Cemindia Projects Ltd
CEMPROCemindia Projects Ltd's earnings have outrun its stock. EPS grew +60.3% in a year against a +58.9% price move.
The sharpest disagreement: Foreign institutions moved −12.7 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (17 weeks in) while the P/E sits at the 75th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +2.9% year on year, and 111% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Cemindia Projects Ltd trades at ₹1,244, in a confirmed uptrend and 17 weeks into that stage. That is +20.7% against its own 200-day average. It sits at 66% of a 52-week range of ₹527 to ₹1,615. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.
Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹1,244 it trades +20.7% versus its 200-day average and sits at 66% of its 52-week range (₹527–₹1,615).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,064% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Cemindia Projects Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: MID_CONTRACTION. Still open: Rs 150 Cr claims + provision reversals drove 0.9pp OPM expansion; sustainable level is 10-10.5% per management guidance. Q1 FY27 will be the first clean read.
Our read, 31 May 2026. Order book 2.7x jump (Rs 19,000 Cr FY26 inflows vs Rs 7,000 Cr historical) with FY27 25%+ revenue guide — but Q4 margin relied on Rs 100 Cr one-time claims, making sustainability the single load-bearing test.
From the numbers. PE compressed 39% from Sep 2025 peak (38.8 → 23.8). At 37th percentile of 10Y range — below median (26.9) but not at cycle trough. The PE compression is labeled EARNINGS_DISCONNECT by the cycle engine: PAT +114% in Q4…
From the price. Price stage 2, week 17 — above its 200-day line, relative strength falling.
From the research. Order book 2.7x jump (Rs 19,000 Cr FY26 inflows vs Rs 7,000 Cr historical) with FY27 25%+ revenue guide — but Q4 margin relied on Rs 100 Cr one-time claims, making sustainability the single load-bearing test.
🚨 Where they disagree. PE compressed 39% from Sep 2025 peak (38.8 → 23.8). At 37th percentile of 10Y range — below median (26.9) but not at cycle trough. The PE compression is labeled EARNINGS_DISCONNECT by the cycle engine: PAT +114% in Q4 (partially one-time) while PE fell, suggesting the market is discounting the sustainability of the Q4 margin beat. FII selling is the institutional signal. Cycle entry at this level is not trough-cheap but offers below-median valuation with an earnings trajectory that has not yet been tested on a normalized basis.
What is proven. Order book 2.7x jump (Rs 19,000 Cr FY26 inflows vs Rs 7,000 Cr historical) with FY27 25%+ revenue guide — but Q4 margin relied on Rs 100 Cr one-time claims, making sustainability the single load-bearing test.
What is not proven yet. Rs 150 Cr claims + provision reversals drove 0.9pp OPM expansion; sustainable level is 10-10.5% per management guidance. Q1 FY27 will be the first clean read.
The test written in advance. FY26 Margin Uplift Was Non-Recurring — Normalization Risk — FY26 Margin Uplift Was Non-Recurring — Normalization Risk Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall by the next result.
The test written in advance. Order Inflow Timing Uncertainty — FY27 Target at Risk of H2-Skew — Order Inflow Timing Uncertainty — FY27 Target at Risk of H2-Skew FY27 Q1 order inflow quantum vs Rs 6,000 Cr implied quarterly run-rate for full-year target by the next result.
The test written in advance. Adani Group Concentration — 50% of FY26 Order Inflows vs 35% Guided — Adani Group Concentration — 50% of FY26 Order Inflows vs 35% Guided Segment disclosure in next concall: group vs non-group split of FY27 order inflows by the next result.
