This Adani Group stock, which is one of the leading engineering and construction companies undertaking heavy civil, infrastructure, and EPC business, targets 25-30 percent topline growth in FY26, with an Rs. 90,000 crores order pipeline. Let’s dig further.
With a market capitalisation of Rs. 11,246 crores, the shares of ITD Cementation India Limited hit an intraday high at Rs. 665.4 on Monday, up by around 2 percent, as against its previous closing price of Rs. 653.75. The stock has delivered positive returns of around 67 percent in one year, and has gained by more than 22 percent in the last one month.
Management Outlook
ITD Cementation is projecting a top-line growth of 25-30 percent in FY26, up from 18–20 percent growth in FY25. According to the latest conference call, the company is also focusing on cost control and margin improvement.
The company is close to Rs. 90,000 crores of projects in the pipeline, primarily comprising marine works, underground metro, airport infrastructure, underground rail and road tunnels, bridges, buildings, and industrial structure projects. This pipeline includes both Adani and non-Adani projects.
Management expects new order inflows of around Rs. 15,000–16,000 crore during the current financial year, with 30 percent expected from Adani Group. Additionally, orders worth Rs. 15,000–20,000 crore are anticipated from the airport segment in FY26. Capital expenditure (capex) is estimated to be in the range of Rs. 200–250 crore.
ITD Cementation is currently executing two overseas projects — one in Sri Lanka and another in Bangladesh — and is actively exploring further opportunities in the Middle East and other international markets, as stated by CFO Prasad Patwardhan.
In Bangladesh, the company is expected to execute the bulk of a Rs. 1,500 crore project within this year. Approximately Rs. 400 crore worth of work has been completed so far, with nearly 80 percent of the remaining work scheduled for completion during the year.
Further, the company plans to expand its airport pipeline size, increasing the average project size from Rs. 800–2,000 crore to Rs. 3,000–4,000 crore. It also aims to geographically diversify its road segment presence across India, beyond its current focus in states like Uttar Pradesh and Maharashtra.
Order Book
As of FY25, ITD Cementation’s order book stood at Rs. 18,300 crore, reflecting a year-on-year decline of nearly 8 percent compared to Rs. 19,918 crore in FY24, and down by about 9 percent from Rs. 20,044 crore in FY23.
During FY25, the company secured new orders worth over Rs. 7,100 crore, with the client mix comprising Government (50 percent), Public Sector Undertakings (8 percent), and the Private Sector (42 percent).
The composition of the order book reflects a diverse portfolio, with Maritime Structures contributing the largest share at 34.6 percent, followed by Industrial Structures and Buildings at 24.4 percent, and Urban Infrastructure, MRTS, and Airports at 18 percent.
Other segments included Hydro, Dams, Tunnels, and Irrigation at 8.9 percent; Highways, Bridges, and Flyovers at 8.4 percent; Foundation and Specialist Engineering at 3.9 percent; and Water and Wastewater Projects accounting for 1.8 percent of the total order book.
ITD Cementation reported a significant growth in its revenue from operations, showing a year-on-year rise of around 10 percent from Rs. 2,258 crores in Q4 FY24 to Rs. 2,480 crores in Q4 FY25. Similarly, its net profit increased during the same period from Rs. 90 crores to Rs. 114 crores, representing a growth of around 27 percent YoY.
Written by Shivani Singh
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