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Cemindia Projects Ltd (CEMPRO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509496 NSE: CEMPRO Engineering - Construction | Small Cap | Cemindia Projects Share Price

₹1,126.80 102.40 (10.00%)

As on 04-Jun'26 16:59

Cemindia Projects Ltd (CEMPRO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509496 NSE: CEMPRO Engineering - Construction | Small Cap | Cemindia Projects Share Price

₹1,126.80 102.40 (10.00%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹19,357 Cr.
Current Price
₹1,126.8
52-Week Low / High
₹481 / 1,127
TTM EPS
₹34.8
TTM Sales
₹10,061 Cr.
Book Value per Share
₹139.7
P/E Ratio
32.38
Higher than its 5-year historical median
Industry PE
29.9
Price to Book (P/B)
8.07
Higher than its 5-year historical median
Price to Sales (P/S)
1.92
Higher than its 5-year historical median
EV/EBITDA
16.16
Higher than its 5-year historical median
Dividend Yield
0.59%
Profitability Efficiency
Return on Equity (ROE)
28.24%
Outperforms industry median
Return on Capital Employed (ROCE)
33.53%
Outperforms industry median
Return on Assets (ROA)
8.84%
Operating Profit Margin
10.1%
Net Profit Margin
5.94%
Gross Profit Margin
9.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
8.81%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
17.85%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
60.34%
Asset Quality
Promoter Holding
67.46%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,382 Cr.
Equity
₹17.2 Cr.
Face Value
₹1
All Time Low / High
₹2.70 / 1090.00

Cemindia Projects stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Cemindia Projects Ltd a good quality company?
Cemindia Projects Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Cemindia Projects Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Cemindia Projects Ltd vs industry peers?
Cemindia Projects Ltd revenue CAGR is 26.03%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Cemindia Projects Ltd?
Promoters hold 67.46% of the Cemindia Projects Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Cemindia Projects Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21.7% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Cemindia Projects Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Dec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 18.7%21.2%19.5%12.4%10.5%15.1%19.4%27.8%28.9%33.5%-
Value Creation
Index
0.30.50.4-0.1-0.30.10.41.11.11.5-

Growth Parameters

Sales 2,9382,0612,5362,8612,7283,8095,0917,7189,24610,06110,061
Sales YoY Gr.--29.9%23.1%12.8%-4.7%39.6%33.7%51.6%19.8%8.8%-
Adj EPS 3.44.83.82.60.947.215.621.33234.8
YoY Gr.-39.8%-20.2%-31.8%-66.4%358%78.9%115.7%36.7%50.7%-
BVPS (₹) 35.639.847.561.36265.97287106.7139.7139.7
Adj Net
Profit
53.574.66644.915.269.3124267365550598
Cash Flow from Ops. 32668.2-107447191339471704184500-
Debt/CF from Ops. 1.17.2-41.12.11.51.51.25.21.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 14.7%29.8%25.5%8.8%
Adj EPS 28.1%105.2%64.4%50.7%
BVPS16.4%17.6%24.7%30.9%
Share Price 24.4% 69.1% 90% 48.5%

Key Financial Parameters

Dec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
10.112.810.14.31.46.310.519.6222624.9
Op. Profit
Mgn %
9.113.510.310.47.87.87.99.79.410.110.2
Net Profit
Mgn %
1.83.62.61.60.51.82.43.545.55.9
Debt to
Equity
0.70.80.50.50.40.50.60.60.50.40
Working Cap
Days
20227622025627421521017916417297
Cash Conv.
Cycle
10-73-1710132510-8-2217

