Key Metrics of Cemindia Projects Limited
About Cemindia Projects Limited
Company details
- Registered office
- 9th Floor, Prima Bay, Tower - B,, Gate No. 5, Saki Vihar Road, Powai, Mumbai, In-mh, 400072
- Listed
- NSE: CEMPRO · ₹1,131.80
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 03 Sep 2026 (from A+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 03 Sep 2026 | CARE | Upgraded (from A+) | AA- | A1+ | Stable | ₹12,267 Cr | View |
| 03 Sep 2026 | ICRA | Upgraded (from A+) | AA | A1+ | Stable | ₹12,067 Cr | View |
| 04 Sep 2025 | CARE | Upgraded (from A) | A+ | A1 | Stable | ₹8,572 Cr | View |
| 03 Apr 2025 | CARE | Watch | A | A1 | — | ₹8,572 Cr | View |
| 04 Nov 2024 | CARE | Watch | A | A1 | Positive | ₹8,671 Cr | View |
| 20 Mar 2024 | CARE | Reaffirmed | A | A1 | Stable | ₹8,671 Cr | View |
| 23 May 2023 | CARE | Other | — | — | — | — | View |
| 14 Feb 2023 | CARE | Reaffirmed | A | A1 | Stable | ₹8,621 Cr | View |
| 06 Apr 2022 | CARE | Reaffirmed | A | A1 | Stable | ₹15,801 Cr | View |
| 01 Dec 2021 | CARE | Reaffirmed | A | A1 | Stable | ₹4,900 Cr | View |
| 06 Oct 2020 | CARE | Reaffirmed | A | A1 | Stable | ₹10,000 Cr | View |
| 04 Mar 2020 | CARE | Watch | A | A1 | Stable | ₹10,000 Cr | View |
| 03 Oct 2019 | CARE | Watch | A | A1 | — | ₹10,000 Cr | View |
| 05 Jul 2019 | CARE | Reaffirmed | A | A1 | Stable | ₹10,000 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Strategic importance and operational synergies with Adani Group
Cemindia became part of the Adani Group in May 2025, following the acquisition of a 67.46% controlling stake through the Group’s Dubai-based entity, Renew Exim DMCC. Holdco entities of CemIndia owns sizeable shares of Adani group valuing over ₹4 lakh crore as on August 28, 2026, providing financial flexibility. The acquisition has strengthened Cemindia’s business profile and strategic relevance by providing access to the Adani Group’s extensive infrastructure ecosystem, including its integrated
+ Robust order book position
Cemindia has a robust order book of ₹31,307 crore as on June 30, 2026, which grew significantly, compared to ₹18,820 crore as of June 30, 2025, reflecting healthy medium-term revenue visibility marked by order book-to-gross billing ratio of 3.10x, supported by a strong pipeline of prospective orders. This was led by robust order inflows in FY26 and Q1FY27 marked by significant orders inflow from the Adani Group post-acquisition.
+ Inflow was across segments including marine, roads, water, and data centre among others. As on June 30, 2026, 53% of
Cemindia’s order book comprises projects from Adani Group entities. Going forward, the order book is expected to remain well- balanced between Adani and non-Adani group clients. The order book is well diversified across segments led by marine (23%), urban infra, Mass Rapid Transit System (MRTS) & Airports (21%), industrial structures and buildings (17%), data centre (13%), water (11%) and balance roads & highways, hydro dams
+ Stable growth in scale of operations and healthy profitability
Cemindia’s consolidated TOI grew at a compounded annual growth rate (CAGR) of 22% for five years ended FY26. TOI continued to remain healthy in FY26 with revenue growth of 9% to ₹10,114 crore, compared to ₹9,246 crore in FY25. Growth led by healthy project execution in marine, road and urban infra segments among others. The PBILDT margin improved by 125bps from 9.32% in FY25 to 10.57% in FY26. Consequent to operating profitability, profit after tax (PAT) margin also improved from 4.03% in FY25 t
Credit challenges
− Execution risk associated with a sizeable nascent-stage order book
Around 71% of Cemindia’s outstanding order book comprises projects which are at nascent stage (with progress of less than 20%), leading to heightened project execution risk, especially when foraying into relatively newer segments, such as data centres, water PPP among others. These orders largely comprise of orders received in Q4 FY26 and Q1FY27 that were under mobilisation and initial execution stages. Any delays in initial mobilisation, regulatory approvals, hindrances to access right of way (
− Working capital intensive operations
Cemindia specialises in executing technically complex and large-sized projects, which typically involve a high proportion of unbilled revenue, particularly during the initial stages of execution, and longer project gestation periods. Such working capital intensity is inherent to the construction sector. However, orders from Adani group includes PPP projects, for which financial closure and equity is already tied up at the respective entities, mitigating the funding risk for the projects to an ex
− Profitability susceptible to fluctuations in raw material input and competitive industry dynamics
Cemindia's contracts typically have execution periods ranging from 2-5 years, exposing the company to fluctuations in key raw materials prices for steel, cement, and other construction inputs. Significant increases in input costs during the project execution period can exert pressure on margins and profitability. However, ~90% of Cemindia’s orderbook has in-built price escalation clause, which mitigates risk arising from adverse movement in input prices to a considerable extent.
