Cemindia Projects logo

Cemindia Projects

CEMPRO NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹20,657 Cr
Volatility
Moderate
P/E Ratio
33.65
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 8.44 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

6d ago
AI opinion · based on fundamentals
Risk high

Cemindia Projects Ltd (formerly ITD Cementation India) has a market cap of about ₹21,783 crore. It trades at a P/E of 36.3 and a P/B of 9.09. Over five years it compounded sales at 30% and profit at 112%, and ROE rose to 28% last year from a 10-year average of 15%. TTM sales growth has slowed to 9% while TTM profit grew 47%, the dividend yield is 0.24%, and the stock has compounded at 74% annually over five years.

Bull Case 7
  • Profit compounded at 112% a year over five years and 68% over three years, well ahead of 30% and 25% sales growth over the same periods. Margins and operating leverage improved significantly.
  • ROE reached 28% last year, up from a 3-year average of 24%, a 5-year average of 19% and a 10-year average of 15%. Returns on shareholder capital have improved steadily.
  • TTM profit grew 47% even though TTM sales grew only 9%. Profitability is still expanding faster than revenue.
  • Sales compounded at 30% over five years and 25% over three years. The company has scaled its execution in marine, foundation, metro and heavy civil construction.
  • A P/E of 36.3 is below the 68% 3-year profit CAGR. On a growth-adjusted basis the valuation looks less stretched than the headline multiple suggests, if earnings growth holds.
  • The stock has returned 57% over one year, and has compounded at 79% over three years and 74% over five. The market has sustained its recognition of the earnings turnaround.
  • Over 10 years, profit compounded at 27% against 13% sales growth. Earnings quality has improved over the long run, not just in one cycle.
Bear Case 8
  • The stock trades at 9.09 times book value, which implies a book value of about ₹2,400 crore against a ₹21,783 crore market cap. That is a high multiple for a capital-intensive, cyclical construction contractor.
  • TTM sales growth has slowed to 9%, from a 25% 3-year CAGR and a 30% 5-year CAGR. Top-line momentum may be decelerating.
  • TTM profit grew 47% on only 9% revenue growth, so most recent earnings growth comes from margin expansion. Margins in EPC contracting tend to mean-revert, which makes this hard to sustain.
  • The cost of borrowing appears high, and debt-to-equity data isn't available. Working capital and borrowing costs could squeeze margins in a business with long receivable cycles.
  • The 10-year ROE average is 15%, well below last year's 28%. Current returns may be near a cyclical peak rather than a new steady state.
  • The 3-year stock CAGR of 79% exceeds the 68% profit CAGR over the same period. Part of the return came from multiple expansion, which leaves less room for error.
  • The dividend yield is only 0.24%, so shareholders get little cash return to offset valuation risk while holding the stock.
  • The recent change in promoter ownership and the rebranding from ITD Cementation to Cemindia Projects add uncertainty about strategy, related-party order flow and governance until there is a track record under the new ownership.

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

AI News Digest

1d ago
Positives 1
  • Credit rating upgraded to AA/A1+ Sep 3

    Cemindia Projects' long-term facilities were upgraded to AA with a Stable outlook and its short-term facilities to A1+. This points to a stronger balance sheet and should help lower borrowing costs and support working capital for bidding on more projects.

Neutral 2
  • Investor meet in Mumbai Sep 16

    The company announced an in-person institutional investor meet in Mumbai on September 21, 2026, organized by Anand Rathi. It shows management is reaching out to investors but isn't a material event by itself.

  • ₹4.71 crore award petition withdrawn Sep 24

    Cemindia withdrew its execution petition in the Delhi High Court against Baya Weaver and Saya Cementation over a ₹4.71 crore arbitration award. It can file the claim again later, so recovery is delayed but not lost, and the amount is small.

TL;DR: The main news is the credit rating upgrade to AA Stable (long-term) and A1+ (short-term), which suggests better financial health and cheaper funding for a construction company that relies on working capital. There are no major headwinds. The withdrawn ₹4.71 crore petition only delays a small recovery since the company can refile, and the investor meet shows active outreach to institutions. The trend looks better, and order inflows, execution pace and margins after the upgrade will show whether the improvement lasts.

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 ₹20,657 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 33.65, 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 0.25%.
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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