Profit And Loss

(All Figures are in Crores.)
PARTICULARSDec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,9382,0613,1702,8612,7283,8095,0917,7189,24610,061
Operating Expenses + 2,6731,7892,8482,5652,5153,5164,6916,9738,3849,045
Manufacturing Costs1,5006971,0379741,1101,6822,1393,0513,9464,166
Material Costs6596221,1961,0668531,2391,7712,9193,2243,355
Employee Cost 222257398346345373482619723883
Other Costs 293212217179207222299383491640
Operating Profit 2642713222962132934007458621,016
Operating Profit Margin (%) 9.0%13.2%10.2%10.3%7.8%7.7%7.9%9.7%9.3%10.1%
Other Income + 27351951212294877183
Exceptional Items 0-220-41000000
Interest 8988124130138142165218236215
Depreciation 46588296100103114208194166
Profit Before Tax 99126135602094184383508818
Tax 4853511642459109135220
Profit After Tax 517383441669125274373598
PAT Margin (%) 1.7%3.5%2.6%1.5%0.6%1.8%2.5%3.6%4.0%5.9%
Adjusted EPS (₹)3.34.74.82.51.04.17.215.921.734.8
Dividend Payout Ratio (%)9.20%8.50%8.40%11.90%12%10.90%10.40%10.70%9.20%8.60%

Valuation of Cemindia Projects - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSDec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5526171,0211,0531,0661,1311,2381,4941,8332,400
Share Capital 16161717171717171717
Reserves 5376021,0041,0351,0491,1141,2201,4771,8162,382
Debt +334447521461390478618717881901
Long Term Debt41251717878716813311893
Short Term Debt293422504444303391450583762809
Minority Interest1123334400
Trade Payables6146225596577279371,3341,4332,0452,190
Others Liabilities 3997065929491,0011,0601,9472,4041,3891,889
Total Liabilities 1,9002,3932,6953,1233,1873,6105,1416,0516,1487,379

Fixed Assets

Net Fixed Assets +3854625296246016558471,0811,0711,162
Gross Block4225536908699341,0581,3311,7271,8021,927
Accumulated Depreciation3692160245333404483646732765
CWIP 63875532117102122
Investments 11125519411345500
Inventories111157246289337400577684644751
Trade Receivables2152404375855316221,0801,2119901,295
Cash Equivalents 165116109281207491630896825949
Others Assets 1,0181,3791,3671,0831,2641,3271,8442,1642,5983,202
Total Assets 1,9002,3932,6953,1233,1873,6105,1416,0516,1487,379

Cash Flow

(All Figures are in Crores.)
PARTICULARSDec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 32668-134447191339471704184500
PBT 99126135602094184383508818
Adjustment 191165204241197213238409419281
Changes in Working Capital 68-227-417189-491150-11-635-432
Tax Paid -334-56-43-22-59-101-77-108-166
Cash Flow From Investing Activity + -20-157-133-87-51-25-438-419-234-149
Capex -95-171-125-93-111-95-402-336-172-226
Net Investments 600-1545767-41-102-87-9
Others 151362345182586
Cash Flow From Financing Activity + -22240244-212-250-5628-123-218-243
Net Proceeds from Shares 003310000000
Net Proceeds from Borrowing 263-38276191513-77-48
Interest Paid -90-87-123-115-128-135-157-227-247-192
Dividend Paid 0-5-7-7-5-2-8-13-29-34
Others -15812881-92-192634111313532
Net Cash Flow 83-49-24147-11025861162-268108

Financial Ratio

PARTICULARSDec'16Dec'17Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)9.6612.4710.154.221.516.3110.5320.0822.4128.24
ROCE (%)18.6621.1819.4712.3810.5415.0819.3627.8428.8933.53
Asset Turnover Ratio1.370.961.250.980.861.121.161.381.521.49
PAT to CFO Conversion(x)6.390.93-1.6110.1611.944.913.772.570.490.84
Working Capital Days
Receivable Days32.5040.3038.9065.2074.7055.206154.2043.5041.40
Inventory Days79.9023.7023.2034.2041.9035.303529.8026.2025.30
Payable Days378.90362.30180.30208.40296.10245234172.90196.90230.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Cemindia Projects Ltd FAQs

The current trading price of Cemindia Projects on 04-Jun-2026 16:59 is ₹1,126.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Cemindia Projects stood at ₹19,357 Cr

The latest P/E ratio of Cemindia Projects as of 03-Jun-2026 is 32.61.

