Cemindia's order book hits record ₹31,307 cr on ₹8,500 cr Q1 wins
Revenue climbed 5.6% to ₹2,721 cr, but the real story is the order backlog - up from ₹21,879 cr in December, giving multi-year visibility. The Adani-controlled firm now books 28% revenue from related parties.
— 3 earlier stories on Cemindia Projects Ltd. →What's new
- Revenue up 5.6% YoY to ₹2,721 cr; net profit ₹141 cr.
- Order book surged to ₹31,307 cr from ₹21,879 cr in December 2025.
- New order intake exceeded ₹8,500 cr in the quarter.
- Net debt-to-equity at 0.28x; net worth ₹2,492 cr.
Why this matters
The order book surge to ₹31,307 cr from ₹21,879 cr gives Cemindia a strong revenue pipeline for years ahead. Steady margins (10.5% EBITDA) and low debt suggest the Adani-controlled firm is executing well. But a 28% related-party revenue slice warrants watch.
What we're watching
- Execution pace on the record backlog: revenue conversion will be key.
- Related-party contract share: could rise further under Adani control.
- Margin trajectory: Q1 EBITDA margin of 10.5% needs to hold or improve.
The full read
Cemindia Projects delivered a steady quarter: revenue up 5.6% to ₹2,721 cr and net profit of ₹141 cr. The headline, though, is the order book -- a record ₹31,307 cr, up from ₹21,879 cr at December 2025, after logging ₹8,500 cr of new orders in Q1 alone. That backlog provides multi-year revenue visibility. The Adani group, which took control in May 2025, now accounts for 28% of revenue through related-party contracts -- a concentration that will grow scrutiny even as it guarantees a pipeline. Margins held at 10.5% EBITDA, and net debt-to-equity of 0.28x leaves the balance sheet comfortable. The filing itself is routine; the backlog is not.
Questions answered
- How does Cemindia's Q1 revenue compare with the preceding quarter?
- Q1 revenue of ₹2,721 cr is a sequential decline from the ₹2,973 cr reported in the March 2026 quarter, which is typical seasonality. Net profit fell from ₹242 cr to ₹141 cr, partly on lower revenue and operating leverage.
- How much of the order book is likely from Adani group projects?
- The filing doesn't break out order book composition by client. But with 28% of current revenue coming from related-party construction contracts, a significant portion of the ₹31,307 cr backlog is likely Adani-linked.
- Is the company's debt manageable?
- Yes. Net debt-to-equity is only 0.28x, and net worth stands at ₹2,492 cr. The company has room to fund working capital needs for the large order book without straining the balance sheet.
- Does the company provide guidance on margins or revenue?
- No. This was a standard quarterly earnings release without any forward guidance. The 10.5% EBITDA margin is a data point, not a target.
Cemindia Projects Ltd.
Latest quarter · Mar 2026
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All notes on CEMPRO →- 28 Jul 2026 · 2:52 PM IST Cemindia's order book hits record ₹31,307 cr on ₹8,500 cr Q1 wins
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