Cemindia Projects Limited (CEMPRO) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cemindia Projects Limited (CEMPRO) is an EPC contractor executing large infrastructure projects across marine structures, metros, data centers, highways and specialist engineering, with a record order book of Rs. 31,307 Cr. This quarter's print will speak to whether the 25% FY27 revenue growth guidance stays intact after a monsoon-slow Q2, and whether EBITDA margins hold in the 10-10.5% band against rising steel, bitumen and crude costs.

Cemindia Projects Limited Q2 Results Date and Time

The Board of Directors is scheduled to meet on November 05, 2026, to approve the unaudited standalone and consolidated financial results for Q2 and H1 FY27.

An analyst and institutional investor conference call is scheduled for November 6, 2026, at 11:00 a.m. IST to discuss the Q2/H1 FY27 results, organized by ICICI Securities. Representatives include MD Jayanta Basu, CFO Nitesh Sharma and IR Head Rahul Agarwal.

What to expect from Cemindia Projects Limited's Q2 FY27 results

The key question for this quarter is whether Cemindia can hold its 25% FY27 revenue growth guidance after Q1 FY27 grew only 5.6% YoY, with management explicitly flagging a monsoon-slow Q2 — historically a 14-16% drag on Q2 revenue — before execution recovers in Q3 and Q4. Four large jobs (Munger, Pune Metro, Delhi Metro and Morsagar), together worth around Rs. 10,000-12,000 Cr, contributed no revenue last quarter, and management said it is confident of meeting the full-year revenue prediction as these restart post-monsoon alongside the Abu Dhabi job ramp.

Margin is the second test: Q1 FY27's 10.5% EBITDA margin sat at the bottom of the guided 10-10.5% band, while rebar prices recovered roughly Rs. 5,600-8,000/t from the June trough to Rs. 53,000-57,000/t by September and the Indian crude basket climbed from $82 (Jul) to $102+ (Sep) — against only about 30% of projects holding price-compensation clauses.

On the demand side, the order book stands at a record Rs. 31,307 Cr (3.11x FY26 revenue), with roughly Rs. 10,756 Cr of Q1 FY27 inflows plus July/L1 awards against the ~Rs. 25,000 Cr FY27 inflow target, supported by sustained Adani group awarding. The Vadhvan Port order of Rs. 1,600 Cr remained un-commenced through the quarter — a delay that has cost an estimated Rs. 200-300 Cr of quarterly revenue in the past and is outside management's control.

The upcoming call is expected to cover the pacing of the growth guidance, the margin bridge, the Q2 order inflow print, and deployment of the Rs. 1,400 Cr QIP proceeds received on October 19, 2026.

Key Things To Watch

Guidance scorecard: Tracking management's stated targets against delivery:

• Revenue growth — 25% by FY27 — Q1 FY27 at +6%; Q2 monsoon slowdown flagged
• Order inflow — ~Rs. 25,000 Cr by FY27 — ~Rs. 10,756 Cr secured/L1 by late July
• EBITDA margin — 10.5-11% / 10-10.5% open-ended — Q1 FY27 at 10.5%
• Capex — Rs. 350-400 Cr by FY27 — TBM-related exception above Rs. 1,000 Cr possible
• Multi-year growth — 20-25% over the next couple of years — reaffirmed at Q1 FY27
• Chennai Metro — ~40% of work remaining — completion expected late 2027/early 2028
• QIP — Rs. 5,000 Cr planned — executed at Rs. 1,400 Cr in October 2026

Margin normalization and claim releases

• Q4 FY26's 15.1% reported margin included Rs. 100 Cr of Q4 claims and provision releases; watch whether H1 FY27 margins hold in the 10-10.5% sustainable band
• Quantum of any H1 claim/provision releases versus Rs. 150 Cr of claims in FY26, and whether Q1's 5.77% YoY decline in construction material costs reversed after the September steel spike

Working capital and QIP deployment

• NWC days rose from ~90 (Q2 FY26) to ~120 (June 2026) and net debt from Rs. 527 Cr (FY26) to Rs. 700 Cr (June 2026)
• Deployment of the Rs. 1,400 Cr QIP proceeds (closed October 19, 2026 at Rs. 1,108/share) and their stated use will be key

Vadhvan Port commencement

• The Rs. 1,600 Cr Vadhvan order remains delayed by local issues beyond the company's control; any start-date update would support the 25% growth guidance
• The Shipping Secretary was still reviewing site progress as of September 29, 2026, with no evidence the company's order commenced in Q2

Legal pipeline and Bangladesh completion

• Receipt timing of the Rs. 212.54 Cr DMRC award (indicative 49% JV share ~Rs. 104.14 Cr), the IWAI arbitration (~Rs. 130 Cr claims), the GST appeal (~Rs. 2.49 Cr total), and ACB proceedings
• Bangladesh job completion expected September/October with a Rs. 178 Cr receivable outstanding, described as a normal payment cycle
• Data center ramp: 320-400 MW under execution, DC order book Rs. 4,154 Cr; monitor electromechanical integration and order-book share beyond the current ~53% Adani exposure