Cemindia Projects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Cemindia Projects Ltd filed with BSE on 04 May 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 Limited reported Q4 FY26 revenue of INR2,973 crores for the year with EBITDA margin at 15.1% in the quarter and full-year EBITDA margin of 11.9%, both up from the prior year. Management said order inflow for FY26 reached about INR19,000 crores including L1 positions, taking the order book to roughly INR29,000 crores. Management discussed a pipeline of about INR70,000 crores of upcoming opportunities across roads, tunnels, metro and marine segments, and answered questions on margin drivers, mobilization advances, TBM capacity and payment timelines from government clients.
Numbers mentioned
Total operating income: INR2,973 crores (FY26)
p. 3
“The total operating income INR2,973 crores in FY26 against INR2,532 crores, which is a growth of around 17% on year-on-year basis.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
EBITDA: INR450 crores (Q4 FY26)
p. 3
“EBITDA is INR450 crores in Q4 of financial year '26 against INR271 crores, which is a growth of around 66% on Y-on-Y.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
EBITDA margin: 15.1% (Q4 FY26)
p. 3
“EBITDA margin is at 15.1% in Q4 financial year '26 against 10.7% in quarter 4 financial year '25.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
PAT: INR242 crores (Q4 FY26)
p. 3
“PAT for the quarter is INR242 crores against INR113 crores, which is a growth of around 114% on Y-o-Y basis.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
Total operating income: INR10,061 crores (FY26)
p. 3
“The total operating income is INR10,061 crores against INR9,246 crores, which is a growth of about 9%.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
EBITDA: INR1,199 crores (FY26)
p. 3
“EBITDA at INR1,199 crores against INR939 crores, which is a growth of 28%.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
EBITDA margin: 11.9% (FY26)
p. 3
“EBITDA margin is at 11.9% for financial year '26 against 10.2% of financial year '25.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
PAT: INR598 crores (FY26)
p. 3
“PAT is at INR598 crores in financial year '26 against INR373 crores, which is a growth of about 60%.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
Debt-equity ratio: 0.18 (FY26)
p. 3
“Conservatively financed with a debt-equity ratio is 0.18%.”
Kamlesh Vishwakarma, page 3 of the filed PDF · View the filing
Order book: INR29,000 crores (as of Q4 FY26)
p. 4
“Today, our work in hand position is INR29,000 crores, which used to around INR20,000 crores, INR21,000 crores till last year.”
Jayanta Basu, page 4 of the filed PDF · View the filing
Order inflow secured: INR19,000 crores (FY26)
p. 4
“Put together INR19,000 crores job we have secured, which is normally used to be around INR7,000 crores in previous years.”
Jayanta Basu, page 4 of the filed PDF · View the filing
Pipeline of jobs: INR70,000 crores
p. 4
“We can see that there are at least INR70,000 crores of job in pipeline, some in tender stage, some tender yet to be out and some we have submitted the tenders in various forms of that INR70,000 crores.”
Jayanta Basu, page 4 of the filed PDF · View the filing
Data center order book: INR3,000 crores
p. 7
“So far, it is around INR3,000 crores we have secured from our group.”
Jayanta Basu, page 7 of the filed PDF · View the filing
Mobilized advance: INR1,400 crores (as of March 2026)
p. 14
“It's INR1,400 crores.”
Kamlesh Vishwakarma, page 14 of the filed PDF · View the filing
Claims realized: INR150 crores (FY26)
p. 13
“INR150 crores for the whole year. Quarter 4, INR100 crores.”
Jayanta Basu, page 13 of the filed PDF · View the filing
FY27 order inflow so far (including L1): INR5,000 crores (Q1 FY27)
p. 14
“Including L1, it's INR5,000 crores.”
Jayanta Basu, page 14 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.
Revenue growth — at least 25% more than this year · FY27
stated firmly by Jayanta Basu
p. 5
“Revenue should be at least 25% more than this year.”
Jayanta Basu, page 5 of the filed PDF · View the filing
Order book target — maybe INR25,000 crores · FY27
stated as an aspiration by Jayanta Basu
p. 5
“And order book this year, we have secured around INR19,000 crores, you can see more than that, maybe INR25,000 crores is our target.”
Jayanta Basu, page 5 of the filed PDF · View the filing
EBITDA margin (excluding other income) — 10% to 10.5%
stated firmly by Jayanta Basu
p. 10
“But this will not be a regular phenomenon. It will be around 10% to 10.5% going forward.”
Jayanta Basu, page 10 of the filed PDF · View the filing
EBITDA margin — more than 10%
stated as an aspiration by Jayanta Basu
p. 12
“See, I don't want to commit anything, but definitely, we'll try to achieve more than 10%.”
Jayanta Basu, page 12 of the filed PDF · View the filing
Revenue growth — 20% to 25% · FY27
stated conditionally by Jayanta Basu
p. 13
“But I think 20% to 25% growth is quite possible in terms of top line.”
