# Cemindia Projects share price today (Cemindia Projects Ltd, NSE: CEMPRO)

> Cemindia Projects share price today: ₹1,310.10 at the NSE close on 4 November 2026, up 53.0% in a year. Cemindia Projects (NSE: CEMPRO) is worth ₹24,162 crore, trades at a P/E of 40.2 and has closed between ₹527.15 and ₹1,615.00 over the past 52 weeks. > Cemindia Projects Ltd's earnings have grown faster than its share price. Earnings per share grew +60.3% in a year while the price moved +53.0%. CEMPRO · Infra - Construction & Contracting · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/cemindia-projects-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,310.10 (+53.0% in a year)
- P/E: 40.2× (higher than 83% of the last 11 years)
- Revenue (Jun 2026): ₹2,721 Cr (+5.6% on a year ago)
- Profit (Jun 2026): ₹141 Cr (+2.9% on a year ago)
- Operating margin: 10.0% (+1.0 points on a year ago)
- ROCE: 33%, FY26
- ROIC: 24.0%, against a 12.0% cost of capital: +12.0 points

The main question: results are strong, and the P/E is higher than 83% of its own history. ## What is the Cemindia Projects share price today? Cemindia Projects Ltd's share price was ₹1,310.10 at the close on 4 November 2026. It has been rising for 24 weeks. That is 21.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹527 and ₹1,615, and at that close it sat 72% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +1,126% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Cemindia Projects this quarter? Three changes stood out: foreign funds (FIIs) cut their stake for 9 quarters in a row, indian funds and insurers (DIIs) raised their stake for 5 quarters in a row and revenue up on a year earlier for 11 quarters in a row (every quarter we can compare). 1. Foreign funds (FIIs) cut their stake for 9 quarters in a row From 21% to 6.2% of the company by the October 2026 quarter. 2. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row From 0.7% to 11.1% of the company by the October 2026 quarter. 3. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹2,721 crore, +5.6% on a year earlier. ## What are Cemindia Projects' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Cemindia Projects reported revenue of ₹2,721 crore, up 5.6% from ₹2,576 crore a year earlier, and a profit of ₹141 crore, up 2.9% from ₹137 crore. ### Cemindia Projects results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,721 crore | ₹2,576 crore | +5.6% |
| Profit | ₹141 crore | ₹137 crore | +2.9% |
| Earnings per share | ₹8.20 | ₹7.99 | +2.6% |
| Operating margin | 10.0% | 9.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Cemindia Projects' management discussed these results on a call held on 29 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Cemindia Projects share price history? Cemindia Projects closed at ₹1,310.10 on 4 November 2026, up 53.0% from ₹856.40 a year earlier (7 November 2025) and up 1,531.5% over five years. Its highest weekly close since March 2016 was ₹1,615.00 on 17 July 2026. ### Cemindia Projects share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,262.80 | +3.7% |
| 1 month ago · 1 Oct 2026 | ₹1,176.90 | +11.3% |
| 6 months ago · 8 May 2026 | ₹956.15 | +37.0% |
| 1 year ago · 7 Nov 2025 | ₹856.40 | +53.0% |
| 3 years ago · 3 Nov 2023 | ₹206.45 | +534.6% |
| 5 years ago · 4 Nov 2021 | ₹80.30 | +1,531.5% |
| 10 years ago · 4 Nov 2016 | ₹140.10 | +835.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹106.90 | +1,125.5% |
| Highest weekly close since March 2016, also the 52-week high · 17 Jul 2026 | ₹1,615.00 | −18.9% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹29.60 | +4,326.0% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹527.15 | +148.5% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Cemindia Projects? 4 Nov 2026: Cemindia Projects closed at ₹1,310.10, up 3.7% on the week and up 11.3% on the month. 29 Jul 2026: Cemindia Projects held its results call for April to June 2026. Management guided: FY27 order intake goal ₹25,000 crore; tender visibility exceeds ₹19,000 crore, while the broader submitted and horizon pipeline is ₹90,000 crore at a 15.0% hit ratio, including roughly ₹15,000 crore of marine opportunities. ### Earlier

- Results for April to June 2026: Revenue up 5.6% and profit up 2.9% on a year earlier. - 12 Jun 2026: ex-date for a dividend of ₹3 a share. - Our read, 31 May 2026: Order book 2.7x jump (₹19,000 crore FY26 inflows vs ₹7,000 crore historical) with FY27 25%+ revenue guide, but Q4 margin relied on ₹100 crore one-time claims, making sustainability the single load-bearing test. ### Our read of the business

Latest quarter: Record profit ₹242 crore on ₹100 crore one-time claims; normalized margin 10-10.5%. (Our read after the latest results, written 31 May 2026.)

