Cemindia Projects Limited (CEMPRO)

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Cemindia Projects Limited (CEMPRO) · mywealthgrid

About

Cemindia Projects Limited operates in civil construction with market cap of ₹22,313 Cr, generating quarterly revenue of ₹2,200–3,000 Cr and net profit of ₹107–242 Cr. Company maintains operating margin averaging 10.15% with consistent quarterly profitability across recent periods. Positioned as mid-sized construction services player in the Indian Industrials sector.

Face value: ₹1

Market cap

₹20,254 Cr

P/E

33.7×

P/B

8.4×

Dividend yield

0.4%

ROE

28.2%

ROCE

44.8%

Debt / equity

0.36

OPM

10.2%

EPS (TTM)

₹35.0

Book value

₹139.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE ratio 37.09 combined with 1-year return 77.97% creates valuation risk; verify if recent momentum is sustainable or stock priced for growth expectations not yet delivered
Operating margin volatility across quarters (9.35%–12.17%) suggests either project mix swings or cost control inconsistency; identify root cause and repeatability
Stock price swing ₹509.7–₹1,639.6 over 52 weeks (221% range) indicates high investor uncertainty; verify if fundamental story remained stable during this volatility
Raw material and labor cost inflation typical in construction sector; assess contract terms and pricing power for cost pass-through

Generated analysis · source review pending

Growth drivers

Operating margin reached 12.17% in Mar 2026 from 9.35% base; verify if driven by operational efficiency or project mix and whether repeatable across portfolio
ROE 28.24% demonstrates capital efficiency; assess consistency of returns on incremental capital deployed
Net profit stability (₹107–242 Cr) despite revenue swings (₹2,170–2,973 Cr) indicates execution strength; verify underlying project quality and selectivity
Annual dividend track record (2022–2026) reflects cash generation; verify free cash flow adequacy relative to net profit

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,178.9-3.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.6% (3-yr avg)
+High return on capital employed of 40.3%
+Profit CAGR of 106.9% over the last 5 years
+Revenue CAGR of 29.8% over the last 5 years
+High promoter holding of 67.5% with no pledge

Cons

−Trading at 8.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 64
Growth: 65
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,861	2,728	3,809	5,091	7,718	9,097	10,061
COGS	1,066	853	1,239	1,771	2,919	3,211	3,355
Gross profit	1,795	1,874	2,570	3,320	4,798	5,886	6,705
	1,472	1,629	2,244	2,886	4,038	5,018	5,684
	323	246	326	434	761	868	1,022
OPM %	11.3%	9%	8.6%	8.5%	9.9%	9.5%	10.2%
Depreciation	96	100	103	114	208	192	166
Interest	131	138	142	165	218	229	215
	-36	12	12	29	48	56	177
Profit before tax	60	20	94	184	383	503	818
Tax	16	4	24	59	109	130	220
Tax %	27.2%	20.2%	26.1%	32.2%	28.4%	25.8%	26.9%
	44	16	69	125	274	373	598
PAT margin %	1.5%	0.6%	1.8%	2.5%	3.6%	4.1%	5.9%
EPS (₹)	2.5	0.9	4	7.2	15.9	21.7	34.8
EPS adjusted (₹)	2.5	0.9	4	7.2	15.9	21.7	34.8
	12%	13%	11.2%	10.4%	10.7%	9.2%	8.6%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	16	16	17	17	17	17	17	17	17	17
Reserves	487	537	602	1,004	1,035	1,049	1,114	1,220	1,477	1,816	2,382
Minority interest	0	1	1	2	3	3	4	4	4	5	—
	488	356	447	521	461	409	515	725	862	933	867
	1,207	972	1,331	1,053	1,611	1,715	1,967	3,050	3,557	3,734	3,820
Total equity & liabilities	2,199	1,881	2,396	2,597	3,127	3,192	3,616	5,017	5,917	6,505	7,086
	336	385	469	529	562	601	655	847	1,081	1,074	1,162
CWIP	2	6	38	7	5	53	2	117	10	21	22
Investments	1	1	1	1	255	194	113	45	5	42	6
	1,860	1,489	1,887	2,060	2,305	2,344	2,847	4,007	4,821	5,367	5,897
Total assets	2,199	1,881	2,396	2,597	3,127	3,192	3,616	5,017	5,917	6,505	7,086

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.8%	68.7%	67.5%	65.2%	62.2%	64.7%	66.6%
EBITDA margin %	10.3%	7.8%	7.7%	7.9%	9.7%	9.6%	10.2%
EBIT margin %	7%	4.1%	5%	5.6%	7%	7.4%	8.5%
PAT margin %	1.5%	0.6%	1.8%	2.5%	3.6%	4.1%	5.9%
Working capital
Receivable days	75	71	60	77	57	64	47
Inventory days	99	144	118	119	86	73	82
Payable days	225	311	276	275	206	202	238
NWC days	-51	-96	-99	-78	-63	-64	-110
Leverage
Current ratio	1.06	1.11	1.13	1.04	1.08	1.14	1.25
Debt to EBITDA	1.56	1.92	1.76	1.81	1.16	1.07	0.85
Debt to equity	0.44	0.38	0.46	0.59	0.58	0.51	0.36
Interest coverage	1.6	0.9	1.4	1.9	2.7	3.2	4.8
Asset turnover	0.91	0.85	1.05	1.01	1.3	1.4	1.42
Return ratios
Return on assets %	1.4%	0.5%	1.9%	2.5%	4.6%	5.7%	8.4%
Return on capital employed %	17.6%	10.5%	16.1%	22.7%	36.8%	39.2%	44.8%
Return on equity %	4.2%	1.5%	6.1%	10.1%	18.4%	20.4%	24.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.64%	46.64%	46.64%	46.64%	46.64%	46.64%	46.64%	67.46%	67.46%	67.46%	67.46%	67.46%
	14.43%	13.9%	17.07%	20%	20.99%	17.04%	13.95%	9.21%	8.36%	8.19%	7.31%	7.27%
	3.38%	1.95%	1.83%	2.44%	2.32%	2.61%	6.15%	0.79%	0.72%	1.5%	1.94%	2.87%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.55%	37.51%	34.46%	30.92%	30.05%	33.71%	33.26%	22.54%	23.46%	22.85%	23.29%	22.4%
No. of shareholders	—	—	—	—	—	—	—	—	98,422	94,807	90,782	90,808

Promoter holding up 20.82 percentage points since Sep 2023.

10 deals · 30 Apr 2026 – 4 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	13,42,537	₹914.87	₹122.82 Cr
4 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	13,42,537	₹915.31	₹122.88 Cr
4 May 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	11,36,494	₹904.02	₹102.74 Cr
4 May 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	11,32,712	₹904.53	₹102.46 Cr
4 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	10,83,526	₹913.89	₹99.02 Cr
4 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	10,83,406	₹914.06	₹99.03 Cr
4 May 2026	QE SECURITIES LLP	Bulk	NSE	Buy	8,88,926	₹903.88	₹80.35 Cr
4 May 2026	QE SECURITIES LLP	Bulk	NSE	Sell	8,72,811	₹901.04	₹78.64 Cr
30 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	13,45,777	₹784.84	₹105.62 Cr
30 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	13,44,963	₹784.36	₹105.49 Cr

1–10 of 10

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Malay Ramesh MahadeviaNon-Executive - Non Independent Director-Chairperson
Mr. Jayanta BasuExecutive Director-MD
Mr. Kattunga Srinivasa RaoNon-Executive - Non Independent Director
Mr. Manoj Kumar KohliNon-Executive - Independent Director
Mrs. Sangeeta BhatiaNon-Executive - Independent Director
Mr. Abizer Shabbir DiwanjiNon-Executive - Independent Director
Mr. Nitesh SharmaChief Financial Officer
Rahul NeogiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

