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Informist, Wednesday, Jul. 29, 2026

 

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--Cemindia Projects: Targeting order inflow INR 250 billion for FY27
--CONTEXT:Comments by Cemindia Projects' mgmt in post-earnings investor call
--Cemindia Projects: See timid project execution pace in Q2
--Cemindia Projects:Tenderable marine job pipeline INR 150 billion currently
--Cemindia Projects: Adani group share 50% of current order book
--Cemindia Projects: Targeting capex of INR 3.5 bln-INR 4 bln for FY27
--Cemindia Projects: Incurred capex INR 800 million in Q1
--Cemindia Projects: Not much wind turbine jobs available currently
--Cemindia Projects: Trade receivables days, including retention, 69 in Q1
--Cemindia Projects: Share of exports 2-3% in current order book
--Cemindia Projects:See 15% hit ratio on medium-term INR 900 bln bid pipeline
 

 

By Rajesh Gajra and Shruti Nair

 

MUMBAI – Of Cemindia Projects Ltd.'s outstanding order book of INR 313.07 billion as on Jun. 30, orders from the Adani group accounted for around 50%, the management of the former said in a post-earnings conference call with investors and analysts. Cemindia's current promoter, Renew Exim DMCC, is an offshore entity affiliated with the Adani group. It has 67.46% stake in the company. The Adani group also accounted for around INR 60 billion of orders in the order inflow of INR 85.19 billion for the June quarter, a senior official said.

 

"With Adani Group, it is a competitive bidding, and there is no fixed price. In certain cases, we get material free of cost, so that is, you can compare with normal tenders as you do for the external client," the official said. There are also some advantages relating to performance guarantees, he said.

 

Export orders made up for 2-3% of the current order book, according to the management. The company is targeting an order inflow of INR 250 billion for financial year 2026-27 (Apr-Mar).

 

To an analyst's question on whether the order execution cycle would be better in the quarters ahead, the management said project execution is a three-year cycle. In the September quarter, the management expects the monsoon effect to be there. "Q2 (Jul-Sep) for all the companies goes little timid," a senior official said. But in the December and March quarters, progress in project execution "will be definitely better" than in the June quarter.

 

In terms of trade receivables and working capital, the management said trade receivables, including retention, stood at around 69 days in the June quarter. The overall net working capital was at 120 days, which also comprised inventory of around 30 days, a senior official said.

 

The management said it expects a hit ratio of around 15% in the medium-term bids pipeline of around INR 900 billion. "Earlier, it used to be better, (at) 20%. The more you...tender and the volume becomes more (the) hit ratio also comes down with that," the official said.

 

Marine jobs in the bid pipeline was around INR 150 billion, according to the management. In the power segment's renewables sub-category, Cemindia has received "huge amount of small" structural jobs "lie pile foundation," for solar and wind projects, the official said. But in the case of wind turbines, there is "not much available now" in terms of jobs, he said.

 

Cemindia is targeting a capital expenditure of INR 3.5 billion-INR 4 billion for FY27, according to the management. The company incurred capex of INR 800 million in the June quarter.

 

For the June quarter, the company's consolidated net profit increased 2.6% on year to INR 1.41 billion, while the revenue from operations increased 5.6% to INR 27.21 billion. At 1508 IST, shares of Cemindia were at INR 1,348, up 0.5% from the closing price on Tuesday.  End

 

Edited by Avishek Dutta

 

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