Listed below is one of the multi-bagger stocks that specializes in engineering and construction projects, particularly in heavy civil, infrastructure, and EPC (Engineering, Procurement, and Construction) business. The stock has delivered multi-bagger returns of 1,505.40 percent to the shareholders of the company in just 5 years.
On June 27, 2025, the shares of ITD Cementation India Limited traded at Rs. 892.60, showing a gain of around 1,919 percent compared to the price of Rs. 43.90 on 14th August, 2020. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 20.19 lakh.
ITD Cementation India at a glance
ITD Cementation India Limited is a leading engineering and construction company specializing in heavy civil and infrastructure projects across India. Established in 1931 as a branch of The Cementation Company Limited, U.K., the company has undergone several ownership changes and name transitions, ultimately becoming ITD Cementation India Limited in 2005 under the ownership of Italian-Thai Development Public Company Limited (ITD), one of Southeast Asia’s largest construction groups.
In 2024–2025, Adani Group’s Renew Exim successfully acquired a controlling stake through a promoter purchase and an open offer, resulting in approximately 67.46 percent ownership of ITD Cementation. This acquisition marked the company’s entry into the Adani portfolio.
ITD Cementation is headquartered in Mumbai and undertakes a wide range of projects, including maritime structures, highways, bridges, tunnels, mass rapid transit systems, airports, industrial buildings, dams, and water and wastewater facilities.
The company is renowned for its proficiency in ground engineering, cutting-edge construction methods, and unwavering dedication to quality and safety, all strengthened by the international expertise and technical leadership of its parent firm, ITD.
Financials & Others
The company’s revenue rose by 9.23 percent from Rs. 2,279.08 crore to Rs. 2,489.43 crore in Q4FY24-25. Meanwhile, the Net profit rose from Rs. 89.51 crore to Rs. 113.55 crore during the same period. The company is in a strong financial position with a low debt-to-equity ratio of 0.52.
Over the past three years, the company has shown impressive performance, achieving an average return on capital employed (ROCE) of 15.10%. Its revenue has grown by an average of 26.54% annually, while net profit has surged even faster at an average growth rate of 58.13% per year.
ITD Cementation India Ltd. anticipates a strong revenue growth in the coming years, with guidance to maintain a 20-25 percent revenue growth rate. It also expects an improvement in its operating margins, targeting higher single-digit to low-teens.
It has a strong order pipeline worth Rs 90,000 crore, with a targeted inflow of Rs 15,000–16,000 crore in FY26. It is focusing on high-margin segments like marine, metros, airports, and hydel projects, while avoiding standard EPC road contracts. Strategic expansion into data centers and potential BOT projects signals a forward-looking, diversified growth approach.
The company’s order book is valued at Rs. 18,300 crores in total, with the largest share held by Maritime Structures at Rs. 6,323 Cr (34.6%). Industrial Structures and Buildings follow with Rs. 4,473 Cr (24.4%), while Urban Infrastructure, MRTS, and Airports account for Rs. 3,294 Cr (18%).
Other sectors like Hydro, Dams, Tunnels, and Irrigation Rs. 1,634 Cr (8.9%), Highway, Bridges, and Flyovers Rs. 1,545 (8.4%), Foundation and Specialist Engineering Rs. 705 (3.9%), and Water and Waste Water Rs. 326 (1.8%).
In FY25, the company has secured new orders worth over Rs. 7,100 crore, with a diverse client base including 50% government, 8% PSUs, and 42% private sector. It maintains a strong presence across 13 Indian states and 1 union territory, and is currently executing projects internationally in Sri Lanka and Bangladesh.
Written by Sridhar J
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