## What dividend does Cemindia Projects pay? Cemindia Projects paid ₹3 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.23% at the ₹1,310.10 close on 4 November 2026. The last was a dividend of ₹3 a share, ex-date 12 June 2026. ### Cemindia Projects dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 12 Jun 2026 | ₹3 | Dividend |
| 31 Jul 2025 | ₹2 | Dividend |
| 21 Aug 2024 | ₹1.70 | Dividend |
| 21 Aug 2023 | ₹0.75 | Dividend |
| 14 Sep 2022 | ₹0.45 | Dividend |
| 14 Sep 2021 | ₹0.12 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Cemindia Projects Ltd paid out 9% of its profit as dividends in FY26, and it paid a dividend in 11 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Cemindia Projects management say on the latest results call? On the call for April to June 2026, held on 29 July 2026, Cemindia Projects' management guided: FY27 order intake goal ₹25,000 crore; tender visibility exceeds ₹19,000 crore, while the broader submitted and horizon pipeline is ₹90,000 crore at a 15.0% hit ratio, including roughly ₹15,000 crore of marine opportunities. > “Our target is to secure around 25,000 crores for the full year of FY27. We have already secured 8,000 crores in the first quarter, so securing the remaining 17,000 crores is not a major challenge.”
> Jayanta Basu, on the call for April to June 2026

### What management guided

- FY27 and FY28 revenue growth maintained at 25.0%.0%-25.0% growth is doable over the next few years. - Q2 expected to be slower due to monsoon, with Q3 and Q4 execution better than Q1 and recently secured projects beginning revenue contribution from Q3. - FY27 capital spending of ₹350-400 crores, including ₹100 crore in Q1; exceptional capital-intensive plant and machinery purchases could take spending above the range. - Bangladesh scope expected to finish by September or October. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/1128-29-Jul-2026.pdf). (From the call for April to June 2026, 29 July 2026.)

## What is the future of Cemindia Projects? What is changing in the business? What is changing at Cemindia Projects, from the latest results and calls: , new segment launch, data centers and roads and legacy overhang clearance + execution quality normalization. - . Work-in-hand ₹29,000 crore = 2.9x last 12 months revenue; FY26 order inflows ₹19,000 crore = 2.7x historical annual average of ₹7,000 crore. ⚠ estimate
- Legacy Overhang Clearance + Execution Quality Normalization. Udangudi (100% commissioned), Bangalore Metro, Mumbai Metro, Jagdishpur cleared in FY26, no slow-moving projects except Vadhvan (customer-delayed, not company-delayed). ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 31 May 2026.)

## What is Cemindia Projects' order book? FY27 guidance: minimum 25% revenue growth; order booking goal ₹25,000 crore; medium-term 25% revenue yearly growth for 1-2 years extending to 20-25% over 3-year horizon. - October to December 2025 (Oct 2025 concall): order book crossed ₹9,700 crore; profit ₹108 crore (+50% on a year earlier) ✓ fact

(Our read after the latest results, written 31 May 2026.)

## What could change the Cemindia Projects story? What are the risks? ₹150 crore claims + provision reversals drove 0.9pp operating margin expansion; sustainable level is 10-10.5% per management guidance. April to June 2026 will be the first clean read. ### The main risks

- FY26 Margin Uplift Was Non-Recurring, Normalization Risk: ₹150 crore claims + provision reversals drove 0.9pp operating margin expansion; sustainable level is 10-10.5% per management guidance. April to June 2026 will be the first clean read. ⚠ estimate
- Order Inflow Timing Uncertainty, FY27 Goal at Risk of H2-Skew: Management explicitly acknowledged 'sometimes expect order in Q1 and it arrives in Q4', ₹25,000 crore FY27 goal requires conversion from a ₹70,000 crore pipeline of government tenders not in company's control. ✓ fact

(Our read after the latest results, written 31 May 2026.)