Jayanta Basu, page 13 of the filed PDF · View the filing
Revenue growth — around 25% · next 1-2 years
stated as an aspiration by Jayanta Basu
p. 15
“We should grow now around 25% for another 1 or 2 years.”
Jayanta Basu, page 15 of the filed PDF · View the filing
FY27 capex — INR350 crores to INR400 crores · FY27
stated firmly by Jayanta Basu
p. 6
“It will be around INR350 crores to INR400 crores.”
Jayanta Basu, page 6 of the filed PDF · View the filing
PAT and PAT margin — FY27
stated as an aspiration by Jayanta Basu
p. 15
“So we'll try to maintain the same momentum, same kind of margin.”
Jayanta Basu, page 15 of the filed PDF · View the filing
Dividend declaration — within a few weeks
stated firmly by Jayanta Basu
p. 15
“It will be declared very soon. Within a few weeks, it will be declared.”
Jayanta Basu, page 15 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 guided revenue growth of at least 25% and an order book target of around INR25,000 crores.
Answered by Jayanta Basu
Asked by Kaushik Doshi: What is the margin outlook and guidance for FY27 revenue and order book?
p. 5
“Revenue should be at least 25% more than this year.”
Jayanta Basu, page 5 of the filed PDF · View the filing
Management attributed the higher margin to strong project execution and claim realizations, but guided to a lower normalized annual margin.
Answered by Jayanta Basu
Asked by Dhananjay Mishra: Was there a one-off driving the 12% quarterly margin versus the guided 10.5%?
p. 6
“Well, a few jobs like Bangalore Metro and Bombay Metro have contributed to the bottom line.”
Jayanta Basu, page 6 of the filed PDF · View the filing
Management said the data center division is new, has secured 3-4 jobs from the group, and order book stands at about INR3,000 crores.
Answered by Jayanta Basu
Asked by Siddharth Shah: What is the status of the data center business and order book?
p. 7
“Yes, data center is something new to us. We have opened a new division.”
Jayanta Basu, page 7 of the filed PDF · View the filing
Management said the margin came from releasing provisions kept for metro jobs and claims received, and guided normalized margin of 10% to 10.5%.
Answered by Jayanta Basu
Asked by Parikshit Kandpal: Was the strong 12% EBITDA margin due to LD reversals from project closures, and is this trend sustainable?
p. 10
“But basically, the margin this quarter has come from a few provisions which we have kept for a few metro jobs, which we have to release, the jobs we got completed.”
Jayanta Basu, page 10 of the filed PDF · View the filing
Management said about 30% of jobs have star-price/compensation clauses, others have partial escalation clauses, and some have none, so there will be some margin impact.
Answered by Jayanta Basu
Asked by Bajrang Bafna: How will commodity price inflation and pass-through clauses affect margins going forward?
p. 12
“So around 30% -- I'm not very sure -- close to 30% jobs are under that category.”
Jayanta Basu, page 12 of the filed PDF · View the filing
Management confirmed INR100 crores of claims realized in Q4 and INR150 crores for the full year.
Answered by Jayanta Basu
Asked by Vaibhav Shah: Can you quantify the claims and provision reversal impact for Q4 and the full year?
p. 13
“INR150 crores for the whole year. Quarter 4, INR100 crores. You're right.”
Jayanta Basu, page 13 of the filed PDF · View the filing
Management said around 10% of total advances are interest-bearing, with 90% interest-free.
Answered by Kamlesh Vishwakarma
Asked by Vaibhav Shah: What proportion of mobilized advances is interest-bearing?
p. 14
“Interest-bearing is, I think, around 10% of the total advances as of now.”
Kamlesh Vishwakarma, page 14 of the filed PDF · View the filing
Management said the delay depends on the customer and the reason is not known to them.
Answered by Jayanta Basu
Asked by Bhavin: Why is the Vadhvan breakwater project tender delayed since October?
p. 16
“So it's totally up to the customer when they want to release it, when they open it. Why they are delaying also is not known to us.”
Jayanta Basu, page 16 of the filed PDF · View the filing
Risks flagged
Commodity price inflation (crude, cement, steel) may affect margins beyond normal escalation clause coverage
p. 12
“Definitely, there will be some effect of that because that is beyond the normal escalation and that will have some effect in our margin.”
Jayanta Basu, page 12 of the filed PDF · View the filing
Vadhvan project execution delayed due to local issues beyond company's control
p. 7
“Vadhvan project, as you know, we have been there for last more than a year because of local issues, which is beyond our control, things are getting delayed.”
Jayanta Basu, page 7 of the filed PDF · View the filing
Payment delays possible from certain state governments with weaker treasury positions
p. 12
“A few states we have to be careful. As you know that they are not a good in terms of treasury.”
Jayanta Basu, page 12 of the filed PDF · View the filing
Uncertainty on timing of when pipeline opportunities convert into actual orders
p. 13
“Sometimes you expect it in the first quarter, you get it in the last quarter.”
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.