India’s infrastructure sector is witnessing heightened activity across transport, marine, urban, and industrial development, with EPC and construction companies benefiting from strong project pipelines and sustained government as well as private sector spending.
Multi-sector demand for ports, airports, metros, highways, and hydro projects continues to provide long-term revenue visibility, reinforcing investor confidence in leading contractors.
ITD Cementation India Ltd, with a market capitalization of Rs. 12,444.29 crore, is currently trading at Rs. 724.40 per share. Incorporated in June 1978, the company has grown into a full-scale EPC contractor, executing maritime structures, metro rail systems, airports, dams, tunnels, highways, bridges, flyovers, and specialized engineering works across India and select overseas markets. Recently, the board has applied to change its name to Cemindia Projects Ltd.
About the Company
ITD Cementation India has built a strong reputation as a public limited engineering, procurement, and construction company delivering large-scale infrastructure projects for over four decades. Its scope of operations covers piling, foundations, ground improvement, geotechnical solutions, marine ports, and specialist engineering.
The company has executed transportation projects including highways and bridges, hydroelectric developments such as tunnels and dams, and industrial as well as urban infrastructure works.
The company was formerly a part of the Thailand-based ITD Thai Group until May 2025. In FY25, the Adani Group, through its UAE-based subsidiary Renew Exim DMCC, acquired a controlling stake in ITD Cementation via a promoter stake purchase and an open offer.
Following this acquisition, the Adani Group holds 67.46 percent equity in the company as of June 30, 2025. This transition has added ITD to the Adani Group portfolio, strengthening its financial flexibility and creating significant operational synergies, given the Adani Group’s extensive presence in infrastructure and a robust project pipeline.
Major Orders in Q1FY26
The company secured new projects worth Rs. 2,931 crore during the first quarter of FY26. Key wins include bulk and breakwater works for the development of a Greenfield Captive Jetty in Odisha valued at Rs. 757 crore, LNG jetty works in Abu Dhabi worth Rs. 573 crore, airport development works at Jaipur International Airport in Rajasthan worth Rs. 593 crore and Trivandrum International Airport in Kerala worth Rs. 559 crore, and a multi-storied commercial building project in Kolkata, West Bengal amounting to Rs. 401 crore. Other smaller projects contributed Rs. 48 crore to the tally.
Order Book Strength
ITD Cementation reported a record order book of Rs. 18,820 crore as of Q1FY26, ensuring multi-year revenue visibility across diverse infrastructure verticals. Maritime structures contribute Rs. 6,922 crore, representing 36.8 percent of the order book, with significant projects including marine works in Bangladesh, container terminal construction in Colombo, outer harbour works in Andhra Pradesh, reclamation at Vadhvan Port in Maharashtra, LNG jetty developments in Abu Dhabi and Gujarat, and berth construction at Dhamra Port in Odisha.
Industrial structures and buildings form Rs. 4,486 crore, or 23.8 percent of the order book, with key ongoing projects such as the redevelopment of Kasturba Nagar residential colony in Delhi, multistoried commercial buildings in Uttar Pradesh and Kolkata, Thal Sena Bhawan in Delhi, the Aerospace Museum at Palam, and the Calcutta High Court Circuit Bench in West Bengal.
Urban infrastructure, MRTS, and airports account for Rs. 4,168 crore, or 22.2 percent, including tunneling and stations for metro systems in Chennai, Bengaluru, Mumbai, and Kolkata, airport infrastructure at Jaipur and Trivandrum, station works in Bengaluru, and depot development in Surat.
The hydro, dams, tunnels, and irrigation portfolio stands at Rs. 1,441 crore, or 7.7 percent of the order book, with projects like railway tunnels in West Bengal and Sikkim, a 500 MW pumped storage hydro project in Andhra Pradesh, and canal works in Telangana.
Highway, bridges, and flyovers contribute Rs. 962 crore or 5.1 percent, led by a six-laning project in Uttar Pradesh. Foundation and specialist engineering works comprise Rs. 569 crore or 3 percent, including piling for JSW in Odisha and subway development for AAI in Kolkata. Water and wastewater projects total Rs. 272 crore or 1.4 percent, covering water infrastructure in Karwar and micro-tunneling in Ahmedabad.
The company’s clientele remains diversified, with 46 percent from government agencies, 7 percent from PSUs, and 47 percent from private sector entities. ITD Cementation is executing projects across 14 Indian states, one union territory, and international assignments in Sri Lanka and Bangladesh.
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Management Commentary and Outlook
According to CFO Nitesh Sharma, “I’m pleased to announce that we also secured orders worth over Rs.2,900 crores in Q1 FY ’26. In addition, we have also secured orders worth Rs.1,300 crores plus in July ’25 that makes our total order book secured to Rs. 4,300 crores in FY ’26 till date. We are also L1 in orders worth Rs.1,400 crores as on date as we speak.”
Managing Director Jayanta Basu noted, “We have got a good amount of jobs in the pipeline. I mean, if I sum up, it will be around Rs. 87,000 crores to Rs. 90,000 crores of work which we are dealing with now. Some are in the tender stage, some prequalification, some have submitted a tender. So opportunities are quite okay. And the good thing is that the number of jobs is not much, though it is Rs. 90,000 crores.” He later clarified that Rs. 87,000 crore of opportunities are in the pipeline.
On execution, Basu clarified that the current order book of Rs. 18,880 crore will be delivered within 1.5 years. For FY26, the company expects order inflows of Rs. 15,000 to Rs. 16,000 crore, of which Rs. 4,000 to Rs. 5,000 crore have already been booked. Around 35 percent of the projected inflows are likely to come from within the Adani Group ecosystem.
Financial Snapshot – Q1FY26
On a sequential basis, revenue rose 2.5 percent to Rs. 2,542 crore in Q1FY26 from Rs. 2,480 crore in Q4FY25. Operating profit declined 9.7 percent to Rs. 233 crore from Rs. 258 crore. Profit before tax grew 5.8 percent to Rs. 164 crore from Rs. 155 crore, while net profit jumped 20.2 percent to Rs. 137 crore from Rs. 114 crore.
On a yearly comparison, revenue increased 6.8 percent from Rs. 2,381 crore in Q1FY25 to Rs. 2,542 crore in Q1FY26. Operating profit expanded 5.4 percent from Rs. 221 crore to Rs. 233 crore. Profit before tax improved 21.5 percent from Rs. 135 crore to Rs. 164 crore, while net profit surged 37 percent from Rs. 100 crore to Rs. 137 crore.
Conclusion
ITD Cementation India Ltd has emerged as a stronger player post its acquisition by the Adani Group, benefiting from both financial support and potential project synergies. With a record Rs. 18,820 crore order book, additional inflows exceeding Rs. 2,900 crore in Q1, and a sizable Rs. 87,000 crore pipeline of opportunities, the company is well-positioned for growth.
Despite near-term operating margin pressures, robust revenue growth, diversified execution capabilities, and a clear inflow guidance of Rs. 15,000 to Rs. 16,000 crore reinforce its strong medium-term outlook.
Written by – Manan Gangwar
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