What the company does. FY26 revenue Rs 10,061 Cr (+9% YoY), PAT Rs 598 Cr (+60% YoY), OPM 11.1% vs 10.2% prior year — but Rs 150 Cr full-year claims realization and provision reversals contributed to the margin step-up. Work-in-hand doubled to Rs 29,000 Cr (2.9x TTM revenue), providing 2+ years forward execution visibility — order inflows at 2.7x historical average mark a structural shift in order trajectory. PE at 37th percentile (23.8 vs 10Y median 26.9), FY27 guide of 20-25% revenue growth, and D/E 0.1 give runway — but three guidance downgrades over 4 concalls cap management credibility score.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Order Book Structural Re-rating | HIGH | — | Work-in-hand Rs 29,000 Cr = 2.9x TTM revenue; FY26 order inflows Rs 19,000 Cr = 2.7x historical annual average of Rs 7,000 Cr. | Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall |
| New Segment Entry — Data Centers and Roads | MEDIUM | — | Rs 3,000 Cr data center orders secured from Adani Group (3-4 projects commenced); Bihar elevated road project entered… | Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall |
| Legacy Overhang Clearance + Execution… | MEDIUM | — | Udangudi (100% commissioned), Bangalore Metro, Mumbai Metro, Jagdishpur cleared in FY26 — no slow-moving projects except Vadhvan… | Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall |
Lever 1 · Operating leverage — BUILDING. Work-in-hand Rs 29,000 Cr = 2.9x TTM revenue; FY26 order inflows Rs 19,000 Cr = 2.7x historical annual average of Rs 7,000 Cr. What proves it keeps working: Order Book Structural Re-rating. It stops working if Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall.
Lever 2 · Value-added mix — BUILDING. Rs 3,000 Cr data center orders secured from Adani Group (3-4 projects commenced); Bihar elevated road project entered greenfield; road tunnel L1-pending. What proves it keeps working: New Segment Entry — Data Centers and Roads. It stops working if Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall.
Lever 3 · Management change — BUILDING. Udangudi (100% commissioned), Bangalore Metro, Mumbai Metro, Jagdishpur cleared in FY26 — no slow-moving projects except Vadhvan (customer-delayed, not company-delayed). What proves it keeps working: Legacy Overhang Clearance + Execution Quality Normalization. It stops working if Q1 FY27 EBITDA margin vs 10.0% floor; any claim-related commentary in next concall.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Cemindia Projects Ltd reported ₹2,721 Cr of revenue in the Jun 26 quarter, +5.6% year on year. That is the 12th straight quarter of year-on-year growth. Over 11 years it has compounded at 12.0% a year. The last full year, FY26, came in at ₹10,061 Cr. The last four reported quarters add to ₹10,204 Cr.
FY26 revenue came in at ₹10,061 Cr (+8.8% on the year), capping 11 years at 12.0% compound. The latest quarter (Jun 26) printed ₹2,721 Cr, +5.6% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.8% growth against the decade's 12.0% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.9% over the last 4 quarters against +11.1%/yr over the last 8 — stabilising; TTM profit +47.2% vs +36.5%/yr — accelerating.
FY26-Q4. revenue ₹2,973 Cr and profit ₹242 Cr as reported.
FY27-Q1. revenue ₹2,721 Cr and profit ₹141 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Cemindia Projects Ltd's operating margin is 10.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 13.0%. The current quarter sits inside that band.
Why this happened. The order book inflection began in FY26 and has compounded each quarter. FY26 closed with Rs 19,000 Cr total inflows (including Rs 1,600 Cr L1 and Rs 3,200 Cr April project), doubling work-in-hand to Rs 29,000 Cr. Seven new metro/underground projects were won in the year — Kolkata, Pune, Delhi, JSW Port, Abu Dhabi, Kakinada, Khidirpur and data center projects. At Rs 10,061 Cr TTM revenue, the 2.9x cover provides multi-year execution visibility. The FY27 order target is Rs 25,000 Cr (31% growth vs FY26). Two specific L1 positions are pending formal award: Burnpur (Rs 3,600 Cr) and West Bengal.
The latest quarter's operating margin is 10.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–13.0%.
Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +3.8 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹2,973 Cr and profit ₹242 Cr as reported.
FY27-Q1. revenue ₹2,721 Cr and profit ₹141 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Cemindia Projects Ltd earned ₹141 Cr of net profit in the Jun 26 quarter, +2.9% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹598 Cr. That is 5.2% of the quarter's revenue. The same quarter a year earlier earned ₹137 Cr.
Jun 26 profit was ₹141 Cr, +2.9% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹598 Cr (+60.3%).
Why profit moved: revenue contributed +5.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +48.7% vs revenue +8.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹2,973 Cr and profit ₹242 Cr as reported.