## What to watch in Cemindia Projects' next results? When Cemindia Projects reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 execution and profitability after the monsoon, given management's expectation of a slower quarter and no quantified margin guidance. - What to check (from the call)
- Q2 execution and profitability after the monsoon, given management's expectation of a slower quarter and no quantified margin guidance. - Revenue contribution from Pune, Delhi, Munger, Mor Sagar and Abu Dhabi as projects move from mobilization into production. - Vadhavan port restart and any movement from the current zero-production status once external issues are resolved. - Bangladesh scope completion by September or October, alongside collection of the ₹158 crore receivable balance. ## Which stock lists is Cemindia Projects on? Cemindia Projects is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 321](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Cemindia Projects profitable? Cemindia Projects Ltd earned ₹141 Cr of net profit in the Jun 2026 quarter, +2.9% on the same quarter a year earlier. That is the 12th quarter in a row of profit 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. For the full year, FY26 profit was ₹598 Cr (+60.3% on the year before). Why profit moved: revenue changed +5.6% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +48.7% and revenue +8.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. 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. ## How much revenue does Cemindia Projects make, and is it growing? Cemindia Projects Ltd reported ₹2,721 Cr of revenue in the Jun 2026 quarter, +5.6% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 11 years it has grown 12.0% a year on average. The last full year, FY26, came in at ₹10,061 Cr. The last four reported quarters add to ₹10,204 Cr. FY26 revenue was ₹10,061 Cr, +8.8% on the year before. Recent pace: the last four quarters grew +8.8% on average, against 12.0% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +8.9%, against +11.1% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +47.2%, against +36.5% a year (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. ## How much of every ₹100 of sales does Cemindia Projects keep? Cemindia Projects Ltd's operating margin was 10.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 6.0% and 13.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +0.8 percentage points on the year while gross margin changed +3.8 points. So the gain came mostly from the gross margin, which means input costs and prices charged. 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. ## Is Cemindia Projects' profit turning into cash? Over the last 3 years, 111% of Cemindia Projects Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹500 Cr of operating cash against ₹598 Cr of profit. After ₹258 Cr of spending on assets, ₹242 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 111% of profit came in as cash: the cash cycle got 14 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Cemindia Projects' cash go? Cemindia Projects Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −110 days in FY26, down from −96 days in FY21. It spent ₹794 Cr on assets over the last 3 years. Customers take 47 days to pay, and stock sits for 82 days on average. At FY26 sales of ₹10,061 Cr, each day of that cycle ties up about ₹27.6 Cr, so roughly −₹3,032 Cr is tied up in the business at any time. FY26: customers took 47 days to pay and stock sat for 82 days, about 2.7 months of sales sitting as stock, for a full cycle of −110 days, shorter than FY21's −96. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 82 days. Customers pay about 47 days after that. Suppliers are paid at 238 days. Together that makes the −110-day cycle. Spending on assets: ₹794 Cr over the last 3 years, against ₹568 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹22.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Cemindia Projects' P/E ratio, and how does it compare with its own history? Cemindia Projects Ltd's P/E is 40.2×, near the high end of its own history: higher than 83% of past readings. Its usual P/E (the middle reading) is 27.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹35.03. Why the multiple is where it is: over the past year earnings per share moved +60.3% while the price moved +53.0%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +74.8% a year; about +61.7% a year came from earnings growth and about +13.1 percentage points from the multiple (the market paying more); over 10 years the price moved +25.1% a year; about +22.0% a year came from earnings growth and about +3.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Cemindia Projects business getting better or worse? Cemindia Projects Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 45.8%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Cemindia Projects story, and has it been checked? Cemindia Projects Ltd's story is not scored yet against the checks our research 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. At 37th percentile of 10Y range, below median (26.9) but not at cycle trough. From the price. Price stage 2, week 24, 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. At 37th percentile of 10Y range, below median (26.9) but not at cycle trough. FII stake-cutting is the institutional signal. 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. Measured by: 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 Goal at Risk of H2-Skew. Measured by: Order Inflow Timing Uncertainty, FY27 Goal at Risk of H2-Skew FY27 Q1 order inflow quantum vs Rs 6,000 Cr implied quarterly run-rate for full-year goal by the next result. The test written in advance. Adani Group Concentration, 50% of FY26 Order Inflows vs 35% Guided. Measured by: 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. 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. 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 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Cemindia Projects management deliver what it promised? What Cemindia Projects Ltd's management promised, against what actually happened: 4 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. Every quote above is taken word for word from the company’s own earnings calls. ## What is Cemindia Projects management's track record? Strong order-inflow delivery (₹19,000 crore vs ₹14-15,000 Cr guided) but weak revenue-guidance precision and unexplained FY26 capital spending shortfall. ### Regulatory and governance record

