Cemindia Project Q1 FY27 Results (NSE: CEMPRO)
Signal: Growth decelerated
The read
Q1FY27 PAT of ₹141 Cr was virtually flat YoY (₹137 Cr) and down sharply from Q4FY26's record ₹242 Cr, reflecting both a high base and normal seasonality. Revenue growth slowed to 5.6% YoI from +17.4% in Q4FY26, but record order book of ₹31,307 Cr (inflows >₹8,500 Cr in Q1) provides multi-year revenue visibility. EBITDA margin expanded 40bps YoY to 10.5%, aided by lower material cost ratio. The standalone business (flat PAT) shows the consolidated PAT was only marginally boosted by the subsidiary.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,720.92 Cr | 5.6% | -8.5% |
| EBIT | ₹192.37 Cr | 13.9% | |
| Net profit | ₹140.83 Cr | 2.6% | |
| EPS | ₹8.2 | 2.6% | |
| EBIT margin | 10.5% |
P&L walk
Revenue grew 5.6% YoY, decelerating from +17.4% in Q4FY26; EBITDA margin expanded 40bps YoY to 10.5% despite flat gross margin due to operating leverage; PAT growth slowed to 2.6% YoY on a very high base (Q4FY26 PAT surging 113.6% YoY to ₹242 Cr). Record order book of ₹31,307 Cr provides multi-year visibility.
Key positives
- Record order book of ₹31,307 Cr as on June 30, 2026, with new orders of >₹8,500 Cr in Q1FY27, providing strong multi-year revenue visibility.
- EBITDA margin expanded 40bps YoY to 10.5%, driven by lower material-to-revenue ratio (31.1% vs 34.9% a year ago).
- Net debt-to-equity conservative at 0.28x; net worth ₹2,492 Cr.
- Major project completions: Ganga Expressway (~157 km), Colombo West Container Terminal, Gujarat coke oven complex.
Key concerns
- Revenue growth decelerated sharply from +17.4% YoY in Q4FY26 to +5.6% in Q1FY27, though partly seasonal.
- PAT growth slowed to +2.6% YoY from +113.6% in Q4FY26, as base normalizes.
- Employee cost grew 18.8% YoI (faster than revenue), as % of revenue increased to 8.9% from 7.9%.
- Other expenses also up 23.1% YoY, outpacing revenue growth.
Research and educational content only. Not investment advice.