Q3 25/26

Feb 5, 2026

Summary

Q3 FY 2026 delivered strong profit growth despite moderate revenue gains, with EBITDA margin above 10% and PAT up 27% YoY. Order inflow remains robust, and management expects 15%-20% revenue growth next year, supported by a large order book and sustained double-digit margins.

Ladies and gentlemen, good day and welcome to Q3 FY 2026 Cemindia Projects Limited earnings conference call hosted by ICICI Securities Limited. As a reminder, all participants will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Neeti from ICICI Securities Limited. Thank you, and over to you, ma'am. Yes. Thank you, Muskan. Good evening to all. On the behalf of ICICI Securities, I welcome you all to the Q3 FY 2026 earnings call of Cemindia Projects Limited. Today, we have with us from the management, Mr. Jayanta Basu, Managing Director; Mr. Nitesh Sharma, the CFO; Mr. Ritesh Agarwal, Head of Investor Relations. We begin with the opening remarks from the management, followed by a quick Q&A. Thank you, and over to you, sir. Good evening, everyone, and thank you for joining us on the Q3 FY 2026 results conference call. This is Nitesh Sharma. Before we begin, I would like to mention that our discussion today may include certain forward-looking statements relating to Cemindia Projects Limited. These statements are based on management's current expectations and assumptions and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied in such statements. Let me first start with the financial performance for the quarter, and subsequently, our MD, Mr. Jayanta Basu, will be taking you through the operational performance of the company. We are pleased to share that Q3 FY 2025-2026 marked another quarter of good performance for the company. The key highlights for Q3 FY 2026 are that the total operating income stood at INR 2,315 crore in Q3 FY 2026 against INR 2,270 crore of the previous corresponding year quarter. EBITDA stood at INR 245 crore in Q3 against INR 207 crore of previous year, which recorded a growth of 13% on year-on-year basis. The EBITDA margin was at 10.6%. We recorded a PAT of INR 111 crore in Q3 FY 2026 against INR 87 crore of the corresponding quarter of the previous year. Again, a 27% growth on year-on-year basis. The financial performance for 9 months ending 31st December was operating income at INR 7,087 crore in 9 months against INR 6,100 crore in the previous year, a growth of 6% year-on-year. EBITDA for nine months stood at INR 749 crore against INR 668 crore in the previous year nine-month period, a growth of 12%. EBITDA margin at 10.6%. PAT of INR 356 crore in nine months against INR 259 crore of the previous years, a growth of 37% year-on-year basis. The company stood at very conservatively financed with a net debt equity of 0.26x we would say. During this nine-month period ending December 31, the company has secured orders worth INR 9,725 crores. Post December 25 till date, we have also secured orders worth INR 2,000 odd crores. That makes the total order book in the current year at INR 11,700 crores. The overall pending order book in hand today stands at INR 21,800 odd crores. This is first from my side. Now I would request my MD, Mr. Jayanta Basu, to take over on the operational performance. Thank you. Good evening. Welcome to this conf call Q3 2025-2026 of Cemindia Projects Limited. I think Nitesh has covered all the parameters relating to the last quarter results. As you can see that revenue has increased moderately around 5.676% compared to last nine-month quarters 2024. There is reason behind that, which I'll explain, but I'm very happy to share that our profitability has increased a lot. Our PAT is now around 5%, which was 3.9% last year for the same period. INR 259 crore becomes INR 356 crores. Even EBITDA is close to 11%. You might have seen that for several years, our EBITDA used to be around 9% to 9.5%. For last few quarters, we have been able to maintain more than 10%. These are the good signs. Regarding revenue, I think two factor has impacted. Otherwise, it could have been little more. We secured a job at Project Bhagirathi, the port job that was secured a year back. Not a year back, say beginning of this year, last year. We would have expected some revenue from this project. But because of some issues related to local problem and all, you must be knowing that, you read in newspapers. We were able to make hardly any progress. That has really impacted our revenue. Similarly, the order flows. Order, we have secured around INR 9,000 crore orders by this time, but this order flow will impact coming quarters. In the last year, if you see our order up to Q2 was only INR 2,000 crores and quarter four, INR 834 crores. Whatever order we have secured last year, that is being matured now for revenue, which is compared to less as it should be. These issues are some deferred revenue because of delayed order and Padur Port not getting initiated has really impacted our revenue. Otherwise, would have been very happy to report around 18%-20% revenue more than last quarter, last year. Having said that, profitability is better. I have to share there are some significant or good things which has happened last year. We have completed the Mumbai Metro tunnel. We have handed over a beautiful building to government of West Bengal. That is new high court building at West Bengal. We have completed Vizhinjam Port. We have completed Utkat City Port. We have completed