No action against current (Adani) ownership; sole SEBI SCN is a 2005 insider-trading matter under prior promoter, pre-Aug-2025 takeover. Sources:

- [alphaspread.com](https://www.alphaspread.com/security/nse/cempro/investor-relations)
- [sebi.gov.in](https://www.sebi.gov.in/sebi_data/docfiles/9223_t.html)
- [plindia.com](https://www.plindia.com/stocks/cemindia-projects-ltd/)

(Checked 7 June 2026.)

## How much does Cemindia Projects earn on its capital? Cemindia Projects Ltd earned a ROCE of 33% in FY26. That is up from a low of 5% in Dec 2014. Its return on capital used (ROIC) is 12.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 5.9% net margin and 1.42× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.9% net margin × 1.42× asset turnover × 2.95× leverage (assets divided by equity) ≈ 24.7% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 24.0% − 12.0% = +12.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 24.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 25.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Cemindia Projects have too much debt? Cemindia Projects Ltd has total debt of ₹905 Cr against shareholder equity of ₹2,400 Cr as of Jun 2026, so its debt is 0.38× its equity. Year by year, that ratio went from 0.49 in FY22 to 0.38 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Cemindia Projects shareholding pattern? Promoters raised their stake in Cemindia Projects Ltd by 16.2 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 62.8% of the company. Foreign institutions moved −10.8 points over the same period, to 6.2%. This uses the four owner groups that companies report every quarter; nothing is guessed 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. Over the last two years: Promoters: +16.2 points over 8 quarters, to 62.8%; Foreign institutions: −10.8 points over 8 quarters, to 6.2%; Domestic institutions: +8.5 points over 8 quarters, to 11.1%. Why the owners changed: foreign institutions moved −10.8 points and domestic institutions +8.5 points over 8 quarters, while promoters moved +16.2 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Cemindia Projects from balance-sheet trouble? For Cemindia Projects Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Cemindia Projects rank in its industry? 61.6 out of 100, rank 2 of 18 in Infra - Construction & Contracting, with 96% of the evidence available. Cemindia Projects Ltd scores 61.6 out of 100 against the 18 companies it is compared with in Infra - Construction & Contracting, ranking 2. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 25.9 + 18.7 + 2.5 + 14.5 = 61.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Cemindia Projects compared with? Cemindia Projects ranks 2 of 18 Infra - Construction & Contracting companies on the 4-Factor Sector Score, with 61.6 out of 100. 1. [Mold-Tek Technologies Ltd](https://www.sectoralpha.in/stocks/mold-tek-technologies-ltd) MOLDTECH · breaking out · Most evidence points up · 81% evidence 66.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.0/35 · Revenue 48.7% · Profit 100% · Operating margin change 18.5 points · 88% evidence Capital efficiency 11.6/25 · ROCE 9.5% · Operating margin 19.9% · 100% evidence Valuation 11.7/20 · P/E 28× · PEG 0.62 · 100% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 23.2% · 1 year n/a · 25% evidence · 7 of 7 weeks ahead Exact sum: 31 + 11.6 + 11.7 + 12.3 = 66.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Cemindia Projects Ltd this page CEMPRO · quiet · Evidence leans up · 96% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.9/35 · Revenue 8.9% · Profit 47.2% · Operating margin change 1 points · 88% evidence Capital efficiency 18.7/25 · ROCE 32.8% · Operating margin 10% · 100% evidence Valuation 2.5/20 · P/E 38.8× · PEG 5.81 · 100% evidence Relative strength 14.5/20 · Lead over its industry 54.3% · Lead over NIFTY 500 38.4% · 1 year 55.