FY27-Q1. revenue ₹2,721 Cr and profit ₹141 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 111% of Cemindia Projects Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹500 Cr of operating cash against ₹598 Cr of profit. After ₹258 Cr of capital spending, ₹242 Cr was left as free cash.
FY26: operating cash of ₹500 Cr against reported profit of ₹598 Cr, leaving free cash of ₹242 Cr after ₹258 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 111% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 111%: the cash cycle tightened 14 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Cemindia Projects Ltd's cash conversion cycle runs −110 days in FY26, down from −96 days in FY21. Capital spending ran ₹794 Cr over the last 3 years. At FY26 sales of ₹10,061 Cr each day of that cycle holds about ₹27.6 Cr, so roughly ₹−3,032 Cr sits inside the business at any moment.
FY26: debtors at 47 days, inventory at 82 days — roughly 2.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −110 days, tighter than FY21's −96.
The full loop: cash goes out to suppliers and production on day 0; stock waits 82 days to sell; customers pay about 47 days after that; and suppliers themselves are paid at 238 days — netting out to the −110-day cycle.
In money terms: at FY26 sales of ₹10,061 Cr, each day of the cycle holds about ₹27.6 Cr — so the −110-day loop keeps roughly ₹−3,032 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹794 Cr over the last 3 fiscal years against ₹568 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹22.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Cemindia Projects Ltd earns a ROCE of 33% in FY26. That is up from a trough of 5% in Dec 14. Return on invested capital clears the cost of that capital by +12.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.9% net margin on 1.42× asset turns.
FY26 ROCE is 33%, recovered from a Dec 14 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 5.9% net margin × 1.42× asset turns × 2.95× balance-sheet leverage ≈ 24.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 24.0% − 12.0% = a +12.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Cemindia Projects Ltd carries total debt of ₹905 Cr against shareholder equity of ₹2,400 Cr as of Mar 26, a debt-to-equity of 0.38. On the annual view that ratio went from 0.49 in FY22 to 0.38 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹905 Cr against shareholder equity of ₹2,400 Cr — a debt-to-equity of 0.38. On the annual view, debt-to-equity went from 0.49 (FY22) to 0.38 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters added 20.8 points of Cemindia Projects Ltd over 8 quarters, the biggest move on the register. That takes promoters to 67.5% of the company. Foreign institutions moved −12.7 points over the same window, to 7.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Prior to FY26, multiple legacy projects with stalled execution (Vadhvan local issues, Petronet LNG delays) were dragging on revenue recognition and margin predictability. FY26 saw systematic clearance: Udangudi fully commissioned, flagship metro contracts completed with performance above original estimates (enabling claims realization). The only remaining exception is Vadhvan — delayed by local issues outside the company's control. This clearance improves the execution rhythm of the active portfolio going into FY27.
The register over the last two years — Promoters: +20.8 points over 8 quarters to 67.5%; Foreign institutions: −12.7 points over 8 quarters to 7.3%; Domestic institutions: +0.4 points over 8 quarters to 2.9%.
Why the register moved: promoters drove it (+20.8 points), absorbed on the other side by foreign institutions (−12.7 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Cemindia Projects Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Cemindia Projects Ltd trades at 35.5× P/E, at the pricey end of its own range (75th percentile). Its long-run median P/E is 27.0×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 35.5× is at the pricey end of its own range (75th percentile), against a long-run median of 27.0× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +60.3% against a +58.9% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +72.9%/yr price move, ~+64.0%/yr came from earnings growth and ~+8.9 pp from the multiple (expanding); over 10y, of the +24.2%/yr price move, ~+23.6%/yr came from earnings growth and ~+0.6 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 15 June 2026 price, Cemindia Projects Ltd was paying for profit growth of about 18.5% a year. Today the market pays 35.5× P/E, the 75th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing.
