Revenue rose 26.35% YoY, but sequential margin slipped again
Costs grew faster than revenue QoQ and interest rose 15.43%, while management highlighted Rs 12,005 cr of H1 FY27 orders.
Filed 05 Nov 2026, 14:32 IST · Cemindia Projects Ltd (CEMPRO)
Key takeaways
- Revenue grew +26.35% YoY against expense growth of +25.80%, lifting operating profit by +31.65%.
- Operating margin fell 0.35 percentage points QoQ to 9.74% as expenses grew +1.42% against revenue growth of +1.02%.
- Management said H1 FY27 order wins reached Rs 12,005 cr and that the diversified order book supports multi-year revenue visibility.
Price around the results
YoY growth outpaced costs
Cemindia Projects reported consolidated revenue growth of +26.35% YoY, ahead of expense growth of +25.80%, lifting operating profit by +31.65% and net profit by +21.26%. Other income fell -69.17% YoY but still accounted for 6.67% of pre-tax profit. The tax rate rose 0.97 percentage points, so lower taxes did not flatter the earnings growth.
Sequential margin pressure after Q4 peak
Revenue increased +1.02% QoQ, but expenses rose faster at +1.42%, narrowing operating margin by 0.35 percentage points. Interest costs increased +15.43% QoQ, while the tax rate rose 0.62 percentage points; net profit consequently declined -7.27%. Operating margin has now fallen for two straight quarters, from 12.03% in Q4FY26 to 10.09% in Q1FY27 and 9.74% in Q2FY27.
Margin remains below the Industrials peer median
The consolidated operating margin of 9.74% was 1.76 percentage points below the 11.5% median for 178 Industrials peers that had reported the same quarter. This places the quarter below the sector comparison even as the company delivered faster YoY operating-profit growth.
Order wins and equipment additions
Management said the diversified order book is expected to provide strong multi-year revenue visibility. The company said it secured orders worth Rs 12,005 cr in H1 FY27 and recently ordered four tunnel boring machines. Management also said its capabilities reduce competition in technically complex projects.
Current reaction versus the stock's history
No market reaction to this filing has been recorded yet. Across eight prior results, the stock rose three times and fell five times, with a median absolute move of 4.28%, providing the relevant historical range for assessing the eventual response.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,749 cr | ₹2,721 cr | +1.02% | +26.35% |
| Other income | ₹12 cr | ₹10 cr | +15.05% | -69.17% |
| Expenses | ₹2,481 cr | ₹2,446 cr | +1.42% | +25.80% |
| Operating profit | ₹268 cr | ₹275 cr | -2.54% | +31.65% |
| Operating margin (%) | 9.74% | 10.09% | — | — |
| Interest | ₹58 cr | ₹50 cr | +15.43% | +9.45% |
| Depreciation | ₹42 cr | ₹43 cr | -1.50% | -2.41% |
| Profit before tax | ₹180 cr | ₹192 cr | -6.49% | +22.88% |
| Tax | ₹49 cr | ₹52 cr | -4.35% | +27.39% |
| Net profit | ₹131 cr | ₹141 cr | -7.27% | +21.26% |
| EPS (₹) | ₹7.60 | ₹8.20 | -7.32% | +21.21% |
Operating margin of 9.74% compares with a Industrials sector median of 11.50% across 178 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +5.17% | +3.16% |
Volume on the results session was 1.43× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The diversified order book is expected to support strong multi-year revenue visibility.
Expansion
- The company recently ordered four tunnel boring machines.
New orders
- The company secured orders worth ₹12,005 Cr in H1 FY27.
Competition
- The company states that its capabilities result in reduced competition in technically complex projects.
What to watch
- Whether operating margin recovers from 9.74% after two consecutive quarterly declines.
- Whether interest-cost growth of +15.43% QoQ moderates in the next quarter.
- The pace of order conversion following Rs 12,005 cr of H1 FY27 wins.