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 25.9 + 18.7 + 2.5 + 14.5 = 61.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Larsen & Toubro Ltd](https://www.sectoralpha.in/stocks/larsen-toubro-ltd) LT · turning · Evidence leans up · 82% evidence 61.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 11.2% · Profit 9.3% · Operating margin change -2 points · 95% evidence Capital efficiency 15.5/25 · ROCE 14.6% · Operating margin 11% · 76% evidence Valuation 9.1/20 · P/E 28.2× · PEG n/a · 50% evidence Relative strength 17.3/20 · Lead over its industry 14.1% · Lead over NIFTY 500 3% · 1 year -3.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19.4 + 15.5 + 9.1 + 17.3 = 61.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Patel Engineering Ltd](https://www.sectoralpha.in/stocks/patel-engineering-ltd) PATELENG · basing · Evidence leans up · 96% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Revenue -1.4% · Profit 4.7% · Operating margin change 1 points · 88% evidence Capital efficiency 15.6/25 · ROCE 13.3% · Operating margin 14% · 100% evidence Valuation 15.1/20 · P/E 5.8× · PEG 1.52 · 100% evidence Relative strength 9.5/20 · Lead over its industry -4.9% · Lead over NIFTY 500 -14.5% · 1 year -36.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.4 + 15.6 + 15.1 + 9.5 = 55.6 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 5. [SPML Infra Ltd](https://www.sectoralpha.in/stocks/spml-infra-ltd) SPMLINFRA · quiet · Evidence leans up · 74% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 37.8% · Profit 80.8% · Operating margin change 4.4 points · 88% evidence Capital efficiency 4.1/25 · ROCE 6.5% · Operating margin 9% · 100% evidence Valuation 14.5/20 · P/E 12.7× · PEG 0.69 · 65% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -26.9% · 1 year -44.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 4.1 + 14.5 + 8.4 = 52.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [NBCC (India) Ltd](https://www.sectoralpha.in/stocks/nbcc-indialtd) NBCC · quiet · Evidence leans up · 78% evidence 50.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 3.8% · Profit 30.9% · Operating margin change 2.4 points · 83% evidence Capital efficiency 17.8/25 · ROCE 29.3% · Operating margin 7% · 76% evidence Valuation 10.9/20 · P/E 27.5× · PEG n/a · 50% evidence Relative strength 2.9/20 · Lead over its industry -14.9% · Lead over NIFTY 500 -23.7% · 1 year -40.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.2 + 17.8 + 10.9 + 2.9 = 50.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Hazoor Multi Projects Ltd](https://www.sectoralpha.in/stocks/hazoor-multi-projects-ltd) HAZOOR · Too little evidence to rank firmly · 59% evidence 47.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/43.75 · Revenue -30.5% · Profit -34.1% · Operating margin change 70.1 points · 88% evidence Capital efficiency 18.3/31.25 · ROCE 12% · Operating margin 84.5% · 100% evidence Valuation 13.1/25 · P/E 16.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 15.9 + 18.3 + 13.1 = 47.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Ramky Infrastructure Ltd](https://www.sectoralpha.in/stocks/ramky-infrastructure-ltd) RAMKY · basing · Evidence leans down · 63% evidence 46.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 4.6% · Profit 17.8% · Operating margin change -14 points · 83% evidence Capital efficiency 11.6/25 · ROCE 13.5% · Operating margin 6% · 76% evidence Valuation 13.2/20 · P/E 11.4× · PEG n/a · 50% evidence Relative strength 8.