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Adani-controlled EPC contractor (formerly ITD Cementation) building ports, metros, airports, highways and bridges in India.
Adani-controlled EPC contractor (formerly ITD Cementation) building ports, metros, airports, highways and bridges in India.
Wins construction contracts, often through tenders, and recognises revenue as work progresses, so results follow its order book and the pace of execution. Most work is marine and foundation engineering for ports and metros. Adani Group took control from Italian-Thai Development, its Thai former parent, adding group projects to its order book.
Moat: narrow (process know-how, customer qualification). Decades of marine/foundation engineering track record, now tied to Adani's infrastructure pipeline.
Headquarters: Mumbai, India · Founded: 1931 · Employees: 36,808
Size Cemindia Projects (CEMPRO.NS) is an India Industrials company (Engineering & Construction) with a market value of $2.58B, the 318th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,323 on 6 Nov 2026.
Performance Over six months the shares gained 36.4%, against -6.9% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median +8.5%); the operating margin is 8.7% (peer median 5.1%).
Valuation It trades at 32.8× forward earnings against a peer median of 13.5× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.8 points above its cost of capital (20.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹102B | ₹101B | ₹92.5B | ₹77.2B | ₹50.9B |
| Revenue growth | — | +9% | +20% | +52% | — |
| Gross profit | ₹18.9B | ₹15.6B | ₹13.1B | ₹14.3B | ₹9.36B |
| EBITDA | ₹10.6B | ₹10.4B | ₹8.70B | ₹8.02B | ₹4.29B |
| Net income | ₹6.02B | ₹5.98B | ₹3.73B | ₹2.74B | ₹1.24B |
| Free cash flow | n/a | ₹1.29B | -₹2.66B | ₹1.39B | -₹987M |
| Capital expenditure | n/a | ₹2.64B | ₹2.28B | ₹3.56B | ₹4.18B |
| Total debt | n/a | ₹10.0B | ₹9.93B | ₹8.89B | ₹7.66B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cemindia Projects CEMPRO.NS | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% |
| Kalpataru Projects International KPIL.NS | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% |
| NCC NCC.NS | $816M | -28% | -2% | 8% | 11.1× | n/a |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| J. Kumar Infraprojects JKIL.NS | $331M | -20% | -2% | 11% | 7.1× | -2.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CEMPRO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.3% | -2.2% | highest of 21 |
| 6-month return | +36.4% | -6.9% | highest of 21 |
| Distance from 52-week high | -19.8% | -24.1% | 8th highest of 21 |
| Revenue growth (TTM) | +10.0% | +8.5% | 10th highest of 21 |
| Operating margin | 8.7% | 5.1% | 2nd highest of 21 |
| Forward P/E | 32.8× | 13.5× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 42.2% | -1.4% | most demanding of 17 |
| Growth delivered (Del g) | +29.9% | +8.9% | highest of 17 |
| Hurdle (Req g minus delivered) | +12.3 pp | -9.9 pp | most demanding of 17 |
| ROIC minus cost of capital | +7.8 pp | +4.3 pp | 9th highest of 21 |
| EV / EBITDA | 23.1× | 8.6× | most expensive of 15 |
| Net debt / EBITDA | 0.1× | 0.3× | 8th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |