Cemindia Q1 profit rises 2.6% as order book hits record ₹31,307 cr
Steady numbers from Adani-controlled firm; focus shifts to ₹5,000 cr QIP and execution of record pipeline.
— 3 earlier stories on Cemindia Projects Ltd. →What's new
- Q1 revenue up 5.6% YoY to ₹2,721 cr, PAT up 2.6% to ₹141 cr.
- Order book at record ₹31,307 cr with ₹8,500 cr new inflows.
- Board approves ₹5,000 cr QIP; EGM on 17 August.
Why this matters
The quarterly results are routine — no surprise given the Mar 2026 quarter. The record order book and the proposed QIP signal the company's ambition to ramp up execution under Adani's ownership. The stock's elevated P/E of 34.9x already prices in this growth story.
What we're watching
- Deployment of QIP proceeds.
- Conversion of order book into revenue.
- Any strategic update from Adani group.
The full read
Routine. Cemindia's Q1 FY27 numbers are steady growth, revenue of ₹2,721 crore up 5.6% and net profit of ₹141 crore up 2.6%. EBITDA margin hit 10.5%. The record order book of ₹31,307 crore with ₹8,500 crore of new inflows shows the company's execution runway under Adani's majority ownership. The board also approved a ₹5,000 crore QIP, with an EGM on 17 August. Yet the quarterly filing adds nothing new versus the Mar 2026 quarter's performance. The stock's 34.9x trailing P/E already prices in the order book conversion. The next test: deployment of QIP proceeds and margin delivery.
Questions answered
- How large is the order book relative to recent revenue?
- The order book stands at ₹31,307 crore as of June 30, 2026. In the June quarter, the company reported revenue of ₹2,721 crore, but a direct comparison is not provided in the filing.
- What is the ₹5,000 crore QIP for?
- The company has not specified the use of proceeds, but it likely supports working capital for the large order book. Shareholders will vote on it at the EGM on 17 August.
- How does EBITDA margin of 10.5% compare historically?
- The filing does not provide prior-year margin for comparison, but 10.5% is within the range for engineering construction firms.
- Has the Adani acquisition impacted operations?
- Not yet clearly. Revenue growth was modest this quarter. The impact may be visible as the QIP progresses and new orders accelerate.
- Is the stock expensive at 34.9x P/E?
- The trailing P/E ratio of 34.9x is high relative to many peers, reflecting expectations built into the stock price based on the order book and Adani backing.
Cemindia Projects Ltd.
Latest quarter · Mar 2026
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All notes on CEMPRO →- 28 Jul 2026 · 2:49 PM IST Cemindia Q1 profit rises 2.6% as order book hits record ₹31,307 cr
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