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -27.3% · 1 year -51.7% · 25% evidence · 0 of 12 weeks ahead Exact sum: 13.9 + 11.6 + 13.2 + 8.2 = 46.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [PNC Infratech Ltd](https://www.sectoralpha.in/stocks/pnc-infratech-ltd) PNCINFRA · quiet · Evidence leans down · 100% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.7/35 · Revenue 1.8% · Profit -21.3% · Operating margin change -1 points · 100% evidence Capital efficiency 10.1/25 · ROCE 8% · Operating margin 21% · 100% evidence Valuation 20.0/20 · P/E 5.1× · PEG 0.17 · 100% evidence Relative strength 0.0/20 · Lead over its industry -31% · Lead over NIFTY 500 -38.1% · 1 year -55.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 14.7 + 10.1 + 20 + 0 = 44.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Simplex Infrastructures Ltd](https://www.sectoralpha.in/stocks/simplex-infrastructures-ltd) SIMPLEXINF · turning · Evidence leans down · 71% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 4.6% · Profit 80.8% · Operating margin change 3.9 points · 88% evidence Capital efficiency 5.4/25 · ROCE 2.4% · Operating margin 7% · 100% evidence Valuation 5.9/20 · P/E 44.4× · PEG n/a · 50% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 11.1% · 1 year -6.4% · 25% evidence · 7 of 12 weeks ahead Exact sum: 20.9 + 5.4 + 5.9 + 12 = 44.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Likhitha Infrastructure Ltd](https://www.sectoralpha.in/stocks/likhitha-infrastructure-ltd) LIKHITHA · basing · Evidence leans down · 96% evidence 43.1 out of 100 Growth Capital Valuation Relative
12. [H.G. Infra Engineering Ltd](https://www.sectoralpha.in/stocks/hg-infra-engineering-ltd) HGINFRA · quiet · Evidence leans down · 81% evidence 42.0 out of 100 Growth Capital Valuation Relative
13. [IRB Infrastructure Developers Ltd](https://www.sectoralpha.in/stocks/irb-infrastructure-developers-ltd) IRB · basing · Evidence leans down · 78% evidence 42.0 out of 100 Growth Capital Valuation Relative
14. [Hindustan Construction Company Ltd](https://www.sectoralpha.in/stocks/hindustan-construction-company-ltd) HCC · quiet · Evidence leans down · 79% evidence 40.5 out of 100 Growth Capital Valuation Relative
15. [KNR Constructions Ltd](https://www.sectoralpha.in/stocks/knr-constructions-ltd) KNRCON · quiet · Evidence leans down · 78% evidence 38.0 out of 100 Growth Capital Valuation Relative
16. [Rail Vikas Nigam Ltd](https://www.sectoralpha.in/stocks/rail-vikas-nigam-ltd) RVNL · quiet · Evidence leans down · 74% evidence 36.4 out of 100 Growth Capital Valuation Relative
17. [Vishnu Prakash R Punglia Ltd](https://www.sectoralpha.in/stocks/vishnu-prakash-r-punglia-ltd) VPRPL · Too little evidence to rank firmly · 59% evidence 23.0 out of 100 Growth Capital Valuation Relative
18. [Giriraj Civil Developers Ltd](https://www.sectoralpha.in/stocks/giriraj-civil-developers-ltd) GIRIRAJ · Too little evidence to rank firmly · 32% evidence 55.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Infra - Construction & Contracting](https://www.sectoralpha.in/sectors/infra-construction-contracting), all 18 compared on one page. ## Which companies are close to Cemindia Projects in size? Cemindia Projects is the 3rd largest of 18 Infra - Construction & Contracting companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Larsen & Toubro and Rail Vikas Nigam. Just below it: IRB Infrastructure Developers, NBCC (India), Hindustan Construction Company and PNC Infratech. ### Infra - Construction & Contracting companies close in size

