Cemindia Projects Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Cemindia Projects Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Cemindia Projects reported Q1 FY27 operating income of Rs. 2,721 crores, up 6% year-on-year, with EBITDA growing 9% to Rs. 285 crores and PAT rising 3% to Rs. 141 crores. Management said order inflow remained strong with Rs. 8,519 crores secured during the quarter and a work-in-hand position of around Rs. 31,000 crores. Management attributed the relatively muted revenue growth to delayed mobilization on large recently-won projects including Vadhvan port, Delhi Metro, Pune Metro and Munger, and to disruption from the war affecting the Abu Dhabi project.
Numbers mentioned
Operating income: Rs. 2,721 crores (Q1 FY27)
p. 3
“During Q1 FY '27, operating income increased by 6% year-on-year to Rs. 2,721 crores from Rs. 2,576 crores in the corresponding quarter last year.”
Nitesh Sharma, page 3 of the filed PDF · View the filing
EBITDA: Rs. 285 crores (Q1 FY27)
p. 3
“EBITDA grew at 9% year-on-year to Rs. 285 crores compared to Rs. 261 crores in Q1 FY '26.”
Nitesh Sharma, page 3 of the filed PDF · View the filing
EBITDA margin: 10.5% (Q1 FY27)
p. 3
“EBITDA margin improved to 10.5% from 10.1%.”
Nitesh Sharma, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 141 crores (Q1 FY27)
p. 3
“Profit after tax increased to Rs. 141 crores from Rs. 137 crores in Q1 FY '26, representing a growth of 3% year-on-year.”
Nitesh Sharma, page 3 of the filed PDF · View the filing
New orders secured: Rs. 8,519 crores (Q1 FY27)
p. 4
“During Q1 FY '27, we secured orders worth Rs. 8,519 crores.”
Nitesh Sharma, page 4 of the filed PDF · View the filing
New orders added in July: Rs. 1,247 crores (July 2026)
p. 4
“In July, we added another Rs. 1,247 crores of new orders and we are presently L1 in projects valued at approximately Rs. 990 crores.”
Nitesh Sharma, page 4 of the filed PDF · View the filing
Work in hand: Rs. 31,000 crores (as on date)
p. 4
“Today, around Rs. 31,000 crores is work in hand, which used to be normally Rs. 18,000-20,000 previously as you know.”
Jayanta Basu, page 4 of the filed PDF · View the filing
Gross debt: Rs. 1,000 crores (as of June 2026)
p. 7
“The gross was at Rs. 1,000 crores and net debt position was at Rs. 700 crores.”
Jayanta Basu, page 7 of the filed PDF · View the filing
Net debt-to-equity: 0.28 (as of June 2026)
p. 9
“As on June, it was, net debt-to-equity was 0.28.”
Nitesh Sharma, page 9 of the filed PDF · View the filing
Trade receivable days: 69 days (Q1 FY27)
p. 10
“So, trade receivables stood at roughly 69 days, which included retention as well.”
Jayanta Basu, page 10 of the filed PDF · View the filing
Net working capital days: 120 days (Q1 FY27)
p. 10
“And the net working capital was around 120 days.”
Jayanta Basu, page 10 of the filed PDF · View the filing
Q1 capex additions: Rs. 81 odd crores (Q1 FY27)
p. 9
“In Q1, we did Rs. 81 odd crores additions.”
Nitesh Sharma, page 9 of the filed PDF · View the filing
Bangladesh order receivable: Rs. 178 crores (as on date)
p. 8
“And receivable is around Rs. 178 crores.”
Jayanta Basu, page 8 of the filed PDF · View the filing
Bid pipeline: Rs. 90,000 crores
p. 6
“So, if we see that in total at various stages, like some in tender, some already submitted, some bid, some in the horizon, close to Rs. 90,000 crores plus visibility is there today.”
Jayanta Basu, page 6 of the filed PDF · View the filing
Hit ratio: 15%
p. 13
“So, ballpark 90,000, hit 15%.”
Jayanta Basu, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order inflow — Rs. 25,000 crores · FY27
stated firmly by Jayanta Basu
p. 5
“I think our target to secure around Rs. 25,000 crores around that in whole year, this FY '27.”
Jayanta Basu, page 5 of the filed PDF · View the filing
Revenue growth — 25% · FY27 and FY28
stated firmly by Gurpreet
p. 19
“So, sir, what is the revenue growth guidance you would give for FY '27 and '28?”
Gurpreet, page 19 of the filed PDF · View the filing
Capex — Rs. 350-400 crores · FY27
stated conditionally by Jayanta Basu
p. 9
“So, this year also it will be, as you said, Rs. 350-400 crores. But there could be some exceptional job where we may have to buy some extraordinary plant and machinery.”
Jayanta Basu, page 9 of the filed PDF · View the filing
Growth rate — 20%-25% · next couple of years
stated firmly by Jayanta Basu
p. 16
“Yes, it's quite possible. 20%-25% growth coming few years is quite true.”
Jayanta Basu, page 16 of the filed PDF · View the filing
Gross debt growth — 10% to 20%
stated conditionally by Nitesh Sharma
p. 17
“I mean, in the range of 10% to 20%, because we have assessed the limits, plus we have also got additional limits in place.”
