Cemindia: consolidated PAT +21% YoY to ₹131 Cr on 25% revenue growth, margin dips to 10.2%

Cemindia Projects (formerly ITD Cementation India, now under Renew Exim/Adani-group promoter) reported consolidated revenue of ₹2,748.65 Cr for Q2 FY27, up 25.2% YoY from ₹2,195.21 Cr and roughly flat (+1.0%) QoQ against ₹2,720.92 Cr. Consolidated PAT grew 21.3% YoY to ₹130.59 Cr (standalone PAT ₹127.57 Cr, EPS ₹7.43 standalone / ₹7.60 consolidated) but fell 7.3% QoQ from ₹140.83 Cr. No analyst consensus estimates specific to this quarter turned up in a web search, so vsStreet is marked unknown rather than guessed. Profitability growth trailed topline growth because EBITDA margin slipped to 10.2% from 11.1% a year earlier (NPM also eased to roughly 4.7% from 4.8%), as cost of construction materials and subcontracting/other direct costs scaled with execution volumes. That margin still sits above the "10%+ sustainable" floor management reiterated on the August 2026 concall, so guidance is met on that specific metric even as the year-on-year give-back bears watching. Neither the current nor the year-ago quarter carried exceptional items, so the growth rates above are already on a clean, comparable basis — no adjustment is needed. The quarter's other corporate actions reinforce a balance-sheet-strengthening story: the order book rose to a record ₹32,715 Cr after ₹3,485 Cr of fresh Q2 wins, taking H1 FY27 inflow to ₹12,005 Cr — about 48% of the ₹25,000 Cr annual order-inflow target set out at the Q1 call. The company also raised ₹1,400 Cr via QIP in October 2026 at ₹1,108/share, bringing net debt to ₹773 Cr and net debt-to-equity to 0.30x; ICRA and CARE upgraded their long-term ratings to AA and AA- respectively, and Crisil assigned a fresh AA rating. MD Jayanta Basu's press statement called it "another quarter of consistent operational and financial performance," a framing the topline and order-book numbers support, though it does not address the EBITDA margin dip. H1 FY27 revenue growth of just 14.6% YoY (₹5,470 Cr vs ₹4,772 Cr) is running well below the reaffirmed 25% full-year revenue growth target, so H2 execution needs to step up materially — against a record order book that at least provides the visibility to do so — for the annual guidance to hold.