Kolkata Metro. You know how difficult it was a few years back. Some big challenging job we have completed last year, which is a good achievement. All have been a challenging job. Our main focus is to handle a few more challenging jobs like Project Varsha, like Pune Metro, we have received orders a few months back. Ahead Metronet and Ruwais in Abu Dhabi. We all say that our jobs are all going well. I think that quarter 4 is going to be better than quarter 3. Opportunity-wise, it is something like that, you may get one order which impacts you a lot because the big-ticket jobs are waiting. Each job will be INR 5,000-INR 10,000 crores. There are a few jobs in that range. If we are lucky, if we get one or two big-ticket jobs, our whole scenario will change. We are working very hard. We hope that some of them will be secured by us. Good orders secured so far. Opportunities are ahead to secure some more order, big-ticket jobs. Profitability is better, synergy is good. That is what from my side. If you have any questions going forward, please ask. I think that's all from my side. Sir, you can open the floor for the question and answer. Yes. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets for asking a question. Ladies and gentlemen, wait for a moment while the question queue assembles. The first question is from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead. Yeah. Thank you for the opportunity. Am I audible? Yes. Just wanted to know, as you said that a lot of projects got completed in this current quarter, and we have seen very strong margin expansion. I guess this is kind of one-off because we got a lot of orders completed, or is it going to be a kind of double-digit margin sustainable for upcoming quarter as well? Yeah, I think that is the indication. We definitely have double-digit margin, which is expected next quarter or going forward years. That is consistently we are doing. If you see last quarter also, it was double-digit margin. I am talking about EBITDA. This quarter also little bit more than last quarter. So can be that possible. Because 1% improvement is something on higher side and despite this new labor port provision of INR 15 crore. Can you give some roadmap about order inflows pipeline for next 3-6 months, whether these orders will come from groups or outside private and government, and which sectors you are expecting orders for 6-9 months with this activity? Yeah. Okay. So, so far 10,000, 9,000 work orders till now. There are jobs that we have submitted our bid, and we are waiting for the results like Vadhavan Port, metro jobs at Delhi and one port job in Odisha. There are plenty of jobs from the group, including data centers. So I think tenders called, but yet to be opened will be around INR 7,000 crore. Another INR 30,000-INR 40,000 crore tenders we have now. So that is the kind of research. So coming quarter, Yeah. Go ahead, sir. So coming quarter, this is quarter, this time we may secure a few jobs from the group, which are all under discussion. Roadmap-wise, if you see that, we still maintain that another INR 2,000-INR 3,000 crore of job we secure this year, which is February and March. Q4 or Q1, Q2 next year, there are some big-ticket jobs. It depends upon when government opens the tenders or the timing. If it happens, then there are very quite big-ticket jobs which will change the whole scenario. Yeah. Lastly, on guidance front, because of this Q3 soft revenue, or as you said, the deferment happened in one board order. What is the status over there, and are we still maintaining INR 11,000 crore mark or maybe INR 10,800 crore mark? For that, we have to achieve INR 4,600 crore kind of turnover in Q4. What is your view? See, it is not very sure how Vadhavan will take place because it is totally not in our control. But at the same time, the Pune Metro should start producing something, and that project at Dubai that are now producing something. So I think that will be at least 15%-20% more than the quarter, roughly. Of the current quarter? The current quarter, yes. 20% more? Okay. Yeah. Okay. That is so. The estimate. Yeah. That will all from my side. Thank you. Thank you. Thank you. The next question is from the line of Neeraj Mansingh from White Pine Investment Management. Please go ahead. Thank you for the opportunity. I just wanted to understand about the data center. Adani has a plan of data center on its own, as well as a joint venture with global hyperscalers. One, I want to understand how much are you ready to, and in capability to take those orders. Number two, what is your visibility on the orders of those coming in and the execution of those? Yeah, this data center is under discussion for last at least seven, eight months since Adani started taking over this company. We have ramped up our capabilities during these last few months. We have recruited several engineers, those who are experienced in data centers. We have visited lot of sites all over the world to see how this happens, what is the method, what is the know-how in this business. We have already started two data center building in Mumbai, and foundation work is already completed. Pre-casting work also half done. So we are in readiness to take up this activity. Visibility that Adani has got a big plan, and even if we do half of that will be quite big for our company. Got it. Any potential, any thought process on how much is your opportunity size for you on the data, maybe on a per megawatt basis? It just helps me understand how much you are present in a data center. Per megawatt, you are asking about the cost? No, I am asking how much you would be capable of doing the projects like- See, a data center of 120, 130 megawatt, typically, is a 2-year cycle from beginning to the commissioning. 