How to hold this number: it is a reading of one day's price, taken on 15 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Cemindia Projects Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 44.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +8.8% | +25.5% | +29.8% | +13.1% |
| Profit | +60.3% | +68.5% | +106.3% | +27.9% |
| EPS | +60.3% | +68.8% | +106.8% | +26.6% |
| Share price | +58.9% | +73.5% | +72.9% | +24.2% |
4-Factor Sector Score
58.4/100 — rank 1 of 18 in Infra - Construction & Contracting · 100% evidence confidence
Cemindia Projects Ltd scores 58.4 out of 100 against the 18 companies it is compared with in Infra - Construction & Contracting, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 24.1 + 17.3 + 2.5 + 14.5 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Cemindia Projects Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
QIP Reverses Prior No-Fundraising Position · 29 July 2026. In Apr 2026, management said it was comfortable with existing funding and had no fundraising plan, but in Jul 2026 it said a 5,000 crore QIP had been approved. Although the latest call cited growth and capital-intensive projects as the rationale, it did not explain what changed so materially from the prior position.
FY27 Revenue Guidance Above February Level · 29 July 2026. In Feb 2026, management indicated 18% revenue growth for FY27, whereas in Jul 2026 it maintained 25%, a 7 percentage-point increase that materially changes the revenue model. The latest call did not explain the basis for the higher FY27 assumption.
FY27 Revenue Growth Guidance Materially Raised Without Reconciliation · 30 April 2026. In the Feb 2026 call, management explicitly pegged FY27 revenue growth at 16-20% in a direct exchange with an analyst. In the Apr 2026 call, the primary guidance given for FY27 was 'at least 25% more than this year,' with further commentary reinforcing 20-25% as the working range. No explicit bridge was offered connecting the prior 16-20% range to the new higher guidance, making it impossible for analysts to assess whether this is a structural view change or optimism driven solely by the strong Q4 FY26 close.
EBITDA Margin Guidance Upper Bound Quietly Reduced · 30 April 2026. The Feb 2026 call consistently guided a 10-11% EBITDA margin range, confirmed across multiple analyst exchanges. In the Apr 2026 call, the ceiling was pulled down to 10.5%, with management explicitly characterising 10.5% as the 'more realistic expectation' and framing Q4 FY26 outperformance as non-recurring. This reduction in the guided upper bound is unreconciled with the simultaneous upgrade to revenue growth targets and has a direct bearing on absolute EBITDA estimates used in valuation models.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Cemindia Projects Ltdthis pageCEMPRO | 58.4/100Mixed-positive evidence100% evidence | LEADER | 24.1/35 Revenue 8.9% · PAT 47.2% · OPM change 1 pp 100% evidence | 17.3/25 ROCE 32.8% · OPM 10% 100% evidence | 2.5/20 P/E 35.5× · PEG 5.81 100% evidence | 14.5/20 RS sector 44.8% · RS bench 39.7% · 1Y 71.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 24.1 + 17.3 + 2.5 + 14.5 = 58.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Mold-Tek Technologies LtdMOLDTECH | 57.8/100Mixed-positive evidence67% evidence | 28.0/35 Revenue 48.7% · PAT 100% · OPM change 18.5 pp 95% evidence | 10.2/25 ROCE 9.5% · OPM 19.9% 76% evidence | 7.3/20 P/E 32.4× · PEG — 50% evidence | 12.3/20 RS sector — · RS bench 39% · 1Y — 25% evidence | |
