Cemindia Projects Limited – FY26 Financial & Business Update

1. Key Financial Highlights (Consolidated)

• Revenue: ₹10,061 cr (+8.8% YoY)
• EBITDA: ₹1,199 cr (+27.7% YoY) – EBITDA margin improved to 11.9% from 10.2%.
• PAT: ₹598 cr (+60.3% YoY) – PAT margin at 5.9%.
• EPS (Basic/Diluted): ₹34.79 per share (up from ₹21.70).
• Net Worth: ₹2,400 cr; Net Debt: ₹430 cr → Net‑Debt‑to‑Equity = 0.18x.
• Dividend: ₹34.30 cr paid.
• Cash Position: End‑year cash & cash equivalents ₹474.69 cr, up from ₹364.75 cr.

2. Balance Sheet & Cash Flow

• Total Assets: ₹7,086 cr (↑21% YoY); Equity: ₹2,400 cr (↑31%).
• Non‑current liabilities fell to ₹179.66 cr; Current liabilities rose modestly to ₹4,507 cr, driven by higher contract liabilities.
• Operating cash flow: ₹500 cr generated, a 2.7× increase YoY.
• Investing cash flow: Net outflow of ₹149 cr (mainly PP&E purchases and bank‑deposit adjustments).
• Financing cash flow: Net outflow of ₹243 cr, reflecting debt repayments and dividend payout.

3. Order Book & Business Execution

• Record order book: ₹24,545 cr as of 31‑Mar‑2026.
• New order inflow FY26: ₹14,821 cr, including ₹5,144 cr in Q4.
• Major project completions: Mumbai & Kolkata underground metros, Bengaluru tunnelling, Chennai TBM breakthroughs, Vizhinjam breakwater, and Sivok‑Rangpo rail works.
• Sector mix: Urban transit, marine infrastructure, rail, institutional buildings – providing diversification.

4. Regulatory & Compliance Impact

• Implementation of four new Labour Codes (Nov‑2025) added ₹16.18 cr to defined‑benefit obligations, reflected as employee‑benefit expense for FY26.
• No other material regulatory changes disclosed.

5. Strategic Considerations

• Promoter change: In May 2025, Renew Exim DMCC (Adani Group entity) became the new promoter, potentially unlocking capital, market access, and synergies.
• Margin focus: Management emphasized selective, margin‑accretive order intake and disciplined capital allocation.
• Risk management: Ongoing monitoring of Labour Code implementation, project execution timelines, and working‑capital efficiency.

6. Implications for Investors

• Opportunities: Strong order backlog ensures revenue visibility; improving profitability and low leverage enhance shareholder returns.
• Risks: Execution risk on large, complex projects; potential escalation of employee‑benefit costs; macro‑economic slowdown could affect infrastructure spending.
• Actionable Insight: The company appears well‑positioned for continued growth; investors may consider maintaining or modestly increasing exposure, while keeping an eye on project execution updates and labour‑law cost developments.

Prepared on 29‑Apr‑2026 based on the Board‑approved audited results and accompanying disclosures.