2 years to 27 months. So we have already secured 3 data centers of similar capacity. We may have another 2 or 3. This year, we can do around 500 megawatt, roughly with present capacity. This year means FY 2026? Yeah. It depends upon the security, if you secure the job. Now, what happens when you secure the job, there are two parts. First part is the civil, second part is the balance. Yeah. Civil part is hardly 20%. You will not see that ramp up in revenue in the first year. But second year, definitely with the electromechanical part, that is 70% or 80% revenue will come. So you have to factor all these numbers when you calculate the revenue from data centers. And sir, if you take example of, say, 120 megawatt, if you get an order of 120 megawatt, how much revenue order can you book on that side as a potential range? See, you are asking a direct question, what will be the price of 120 MW? It is very difficult to answer because it depends upon the condition, depends upon where it is being, what is the terms and condition of the project, something like supply tree. But what I can say that 120 MW timeline may take 2 to 27 months time. And first year, 20% revenue, next year, 80% revenue. Because the guidelines you can see there. Okay, sir. I will come back to the queue. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Can you provide some clarity on the Bangladesh order status right now? Bangladesh work is going on absolutely okay. There are natural reasons why anybody should get scared, I know that. But the local government is really supportive to us, not only us, to any foreign company those who are working there. And our people are quite okay. We are delivering the job as per our schedule. We are getting paid on time. And we are almost completing the piling job by the end of May, so that a majority of the work will be completed. Sir, what is the outstanding book as of December in the Bangladesh order? Outstanding, I have to check up. Give me some time. Okay. Sir, secondly, when do we target to complete the Bangladesh order in FY 2027? Bangladesh order will be completed, you see physical work will be completed before next monsoon, that is May or June next year. Okay. Sir, if I got the number correctly, our year-to-date order inflows, including the INR 2,000 crores, which we won in January, it should be around INR 11,700 crores? Yes, you are absolutely right. Okay. Sir, how do you see the margins going ahead? It should be double digit, right? Between 10%-11%? I think you don't expect too much of high, but the same margin pattern will be there, 10%-11%. Okay. Sir, lastly, one bookkeeping question. What would be our gross debt as of December? Sir, it's close to INR 920 crores. Gross debt. Okay. Thank you, sir. Those are my questions. Thank you. The next question is from the line of Vinay Chaudhary from Invex Capital. Please go ahead. Hello. Hello. Yeah. I am sorry to interrupt, sir. Your voice is not audible. Am I audible? Yes, sir. In the last quarter, we had basically the inflow of about INR 7,100. We had a couple of L1, like Pune Metro and Sewage Plant, of about INR 3,000 odd crores. What is the status of those L1? Because that also totaled up to about 11,000 plus. Currently also we are about 11,000, including the two projects what you mentioned. Just wanted to have some clarity and fill in the gaps in that. I will not be able to connect last year and last quarter, but I can tell you the present status. So far, I think we have got around total INR 11,700 crores, and that includes Pune Metro of INR 1,500 crores as well. There are no such jobs where we have L1, except a small job in Project Seabird of INR 100 crores. But there are plenty of jobs we have submitted our bids. It depends upon how it comes out. I think we have submitted a bid of around, let me see, around INR 25,000 crores total. Out of that, one job we have already secured our L1, that is that group company called Adani, Mej River project in Rajasthan, which is around INR 3,500 crore jobs. That will be added to the TT very soon. Yeah. Sure. About 15-odd thousand, what we were expecting. Is there any upward revision what we are expecting in this year? I still maintain around INR 14,000-INR 15,000 crores because what has happened, few of the government tender, which we are expecting to have already completed is still getting delayed. As well, some group jobs also getting little delayed. It is a matter of time, otherwise, we would have achieved INR 15,000 crores this year. Will this, the delay, will that come up in the next year? Or it is a lost bid for us? No, it is not lost. It will come next year. It is a matter of time lag. That is all. Yeah. If you get, you will get now, you can get later on also. Sure That is the issue, whether you get or do not get. But if you get now, if you get later on, that is not going to affect much in our progress, financial progress. Okay. Sure. Thank you very much. Thank you. The next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead. Hi. I hope I am audible. Yes, please. Yes, sir. Sure. Thank you so much, sir, for the opportunity. I do have a few questions. I think it