Could lead to an upgrade
• Significant growth in scale of operations while maintaining leverage and debt coverage indicators. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority. 2Complete definitions of ratings assigned are available at www.careratings.comand in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release
Could lead to a downgrade
• Weakening linkages with Adani group. • Delay in execution of order book or significant increase in working capital intensity leading to interest coverage falling below 3x and total outside liabilities to tangible net worth (TOL/TNW) exceeding 3.25x on a sustained basis.
Agency-reported financials (ICRA, 03 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (Rs. crore) | ₹9,343 Cr | ₹10,130 Cr |
| PAT (Rs. crore) | ₹370 Cr | ₹623 Cr |
| OPBDIT/OI (%) | 9.8% | 10.7% |
| PAT/OI (%) | 4.0% | 6.1% |
| Total outside liabilities/Tangible net worth (times) | 2.20× | 1.90× |
| Total debt/OPBDIT (times) | 1.10× | 0.90× |
| Interest coverage (times) | 3.80× | 5.00× |
| Revenue growth (YoY) | — | 8.4% |
| EBITDA (margin × income) | ₹916 Cr | ₹1,084 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,007 Cr | ₹976 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹241 Cr | ₹217 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term | Working capital & bank lines | — | ₹10,064 Cr | — | AA- (Stable) | Upgraded | CARE |
| bank facilities Commercial paper | Commercial paper | — | ₹2,003 Cr | — | A1+ | Upgraded | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹200 Cr | — | AA- / A1+ (Stable) | Upgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹10,064 Cr | CARE AA-; Stable / CARE A1+ |
| Cash Credit | ₹1,303 Cr | CARE AA-; Stable |
| Commercial Paper (Carved out) | ₹200 Cr | CARE A1+ |
| Term Loan | ₹600 Cr | CARE AA-; Stable |
| Vendor financing | ₹100 Cr | CARE AA-; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Bank of India |
| Fund-based - LT | Cash Credit | Bank of Maharashtra |
| Fund-based - LT | Cash Credit | Canara Bank |
| Fund-based - LT | Cash Credit | Central Bank of India |
| Fund-based - LT | Cash Credit | CSB Bank Ltd. |
| Fund-based - LT | Cash Credit | Federal Bank |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Karnataka Bank Ltd. |
| Fund-based - LT | Cash Credit | Karur Vysya Bank Ltd. |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | UCO Bank |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | IDFC First Bank Ltd. |
| Fund-based - LT | Term Loan | Indian Bank |
| Fund-based - LT | Term Loan | Karnataka Bank Ltd. |
| Fund-based - LT | Term Loan | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | SBM Bank (India) Ltd. |
| Fund-based - LT | Vendor financing | Axis Bank Ltd. |
| Fund-based - LT | Vendor financing | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bandhan Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Bahrain and Kuwait B.S.C |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Bank of Maharashtra |
| Non-fund-based - LT/ ST | BG/LC | Canara Bank |
| Non-fund-based - LT/ ST | BG/LC | Central Bank of India |
| Non-fund-based - LT/ ST | BG/LC | CSB Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Export Import Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Federal Bank |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 90% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 32% chance the next rating action is stable or better
- Current rating AA- (investment grade)
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate CPL’s liquidity position is supported by free cash and bank balances of around Rs. 380 crore and a buffer of around Rs. 209 crore in fund-based working capital limits as on June 30, 2026.
