE
22.53% higher than 3Y
ROCE
8.92% lower than 3Y
EBITDA Margin (Avg.)
16.19% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Cemindia Projects Ltd is a small-cap construction company with a market cap of ₹21,097 Cr that has delivered exceptional profit growth of 112% CAGR over 5 years and 68% CAGR over 3 years, while its stock has compounded at 77% CAGR over 3 years. However, the stock trades at a P/E of 35.7x and 8.96x book value, and recent TTM sales growth has decelerated to 9% against a 5-year CAGR of 30%.

Bull Case 7
  • Outstanding 5-year compounded profit growth of 112% CAGR indicates strong earnings trajectory and improving profitability
  • 3-year compounded profit growth of 68% CAGR demonstrates sustained earnings momentum beyond a one-off spike
  • Last year ROE of 28% is well above the 10-year average of 15%, suggesting improving capital efficiency
  • 3-year ROE of 24% and 5-year ROE of 19% show a clear upward trend in return ratios over time
  • 5-year compounded sales growth of 30% CAGR reflects strong revenue expansion in the construction segment
  • TTM profit growth of 47% continues to outpace TTM sales growth of 9%, indicating margin expansion and operating leverage
  • Stock has compounded at 73% CAGR over 5 years and 59% over 1 year, reflecting sustained market re-rating
Bear Case 8
  • TTM sales growth has sharply decelerated to 9% from the 3-year CAGR of 25% and 5-year CAGR of 30%, signaling potential revenue slowdown
  • Stock trades at 8.96x price-to-book value, which is elevated for a construction sector company and leaves limited margin of safety
  • P/E ratio of 35.7x is demanding and prices in significant future growth that may not materialize if sales deceleration continues
  • Company's cost of borrowing is reportedly high, which can compress margins and reduce profitability in a rising or sustained high-rate environment
  • Dividend yield of just 0.24% offers negligible income return to shareholders relative to the valuation premium being paid
  • Key financial metrics including debt-to-equity ratio and EPS are unavailable, limiting full visibility into the company's financial health and leverage
  • 52-week high and low data are not available, making it difficult to assess where the stock trades relative to its recent range
  • 10-year compounded sales growth of only 13% suggests the recent high-growth phase may be cyclical rather than structural for a construction firm

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 3
  • Record order book ₹31,307 crore Aug 20

    Cemindia Projects reports a record order book of ₹31,307 crore as of June 30, 2026, following its acquisition by the Adani Group. The company is actively engaging overseas investors with meetings in Singapore and Hong Kong on August 25-26.

  • Shareholders approve capital raise Aug 17

    Cemindia Projects shareholders approved a special resolution to raise capital via equity issuance at the EGM, with over 99% of votes polled in favor and the promoter group casting 100% affirmative votes.

  • Credit rating upgraded to AA Sep 3

    Cemindia Projects received a credit rating upgrade with long-term facilities moved to AA Stable and short-term facilities to A1+, reflecting improved financial standing.

Neutral 1
  • Investor meet scheduled Sep 1 Aug 25

    Cemindia Projects announced an institutional investor conference on September 1, 2026, in Mumbai, organized by Elara Capital in a physical format.

TL;DR: Cemindia Projects is on a strong footing with a record ₹31,307 crore order book, a credit upgrade to AA Stable, and shareholder backing for fresh capital raise with near-unanimous approval. No material headwinds are visible in recent news flow. The Adani Group acquisition appears to be driving improved institutional interest and financial credibility. The trend is clearly improving, and execution on the large order book will be the key monitorable going forward.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,833
1,610
2,017
2,258
2,381
1,991
2,270
2,532
2,576
2,195
2,315
2,973
2,721
Expenses
1,671
1,452
1,812
2,037
2,160
1,809
2,063
2,277
2,336
1,993
2,094
2,616
2,446
Operating Profit
162
158
205
221
221
182
207
255
240
202
222
358
275
OPM %
9%
10%
10%
10%
9%
9%
9%
10%
9%
9%
10%
12%
10%
Other Income
13
14
15
22
16
23
10
16
20
41
23
92
10
Interest
51
52
58
57
53
57
59
62
50
53
50
61
50
Depreciation
45
53
56
54
49
47
45
51
41
43
43
39
43
PBT
79
68
106
130
135
100
113
157
169
146
152
350
192
Tax %
34%
21%
26%
31%
26%
28%
23%
28%
19%
26%
27%
31%
27%
Net Profit
52
54
79
90
100
72
87
113
137
108
111
242
141
EPS in Rs
3.04
3.12
4.56
5.21
5.83
4.19
5.07
6.6
7.99
6.27
6.46
14.1
8.2
Figures in ₹ Crores

