Cemindia Projects Limited — Investor Meet, 04-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Cemindia Projects Limited (formerly ITD Cementation India Limited) held an Analysts/Investors conference call on April 30, 2026, to discuss its audited financial results for the quarter and year ended March 31, 2026.

**Financial Performance:**

For Q4 FY26, total operating income was INR2,973 Cr, a 17% YoY increase. EBITDA grew 66% YoY to INR450 Cr, with margins at 15.1% (vs. 10.7% in Q4 FY25). PAT surged 114% YoY to INR242 Cr. For the full year FY26, revenue stood at INR10,061 Cr (up 9% YoY), EBITDA at INR1,199 Cr (up 28% YoY), and PAT at INR598 Cr (up 60% YoY). The company reported a healthy debt-equity ratio of 0.18%.

**Management Commentary & Outlook:**

Management expressed satisfaction with crossing INR10,000 Cr in revenue for the first time. The outlook remains positive, with a strong order book and a robust pipeline. They anticipate revenue growth of at least 25% in FY27 and target an order book of INR25,000 Cr. Opportunities in road, highways, and tunnel segments are significant.

**Order Book & Operational Updates:**

The company secured approximately INR14,000 Cr in new orders (excluding L1 and April orders), bringing the total secured to INR19,000 Cr. The work-in-hand position is INR29,000 Cr. Key project completions include Udangudi, Bangalore Metro, and Mumbai Metro underground. New orders include Kolkata Metro underground and an overseas job in Abu Dhabi. Data center business has secured INR3,000 Cr from the group.

**Analyst Q&A Highlights:**

Discussions covered the margins for road projects, FY27 revenue and order book guidance, and drivers of margin expansion, which included efficient execution and realization of pending claims. Management confirmed that the INR70,000 Cr pipeline includes group projects. Capex for FY27 is projected at INR350-400 Cr. Regarding inflation, approximately 30% of current jobs have price-variation clauses, and future contracts will incorporate risks related to abnormal inflation.

**Investor Angle:**

The company presents a confident outlook, supported by strong financial results, a substantial order book, and a promising pipeline. Management's strategic focus on key infrastructure segments and effective project execution indicates a positive trajectory.