| Exact sum: 28 + 10.2 + 7.3 + 12.3 = 57.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Patel Engineering LtdPATELENG | 54.1/100Mixed-positive evidence100% evidence | ASLEEP | 14.7/35 Revenue -1.4% · PAT 4.7% · OPM change 1 pp 100% evidence | 15.3/25 ROCE 13.3% · OPM 14% 100% evidence | 14.7/20 P/E 6.7× · PEG 1.52 100% evidence | 9.4/20 RS sector -6.4% · RS bench -9.6% · 1Y -26.5%3 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 15.3 + 14.7 + 9.4 = 54.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 4Larsen & Toubro LtdLT | 53.6/100Mixed-positive evidence82% evidence | ASLEEP | 18.7/35 Revenue 9.8% · PAT 5.8% · OPM change -1 pp 95% evidence | 15.6/25 ROCE 14.6% · OPM 12% 76% evidence | 8.7/20 P/E 30.7× · PEG — 50% evidence | 10.6/20 RS sector 3.4% · RS bench 0.7% · 1Y 10.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 18.7 + 15.6 + 8.7 + 10.6 = 53.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5SPML Infra LtdSPMLINFRA | 52.9/100Mixed-positive evidence74% evidence | ASLEEP | 27.3/35 Revenue 37.8% · PAT 80.8% · OPM change 4.4 pp 95% evidence | 3.5/25 ROCE 6.8% · OPM 9% 95% evidence | 10.6/20 P/E 17.1× · PEG — 15% evidence | 11.5/20 RS sector 3.7% · RS bench -11.3% · 1Y -41.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 27.3 + 3.5 + 10.6 + 11.5 = 52.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Ramky Infrastructure LtdRAMKY | 51.0/100Mixed-positive evidence76% evidence | ASLEEP | 13.2/35 Revenue 4.6% · PAT 17.8% · OPM change -14 pp 95% evidence | 12.1/25 ROCE 13.7% · OPM 6% 76% evidence | 14.0/20 P/E 12.3× · PEG — 50% evidence | 11.7/20 RS sector 13.8% · RS bench -31.1% · 1Y -41%0 of 10 weeks ahead 70% evidence |
| Exact sum: 13.2 + 12.1 + 14 + 11.7 = 51 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 7NBCC (India) LtdNBCC | 49.4/100Mixed-negative evidence82% evidence | ASLEEP | 18.5/35 Revenue 3.8% · PAT 30.9% · OPM change 2.4 pp 95% evidence | 17.8/25 ROCE 29.3% · OPM 7% 76% evidence | 10.1/20 P/E 32.7× · PEG — 50% evidence | 3.0/20 RS sector -13.7% · RS bench -16.5% · 1Y -18.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.5 + 17.8 + 10.1 + 3 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Hindustan Construction Company LtdHCC | 48.5/100Mixed-negative evidence93% evidence | ASLEEP | 5.8/35 Revenue -20.7% · PAT 0% · OPM change -5 pp 100% evidence | 15.4/25 ROCE 24.8% · OPM 11% 100% evidence | 11.4/20 P/E 44× · PEG 1.3 65% evidence | 15.9/20 RS sector 14.1% · RS bench 10.1% · 1Y -6.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 5.8 + 15.4 + 11.4 + 15.9 = 48.5 · Decision use: Price leads the evidence: RS versus the benchmark is 10.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9PNC Infratech LtdPNCINFRA | 47.1/100Mixed-negative evidence100% evidence | ASLEEP | 15.9/35 Revenue -6.5% · PAT 9.4% · OPM change 5 pp 100% evidence | 10.0/25 ROCE 8% · OPM 31% 100% evidence | 17.7/20 P/E 7.4× · PEG 0.17 100% evidence | 3.5/20 RS sector -20.3% · RS bench -23.2% · 1Y -44%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 10 + 17.7 + 3.5 = 47.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Hazoor Multi Projects LtdHAZOOR | 46.0/100Mixed-negative evidence69% evidence | 13.6/35 Revenue -30.5% · PAT -34.1% · OPM change 70.1 pp 95% evidence | 13.4/25 ROCE 12% · OPM 84.5% 76% evidence | 10.4/20 P/E 17.8× · PEG — 15% evidence | 8.6/20 RS sector 1.7% · RS bench -36.5% · 1Y -53.8%4 of 12 weeks ahead 70% evidence | |
| Exact sum: 13.6 + 13.4 + 10.4 + 8.6 = 46 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11IRB Infrastructure Developers LtdIRB | 45.7/100Mixed-negative evidence82% evidence | BASING | 15.7/35 Revenue -2.2% · PAT -80% · OPM change 9 pp 95% evidence | 10.7/25 ROCE 7.5% · OPM 54% 76% evidence | 10.2/20 P/E 24.1× · PEG — 50% evidence | 9.1/20 RS sector -2.4% · RS bench -5% · 1Y -7.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 10.7 + 10.2 + 9.1 = 45.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Simplex Infrastructures LtdSIMPLEXINF | 43.2/100Mixed-negative evidence81% evidence | FADING | 24.5/35 Revenue 4.6% · PAT 80.8% · OPM change 3.9 pp 95% evidence | 4.4/25 ROCE 2.4% · OPM 7% 95% evidence | 5.6/20 P/E 44.6× · PEG — 50% evidence | 8.7/20 RS sector -19.8% · RS bench 6.1% · 1Y -14.7%7 of 10 weeks ahead 70% evidence |
