Cemindia Projects (509496) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 operating income rose 9.3% year-over-year to INR 2,175 crores, with EBITDA up 19% to INR 242 crores and PAT up 49% to INR 108 crores, reflecting strong operational performance and margin expansion.

• H1 FY26 operating income grew 7.9% year-over-year to INR 4,718 crores, with EBITDA up 12.5% and PAT up 42% to INR 245 crores, supported by robust project execution.

• Order book reached INR 20,646 crores as of September 30, 2025, with INR 6,189 crores in new orders secured in H1 FY26.

• Operations span maritime, urban infrastructure, industrial, hydro, data centers, highways, and water sectors, with projects across India and internationally.

• Execution remains strong across major projects, with significant completions in expressways, metros, and marine works.

Financial highlights

• Q2 FY26 consolidated EBITDA margin improved to 11.1% from 10.3% year-over-year; PAT margin rose to 5.0% from 3.6%.

• H1 FY26 EBITDA margin at 10.5%, up from 10.1% in the prior year; PAT margin at 5.2% (vs. 3.9%).

• Net debt-to-equity ratio at 0.25x as of September 30, 2025, reflecting conservative financing.

• Net worth increased to INR 2,051 crores as of September 30, 2025.

• Other income in Q2 included INR 50 crores of currency gain and interest from fixed deposits.

Outlook and guidance

• FY26 revenue growth targeted at 20%, supported by a diversified order book and sustained demand.

• Order inflow guidance maintained at INR 15,000 crores or slightly higher for FY26.

• Data center vertical expected to contribute at least 15% of order book in two years.

• Focus remains on execution, resource planning, and expanding into new segments like data centers and large tunnels.

• Continued focus on government, PSU, and private sector clients, with ongoing expansion in domestic and international markets.