Cemindia Projects (509496) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue rose 2.0% year-over-year to ₹2,315 crore, with EBITDA up 13% to ₹245 crore and PAT up 27.4% to ₹111 crore, driven by strong execution and disciplined cost management.

• For 9M FY26, revenue increased 6% to ₹7,087 crore, EBITDA grew 12% to ₹749 crore, and PAT surged 37% to ₹356 crore.

• Profitability improved, with PAT margin rising to 5% from 3.9% and EBITDA margin consistently above 10%.

• Order inflows reached ₹11,700 crore YTD, with a robust order book of ₹21,879 crore as of December 2025.

• Margin improvements attributed to execution strength, operating leverage, and better project mix.

Financial highlights

• Q3 FY26 EBITDA margin improved to 10.6% from 9.6% YoY; PAT margin rose to 4.8% from 3.8%.

• 9M FY26 EBITDA margin at 10.6% (vs 10.0%); PAT margin at 5.0% (vs 3.9%).

• Net worth as of December 31, 2025: ₹2,159 crore; Net debt: ₹563 crore; Net debt to equity: 0.26x.

• Receivables from Bangladesh as of December: ₹170 crore.

• Gross debt as of December: ₹920 crore.

Outlook and guidance

• Management expects Q4 revenue to be 15%-20% higher than Q3, with FY26 revenue growth guidance at 15%-20% and EBITDA margin expected to remain at 10%-11%.

• Order inflow guidance for FY26 is ₹14,000-15,000 crore, with 20%-25% expected from group entities.

• Strong order book of ₹21,879 crore as of Dec 2025 provides over two years of revenue visibility.

• Infrastructure megatrend in India and government capex cycle expected to drive future growth.

• Upgraded credit rating to A+ by CARE and ICRA, reflecting improved financial profile.