may be a bit repetitive. I got disconnected in between. So what would be the revenue guidance for FY 2026, the revenue, EBITDA margin, and the order inflow guidance? Well, I think to answer your question, this is a big issue because we spend month after month to evaluate how much is the revenue and all. So it is not appropriate for me to give you a correct number. But as I maintain, it will be around 15%-20% rise in the revenue and EBITDA margin. Understood, sir. Yeah. Same margin. On the EBITDA margin, 10%-11% is what I could gather. Yes. On the order inflow front, you have mentioned INR 15,000 crore. I hope that would be the correct number. Yeah, I think. See, there are few jobs which are quite big, and if you are lucky, Right to secure one of them, the number can be anything. It can be INR 10,000 to INR 20,000, INR 25,000 as well. Understood, sir. Of this, how much are we expecting from group entities and what percentage are we expecting from group entities? Yeah, I think we'll maintain a number of 20%-25% from group, in that range. Okay. 20%, 25% from group entities. And what would be the current bid pipeline that we have, and how much of that is also from group entities, if you can throw some light on that? Current work pipeline, a few data center job from the group, which they are developing in many places. Some job, as I mentioned just now, more than one irrigation job in Rajasthan, and maybe some road jobs if they get. Understood, sir. On the value terms, if you can provide the bid pipeline. Value terms, whatever I have said, going forward, I don't know, but immediately- Okay Maybe around INR 10,000 crore-INR 12,000 crore job may come to us. Understood. Yes. Understood. In terms of the CapEx, I understand that we did a CapEx of about, I think last time the guidance was INR 300 crores for FY 2026. Is that the same CapEx guidance that we have right now, and how much have we deployed till now? See, it depends upon, again, which job you get, because last year we have secured many building jobs where we have to invest a lot for more material. Though it is not as costly as plant equipment, but still it is costly because nowadays everybody go for system formwork. So there we have invested a lot and a few general plant we have procured. So these are also in the around. But what we spent last year, INR 300 crores, this will be 10%-15% more than last year. Yeah. 10%-15% more. In nine months, we have spent around INR 200 odd crores towards the CapEx. Understood, sir. In the current order books that we have of INR 21,000 crores, how much of that is from the group entities, Megapower? 27%. 27%. Understood, sir. On the Vadhavan Port that you had mentioned, the delays and that thing. Any visibility as to when do you see that happening? Also, what would be the contribution of that particular order in the overall order book? It is INR 1,600 crores. Yes, INR 1,600 crores. out of 21,000 work in hand. Less than 10%. We have got visibility. We cannot speculate what may happen. It is not in our control. Understood, sir. Thank you so much. Thank you. The next question is from the line of Keshav, OHM Portfolio. Please go ahead. Hello, sir. Thank you for the opportunity. My question again relates to the Vadhavan Port delay that you talked about in this quarter where apparently we have seen a revenue loss, but your margins are actually better. How should we think about it? Because if your revenue loss is due to work not being done, then that means that you have not been able to deploy your people or equipment, and you have reflected that into revenue loss. Is there also a corresponding expenses that should have come in? Or does it mean that the rest of the business was at much higher margins? That's my first question. Thank you. Well, revenue loss because work hasn't happened, so there is a direct, you can see that. I think I'm sure another INR 200 crore-INR 300 crore revenue would have been more had this Vadhavan Port is in operation. Regarding margin betterment, we have done good. We have efficiently handled the project. Yes. Yes, and that is how this margin is better. No. Do we understand that INR 200 crore-INR 300 crore revenue loss is the unbilled item, in which case the expenses are also booked, so perhaps your margins are better than what you have reported? Actually, definitely, we have not spent INR 200 crore of expenses in Vadhavan Port. We are very cautious. We have very small and scanty set up at site because I see. Expenses are mostly because of the material, what we source and what we dump, and it converts to revenue. You were able to redeploy your people to other projects. In Vadodara, only towards the end of the year that they are absorbed in the test. I see. But even the redeployment of people did not yield to higher revenue on an overall basis, is it? I couldn't get you, sir. What is your point? I said that if you could not proceed with the Vadhavan Port order, there was some loss of materials and whatever, but you were able to redeploy your team, that team should have helped you to recover that revenue from other projects. Or were they idle for the quarter? Yeah. You see, in a large company like us, 5, 6 engineers here and there does not make much difference. So even if we have a team of other workers working somewhere else, it does not mean that they are generating the extra revenue, because the project is fixed. Yeah. I see. Next quarter, you are able to figure out as to