From the report
The liquidity profile is likely to be supported by healthy net cash accruals of around Rs. 800-1,000 crore per annum against modest debt repayment obligations of Rs. 61.1 crore in FY2027 and Rs. 49.4 crore in FY2028. www.icra.in Sensitivity Label : Public Page |3 Rating sensitivities Positive factors – The ratings can be upgraded if there is a significant improvement in the company’s scale of operations and material improvement in operating margins while maintaining healthy and diversified order book along with improvement in leverage and coverage metrics as well as improvement in liquidity po
From the report
Gross cash accruals stood at ₹763 crore in FY26 and ₹181 crore in Q1FY26 (FY25: ₹553 crore).
From the report
Liquidity: Strong The company’s liquidity is strong marked by healthy cash accruals and unencumbered cash balance of ₹634 crore as on March 31, 2026.
From the report
Cemindia’s gross cash accruals stood at ₹763 crore in FY26 against debt repayment obligations of ~₹61 crore in FY27.
From the report
The company has tied up project-specific limits for the Chennai Metro Rail Project, which provides sufficient cushion to meet incremental working capital requirements.
From the report
Liquidity: Adequate The company’s liquidity remains adequate, supported by healthy cash accruals and an unencumbered cash balance of ₹309 crore as on June 30, 2025 (₹404 crore as on March 31, 2025).
From the report
The company has tied up project-specific limits for the Chennai Metro Rail Project, which provides sufficient cushion to meet incremental working capital requirementsfor the project, comprising 10% of the outstanding orderbook as on June 30, 2025.
From the report
Liquidity: Adequate The company’s liquidity is strong marked by healthy cash accruals and unencumbered cash balance of ₹261 crore as on December 31, 2024 (₹701 crore as on March 31, 2024).
From the report
The company has tied up project-specific limits for Chennai Metro Rail Project, which provides sufficient cushion to meet the incremental working capital needs.
From the report
Liquidity: Adequate The company’s liquidity is adequate marked by healthy cash accruals and unencumbered cash balance of ₹700.72 crore as on March 31, 2023 (PY: ₹474 crore).
From the report
Apart from these, the company has tied up project-specific limits for Chennai Metro Rail Project, which provides sufficient cushion to meet the incremental working capital needs.
From the report
Liquidity: Adequate The company’s liquidityis adequate marked by healthy cash accruals and unencumbered cash balance of ₹511 crore as on December 31, 2023.
From the report
Apart from these, the company has tied up project-specific limits for Chennai Metro Rail Project, which provides sufficient cushion to meet the incremental working capital needs.
From the report
Liquidity: Adequate Liquidity profile of the company is adequate marked by healthy cash accruals along with unencumbered cash balance of ₹224 crore as on September 30, 2022.
From the report
Apart from these, the company has tied up project specific limits for Chennai Metro Rail Project and Ganga Expressway project which provides sufficient cushion to meet the incremental working capital needs.
From the report
Apart from these, company has tied up project specific limits for Chennai Metro Rail Project and is planning to tied up for Ganga Expressway project which provides suffic ient cushion to meet the incremental working capital needs.
From the report
During FY21 company availed term debt of Rs.35 crore for capex and additional loan of around Rs.50.00 crore under ECLGS scheme.
From the report
Liquidity: Adequate Liquidity profile of the com pany is adequate marked by healthy cash accruals along with u nencumbered cash balance of Rs. 91.97 crore as on September 30, 2021.
From the report
During FY21 company availed term debt of Rs.35 crore for capex and additional loan of around Rs.50.00 crore under ECLGS scheme.
From the report
Liquidity: Adequate: Liquidity profile of the company is adequate marked by healthy cash accruals along with unencumbered cash b alance of Rs. 91.97 crore as on September 30, 2021.
From the report
Two hundred crore only) [A One] *Carved out of the sanctioned working capital limits of the company Details of instruments/facilities in Anne xure-1 Detailed Rationale & Key Rating Drivers The reaffirmation of the ratings assigned to the bank facilities/Instrument of ITD Cementation India Ltd.
From the report
Adequate liquidity position ITD India had adequate liquidity at the end of June 30, 2020 marked by unencumbered cash and cash equivalents of Rs.113.94 crore.