3.02%

of the company's equity

All mutual funds

2.31%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

45 schemes · 13 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22.38 L	274.27	1.36%	1.303%	+2.94 L
(Investment Manager for Motilal Oswal Mutual Fund)NEW	Motilal Oswal Mutual Fund	5.2 L	63.77	1.24%	0.303%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	4.4 L	53.94	4.67%	0.256%	-0
(LIVE SCHEMES)	ITI Mutual Fund	2.57 L	31.49	0.87%	0.15%	-13,875
INFRASTRUCTURE FUND	Tata Mutual Fund	2.5 L	30.64	1.52%	0.146%	-0
TRUSTMF Small Cap Fund	Trust Mutual Fund	2.37 L	29	0.84%	0.138%	-16,613
SMALL CAP FUND	Bank of India Mutual Fund	2 L	24.56	0.74%	0.117%	-0
Flexi Cap Fund	Bank of India Mutual Fund	1.8 L	22.06	0.75%	0.105%	-0

1–8 of 45

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

28 Jul 2026, 3:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.8%	68.7%	67.5%	65.2%	62.2%	64.7%	66.6%
EBITDA margin %	10.3%	7.8%	7.7%	7.9%	9.7%	9.6%	10.2%
EBIT margin %	7%	4.1%	5%	5.6%	7%	7.4%	8.5%
PAT margin %	1.5%	0.6%	1.8%	2.5%	3.6%	4.1%	5.9%
Working capital
Receivable days	75	71	60	77	57	64	47
Inventory days	99	144	118	119	86	73	82
Payable days	225	311	276	275	206	202	238
NWC days	-51	-96	-99	-78	-63	-64	-110
Leverage
Current ratio	1.06	1.11	1.13	1.04	1.08	1.14	1.25
Debt to EBITDA	1.56	1.92	1.76	1.81	1.16	1.07	0.85
Debt to equity	0.44	0.38	0.46	0.59	0.58	0.51	0.36
Interest coverage	1.6	0.9	1.4	1.9	2.7	3.2	4.8
Asset turnover	0.91	0.85	1.05	1.01	1.3	1.4	1.42
Return ratios
Return on assets %	1.4%	0.5%	1.9%	2.5%	4.6%	5.7%	8.4%
Return on capital employed %	17.6%	10.5%	16.1%	22.7%	36.8%	39.2%	44.8%
Return on equity %	4.2%	1.5%	6.1%	10.1%	18.4%	20.4%	24.9%

Date	Category	Subject	Filing
28 Jul 2026, 3:03 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
28 Jul 2026, 2:50 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
28 Jul 2026, 2:47 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of Board Meeting	PDF
28 Jul 2026, 2:45 pm	Result Financial Results	Unaudited Financial Results For The Quarter Ended 30June 2026	PDF
25 Jul 2026, 2:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
23 Jul 2026, 9:18 pm	AGM/EGM EGM	Notice Of Extra-Ordinary General Meeting Of The Company	PDF
23 Jul 2026, 3:49 pm	Company Update Raising of Funds	Announcement under Regulation 30 (LODR)-Raising of Funds	PDF
23 Jul 2026, 3:47 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of The Meeting	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	326	68	68	-134	447	235	339	471	704	203	500
	-20	-157	-157	-133	-87	-84	-25	-438	-419	-245	-149
	-222	40	40	244	-212	-260	-56	28	-123	-209	-243
Net cash flow	83	-49	-49	-24	147	-110	258	61	162	-251	108
Free cash flow	—	—	—	-134	447	90	228	53	348	-25	236
CFO / Operating profit %	—	—	—	—	151.2%	110.4%	115.6%	117.8%	94.5%	23.3%	48.9%

Cemindia Projects Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

17

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Cemindia Projects Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends17

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

17

1

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