A Rs 1 lakh investment made in this stock six years ago would now be worth around Rs 25.6 lakh, reflecting a 25.6-fold increase in value. However, it is not just a mere stock price rally; rather, this multibagger run coincides with a sharp improvement in the company's scale, profitability, order book, and return ratios, while its business mix has also expanded into newer infrastructure segments.
The company, earlier known as ITD Cementation India Limited, was rebranded as Cemindia Projects Ltd. after being acquired by an Adani Group entity in May 2025.
It is engaged in heavy civil, infrastructure, and EPC work with operations across eight verticals. Its businesses span maritime structures, urban infrastructure, highways, industrial projects, data centres, hydro and tunnels, specialist engineering, and water and wastewater infrastructure.
Profitability Became A Bigger Part Of The Story
Over the years, the business has scaled substantially. However, profit grew at a robust pace compared to the revenue growth. While revenue grew 3.7 times over these six years, profit jumped more than 33 times.
Along with the top line and the bottom line, the margins actually grew multifold, reflecting the real growth in the business. However, operating margin grew at a sluggish pace, while profit margin jumped significantly.
However, that's not all; along with revenue and profitability, the return ratios also reflected the growth in the business.
ROCE rose from 10.5% in FY21 to 34% in FY26, while ROE reached 28% in FY26 from just 1.7% back in FY21.
Consolidated financials | FY21 | FY26 |
Order book | Rs 11,732 crore | Rs 24,545 crore |
Revenue | Rs 2,728 crore | Rs 10,061 crore |
Ebitda | Rs 258 crore | Rs 1,199 crore |
Ebitda margin | 9.5% | 11.9% |
PAT | Rs 18 crore | Rs 598 crore |
PAT margin | 0.7% | 5.9% |
Net worth | Rs 1,069 crore | Rs 2,400 crore |
Return on capital employed | 10.5% | 33.5% |
Return on Equity | 1.7% | 28.1% |
From A Rs 11,732 Crore Order Book To Rs 24,545 Crore
The biggest change has been the company's ability to scale its order book while broadening the sectors it serves.
In FY21, marine structures accounted for Rs 3,870 crore, or about 33% of the order book, while urban infrastructure, MRTS and airports contributed Rs 3,826 crore. Hydro, dams, tunnels and irrigation accounted for another Rs 2,176 crore.
By March 2026, the order book had more than doubled to Rs 24,545 crore. While marine structures and Urban infrastructure, MRTS and airports still remain the primary contributors to the business, orders from Industrial structures and buildings, highways, bridges and flyovers contributed significantly.
The company also entered the Data Centre business segment, which is evident from the orderbook.
Order-book mix | FY21 | FY26 |
Marine structures | Rs 3,870 crore | Rs 8,180 crore |
Urban infra/MRTS/airports | Rs 3,826 crore | Rs 5,701 crore |
Industrial structures & buildings | Rs 1,331 crore | Rs 3,852 crore |
Highways/bridges/flyovers | Rs 184 crore | Rs 3,207 crore |
Data centres | — | Rs 1,738 crore |
Water & Wastewater | Rs 186 crore | Rs 390 crore |
Foundation & specialist engineering | Rs 159 crore | Rs 499 crore |
Change in Ownership
The company's transformation also included a change in ownership. In 2025, Renew Exim DMCC, an Adani Group entity, acquired control of the company, which was subsequently renamed Cemindia Projects Ltd. The company says its integration into the Adani ecosystem has strengthened its institutional capabilities and provided access to a wider infrastructure project pipeline.
With the business now spread across eight infrastructure verticals, 16 Indian states and three overseas markets, the company is targeting further expansion in areas including data centres, high-speed rail and large-diameter tunnelling.
The six-year multibagger run, therefore, has been accompanied by a fundamental shift in the company's business and financial profile. From a low-margin infrastructure contractor with Rs 2,728 crore of revenue in FY21 to a Rs 10,061 crore-revenue business with substantially higher profitability and return ratios in FY26.
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