The latest P/B ratio of Cemindia Projects as of 03-Jun-2026 is 8.08.

The 52-week high of Cemindia Projects is ₹1,126.8 and the 52-week low is ₹481.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Cemindia Projects is ₹9,983 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Cemindia Projects Ltd is a good quality company.

The key valuation ratios of Cemindia Projects Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Cemindia Projects Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Cemindia Projects Ltd

ITD Cementation India was incorporated on 1978 as Cemindia Company Limited and obtained Certificate of Commencement of Business on 6th November, 1978.

In 1994, the company changed its name to Trafalgar House Construction India Limited in order to reflect direct relationship with its then holding company and obtained fresh certificate of incorporation on 7th September 1994.

In the year 1996 Kvaerner ASA, acquired Trafalgar House Plc. Consequent upon this acquisition the Company changed its name to Kvaerner Cementation India Limited and obtained Fresh Certificate of Incorporation on 1st September, 1998.

In the year 2000 Skanska AB, entered into an agreement with Kvaerner Plc, to acquire the entire issued share capital of Kvaerner Construction Group Limited. Pursuant to the transaction, the control of this company changed from Kvaerner ASA to Skanska AB.

Pursuant to the requirements of SEBI Takeover Code Skanska AB made an offer to the public shareholders of this company to acquire fully paid up equity shares of this company. Subsequently the company changed its name to Skanska Cementation India Limited and obtained Fresh Certificate of Incorporation on 11th July, 2001.

The company operates in 3 business divisions which include bridges and industries division which is involved in construction of flyovers and bridges, steel and petrochemical plants, refiners, technical centers, and shopping malls, marine division which undertakes the construction of quays which handle cargo at ports and specialist engineering division which constructs railways and roads, power stations for hydroelectricity, diaphragm walling, and piling.

The company started its business in India in the year 1931 as a branch office of the Cementation Company Limited, United Kingdom (CCL UK) a member of the Trafalgar House Group for carrying on construction activities in India. Later in 1978, Reserve Bank of India granted permission to CCL, U.K. to continue to carry on its activities in India subject to India branch of CCL, U.K., being converted into an Indian company thus it was incorporated in 1978.

Over the years it has completed various projects as the rehabilitation and widening work on a highway in the Visag-Ichhapuram section; design and construction of a 450 M long structural steel bridge over Mandovi River, Goa; construction of Mansi Wakal dam, Udaipur; work on five elevated stations along the Qutub Minar-Gurgoan corridor for Delhi Metro Rail corporation (DMRC), shore piling for Bombay Dyeing at Mumbai, road development of second container terminal at Chennai international Terminals Private Limited, construction of diaphragm wall and its supporting slab on the bank of Sabarmati River for renovating water, construction of dam, powerhouse, switchyard and tunnel for the Umtru Hydro Electric Project for Megalaya State Electricity Board; Project Seabird (Defence Ministry) 6500  DWT Shiplift Civil Works; Container Berth and Yard at Mundra for Gujarat Adani Port Ltd / P & O; Liquid handling jetty for GCPTCL at Dahej and many more.

Some of the recently received projects (in Feb.2009) are Civil Construction of Substructure up to Basement Roof Level for (B+G+15) storied Commercial Complex at Haldia by Rose Valley Real Estate & Constructions Limited, Construction of Cut-off Wall for Tapovan-Vishnugarh Hydro-electric Project Barrage and Desilting Package in Chamoli Ditrict, Uttaranchal, Civil Works (Package 1), Electrical Works, Piping and Mechanical (Package 3) and allied works for Phase II modernization at Garden Reach Ship Builders & Engineers Ltd, Kolkata.

Its clientele include organizations like DMRC, Hindustan Zinc Limited, CIDCO, Maharashtra, Department of Irrigation & CAD, Andhra Pradesh, Ministry of Defence, Department of Navy, National Highways Authority of India, Northern Railway, Tata Power Company Limited, P&O Ports, Meghalaya State Electricity Board, Indian Farmers Fertilizers Corporation, Indian Molasses Company Limited, etc.

