Synopsis: Cemindia Projects stock plunged 9% to Rs. 620 despite solid Q3 results, with 27.6% YoY profit growth to Rs. 111 crore and 5.5% QoQ revenue rise, as weak topline momentum and recent declines pressured sentiment.
The shares of this company engaged in the business of providing design, engineering, procurement and construction (EPC) services for infrastructure projects in India are now in focus after falling by 9% in today’s session following the announcement of Q3 results.
With a market capitalisation of Rs. 10,695 cr, the shares Cemindia Projects Ltd were trading at Rs. 620 per share, decreasing 9% in today’s market session, making a low of Rs. 617.45, down from its previous close of Rs. 676.45 per share. The stock gained 16% over the past year, but has declined 19% year-to-date, 16% over the last six months, and 18% in the past month.
Q3 Results
YoY performance
Cemindia Project delivered steady top-line growth with sales rising 2.0% to Rs. 2,315 crore from Rs. 2,270 crore. Operating performance improved, with EBITDA increasing 7% to Rs. 222 crore from Rs. 207 crore. Profitability saw a strong uptick as net profit jumped 27.6% YoY to Rs. 111 crore from Rs. 87 crore. This translated into a robust 27% growth in EPS, which stood at Rs. 6.46 compared to Rs. 5.07 in the same period last year.
QoQ performance
On a sequential basis, revenue growth was stronger, with sales increasing 5.5% QoQ from Rs. 2,195 crore to Rs. 2,315 crore. EBITDA grew faster than revenue, up 10% QoQ to Rs. 222 crore from Rs. 202 crore, indicating margin expansion. Net profit rose modestly by 3% to Rs. 111 crore from Rs. 108 crore, while EPS improved 3.0% to Rs. 6.46 from Rs. 6.27.
Business Highlights
During Q3FY26, the company secured new orders worth Rs. 3,535 crore, taking the total orders won in 9M FY26 to Rs. 9,725 crore, reflecting a strong and healthy project pipeline. As of December 31, 2025, the total order book stood at Rs. 21,879 crore, underscoring sustained business momentum and long-term revenue visibility.
On the project execution front, the company achieved several key milestones. The underground section of the Kolkata Underground Metro from Central Station to Subhash Sarobar in West Bengal has been successfully completed and commissioned.
The company also completed the new building of the Circuit Bench of the Calcutta High Court at Jalpaiguri. In Karnataka, the entire ~4.6 km tunnelling work of the Bengaluru Underground Metro has been successfully executed. Additionally, the company completed the challenging Sivok–Rangpo railway tunnel connecting West Bengal and Sikkim, overcoming difficult geological conditions and high-altitude terrain.
Cemindia Projects Limited (formerly ITD Cementation India Limited) is one of the leading Engineering and Construction Companies undertaking Heavy Civil, Infrastructure and EPC business and operating in India for nine decades with an established presence and expertise in Maritime Structures, Mass Rapid Transit Systems, Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, and etc. Renew Exim DMCC is an Adani Group holding company that owns approximately 67% of Cemindia Projects.
The company shows strong financials with ROCE of 27.6%, ROE of 21.8%, a low debt-to-equity of 0.48, an attractive PEG of 0.3, 38% profit CAGR over 5 years, and 17.9% median sales growth over 10 years.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
