Cemindia Projects Q2 FY27 Results Analysis: Revenue Grows 25%, Record Order Book (CEMPRO)

Cofacto Research Published November 05, 2026 5 min read

Positive

Cemindia Projects Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,748.65 Cr (+25.21% YoY) and PAT growth of +21.30% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 2,748.65 Cr (+25.21% YoY)
PAT (Q2)	Rs. 130.59 Cr (+21.30% YoY)
EBITDA margin	10.18% (-89 bps YoY)
EPS (Q2)	Rs. 7.60 (+21.21% YoY)

Quarter Snapshot

Q2 revenue grew 25.21% YoY, matching management's 25% FY27 guidance pace, with a record order book of Rs.32,715 crore (3.25x FY26 revenue) and credit-rating upgrades to AA. Commodity inflation compressed EBITDA margin to 10.18% (9.73% ex-other income) and H1 operating cash flow turned negative at −Rs.77.65 crore, but the Rs.1,400 crore QIP closed post-period de-risks the working-capital funding of the H2 ramp, which must deliver +34.36% YoY to hit the full-year target.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Q2 revenue "behind the full-year growth path"	"Q2 revenue behind the full-year growth path, with the H2-weighted pacing management guided to still plausible" (per pre-call note, web-sourced, dated)	Q2 revenue +25.21% YoY; +1.02% QoQ — YoY hit the guided pace; H1 (+14.63%) still behind the 25% path	Partially
Margin compression from steel/bitumen	"the Aug–Sep steel spike and the bitumen/crude escalation land in cost of work done ahead of any claim recovery"	Materials +33.11% YoY (+13.10% QoQ); EBITDA margin 11.07% → 10.18% reported, 9.42% → 9.73% ex-OI	Played out
Q1's 5.77% YoY decline in material costs reversing	"the Q2 print tests whether that procurement cushion survived the September steel spike"	Materials +33.11% YoY — cushion fully reversed	Played out
Claim/provision releases propping H1 margins	"Watch for any H1 claim releases propping the print"	No H1 claim quantum disclosed; reported margin inside the guided band — band held, disclosure absent	Partially
Q2 inflow vs ~Rs.10,756 Cr secured/L1 by late July	"Q2 order inflow print vs the ~10,756 Cr secured/L1 by late July"	Q2 inflow Rs.3,485 Cr; H1 Rs.12,005 Cr (inflows front-loaded in Q1)	Played out
Balance sheet vs QIP proceeds	"NWC days (120 vs 90) and net debt (700 Cr at Jun 30) against the 1,400 Cr QIP proceeds received 19 Oct 2026"	Net debt Rs.772.86 Cr at Sep-30 pre-QIP; CFO negative; QIP post-period, not in this balance sheet	Played out
Vadhvan start update	Watch item	Not addressed in the filing — remains open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Revenue growth 25% by FY27	Q1 FY27 earnings call (29 Jul 2026)	Q2 +25.21% YoY; H1 +14.63% — Q2 pace matches guide; H2 must deliver +34.36% — see Section 9	On Track
Order inflow ~Rs.25,000 Cr by FY27	Q1 FY27 earnings call	H1 inflow Rs.12,005 Cr = 48.0% covered	On Track
EBITDA margin 10–10.5% sustainable	Q4 FY26 and Q1 FY27 calls ("around 10% to 10.5% going forward")	10.18% reported (9.73% ex-other income)	Met at the low end on the reported basis
Capex Rs.350–400 Cr by FY27	Q1 FY27 / Q4 FY26 calls	H1 purchase of PP&E Rs.203.14 Cr	On Track
Multi-year growth 20–25%	Q1 FY27 call ("20%–25% growth coming few years is quite true")	—	Too Early
"Monsoon to slow Q2 FY27; execution growth better in Q3 and Q4"	Q1 FY27 earnings call	Q2 revenue +25.21% YoY but only +1.02% QoQ — sequential flatness confirms the seasonal framing even as YoY growth accelerated	Partially
"25% revenue growth by FY27"	Q1 FY27 call (MD: "25%.")	Q2 printed at exactly the guided pace; H1 cumulatively behind, H2 ramp now decisive	Too Early to confirm, trajectory intact
Sustainable margin "around 10% to 10.5% going forward"	Q4 FY26 call	10.18% reported / 9.73% ex-OI in Q2; H1 10.33% reported / 9.91% ex-OI	Confirmed on reported basis
Record order book → multi-year visibility	Q1 FY27 call and press release	Order book Rs.32,715 Cr, +58.46% YoY, +4.50% QoQ; 3.25x FY26 revenue	Confirmed

Key Numbers, Quarter by Quarter

Metric	Order book (Rs. Cr)	Quarter inflow (Rs. Cr)
30.09.2025	20,646	3,258
31.12.2025	21,879	—
31.03.2026	24,545	5,144
30.06.2026	31,307	8,519
30.09.2026	32,715	3,485

Key Investment Insights

Key Positives

Revenue grew 25.21% YoY to Rs.2,748.65 crore, the strongest YoY print in five quarters, despite a pre-flagged monsoon-slow Q2
PAT grew 21.30% YoY to Rs.130.59 crore; EPS rose to Rs.7.60 from Rs.6.27
Order book reached a record Rs.32,715 crore, up 58.46% YoY, at 3.25x FY26 revenue; H1 inflow of Rs.12,005 crore covers 48.0% of the Rs.25,000 crore FY27 target
EBITDA margin of 10.18% landed inside management's guided 10-10.5% band
Net debt-to-equity at 0.30x with net debt of Rs.772.86 crore; Rs.1,400 crore QIP closed post-period at Rs.1,108/share
ICRA upgraded to AA (Stable) from A+ and CARE to AA− (Stable) from A+; Crisil AA (Stable) assigned
Other expenses declined 6.41% YoY and finance costs grew only 8.03% YoY vs 25.21% revenue growth

Risk Factors

Cost of construction materials rose 33.11% YoY (+13.10% QoQ), outpacing revenue growth of 25.21% amid the Aug-Sep steel price spike; EBITDA margin fell ~90 bps YoY to 10.18% (9.73% ex-other income, below the guided band)
H1 operating cash flow was negative at −Rs.77.65 crore vs +Rs.328.25 crore in H1 FY26; contract assets absorbed Rs.499 crore and receivables Rs.154.67 crore
Employee costs rose 31.54% YoY, ahead of revenue growth; effective tax rate rose ~95 bps YoY to 27.41%
H1 revenue growth of 14.63% is behind the 25% FY27 guidance pace; H2 must deliver +34.36% YoY
Loss allowances rose to Rs.25.72 crore in H1 from Rs.10.14 crore in H1 FY26