Cemindia Projects Ltd.

•

cemindia.co.inBSE: 509496NSE: CEMPRO

Market Cap₹ 21,372 Cr.

Current Price

High / Low₹ 1,649 / 503

Stock P/E36.0

Book Value₹ 147

Price to Book3.66

Dividend Yield0.24 %

ROCE33.4 %

ROE28.1 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 106.6% CAGR over last 5 years
Promoters have been increasing their shareholding - up 20.8pp over 2 years
Company has a healthy return on capital (ROCE) of 29.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.5%
Company has delivered good sales growth of 35.2% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.10x)

CONS

Receivables are growing faster than sales - a possible quality concern
Valuation is stretched - P/E of 36.0 is well above its own 5-year median (21.0)
Growth is decelerating - 3Y profit CAGR (68.4%) trails the 5Y trend (106.6%)
Though reporting repeated profits, the company pays out little dividend (8.7%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	141.00	12.65	8852.64	1.56	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,800	1,583	1,922	2,237	2,376	1,898	2,270	2,532	2,548	2,171	2,304	2,907	2,654
	1,638	1,420	1,718	2,017	2,155	1,719	2,063	2,277	2,307	1,966	2,083	2,553	2,477
Operating Profit	162	164	204	220	222	179	207	255	242	205	221	354	178
OPM %	9.00%	10.34%	10.62%	9.82%	9.32%	9.45%	9.12%	10.07%	9.48%	9.45%	9.58%	12.17%	6.69%
	9	5	12	20	15	22	10	16	13	37	23	92	10
Interest	50	50	57	57	53	57	59	62	50	53	50	61	50
Depreciation	44	52	55	54	49	46	45	51	41	43	43	39	43
Profit before Tax	77	67	103	129	135	98	113	157	164	147	151	346	188
Tax %	32.44%	20.11%	24.06%	30.61%	25.84%	26.72%	23.22%	27.50%	16.09%	26.78%	27.12%	30.93%	26.83%
Net Profit	52	54	78	90	100	72	87	114	137	108	110	239	138
	3.04	3.12	4.56	5.21	5.83	4.19	5.07	6.61	7.99	6.27	6.39	13.92	8.01

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,288	2,142	2,208	3,250	4,675	7,542	9,246	9,983	10,036
	2,024	1,881	2,003	2,949	4,255	6,792	8,384	8,972	9,079
Operating Profit	264	261	205	301	420	750	862	1,011	957
OPM %	11.54%	12.17%	9.28%	9.25%	8.99%	9.94%	9.32%	10.13%	9.54%
	18	-37	9	9	26	46	77	182	163
Interest	78	92	111	132	160	215	236	215	214
Depreciation	70	79	83	95	108	204	194	166	167
Profit before Tax	134	53	19	82	177	377	508	812	832
Tax %	39.06%	18.70%	18.17%	16.11%	29.90%	27.32%	26.61%	26.91%	28.58%
Net Profit	82	43	16	69	124	274	373	594	594
EPS	4.80	2.51	0.92	4.01	7.23	15.93	21.70	34.56	—
Dividend Payout %	8.39%	11.94%	13.08%	11.23%	10.37%	10.67%	9.22%	8.68%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 35%
3 Years:: 29%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 107%
3 Years:: 68%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 17%
3 Years:: 24%
Last Year:: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	17	17	17	17	17	17	17	17
	1,004	1,035	1,049	1,114	1,220	1,477	1,816	2,378
	220	338	426	547	751	735	898	925
Trade Payables	431	479	537	728	1,209	1,400	2,045	2,155
	448	896	919	979	1,748	2,305	1,372	1,785
Total Liabilities	2,120	2,766	2,948	3,385	4,945	5,934	6,148	7,260
	432	534	539	604	812	1,057	1,071	1,162
Capital Work in Progress	5	5	53	2	117	10	21	22
	1	447	410	364	222	136	0	0
	154	197	271	349	568	683	644	751
	0	0	0	0	0	1,177	990	1,233
Cash & Bank	82	233	148	375	544	824	825	939
	1,445	1,351	1,526	1,691	2,681	2,046	2,598	3,154
Total Assets	2,120	2,766	2,948	3,385	4,945	5,934	6,148	7,260

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	118	352	84	416	598	692	184	490
Cash from Investing	-98	-159	-109	-113	-437	-379	-234	-150
Cash from Financing	-22	-38	-47	-34	31	-120	-218	-243
	-40	121	-107	209	95	193	-268	98

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	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	67.46	67.46	67.46	67.46	67.46
	20.00	20.99	17.04	13.95	9.21	8.36	8.19	7.31	7.26
	2.44	2.32	2.60	5.83	0.79	0.72	1.50	1.94	2.86
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	30.93	30.05	33.71	33.57	22.54	23.46	22.85	23.29	22.40

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

General Updates

2026-09-09 - Cemindia Projects Limited has informed the Exchange about General Updates

2026-09-03

Credit Rating- Revision

2026-09-03 - Cemindia Projects Limited has informed the Exchange about Credit Rating- Revision

2026-09-03

Credit Rating- Revision

2026-09-03 - Cemindia Projects Limited has informed the Exchange about Credit Rating- Revision by CARE Ratings Limited

2026-08-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Cemindia Projects Limited has informed the Exchange about Schedule of meet

2026-08-20

Investor Presentation

2026-08-20 - Cemindia Projects Limited has informed the Exchange about Investor Presentation

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Cemindia Projects Limited has informed the Exchange about Schedule of meet

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Cemindia Projects Limited has informed the Exchange about Schedule of meet

2026-08-17

Shareholders meeting

2026-08-17 - Cemindia Projects Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 17, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-17

Shareholders meeting

2026-08-17 - Cemindia Projects Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 17, 2026

News

Recent coverage and analyst commentary for CEMPRO

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