Any current/future new fundraising through debt or equity?

The company currently has close to INR 6,000 crores of credit limits, with about 90% utilization. Gross debt as of June 30, 2025, stands at INR 960 crores. Interest costs have reduced due to better terms like interest-free advances and reduced bank guarantee charges. Management expects optimization of financing costs post Adani Group's parental leverage, which should reduce absolute interest costs and debt cost as a percentage of revenue. No explicit mention of immediate new fundraising through debt or equity in the discussed section. Capex for FY '26 is planned around INR 280-300 crores, with

Any current/future capex/capital investment/strategic investment?

Planned capex for FY '26 is around INR 280 crores to INR 300 crores. INR 89 crores of capex was already spent in Q1 of FY '26. Capex depends on the projects received; it could be higher if more work is secured. No specific details disclosed about capex-related to future investments or strategic moves. Support and access to plant and machinery from Adani Group are available if needed, indicating possible capital expansion aligned with knowledge and project needs.

Future growth expectations in sales/revenue/volumes?

The company targets revenue growth of about 20% to 25% annually, maintaining this range for FY '26 and looking similarly towards FY '27 and '28. Order inflow for FY '26 is expected around INR 15,000 to 16,000 crores, with 35% contributed by the parent Adani Group. The existing order book of approximately INR 18,820 crores is expected to be executed over 1.5 years. The company aims to focus on larger ticket size orders (usually over INR 300-500 crores), which lead to better margins and reduced competition. Growth is supported by expanding into new segments like airports, data centers, and incre

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a revenue growth of 20% to 25% annually, maintaining a strong growth trajectory. EBITDA margins are expected to remain steady around 10%, with efforts to improve gradually. PAT margins have shown consistent improvement, from 3.6% to 5.4%, and management views 5% PAT as healthy for the industry, with potential for further growth. Operating leverage benefits are moderated due to previous bad projects but stabilized EBITDA at around 10% in recent quarters. Bidding strategy balances growth and margins; pursuing larger projects with potentially better margins and less co

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR18,820 to INR18,880 crores, expected to be executed over 1.5 years (Page 7, Page 13). Total order inflow guidance for FY '26 is around INR15,000 to INR16,000 crores, with INR4,000 to INR5,000 crores already secured (Page 7, Page 8). Out of the order pipeline/opportunities worth INR87,000 crores, the win rate is approximately 20%, translating to about INR16,000 crores of potential orders (Page 6, Page 7). Orders secured in Q1 FY '26 were INR2,900 crores, plus INR1,300 crores secured in July 2025, totaling around INR4,300 crores so far (Page 3).

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Cemindia Projects LtdQ2 FY25Construction

Cemindia Projects Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,241P/E: 25.9Market Cap: ₹15.5K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets revenue growth of about 20% to 25% annually, maintaining this range for FY '26 and looking similarly towards FY '27 and '28.
→Order inflow for FY '26 is expected around INR 15,000 to 16,000 crores, with 35% contributed by the parent Adani Group.
→The existing order book of approximately INR 18,820 crores is expected to be executed over 1.5 years.
→The company aims to focus on larger ticket size orders (usually over INR 300-500 crores), which lead to better margins and reduced competition.
→Growth is supported by expanding into new segments like airports, data centers, and increased participation across multiple infrastructure categories beyond marine.
→The organization has adequate capacity (manpower and machinery) and strong knowledge base, enabling it to sustain at least 25% growth without major constraints.
→Operating leverage benefits are balanced by competitive bidding strategies to secure more jobs.

Margin guidance

Category 3

→The company targets a revenue growth of 20% to 25% annually, maintaining a strong growth trajectory.
→EBITDA margins are expected to remain steady around 10%, with efforts to improve gradually.
→PAT margins have shown consistent improvement, from 3.6% to 5.4%, and management views 5% PAT as healthy for the industry, with potential for further growth.
→Operating leverage benefits are moderated due to previous bad projects but stabilized EBITDA at around 10% in recent quarters.
→Bidding strategy balances growth and margins; pursuing larger projects with potentially better margins and less competition.
→Expected capex around INR 280-300 crores for FY '26 supports expansion and growth capacity.
→Earnings growth will benefit from a larger order book, increased order sizes, and improved efficiency as execution scales.
→Parent company orders constitute a significant portion (~30-35%) of the order pipeline, supporting sustained growth.

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Fundraise plans

Yes

→The company currently has close to INR 6,000 crores of credit limits, with about 90% utilization.
→Gross debt as of June 30, 2025, stands at INR 960 crores.
→Interest costs have reduced due to better terms like interest-free advances and reduced bank guarantee charges.
→Management expects optimization of financing costs post Adani Group's parental leverage, which should reduce absolute interest costs and debt cost as a percentage of revenue.
→No explicit mention of immediate new fundraising through debt or equity in the discussed section.
→Capex for FY '26 is planned around INR 280-300 crores, with some flexibility depending on new orders, but no direct linkage to new fundraising stated.
→Future financing cost improvements are expected but no clear details on fresh debt or equity issuance.

Order book

Yes

→Current order book stands at approximately INR18,820 to INR18,880 crores, expected to be executed over 1.5 years (Page 7, Page 13).
→Total order inflow guidance for FY '26 is around INR15,000 to INR16,000 crores, with INR4,000 to INR5,000 crores already secured (Page 7, Page 8).
→Out of the order pipeline/opportunities worth INR87,000 crores, the win rate is approximately 20%, translating to about INR16,000 crores of potential orders (Page 6, Page 7).
→Orders secured in Q1 FY '26 were INR2,900 crores, plus INR1,300 crores secured in July 2025, totaling around INR4,300 crores so far (Page 3).
→Company is also L1 (leading bidder) in orders worth INR1,400 crores currently (Page 3, Page 7).

Capex plans

Yes

→Planned capex for FY '26 is around INR 280 crores to INR 300 crores.
→INR 89 crores of capex was already spent in Q1 of FY '26.
→Capex depends on the projects received; it could be higher if more work is secured.
→No specific details disclosed about capex-related to future investments or strategic moves.
→Support and access to plant and machinery from Adani Group are available if needed, indicating possible capital expansion aligned with knowledge and project needs.

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