Cemindia Projects (509496) Q4 25/26 earnings summary

Executive summary

• Achieved record annual and consolidated revenue surpassing ₹10,061 crore for FY26, with strong year-over-year growth in revenue, EBITDA, and PAT, reflecting disciplined execution and robust order book visibility.

• Secured new contracts worth ₹14,821 crore in FY26 and ₹5,144 crore in Q4 FY26, supporting multi-year cash flow visibility and a diversified project portfolio across 16 Indian states and 3 overseas locations.

• Robust execution on major projects such as Udangudi, Mumbai, Kolkata, Bengaluru, and Chennai Metro, Calcutta High Court, BMCT marine works, Vizhinjam breakwater, and Sivok-Rangpo Rail Project.

• No dividend declared for FY26; the 48th AGM scheduled for June 27, 2026, via video conference.

• Appointment of Mr. Abizer Shabbir Diwanji as Additional Non-Executive Independent Director and Price Waterhouse Chartered Accountants LLP as statutory auditors for five years, subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue grew 8.8% YoY to ₹10,061 crore; EBITDA up 27.7% YoY to ₹1,199 crore (margin 11.9%); PAT up 60.3% YoY to ₹598 crore (margin 5.9%).

• Q4 FY26 revenue rose 17.4% YoY to ₹2,973 crore; EBITDA up 66.3% YoY to ₹450 crore (margin 15.1%); PAT up 113.6% YoY to ₹242 crore (margin 8.1%).

• Net worth at ₹2,400 crore; net debt reduced to ₹430 crore; net debt to EBITDA at 0.36x; net debt to equity ratio at 0.18x.

• Realized ₹150 crore in claims for the year, with ₹100 crore in Q4, contributing to margin expansion.

• Highest ever order book of ₹29,000 crore, with ₹24,545 crore as of March 31, 2026.

Outlook and guidance

• FY27 revenue expected to grow at least 25% over FY26; order inflow target set at ₹25,000 crore.

• PAT and EBITDA margins expected to sustain at FY26 levels, with normalized EBITDA margin guidance of 10.5%-11% going forward.

• CapEx planned at ₹350-400 crore for FY27, up from ₹260 crore in FY26.

• Three-year revenue growth expected at 20%-25% CAGR, supported by India's infrastructure megatrend and strong demand.

• Management emphasizes focus on margin-accretive opportunities, risk management, and balance sheet strength.