Cemindia (ITD Cementation) Q1 steady: consol PAT +2.6% to ₹141 Cr, order book record ₹31,307 Cr

Cemindia Projects (formerly ITD Cementation) reported a steady, single-digit-growth June quarter. Consolidated revenue rose 5.6% YoY to ₹2,720.92 Cr and consolidated PAT rose 2.6% YoY to ₹140.83 Cr (standalone PAT ₹137.55 Cr, essentially flat YoY); EPS was ₹8.20 vs ₹7.99. EBITDA grew a firmer 9.4% YoY to ~₹285 Cr and EBITDA margin expanded 40 bps YoY to 10.5% (from 10.1%), while net margin was broadly flat at ~5.2%. Sequentially the print fell hard — revenue −8.5% and PAT −41.8% QoQ — but that is off an inflated Q4 base: Q4 FY26 carried record margins from one-time claim realisations and provision reversals, and its ₹92.3 Cr of other income collapsed to just ₹10.4 Cr this quarter. Construction is also seasonally back-loaded to Q4, so the sequential drop is largely a base/seasonality artifact rather than deterioration. The operational story is the order book, not the P&L. The company booked over ₹8,500 Cr of new orders in Q1 (Delhi underground metro, a West Bengal steel-plant civil/structural package, the Morsagar reservoir in Rajasthan), lifting the consolidated order book to an all-time high of ₹31,307 Cr — multi-year revenue visibility of roughly 3x annual sales. Execution milestones included substantial completion of the ~157 km Ganga Expressway six-laning and the Colombo West Container Terminal. Balance sheet is conservative: net worth ₹2,492 Cr, net debt ₹700 Cr, net debt/equity 0.28x. Against expectations the quarter reads soft on the topline. Management's FY27 guidance is for revenue growth of at least 25% with ~₹25,000 Cr of order inflows; Q1's +5.6% revenue is well behind that pace (growth is expected to back-end as the record book converts), though the 10.5% EBITDA margin already matches the guided 'sustainable' level and the Q1 inflow run-rate (~₹8,500 Cr) tracks the annual target. A trailing-growth preview (Univest) had pencilled PAT of ₹181–231 Cr; the ₹141 Cr actual undershot that mechanical range. Alongside results, the board is pursuing a large capital raise of up to ₹5,000 Cr via QIP (EGM slated for Aug 17) to fund the growth pipeline within the Adani infrastructure ecosystem — a raise that will materially reshape the ~₹14,000 Cr-mcap company's capital structure and equity base.