From the report
Furthermore, the company’s utilisation of its working capital fund based bank facilities of ~Rs.631 crore remained moderate at around 64% for the twelve month period ended August 31, 2020 thereby indicating that the company has undrawn sanctioned limits to the extent of 36% i.e. ~Rs.227 crore which provides additional liquidity buffer to the company and it is considered to be adequate to support the operations.
From the report
Stable / CARE A1 Commercial Paper - - 7 Days to 200.00 CARE A1 364 Days *Part of the loan is proposed and yet to be availed Annexure-2: Rating History of last three years Sr.
From the report
Two hundred crore only) [A One] with developing implications’ *Carved out of the sanctioned working capital limits of the company Details of instruments/facilities in Annexure -1 Detailed Rationale & Key Rating Drivers CARE has removed the ratings from ‘credit watch with developing implications’ on account of clarity received that the company has received permission from Calcutta High Court to restart the underground construction of East -West Metro Corridor of Kolkata Metro Rail Corporation Limited which is undertaken by ITD -ITD Cem Joint Venture (JV).
From the report
The JV has cash and bank balance of Rs.269 crore as on December 31, 2019.
From the report
Comfortable capital structure and debt coverage indicators The company’s overall gearing remained comfortable at 0.56 times at the end of March 31, 2019 as compared to 0.89 times at the end of December 31, 2017 (CY17) owing to QIP issue completed in Jan-2018 coupled with repayment of long term debt and moderate working capital utilization.
From the report
Adequate liquidity position The company continues to maintain adequate liquidity position as seen from unencumbered cash and bank balances of Rs.95.07 Crore as on December 31, 2019.
From the report
Additionally, the company has fund based limits of Rs.656.60 with average utilization for the last twelve months ending December 31, 2019 in the range of 60-70% which provides additional liquidity buffer to the company.
From the report
Two hundred crore only) [A One] developing implication *Carved out of the sanctioned working capital limits of the company Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities/short term instruments of ITD Cementation India Limited (ITD) are placed under ‘credit watch with developing implications’ on account of temporary stoppage of work following the incident occurred at the on-going underground construction of East-West Metro Corridor of Kolkata Metro Rail Corporation Limited which is undertaken by ITD-ITD Cem Joi
From the report
Comfortable capital structure and debt coverage indicators The company’s overall gearing remained comfortable at 0.56 times at the end of March 31, 2019 as compared to 0.89 times at the end of December 31, 2017 (CY17) owing to QIP issue completed in Jan-2018 coupled with repayment of long term debt and moderate working capital utilization.
From the report
Adequate liquidity position As of August 31, 2019, the company’s cash and cash equivalents stood at Rs.33.45 crore.
From the report
Furthermore, the company’s utilisation of its working capital fund based bank facilities remained moderate at around 63% for the twelve month period ended August 31, 2019 thereby indicating that the company has undrawn sanctioned limits to the extent of 37% to support its operations in case of exigencies (if any).
From the report
Undertaking The company will give undertaking stating that they will use the funds for the purpose for which it has been sanctioned for and not for any other purposes that is not permitted. 4 CARE Ratings Limited Press Release 3.
From the report
Two hundred crore only) [A One] *Carved out of the sanctioned working capital limits of the company Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The reaffirmation of the ratings assigned to the bank facilities and short term instrument of ITD Cementation India Limited (ITD India) continue to derive strength from the long track record and extensive experience of the promoters/management in Engineering, Procurement and Construction (EPC) business and strong parentage of Italian Thai Development Public Company Limited (ITD Thailand), a Thailand based ent
From the report
Comfortable capital structure and debt coverage indicators The company’s overall gearing remained comfortable at 0.56 times at the end of March 31, 2019 as compared to 0.89 times at the end of December 31, 2017 (CY17) owing to QIP issue completed in Jan-2018 coupled with repayment of long term debt and moderate working capital utilization.
From the report
Healthy liquidity position ITD India reported healthy liquidity at the end of March 31, 2019 marked by unencumbered cash and cash equivalents of Rs.103.96 crore.
From the report
Furthermore, the company’s utilisation of its working capital fund based bank facilities remained moderate at around 56% for the twelve month period ended May 31, 2019 thereby indicating that the company has undrawn sanctioned limits to the extent of 44% to support its operations in case of exigencies (if any).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.