Cemindia Projects Ltd

Meeting Details

• Date: 1 September 2026; physical one-on-one/group investor meeting in Mumbai.
• Organized by Elara Capital.
• Meeting type: One-on-one/Group; Mode: Physical.
• Venue: Mumbai.
• Purpose: Schedule of institutional investor meet.
• Investor presentation uploaded 20 August 2026; available on stock exchanges and Cemindia website.

Business overview

• Diversified heavy civil EPC player across maritime, urban infra, water, highways, and Data Centers.
• Strategic expansion via Adani Group synergies and international markets.

Operational highlights

• Record order book of ₹31,307 Cr as of Q1 FY27.
• Order inflows up 2.1x YoY in FY26.
• Overseas expansion to Sri Lanka, Bangladesh and Myanmar.
• Entered Data Center sector; secured marine project in UAE.
• Data Centers under execution: 4 projects.
• Nagpur Elevated Metro: three packages executed.
• TBM fleet expanded to 8 with 4 newly ordered.
• Permanent employees: 3,315 as of 30 Jun 2026.

Financial & capitalization

• Revenue CAGR ~30% over seven years.
• Credit rating upgraded to A+ (Stable) by CARE/ICRA in Mar 2026.
• LTIFR 0.09 and Injury Rate 0.35 in FY25-26.
• CO2e reductions: 39.12 tonnes; manure-derived CO2e avoided: 26.90 tonnes.
• Waste recycled: 10,119 tonnes; waste reused: 3,644 tonnes; water reused: 56,414 kL.
• Safe manhours worked: 128 million.
• Data Centers under execution: 4 projects.

Strategic priorities & outlook

• Pursue large, complex infra projects with high-margin potential.
• Expand domestic leadership and international presence.
• Accelerate technology adoption (BIM, automation, data-driven management).
• Leverage Adani Group synergies to improve pipeline and execution.
• Develop future-ready talent and leadership.

Governance & ESG

• Board independence strengthened; independent directors capped at 3-year terms.
• Management ownership by MD and executives.
• Independent review of related party transactions.
• Minimum four governance training sessions per year.
• ESG achievements include CO2 reductions, waste and water management improvements.

Resolution summary

• Special resolution to raise capital via issuance of equity shares and/or other securities.
• Approved by requisite majority; promoter group not interested in the agenda.
• Votes in favour: 12,94,41,105; 99.01% of valid votes.
• Votes against: 12,91,353; 0.99% of valid votes.
• Total valid votes cast: 12,94,41,105.
• Promoter attendance: 1 member via VC; Public attendance: 48 via VC.
• EGM held Aug 17, 2026, 11:00 AM at Powai, Mumbai (VC/OAVM).

Resolution details

• Purpose: Special resolution to raise capital from eligible investors via equity shares or other securities in multiple tranches.
• Resolution type and mode: Special resolution; voting conducted by e-voting including remote e-voting.
• Outcome: Passed with requisite majority.
• Key implications: No specific utilisation, governance, or shareholding details disclosed.
• Meeting details: EGM held 17 August 2026 at 11:00 AM via VC/OAVM; concluded 11:46 AM.

GST demand order

• Authority: Assistant Commissioner, Ahmedabad, Gujarat.
• Order under CGST Act 2017 for ITC mismatch in FY 2020-21.
• Total due: Rs 1.24 crore.
• IGST Rs 57.03 lakh; CGST and SGST Rs 33.67 lakh each.
• Company to file an appeal; no material financial impact expected.
• Order dated 7 August 2026; received 7 Aug 2026 around 6:30 PM.
• No related-party or promoter group interest disclosed.

Litigation update: discharge order and CRLRCs

• Discharge order dated 13 April 2026 discharged the Company, former employee, and former representative from the case.
• State ACB CIU, AP Vijayawada filed Criminal Revision Cases before AP High Court challenging the discharge order.
• Interim applications for condonation of delay are included with the CRLRC filings.
• Company will issue further updates on the CRLRC outcomes.
• Information made available on 7 August 2026 at 17:52 IST.
• No material financial implications disclosed.

Arbitration with IWAI over Haldia IWT EPC

• Entered EPC contract with IWAI for the Haldia multi-modal IWT terminal project.
• Disputes led Cemindia to file arbitration on 18 June 2026.
• Arbitration tribunal constituted on 30 July 2026 with a presiding and two co-arbitrators.
• Disputes include payment of bills, claims on additional works, prolongation costs, interest, and retention release.
• Claim amount currently approximately ₹130 crore, excluding interest, taxes, costs, and potential updates.
• Respondent is Project Director Jal Marg Viikas Project, Inland Waterways Authority of India.
• Outcome will depend on final arbitral award; potential financial impact to be determined.

Meeting Details

• Date and time: 29 July 2026, 12:00 p.m.
• Type and mode: Analyst/Investors conference call (virtual)
• Event/organiser: Analyst/Investors conference call

Participants

• Company management participants: not disclosed.

Purpose

• Discuss unaudited Q1 FY27 results for quarter ended 30 June 2026.

Additional Notes

• Audio recording of the call uploaded on the company website.
• Transcript or presentation availability not stated.

Business Overview

• Cemindia Projects Limited, formerly ITD Cementation India, is an EPC infrastructure contractor.
• Core focus spans Maritime Structures, Urban Infra, MRTS, Industrial Buildings, Data Centres.
• Geographic footprint: 16 Indian states and overseas operations in UAE, Bangladesh, Sri Lanka.
• Indigenous equipment fleet supports large-scale execution and tunneling capabilities.
• Adani group synergies provide access to pipeline and execution support.

Operational Highlights

• Q1 FY27 order inflows ₹8,519 Cr, a record for the quarter.
• Q1 FY27 revenue ₹2,721 Cr; EBITDA ₹285 Cr; PAT ₹141 Cr.
• Order book ₹31,307 Cr; coverage across 16 states and 3 overseas locations.
• Major orders secured: Morsagar Reservoir ₹3,066 Cr; Data Centre works ₹2,337 Cr.
• Underground metro Delhi ₹1,024 Cr; HVDC substation Rajasthan ₹553 Cr.

Financial Performance

• Revenue from operations: ₹2,721 Cr in Q1 FY27; up 6% YoY.
• EBITDA ₹285 Cr; EBITDA margin 10.5% in Q1 FY27.
• PAT ₹141 Cr; PAT margin 5.18%.
• Net debt ₹700 Cr; Net debt to EBITDA 0.44x.
• Total assets ₹7,087 Cr; Net worth ₹2,492 Cr.
• Credit rating upgrade to A+ (Stable) by CARE and ICRA.
• Cash & equivalents ₹475 Cr; borrowings ₹1,001 Cr.

Capital Structure & Liquidity

• Net debt to EBITDA at 0.44x indicates modest leverage.
• Liquidity supported by cash reserves of ₹475 Cr against ₹1,001 Cr borrowings.
• Ratings upgraded to A+ (Stable) reflecting stronger financial profile.

Strategic Priorities & Outlook

• India infrastructure megatrend supports multi-year growth in execution.
• Data Centre capacity expansion and energy-efficient infrastructure focus.
• Leverage Adani synergies for pipeline access and faster project execution.
• Digitalization and a robust in-house equipment base enhance delivery.

Governance & Leadership

• Board emphasizes independent governance; IDs chaired key committees.
• MD Jayanta Basu has 39+ years of industry experience.
• renamed to Cemindia Projects Limited from ITD Cementation India; ESG governance strengthened.

Risks & Mitigation

• Execution risk in large EPC projects mitigated by diversified order book and in-house fleet.