Cemindia Project Q1 FY27 Earnings Call — Analysis (NSE: CEMPRO)
Cemindia Projects Q1 FY27 order inflow surges 3x YoY to ₹8,519 Cr, approves ₹5,000 Cr QIP for growth.
The take
Q1FY27 Revenue ₹2,721 Cr ( +6% YoY ) . New guidance — FY27 fy27 revenue growth 25% . New story: Record order inflow momentum .
Results
Revenue ₹2,721 Cr (+6% YoY); EBITDA ₹285 Cr (+9% YoY) with margin 10.5% (+40 bps); PAT ₹141 Cr (+3% YoY).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹2,721 Cr | +6% | yoy · Q1FY27 |
| EBITDA | ₹285 Cr | +9% | yoy · Q1FY27 |
| EBITDA Margin | 10.5% | +40 bps | yoy · Q1FY27 |
| PAT | ₹141 Cr | +3% | yoy · Q1FY27 |
| Order Inflow | ₹8,519 Cr | +~3x | yoy · Q1FY27 |
| Work in Hand | ₹31,000 Cr | point_in_time · Q1FY27 · as of Jun-26 |
Guidance
FY27 revenue growth guided at 25% YoY, with order inflow target of ~₹25,000 Cr.
What management committed to
- Revenue growth for FY27 expected at 25% year-on-year. — 25%, FY27
- Order inflow target for FY27 is approximately ₹25,000 Cr. — ₹25,000 Cr, FY27
- Capex for FY27 is expected to be ₹350-400 Cr under normal project mix, but could be significantly higher if large-diameter road tunnel projects requiring tunnel boring machines are secured. — ₹350-400 Cr, FY27
- The Bangladesh transmission tower project is expected to be completed by September or October 2026. — Q3FY27
- EBITDA margin is expected to be maintained in double digits (above 10%). — 10%+
- Revenue from recently secured projects [Munger Elevated Corridor, Pune Metro, Delhi Metro, Morsagar irrigation] will begin to contribute from Q3FY27. — Q3FY27
- 20%-25% revenue growth is doable for the next couple of years. — 20%-25%, next couple of years
Key themes
Order inflow surge and growth capital raise
How the narrative shifted
- Record order inflow momentum: Management highlights the Q1 order inflow of ₹8,519 Cr, 3x YoY, and a full-year target of ₹25,000 Cr, signaling unprecedented growth visibility.
- Vadhvan port execution deadlock: Management acknowledges Vadhvan, a large order, is yet to start due to external issues beyond their control, tempering near-term execution.
- ₹5,000 Cr QIP for growth: The board approved an enabling resolution for a large QIP, framed as preparation for a step-up in growth, but specifics remained vague, fueling analyst skepticism.
- Execution ramp-up in H2FY27: Management expects a back-ended year with Q3/Q4 acceleration as large newly-secured projects exit mobilization and start billing.
- Labor shortage and technology adoption: Management cites industry-wide labor shortages and is investing in digitalization and AI to improve productivity.
- Diversification into data centers and adjacent infra: The company is actively building a data center EPC portfolio, with 360 MW under execution, and eyeing high-speed rail and nuclear power as next adjacencies.
- Steady margins despite commodity volatility: Management asserts that double-digit margins are sustainable, with buffers built into estimates for geopolitical/commodity shocks.
Operational commentary
- Order inflow for Q1FY27 at ₹8,519 Cr, nearly 3x the ₹2,900 Cr in Q1FY26; with July add-ons total new orders ~₹10,756 Cr.
- Work in hand stood at ~₹31,000 Cr (vs historic ₹18,000-20,000 Cr), providing strong revenue visibility.
- Secured two underground metro projects (Pune and Delhi) and a steel plant structural fabrication job (Burnpur for SAIL); group orders contributed ₹6,000 Cr.
- Data center segment: executing five projects in Navi Mumbai totaling ~360 MW, plus civil works in Vizag; limiting intake to delivery capacity.
- Marine segment opportunity pipeline of ₹15,000 Cr in tendering (Vadhvan, Oman, UAE, Bangladesh, Tuticorin, Vizag).
- Overall bid pipeline ~₹90,000 Cr across segments, with assumed hit ratio ~15%.
- Q1 capex ₹81 Cr; FY27 normal capex estimated ₹350-400 Cr, could rise significantly if large-diameter road tunnel projects requiring TBMs are secured.
- Focus on digitalization, AI, and technology to improve construction productivity and handle scale.
Analyst Q&A
Q. Vadhvan port execution timeline
Vadhvan port execution is yet to start. There are a lot of issues to be sorted out, which is beyond our purview, beyond our scope... things are moving very positively... but it is not in our control. We have to wait and see.
Q. Rationale for ₹5,000 Cr QIP given net cash position
To grow you require money... anticipating that coming growth we have decided to go ahead with this QIP.
Q. Why Q1 revenue growth only 6% if full-year guidance is 25%
Vadhvan gave zero production, and large new orders (Munger, metro, Morsagar) are in mobilization; these will start producing from Q3, so Q3/Q4 will be better.
Research and educational content only. Not investment advice.