| Exact sum: 24.5 + 4.4 + 5.6 + 8.7 = 43.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Likhitha Infrastructure LtdLIKHITHA | 42.9/100Mixed-negative evidence87% evidence | ASLEEP | 7.2/35 Revenue -18.8% · PAT -51.4% · OPM change -2.7 pp 95% evidence | 14.1/25 ROCE 13.7% · OPM 12.9% 95% evidence | 7.1/20 P/E 26.2× · PEG — 50% evidence | 14.5/20 RS sector 11.3% · RS bench 7.3% · 1Y -12.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 7.2 + 14.1 + 7.1 + 14.5 = 42.9 · Decision use: Price leads the evidence: RS versus the benchmark is 7.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 14H.G. Infra Engineering LtdHGINFRA | 39.9/100Mixed-negative evidence94% evidence | BASING | 15.1/35 Revenue -3.1% · PAT -57.9% · OPM change 10 pp 100% evidence | 13.3/25 ROCE 11.3% · OPM 28% 100% evidence | 7.0/20 P/E 12.1× · PEG 3.17 100% evidence | 4.5/20 RS sector -27.7% · RS bench -25.5% · 1Y -51.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 15.1 + 13.3 + 7 + 4.5 = 39.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15KNR Constructions LtdKNRCON | 39.5/100Mixed-negative evidence82% evidence | TURNING | 4.3/35 Revenue -39% · PAT -58.8% · OPM change -14 pp 95% evidence | 11.7/25 ROCE 10.4% · OPM 16% 76% evidence | 13.8/20 P/E 10.3× · PEG — 50% evidence | 9.7/20 RS sector -7.9% · RS bench -11.3% · 1Y -36.8%2 of 12 weeks ahead 100% evidence |
| Exact sum: 4.3 + 11.7 + 13.8 + 9.7 = 39.5 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 16Rail Vikas Nigam LtdRVNL | 38.7/100Mixed-negative evidence87% evidence | BASING | 16.1/35 Revenue 5.4% · PAT -24.5% · OPM change 2.9 pp 100% evidence | 7.0/25 ROCE 10.8% · OPM 4.3% 100% evidence | 4.5/20 P/E 47.5× · PEG 5.08 65% evidence | 11.1/20 RS sector 6% · RS bench -27.9% · 1Y -37.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.1 + 7 + 4.5 + 11.1 = 38.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Vishnu Prakash R Punglia LtdVPRPL | 30.3/100Thin evidence · provisional54% evidence | 9.4/35 Revenue -22.6% · PAT -80% · OPM change -18 pp 53% evidence | 9.4/25 ROCE 11.4% · OPM -7% 71% evidence | 8.5/20 P/E 59.9× · PEG — 15% evidence | 3.0/20 RS sector -56.9% · RS bench -67.1% · 1Y -72.8%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 9.4 + 9.4 + 8.5 + 3 = 30.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 18Giriraj Civil Developers LtdGIRIRAJ | 51.2/100Thin evidence · provisional44% evidence | 21.2/35 Revenue 100% · PAT 100% · OPM change 2 pp 27% evidence | 15.0/25 ROCE 20.1% · OPM 8% 71% evidence | 10.3/20 P/E 21.1× · PEG — 15% evidence | 4.7/20 RS sector -32.2% · RS bench -12.3% · 1Y -42.4%4 of 11 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 21.2 + 15 + 10.3 + 4.7 = 51.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Cemindia Projects Ltd's share price today?
Cemindia Projects Ltd trades at ₹1,244, +58.9% over the past year. The company is valued at ₹21,376 Cr. The stock sits at 66% of its 52-week range of ₹527–₹1,615, +20.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 17 weeks in. — as of 11 September 2026.
What were Cemindia Projects Ltd's latest quarterly results?
Cemindia Projects Ltd reported revenue of ₹2,721 Cr and net profit of ₹141 Cr for the Jun 26 quarter. Revenue rose 5.6% and profit rose 2.9% year on year. Earnings per share were ₹8.20. The operating margin was 10.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is Cemindia Projects Ltd's revenue?