1. [Larsen & Toubro Ltd](https://www.sectoralpha.in/stocks/larsen-toubro-ltd) ₹5,32,713 crore
2. [Rail Vikas Nigam Ltd](https://www.sectoralpha.in/stocks/rail-vikas-nigam-ltd) ₹37,462 crore
3. Cemindia Projects Ltd ₹23,330 crore
4. [IRB Infrastructure Developers Ltd](https://www.sectoralpha.in/stocks/irb-infrastructure-developers-ltd) ₹18,999 crore
5. [NBCC (India) Ltd](https://www.sectoralpha.in/stocks/nbcc-indialtd) ₹18,808 crore
6. [Hindustan Construction Company Ltd](https://www.sectoralpha.in/stocks/hindustan-construction-company-ltd) ₹4,490 crore
7. [PNC Infratech Ltd](https://www.sectoralpha.in/stocks/pnc-infratech-ltd) ₹3,179 crore

[All 18 Infra - Construction & Contracting companies, largest first](https://www.sectoralpha.in/sectors/infra-construction-contracting#all-companies)

### Companies close in size in other industries

1. [Urban Company Ltd](https://www.sectoralpha.in/stocks/urban-company-ltd) ₹23,566 crore · E-Commerce - Platform - Utility
2. [Milky Mist Dairy Food Ltd](https://www.sectoralpha.in/stocks/milky-mist-dairy-food-ltd) ₹23,561 crore
3. Cemindia Projects Ltd ₹23,330 crore
4. [Aditya Birla Sun Life AMC Ltd](https://www.sectoralpha.in/stocks/aditya-birla-sun-life-amc-ltd) ₹23,312 crore · Finance - AMC
5. [Motherson Sumi Wiring India Ltd](https://www.sectoralpha.in/stocks/motherson-sumi-wiring-india-ltd) ₹23,304 crore · Auto Ancillaries - Diversified

## What else do people ask about Cemindia Projects? ### What is Cemindia Projects's share price today? Cemindia Projects Ltd's share price is ₹1,310.10, +53.0% over the past year. The whole company is worth ₹24,162 Cr on the market. In the last 52 weeks it traded between ₹527 to ₹1,615; today it is 72% of the way up from the low, 21.6% above its 200-day average (as of 4 November 2026). ### What were Cemindia Projects's latest quarterly results? Cemindia Projects Ltd reported revenue of ₹2,721 Cr and net profit of ₹141 Cr for the Jun 2026 quarter. Revenue rose 5.6% and profit rose 2.9% compared with a year earlier. Earnings per share were ₹8.20. The operating margin was 10.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Cemindia Projects's market cap? Cemindia Projects Ltd's market capitalisation is ₹24,162 Cr at a share price of ₹1,310.10. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Cemindia Projects performing? Cemindia Projects Ltd's share price has been rising for 24 weeks. In its latest quarter, revenue rose 5.6% and profit rose 2.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Cemindia Projects's share price go up? This page does not forecast Cemindia Projects Ltd's share price. What it shows instead: the share price is ₹1,310.10, and it has been rising for 24 weeks. Its P/E of 40.2× is higher than 83% of its own last 11 years (as of 4 November 2026). ### Does Cemindia Projects have too much debt? Cemindia Projects Ltd has a moderate amount of debt: its debt is 0.42× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹1,001 Cr against equity of ₹2,399 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Cemindia Projects in its business cycle? Cemindia Projects Ltd's FY26 operating margin was 10.0%, against a 13-year range of 6.0% to 13.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 10.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Cemindia Projects story? The main question: results are strong, and the P/E is higher than 83% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Cemindia Projects a stock worth studying right now? What the numbers show: Cemindia Projects Ltd's earnings have grown faster than its share price. Earnings per share grew +60.3% in a year while the price moved +53.0%. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Cemindia Projects share price forecast for 2026? What management itself guided: FY27 order intake goal ₹25,000 crore; tender visibility exceeds ₹19,000 crore, while the broader submitted and horizon pipeline is ₹90,000 crore at a 15.0% hit ratio, including roughly ₹15,000 crore of marine opportunities. What is changing at Cemindia Projects, from the latest results and calls: , new segment launch, data centers and roads and legacy overhang clearance + execution quality normalization. What would change the story: ₹150 crore claims + provision reversals drove 0.9pp operating margin expansion; sustainable level is 10-10.5% per management guidance. April to June 2026 will be the first clean read. ### Where does this page get Cemindia Projects' management information? From Cemindia Projects' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.