Cemindia Projects (509496) Q1 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly income of ₹2,542 crore in Q1 FY26, up 7% year-over-year, with EBITDA of ₹254 crore and PAT of ₹137 crore, a 37% increase year-over-year.

• Secured new orders exceeding ₹2,900 crore in Q1 FY26, enhancing multi-year revenue visibility and maintaining a consolidated orderbook of ₹18,820 crore as of June 30, 2025.

• Execution milestones reached in key projects such as Chennai Metro, Ganga Expressway, and overseas jobs in Bangladesh and Abu Dhabi.

• Became part of the Adani Group following a change in promoter and control effective May 28, 2025.

Financial highlights

• Consolidated total income for Q1 FY26 was ₹2,556.9 crore, up from ₹2,397.4 crore in Q1 FY25.

• EBITDA for Q1 FY26 reached ₹254 crore, a 7% year-over-year increase, with a margin of 10%.

• PAT for Q1 FY26 was ₹137 crore, compared to ₹100.2 crore in Q1 FY25.

• Net debt/equity stood at 0.34x; gross debt at ₹409 crore as of March 2025, and cash at ₹290 crore as of June 30.

• Interest cost reduced to ₹50 crore for the quarter, attributed to improved contract terms and lower bank guarantee costs.

Outlook and guidance

• Revenue growth guidance for FY26 is 20%-25%, with EBITDA margin expected to remain around 10%.

• Order inflow guidance for FY26 is ₹15,000–16,000 crore, with 35% expected from group entities.

• CapEx planned for FY26 is below ₹300 crore; ₹89 crore spent in Q1.

• Robust consolidated orderbook of ₹18,820 crore supports future revenue visibility.