The company has formed Joint Ventures with ITD for Kolkata airport modernization project, Rehabilitation and Upgradation of 4- lane configuration  in Madhya Pradesh, Construction of 4 lane Bypass at Kota on East West Corridor in the State of Rajasthan, BC-21 Part Design and Construction of via duct and structural work of five elevated stations on Qutub Minar-Gurgoan corridor of Delhi MRTS Project, BC-24 Design and Construction of over five kilometres of underground metro construction is to be carried out with advanced tunnel boring machines and includes the Khan Market, Jawaharlal Nehru stadium, Jangpura stations and ancillary works on the Central Secretariat – Badarpur Corridor of Delhi MRTS (Value of Contract Rs 8930 Million)

In 2010 ITD Cementation India Joint Venture bagged major Jaipur Metro Project from DMRC.

The company operates in- Marine Structures, Foundations, Transportation Projects, Hydro Electric Projects/Tunnels/Dams, Industrial Civil Works and Urban Infrastructure.

About the parent company

Itallian-Thai Development Public Company Limited was founded by Dr Chaijudh Karnasuta and Giorgio Berlingieri, who had the objective to establish a Thai construction company. It was incorporated on 15 August 1958, under the civil and commercial Code of Kingdom of Thailand. Currently it has 13 subsidiaries [9 subsidiaries in Thailand, one in Myanmar, one in Indonesia, one in India and one in U.A.E.] and 21 joint ventures [15 in Thailand, two in Laos, two in Taiwan, one in Cambodia and one in Bangladesh]. ITD has 16 Associate Companies.

Subsidiary company

The company established its wholly owned subsidiary ITD Cementation Projects India Limited (ICPIL) on June 21, 2007 to carry on the business of construction, design, execution, administer and manage or control infrastructural projects.

Awards/Achievements

  • National Safety Council of India, Safety Award (Prashansa Patra) for Kandla Port Project, 2007
  • Gujarat Pipavav Port Ltd, Trophy and certificate for being the safety conscious contractor in project work, 2007
  • National Safety Council of India, Safety Award (Prashansa Patra) for DMRC- Dwaraka Project, 2006
  • National Safety Council of India, Safety Award (Prashansa Patra) for Sabarmati River Front Development Project, 2006
  • National Safety Council of India, Bronze Safety Award for Goa Bridge Project, 2005
  • Indian Concrete Institute, Birla Plus Endowment Award for Outstanding Concrete Structure for Shiplift Works Project Seabird, Karwar, 2005
  • Tamilnadu and Kerala Mine Safety Association, Best Quarry Award, 2004
  • Samsung Engineering Exp, Award for Excellence – IOCL Barauni Refinery, 2001
  • Indian Institute of Bridge Engineers, 6th Outstanding Award for Khairanne Road Over-bridge, 1999
  • Indian Institute of Bridge Engineers, 6th Outstanding Award for Dadar – Khodadad  Circle Flyover, 1999

Appreciation Letters

  • Kandla Port Trust – October 2008
  • Delhi Metro Rail Corporation – July 2008
  • Delhi Metro Rail Corporation – February 2007
  • Central Railway, DRM Pune – February 2006
  • Delhi Metro Rail Corporation –Dwaraka Station Work - July 2006
  • RITES-SOWIL-SECON (JV) – KR2 and KR3 Road Projects – January 2005
  • NTPC-Kahalgaon-January 2005
  • Redecon Australia Pty Ltd – Seabird Karwar – February 2005
  • PWD-Goa- Amona-Khandola Bridge Project – January 2005
  • Tata Power – New Water Conductor Tunnel Project Khopoli – April 2004
  • The company is ISO-9001:2000, ISO-14001:2004, and OHSAS-18001:1999 certified and is following IMS Policy.
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