Cemindia Projects Ltd.

•

cemindia.co.inBSE: 509496NSE: CEMPRO

Market Cap₹ 21,793 Cr.

Current Price

High / Low₹ 1,649 / 503

Stock P/E36.2

Book Value₹ 148

Price to Book3.66

Dividend Yield0.24 %

ROCE33.5 %

ROE28.2 %

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 106.4% 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 30.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.6%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 29.8% CAGR over last 5 years

CONS

Receivables are growing faster than sales - a possible quality concern
Valuation is stretched - P/E of 36.2 is well above its own 5-year median (21.0)
Growth is decelerating - 3Y profit CAGR (68.6%) trails the 5Y trend (106.4%)
Though reporting repeated profits, the company pays out little dividend (8.6%)

* 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	3925.00	32.55	540027.44	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	207.00	47.98	43159.92	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1408.65	21.17	24055.87	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.07	24.14	23032.75	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1268.60	36.23	21792.97	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	273.15	19.58	15352.19	1.83	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	983.20	26.53	11434.57	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.45	35.43	10830.19	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	115.10	20.67	10825.34	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	392.85	18.89	10457.67	1.40	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	274.30	69.72	10088.33	0.73	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	145.55	13.06	9138.31	1.51	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,833	1,610	2,017	2,258	2,381	1,991	2,270	2,532	2,542	2,175	2,315	2,973	2,721
	1,671	1,452	1,812	2,037	2,160	1,809	2,063	2,277	2,310	1,972	2,094	2,616	2,539
Operating Profit	162	158	205	221	221	182	207	255	233	203	222	358	182
OPM %	8.81%	9.82%	10.15%	9.77%	9.30%	9.12%	9.12%	10.07%	9.16%	9.35%	9.58%	12.03%	6.69%
	9	6	12	21	16	22	10	16	15	39	23	92	10
Interest	51	52	58	57	53	57	59	62	50	53	50	61	50
Depreciation	45	53	56	54	49	47	45	51	41	43	43	39	43
Profit before Tax	74	60	103	130	135	100	113	157	156	146	152	350	192
Tax %	35.52%	24.14%	26.40%	31.36%	25.85%	27.92%	23.20%	27.63%	16.82%	26.51%	27.10%	30.86%	26.79%
Net Profit	0	0	0	0	100	72	87	114	137	108	111	242	141
	3.04	3.12	4.56	5.21	5.83	4.19	5.07	6.60	7.99	6.27	6.45	14.10	8.20

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,170	2,861	2,728	3,809	5,091	7,718	9,246	10,061	10,185
	2,848	2,565	2,515	3,516	4,691	6,973	8,384	9,045	9,221
Operating Profit	322	296	213	293	400	745	862	1,016	965
OPM %	10.17%	10.33%	7.80%	7.69%	7.86%	9.65%	9.32%	10.10%	9.47%
	19	-36	12	12	29	48	77	183	164
Interest	124	130	138	142	165	218	236	215	214
Depreciation	82	96	100	103	114	208	194	166	167
Profit before Tax	135	60	20	94	184	383	508	818	841
Tax %	38.17%	27.18%	20.25%	26.05%	32.17%	28.42%	26.62%	26.89%	28.49%
Net Profit	83	44	16	69	125	274	373	598	601
EPS	4.80	2.51	0.92	4.01	7.23	15.93	21.70	34.79	—
Dividend Payout %	8.39%	11.94%	11.95%	10.92%	10.37%	10.67%	9.22%	8.62%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 30%
3 Years:: 25%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 103%
3 Years:: 69%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 18%
3 Years:: 24%
Last Year:: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Minority Interest	2	3	3	3	4	4	0	0
	1,004	1,035	1,049	1,114	1,220	1,477	1,816	2,382
	532	519	438	547	751	735	898	925
Trade Payables	559	657	727	937	1,334	1,433	2,045	2,190
	581	891	953	992	1,815	2,385	1,372	1,865
Total Liabilities	2,695	3,123	3,187	3,610	5,141	6,051	6,148	7,379
	529	624	601	655	847	1,081	1,071	1,162
Capital Work in Progress	7	5	53	2	117	10	21	22
	1	255	194	113	45	5	0	0
	246	289	337	400	577	684	644	751
	0	0	0	0	0	1,211	990	1,295
Cash & Bank	109	281	207	491	630	896	825	949
	1,803	1,668	1,795	1,949	2,924	2,164	2,598	3,202
Total Assets	2,695	3,123	3,187	3,610	5,141	6,051	6,148	7,379

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-78	490	213	398	572	704	184	500
Cash from Investing	-133	-87	-51	-25	-438	-419	-234	-149
Cash from Financing	244	-212	-250	-56	28	-123	-218	-243
	-24	147	-110	258	61	162	-268	108

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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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