Nitesh Sharma, page 17 of the filed PDF · View the filing
Working capital days — 110 to 120 days
stated as an aspiration by Nitesh Sharma
p. 17
“Working capital would be in the same range only, 110 to 120 days.”
Nitesh Sharma, page 17 of the filed PDF · View the filing
Bangladesh job completion — September or October
stated conditionally by Jayanta Basu
p. 8
“And we hope by few months from now, which is September or October, we will be able to complete the whole job as far as we are concerned.”
Jayanta Basu, page 8 of the filed PDF · View the filing
Quarterly revenue run-rate — Q3 and Q4 FY27
stated as an aspiration by Jayanta Basu
p. 22
“Third quarter and fourth quarter generally gives a better revenue as we have seen before also in last year.”
Jayanta Basu, page 22 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it is to fund anticipated growth including plant and equipment investment.
Answered by Jayanta Basu
Asked by Jainam Jain: What is the purpose of the Rs. 5,000 crore QIP fundraise given the company is net cash?
p. 5
“Yes, it is to, as you know that if you have to grow, you require money, as simple as that.”
Jayanta Basu, page 5 of the filed PDF · View the filing
Management guided to around Rs. 25,000 crores of orders for the year, concentrated in metro, marine, road tunnel, PSP hydro and data center segments.
Answered by Jayanta Basu
Asked by Bhalchandra Shinde: What order inflow is expected for FY27 and in which segments?
p. 5
“I think our target to secure around Rs. 25,000 crores around that in whole year, this FY '27.”
Jayanta Basu, page 5 of the filed PDF · View the filing
Management said the group accounted for a majority of the recent Rs. 8,000 crore order intake but roughly half of the total backlog.
Answered by Jayanta Basu
Asked by Vaibhav Shah: What is the Adani group share of the current order backlog?
p. 7
“And today, backlog of Rs. 31,000, Adani will be around 53%.”
Jayanta Basu, page 7 of the filed PDF · View the filing
Management attributed the shift to monsoon-related river conditions affecting deep-water foundation work.
Answered by Jayanta Basu
Asked by Aditya Sahu: What caused the delay in the Bangladesh project execution timeline?
p. 9
“Because Bangladesh is a perennial river and the fluctuations of the river water is quite high.”
Jayanta Basu, page 9 of the filed PDF · View the filing
Management confirmed labor shortage as a persistent industry-wide issue linked to rising construction volumes and workforce migration to other jobs.
Answered by Jayanta Basu
Asked by Manish Ostwal: Is the company facing labor and technical shortages in project execution?
p. 10
“So, labor crisis is always there because the volume of construction has increased leaps and bounds.”
Jayanta Basu, page 10 of the filed PDF · View the filing
Management said zero progress on the large Vadhvan project and gestation periods on newly won Delhi and Pune metro jobs held back Q1 revenue.
Answered by Jayanta Basu
Asked by Vishal Periwal: What explains the softer revenue growth despite maintained guidance?
p. 15
“Here also the Vadhvan port, which is a sizable job for us, we expected that it will start, but we have not done anything on that.”
Jayanta Basu, page 15 of the filed PDF · View the filing
Management explained that roughly Rs. 10,000-12,000 crores of newly secured large orders required 6-7 months of design and mobilization before contributing revenue.
Answered by Jayanta Basu
Asked by Gurpreet: Why is revenue growth decelerating relative to order book growth?
p. 19
“It requires design, and it will be taking 6 to 7 months’ time to start the work.”
Jayanta Basu, page 19 of the filed PDF · View the filing
Management clarified it is an enabling resolution and the amount raised will depend on future order wins and market conditions.
Answered by Nitesh Sharma
Asked by Bhavya Gandhi: Is the full Rs. 5,000 crore QIP amount actually intended to be raised?
p. 18
“No, no. So, that is an enabling thing and this would be completely dependent on the orders which we are trying to secure in the near future, plus also on the market conditions as well.”
Nitesh Sharma, page 18 of the filed PDF · View the filing
Risks flagged
Labor shortage in construction execution
p. 10
“So, labor crisis is always there because the volume of construction has increased leaps and bounds.”
Jayanta Basu, page 10 of the filed PDF · View the filing
Delay in Vadhvan port project start due to matters outside company control
p. 8
“There are a lot of issues has to be sorted out, which is beyond our purview, beyond our scope.”
Jayanta Basu, page 8 of the filed PDF · View the filing
Geopolitical situation and war affecting overseas execution and material supply
p. 14
“There is obviously some effect of the war going on, sometimes scarcity of the essential commodities.”
Jayanta Basu, page 14 of the filed PDF · View the filing
Monsoon and river water fluctuations affecting Bangladesh project execution
p. 9
“Sometime current is very high. So, it is a matter of chance.”
Jayanta Basu, page 9 of the filed PDF · View the filing
Rising competition reducing hit ratio on new order bids
p. 13
“The more you tender and the volume becomes more, hit ratio also comes down with that.”
Jayanta Basu, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.