where to redeploy and recover the turnover loss. Is it? Yes. In this quarter, basically. We deploy tomorrow, provided if the situation remains the same. No, I am saying that your Vadhavan is delayed, but you are able to redeploy your team elsewhere, and that is where you are expecting your revenue to be 15% higher over the quarter. Sir, not because of Vadhavan sources deployed somewhere will give us better. It is because of time cycle. I- When the project starts, initial five, six months, you do at a less progress, and then the progress increases. Per month turnover is more. All these factors, if you put together, then you will find that the revenue is little bit more than this quarter. Understood. Best wishes for that. My last question is: When do we see a meaningful scale-up in your quarterly revenue run rate? I am not asking for specific guidance, but given that your order book is very large, perhaps you are capable of growing at least, say, 20%-30% from your current base. Now, of course, this is dependent on how your projects scale up and the milestone. Is that something that is going to happen in the next few quarters, or will it still take time? Well, it depends upon the order, or the nature of order, how fast they are converted to revenue. But if you ask me, as a company, we have got the capacity to ramp up the progress by 30% with our existing resources. Right. But based on your current orders and the milestone and the promise for execution, do you see a significant ramp-up in the coming quarters? Quarter 4 is okay. Quarter 1, quarter 2, that will be better than quarter 3, quarter 4. Definitely better. Oh. Because few jobs, like Pune Metro will be in full swing, like Abu Dhabi Port will be in full swing. Like some more job which we have secured recently, data center, will give more revenue. So this INR 11,000 crore order what we have secured, they are now in threshold stage, initial stage. So they will be giving the revenue from next year, quarter on quarter. Okay. Thank you very much. That's all. Best wishes. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah, thanks for the follow-up. Sir, what would be our revenue growth guidance for FY 2026, given the weaker Q3? 18%. Sir, to achieve that 18%, the asking rate would be much higher in the fourth quarter. Are we confident of around 37, 38 crore revenue in Q4? No, I'm not talking about Q4. I'm talking about next year. Okay, for FY 2027. Entire FY 2027. Okay. For FY 2026? It is not correct. It will be around 16%-20% growth in next year in terms of revenue. That is what I am saying. Sir, for FY 2026? FY 2026, we are left with one quarter now, and maybe we are achieve INR 2,300 crore. Maybe it will be another 15%-20% more. 15% more, say, in this quarter. Compared to Q3 in Q4. Compared to Q3, yeah, for Q4. Yes. Okay. And sir, what would be our outstanding receivables from Bangladesh? It was around INR 120 crore last quarter. INR 170 crore in this quarter. Yeah. As on December. Okay. Thank you, sir. Thank you. Thank you. The next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead. Hi, sir. Thanks a lot for taking my question again. Just one big picture question over here. I did notice that the numbers, for example, historical numbers for, say, Q2, or FY 2025 for that matter, were marginally different. If you can elaborate a little bit. Because I see the numbers that are there for Q2 in the Q2 disclosures versus the numbers that are there for Q2 in the current disclosure of today. Those are marginally different. Can you elaborate on that one? Didn't pick up your question. If you can repeat once again. Just a second. I'll get to it. Right. I was mentioning that the historical numbers, say, for example, for Q2, is marginally different from the disclosure that we Compared to today's disclosure versus the Q2 disclosure that we had. Similarly, I saw this one for the FY 2025 audited numbers. If you can throw some light on that one. Yeah. There's an accounting representation change, which is like the jointly controlled operations which we were doing in various JVs. The grossing up of net line items have been done. Accordingly for this entire year, the numbers have been reinstated in the line item-wise. However, the profit number under the P&L will not change. The profit and loss remains the same. That's an accounting treatment which has happened, which has led to a change in numbers which were disclosed earlier. Understood, sir. Is that the reason? Because I saw this on the audited numbers also. Yeah. That is the reason. Yeah. It is more of like, we have benchmarked it with the best of the industry practices, and we took a view, and then there is a judicial decision which was taken to make- Understood. So this was a one-time exercise, is what you are saying, in terms of the grossing off net line items as you mentioned. Right. Absolutely. Okay. Thank you so much, sir. Thank you. Thank you. If that was the last question for the day, I would now hand the conference over to the management for closing comments. Over to you, sir. Thank you so much for joining and attending this call, and we wish you all a very good day. We wish that whatever we expect, the things go well and the next period of performance would be in line with the expectations what we have this year told to the investors. Thank you so much. Thank you so much for joining us. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your- Disconnect the line. Thank you.