Profit & Loss

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Mar 2019 15mMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,652
2,892
2,938
2,061
3,170
2,861
2,728
3,809
5,091
7,718
9,246
10,061
10,205
Expenses
1,561
2,700
2,726
1,796
2,843
2,523
2,515
3,516
4,691
6,973
8,386
9,045
9,149
Operating Profit
91
192
212
264
327
338
213
293
400
745
860
1,016
1,056
OPM %
6%
7%
7%
13%
10%
12%
8%
8%
8%
10%
9%
10%
10%
Other Income
114
-102
23
7
14
-10
45
45
63
64
78
183
167
Interest
136
138
89
88
124
130
138
142
165
218
236
215
215
Depreciation
43
37
46
58
82
137
100
103
114
208
194
166
167
PBT
27
-85
99
126
134
60
20
94
184
383
508
818
841
Tax %
28%
-30%
48%
42%
38%
27%
20%
26%
32%
28%
27%
27%
—
Net Profit
19
-59
51
73
83
44
16
69
125
274
373
598
602
EPS in Rs
1.25
-3.82
3.28
4.69
4.77
2.51
0.92
4.01
7.23
15.93
21.7
34.79
35.03
Div. Payout %
0%
0%
9%
9%
8%
12%
13%
11%
10%
11%
9%
9%
—
Figures in ₹ Crores

Balance Sheet

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
16
16
16
17
17
17
17
17
17
17
17
Reserves
552
493
536
602
1,004
1,035
1,049
1,114
1,220
1,477
1,816
2,382
Borrowings
765
601
356
489
532
539
458
560
766
889
993
1,001
Other Liabilities
862
1,336
973
1,282
1,044
1,533
1,669
1,925
3,013
3,534
3,026
3,686
Total Liabilities
2,195
2,445
1,881
2,388
2,597
3,125
3,192
3,616
5,017
5,917
5,852
7,086
Fixed Assets
335
349
385
462
529
624
601
655
847
1,081
1,077
1,168
CWIP
3
3
6
38
7
5
53
2
117
10
21
22
Investments
0
0
1
1
1
255
194
113
45
5
0
0
Other Assets
1,856
2,093
1,489
1,887
2,060
2,241
2,344
2,847
4,007
4,821
4,753
5,897
Total Assets
2,195
2,445
1,881
2,388
2,597
3,125
3,192
3,616
5,017
5,917
5,852
7,086
Figures in ₹ Crores

Cash Flow

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
44
465
326
68
-134
447
191
339
471
704
184
500
Investing
-38
-104
-20
-157
-133
-87
-51
-25
-438
-419
-233
-147
Financing
-4
-302
-222
40
244
-212
-250
-56
28
-123
-218
-243
Net Cash Flow
1
59
83
-49
-24
147
-110
258
61
162
-267
110
Free Cash Flow
-2
419
231
-103
-259
354
80
244
69
369
12
274
CFO/OP
41
256
170
24
-24
145
100
136
143
105
34
66
Figures in ₹ Crores

Ratios

Particulars Dec 2014Dec 2015Dec 2016Dec 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
91
39
27
42
50
75
71
60
77
57
39
47
Inventory Days
641
530
61
92
75
99
144
118
119
86
73
82
Days Payable
236
340
340
363
171
225
311
276
275
179
232
238
Cash Conversion Cycle
496
229
-252
-229
-45
-51
-96
-99
-78
-36
-120
-110
Working Capital Days
8
-34
-36
-38
32
-21
2
-19
-35
-26
-8
6
ROCE %
5%
14%
19%
24%
20%
15%
10%
14%
19%
27%
28%
33%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs2.87%Promot.67.46%Others5.41%FIIs7.27%Public17.00%As ofJun 2026

Documents

Frequently Asked Questions about Cemindia Projects

What does Cemindia Projects Ltd do?
Cemindia Projects Ltd. is engaged in the business of providing design, engineering, procurement and construction (EPC) services for infrastructure projects in India. [1]
Where is Cemindia Projects Ltd (CEMPRO) listed?
Cemindia Projects Ltd trades as CEMPRO on the NSE and under code 509496 on the BSE.
Which sector does Cemindia Projects Ltd belong to?
Cemindia Projects Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of Cemindia Projects Ltd?
Cemindia Projects Ltd has a market capitalisation of ₹21,097 Cr, which places it in the Large Cap band.
What is the PE ratio of Cemindia Projects Ltd?
Cemindia Projects Ltd trades at a PE ratio of 35.52, on earnings per share of ₹18.73, against a book value of ₹139.68 per share.
What is the 52-week high and low of Cemindia Projects Ltd?
Over the last 52 weeks Cemindia Projects Ltd has traded between ₹503.3 and ₹1,649.2.
Does Cemindia Projects Ltd pay dividends?
Cemindia Projects Ltd has a dividend yield of 0.24%.
What is the Return on Equity (ROE) of Cemindia Projects Ltd?
Cemindia Projects Ltd reported a return on equity of 24.91%. Its debt-to-equity ratio is 0.42.

Company Information

Cemindia Projects Ltd. is engaged in the business of providing design, engineering, procurement and construction (EPC) services for infrastructure projects in India. [1]

Website cemindia.co.in
CEO Mr. Jayanta Basu
Employees 2,769
Listed 1999-02-10
Face Value ₹ 1
Issued Size 17,17,87,584

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