Cemindia Projects (509496) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue rose 25.2% YoY to ₹2,748.65 crore, EBITDA increased 15.1% to ₹280 crore and PAT grew 21.3% to ₹130.59 crore.

• Order book reached a record ₹32,715 crore at September 30, 2026, with H1 order inflows of ₹12,005 crore across eight sectors and 80+ projects.

Financial highlights

• Q2 FY27 revenue was ₹2,748.65 crore versus ₹2,195.21 crore; H1 revenue was ₹5,469.57 crore versus ₹4,771.61 crore, up 14.6%.

• Q2 EBITDA was ₹280 crore versus ₹243 crore; H1 EBITDA was ₹565 crore versus ₹504 crore, up 12.1%.

• Q2 PAT was ₹130.59 crore versus ₹107.66 crore; H1 PAT was ₹271.42 crore versus ₹244.88 crore, up 10.8%.

• Standalone H1 revenue was ₹5,336.78 crore and net profit ₹265.12 crore, versus ₹4,771.61 crore and ₹244.88 crore a year earlier.

• FY26 revenue was ₹10,061 crore, EBITDA ₹1,199 crore and PAT ₹598 crore, with YoY growth of 9%, 28% and 60%, respectively.

Outlook and guidance

• FY27 revenue growth guidance remains 20%-25%; management expects ~10% average margin for the year, with execution and certification timing affecting margin delivery.

• FY27 order-inflow target of ₹25,000 crore is expected to be met and potentially exceeded; ~₹15,000 crore was secured in H1.

• Management expects at least 25% top-line CAGR over the next three years; current-year guidance is unchanged, with much of the current work's impact expected next year.

• Normal CapEx for the rest of FY27 is ₹150-200 crore; a conditional additional ₹1,500 crore may be needed for large-diameter TBMs, with major deployment expected in FY28.

• Management cited a ₹12.22 lakh crore infrastructure capex allocation in Union Budget 2026–27, equal to 4.4% of GDP, and multi-year revenue visibility from the order book.