Cemindia Projects Limited

Industrials — Engineering & Construction · NSE

₹1,200.00−₹21.40 (−1.75%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of Cemindia Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Cemindia Projects Limited provides construction and civil engineering contracting services in India.

IndustryEngineering & Construction

SectorIndustrials

Employees3,187

Annual revenue₹10,061 Cr

How does it make money?

Turns over ₹10,061 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 3,187 employees supports ₹3.16 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.16 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 37.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 24.9% against a peer median of 14.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE14.1%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 27.2% and earnings to grow about 38.0% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+27.2%

Est. earnings growth+38.0%

Analysts5

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +98% while net margin moved +143% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+98%

Margin effect+143%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.81 — moves roughly with the market
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

58/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

34.3x

3Y Median

36.3x

40 monthly readings · mean 40.5x · range 23.5x–72.7x

Sector Median

30.1x

median of 3 sector peers

🟡Currently trading close to its 3y median of 36.3x — the market is paying about what it usually pays for this company.

🟡Against its sector it is priced broadly in line with the peer median of 30.1x.

vs. its own history

Fair

36.3x median over 40 months · -6%

vs. sector peers

Fair

30.1x median of 3 peers · +14%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.1x

PEG

0.50

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 8.4% to 11.0% over 3 years.
Cash generation is improving
Free cash flow is up 347% over 3 years.
Return on equity is rising
ROE has improved from 10.0% to 24.9%.
Return on capital is rising
ROCE has improved from 19.7% to 37.1%.
High return on capital employed
ROCE of 37.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Debt is increasingFinancial
Total debt is up 31% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 37.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 8.4% to 11.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹236 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 19% a year✓ 25.5% CAGR
Latest reported year was 7.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 11.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹236 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 34%✓ 37.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹20,615 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

34.3x

Fair

Fairly valued against the generic band

P/B Ratio

8.59x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹35.02

Profitable

Profitable on a per-share basis

ROE

24.9%

Strong

Strong capital efficiency

ROCE

37.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.38x

Low

Conservative leverage

Revenue Growth (YoY)

7.0%

Modest

Modest growth

Profit Growth (YoY)

2.6%

Modest

Slow profit growth

Dividend Yield

0.25%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹236 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

21.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

8.5%

Average

Average margins

Net Margin

5.9%

Average

Average bottom-line conversion

Current Ratio

1.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.81

Market-like

Moves roughly in line with the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1204.4 / 1241.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

40.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,090 Cr	₹7,717 Cr	₹9,246 Cr	₹10,061 Cr	+25.5%
EBITDA	₹426 Cr	₹787 Cr	₹842 Cr	₹1,108 Cr	+37.5%
EBITDA Margin	8.4%	10.2%	9.1%	11.0%	—
PAT (Net Profit)	₹124 Cr	₹274 Cr	₹373 Cr	₹598 Cr	+68.8%
EPS	₹7.23	₹15.93	₹21.7	₹34.79	+68.8%
ROE	10.0%	18.3%	20.3%	24.9%	—
ROCE	19.7%	31.1%	32.7%	37.1%	—
Total Debt	₹766 Cr	₹889 Cr	₹993 Cr	₹1,001 Cr	+9.3%
Free Cash Flow	₹53 Cr	₹348 Cr	-₹44 Cr	₹236 Cr	+64.8%

🟢 Revenue has grown at 25.5% a year over 3 years.

🟢 EBITDA has grown at 37.5% a year over 3 years.

🟢 EBITDA Margin has risen from 8.4% to 11.0% over 3 years (+2.6 pts).

🟢 PAT (Net Profit) has grown at 68.8% a year over 3 years.

🟢 EPS has grown at 68.8% a year over 3 years.

🟢 ROE has risen from 10.0% to 24.9% over 3 years (+14.9 pts).

🟢 ROCE has risen from 19.7% to 37.1% over 3 years (+17.4 pts).

🔴 Total Debt has grown at 9.3% a year over 3 years.

🟢 Free Cash Flow has grown at 64.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7,086 Cr

Total Liabilities

₹4,687 Cr

Cash & Equivalents

₹475 Cr

Operating Cash Flow

₹500 Cr

Capex

-₹264 Cr

Shareholding (proxy)

Institutional Holding

7.8%

Insider Holding

72.4%

Corporate Actions

Dividend Rate

₹3

Ex-Dividend Date

12 Jun 2026

Analyst Consensus

Recommendations

5 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,564.6

+30.4% vs CMP

Target Range

₹1,459 – ₹1,700

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 mixed4 general

Cemindia Projects seeks approval to raise ₹5,000 crore via QIP

scanx.trade, 18 OctFunding

🟡Mixed / dependsNew funding changes the capital structure. Debt raises leverage; an equity raise dilutes existing holders.

Cemindia Projects’ Rs 1,400-crore QIP oversubscribed 2.3x; Edelweiss Life, Nuvama, Motilal MF among invest

The Economic Times, 15 Oct

Cemindia Projects (NSEI:CEMPRO) Stock Forecast & Analyst Predictions

Simply Wall Street, 09 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Adani Group’s Cemindia Projects launches QIP, sets floor price at ₹1,158.58/share

CNBC TV18, 14 Oct

Cemindia Projects (NSE:CEMPRO): What Does the QIP Floor Price of Rs 1,158.58 Mean?

Kalkine India, 14 Oct

Compare ITD CEMENTATION INDIA with

Equitymaster, 17 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 5 tripwires holding · see Key things to watch ↑