Cemindia Projects Ltd reported revenue of ₹2,721 Cr in the Jun 26 quarter, +5.6% year on year. For the full FY26 fiscal year, revenue was ₹10,061 Cr (+8.8%). Over the last 11 years revenue compounded at 12.0% a year. — as of 11 September 2026.
What is Cemindia Projects Ltd's profit?
Cemindia Projects Ltd earned ₹141 Cr of net profit in the Jun 26 quarter, +2.9% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹598 Cr. The operating margin ran 10.0% in the latest quarter. — as of 11 September 2026.
What is Cemindia Projects Ltd's market cap?
Cemindia Projects Ltd's market capitalisation is ₹21,376 Cr at a share price of ₹1,244. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Cemindia Projects Ltd's P/E ratio?
Cemindia Projects Ltd trades at a P/E of 35.5×, at the 75th percentile of its own 11-year range, against a long-run median of 27.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Cemindia Projects Ltd pay a dividend?
Yes — Cemindia Projects Ltd's dividend payout was 9% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Cemindia Projects Ltd overvalued?
On its own history, Cemindia Projects Ltd looks expensive: its P/E of 35.5× sits at the 75th percentile of its 11-year range (long-run median 27.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Cemindia Projects Ltd growing?
Yes — Cemindia Projects Ltd is growing: latest-quarter revenue +5.6% year on year, profit +2.9%, and the margin +1.0 pp at 10.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is Cemindia Projects Ltd performing?
Cemindia Projects Ltd is in a confirmed uptrend, 17 weeks in. Its latest quarter's revenue rose 5.6% and profit rose 2.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Cemindia Projects Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 44.8% and holding. The read comes from the last 12 quarters of growth (revenue growth +8.9% latest, profit growth +47.2% latest, eps growth +46.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Cemindia Projects Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 17 of stage 2), trading +20.7% versus its 200-day average and at 66% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Cemindia Projects Ltd beating the market?
On recent form, yes — Cemindia Projects Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +1,064% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.
Will Cemindia Projects Ltd's share price go up?
This page publishes no price forecast for Cemindia Projects Ltd. What it measures instead: the share price is ₹1,244, the price is in a confirmed uptrend 17 weeks in. Its P/E of 35.5× sits at the 75th percentile of its own 11-year range. — as of 11 September 2026.
Who owns Cemindia Projects Ltd?
Promoters hold 67.5% of Cemindia Projects Ltd, foreign institutions 7.3%, domestic institutions 2.9% and the public 22.4% (latest quarter). The biggest move on the register over the last two years: Promoters added 20.8 points over 8 quarters. — as of 11 September 2026.
Does Cemindia Projects Ltd have too much debt?
It is moderate — Cemindia Projects Ltd's debt-to-equity is 0.42, and operating profit covers the interest bill 5×. FY26 borrowings were ₹1,001 Cr against equity of ₹2,399 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Cemindia Projects Ltd's capex?
Cemindia Projects Ltd spent ₹794 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹258 Cr, with ₹22.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Cemindia Projects Ltd's cash flow?
Cemindia Projects Ltd generated ₹500 Cr of operating cash flow in FY26 and ₹242 Cr of free cash flow after ₹258 Cr of capital spending. Reported profit that year was ₹598 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Cemindia Projects Ltd's profit real cash?
Yes — over the last 3 fiscal years, 111% of Cemindia Projects Ltd's reported profit arrived as operating cash. Though the latest year ran at 84% — the trend is the thing to watch. In FY26, operating cash was ₹500 Cr against reported profit of ₹598 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Cemindia Projects Ltd in its business cycle?
Cemindia Projects Ltd's FY26 operating margin was 10.0%, against a 13-year band of 6.0%–13.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 10.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Cemindia Projects Ltd's price assume?
At its price on 15 June 2026, Cemindia Projects Ltd was priced for profit growth of about 18.5% a year. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Cemindia Projects Ltd story?
The sharpest disagreement: Foreign institutions moved −12.7 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Cemindia Projects Ltd a stock worth studying right now?
This is not investment advice. The machine read: Cemindia Projects Ltd's earnings have outrun its stock. EPS grew +60.3% in a year against a +58.9% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!