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Cemindia Projects

CEMPRO NSE
₹1,310.10 +39.50 (+3.11%)
P/E
37.40
View as Markdown
MCP
Close 4 Nov 2026 ₹1,310.10 +460.85 +54.3% 1Y
Start ₹849.25

Key Fundamentals

SmallcapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
32.80%
Debt to Equity
0.42
EPS (TTM)
₹35.03
Book Value
₹206.03
Market Cap
—
P/E (TTM)
37.40
P/B
6.36
ROE
27.80%
Dividend Yield
0.24%
EBITDA
₹1,199 Cr
52W High
₹1,649.20
52W Low
₹503.30
Day Range
₹1,264.60 – ₹1,323.80
Volume
4,06,983

Peer Comparison

Industrials › Construction › Civil Construction

Cemindia Projects peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects (this company)
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Median 7 companies₹300.8528.37₹22,726 Cr4.800.52%15.90%18.30%₹12,756 Cr₹897 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
59
Good
Returns, margins, earnings quality 22% weight
Valuation
70
Strong
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
15
Poor
Solvency, leverage, coverage 9% weight
Momentum
79
Strong
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 8.23 times its book value
  • Promoter holding has decreased over last quarter: -4.62%
  • Company's cost of borrowing seems high

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.08
Neutral
MACD (12,26,9)
17.28
Bullish
SMA (50)
1,228.15
Bullish
SMA (200)
1,005.59
Bullish

As of

Analyst Rating

Based on 5 analysts
BUY100%

5 of 5 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
5
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10YIrregular period
5Y+29.83%
3Y+25.49%
1Y+8.81%
TTM+8.91%

Net profit

Net profit growth by window
10YIrregular period
5Y+106.31%
3Y+68.50%
1Y+60.32%
TTM+47.19%

Operating cash flow

Operating cash flow growth by window
10YIrregular period
5Y+21.22%
3Y+2.01%
1Y+171.74%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5Y+2.29 pp
3Y+2.24 pp
1Y+0.80 pp
TTM+0.92 pp

Revenue by year

Revenue by year, ₹ crore
Dec 2015₹2,892 Cr
Dec 2016₹2,938 Cr
Dec 2017₹2,061 Cr
Mar 2020₹2,861 Cr
Mar 2021₹2,728 Cr
Mar 2022₹3,809 Cr
Mar 2023₹5,091 Cr
Mar 2024₹7,718 Cr
Mar 2025₹9,246 Cr
Mar 2026₹10,061 Cr

Net profit by year

Net profit by year, ₹ crore
Dec 2015−₹59.00 Cr
Dec 2016₹51.00 Cr
Dec 2017₹73.00 Cr
Mar 2020₹44.00 Cr
Mar 2021₹16.00 Cr
Mar 2022₹69.00 Cr
Mar 2023₹125 Cr
Mar 2024₹274 Cr
Mar 2025₹373 Cr
Mar 2026₹598 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹247 Cr −13.3% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Cemindia Projects Ltd trades at ₹1,310.10 as of 2026-11-04 with a market cap of ₹23,548.97 crore, a P/E (TTM) of 37.4x, and an ROE of 24.91%. The stock has delivered a 5-year profit CAGR of 112% alongside strong return ratios, but trades at elevated valuations relative to book value and has seen a recent decline in promoter holding.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 112% CAGR, indicating sustained earnings momentum in the construction sector
  • ROCE of 40.04% as of 2026-11-04 reflects highly efficient capital deployment, well above typical construction-sector peers
  • ROE of 24.91% (current) and 28% for the last year, with a 3-year average of 24%, demonstrates consistent and improving shareholder returns
  • TTM profit growth of 47% shows the company continues to deliver strong earnings expansion even on a larger base
  • Manageable debt-to-equity ratio of 0.42 provides financial flexibility for a capital-intensive construction business
  • 5-year stock CAGR of 70% and 1-year CAGR of 44% reflect sustained market confidence in the company's growth trajectory
  • 10-year compounded profit growth of 27% and 10-year sales growth of 13% point to a long track record of scaling the business
  • 3-year compounded sales growth of 25% indicates healthy order execution and top-line expansion
Bear Case 7
  • P/E (TTM) of 37.4x is elevated for a construction company, pricing in significant future growth that may already be discounted
  • Promoter holding decreased by 4.62% over the last quarter, which may signal reduced insider confidence or stake dilution
  • TTM sales growth has decelerated to 9% compared to a 3-year CAGR of 25% and 5-year CAGR of 30%, suggesting a potential revenue slowdown
  • The company's cost of borrowing appears high, which can compress margins if interest rates remain elevated or debt levels increase
  • Dividend yield of just 0.24% offers negligible income return, making the stock entirely dependent on capital appreciation
  • The stock has corrected roughly 20.6% from its 52-week high of ₹1,649.20, indicating possible near-term weakness or profit-booking
  • The gap between TTM profit growth (47%) and TTM sales growth (9%) raises questions about margin sustainability and whether earnings quality is driven by one-off items or operating leverage that may not persist

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

AI News Digest

9h ago

TL;DR: Cemindia Projects is raising capital through a QIP, signaling growth ambitions in the infrastructure and construction space. The market reacted mildly positively, though dilution risk exists for current shareholders. With reputable lead managers on board and regulatory approvals already secured, execution of the capital raise appears on track. The key forward-looking question is how the raised funds will be deployed and whether they translate into order book and earnings growth.

Headwinds 1
  • Potential equity dilution via QIP Oct 14

    Cemindia Projects opened a QIP offering up to 90.3 lakh new shares at an indicative price of ₹1,108, a ~4% discount to the Oct 14 closing price of ₹1,153.50, which dilutes existing shareholders.

Positives 1
  • Strong institutional investor interest Oct 14

    Shares closed 0.97% higher at ₹1,149.90 on the day the QIP was announced, suggesting market confidence in the capital raise. Three major lead managers — SBI Capital Markets, ICICI Securities, and IIFL Capital Services — were appointed.

Neutral 1
  • QIP opens at ₹1,158.58 floor Oct 14

    Cemindia Projects opened its QIP on October 14, 2026 with a floor price of ₹1,158.58 per share under SEBI ICDR Regulations, following board approval on July 23 and shareholder approval on August 17, 2026. The final price will be set in consultation with book-running lead managers, with up to a 5% discount permitted.

Quarterly Results

₹ Cr
CEMPRO quarterly results, ₹ crore
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
21.36
16
22.47
7.51
16
20
38.54
23
92
10
Interest
51
52
58
57
53
57
56.99
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
112
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 (₹)
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

Profit & Loss

₹ Cr
CEMPRO profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
CEMPRO balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
CEMPRO cash flow, annual, ₹ crore
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/EBITDA
41
256
170
24
−24
145
100
136
143
105
34
66

Ratios

CEMPRO financial ratios, annual
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

Log in to view Cemindia Projects insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.84%
  • Public 19.87%
  • DIIs 11.06%
  • FIIs 6.23%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Cemindia Projects Ltd?
Cemindia Projects Ltd trades at a PE ratio of 37.40 as of 4 Nov 2026, on earnings per share of ₹35.03, against a book value of ₹206.03 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 as of 4 Nov 2026.
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 27.80%. 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.

Website cemindia.co.in
CEO Mr. Jayanta Basu
Employees 2,769
Listed 10 Feb 1999
Face Value ₹1

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