Infrastructure is a critical driver of India’s ambition to become a $26 trillion economy. Investments in building and modernising physical infrastructure, aligned with ease of doing business reforms, are essential for enhancing efficiency and lowering operational costs.
To achieve the $5 trillion economy target by 2025, India must accelerate infrastructure development. In the Union Budget 2025-26, the government raised the capital investment outlay for infrastructure to Rs. 11.21 lakh crore, representing 3.1 percent of GDP.
The infrastructure sector is poised for strong growth, with planned investments of around $1.4 trillion by 2025. Under the National Infrastructure Pipeline (NIP), substantial capital is being directed toward critical sectors, including energy, roads, railways, and urban development.
As part of this vision, the government is also working on expanding the national highway network to 200,000 kilometres by 2025, significantly improving connectivity and logistics efficiency across the country.
In the infrastructure sector, two notable players to watch are Cemindia Projects Limited and PSP Projects Limited, both part of the Adani group. The key question is how these companies differ, and which one commands a stronger position in the industry? This article explores their major distinctions, examining how each is contributing to and capitalizing on opportunities within the infrastructure space.
Price Movement
With a market cap of Rs. 13,986.95 crores, shares of Cemindia Projects Limited moved up by nearly 0.54 percent on BSE to Rs. 814.20 on Wednesday. The stock has delivered positive returns of around 51.54 percent in one year, and in the last one month, it gave a return of 17 percent.
Meanwhile, shares of PSP Projects Limited surged nearly 0.08 percent to Rs. 753.70 on BSE, with a market cap of Rs. 2,987.80 crores. The stock has delivered positive returns of around 16.27 percent in one year, and in the last one month, it gave a return of 11.46 percent.
Company Overview
Cemindia Projects Limited, previously known as ITD Cementation India Limited, was incorporated in 1978 and is engaged in the business of construction of a wide variety of structures like maritime structures, Mass Rapid Transport Systems (MRTS), dams & tunnels, airports, highways, bridges & flyovers and other foundations and specialised engineering work. The company has a presence across 14 states and 1 union territory in India, and is currently expanding its footprint with ongoing projects in Sri Lanka and Bangladesh.
Incorporated in 2008, PSP Projects Limited is a construction company engaged in the business of offering a diversified range of construction and allied services across industrial, institutional, government, government residential, and residential projects in India.
It is an integrated EPC company across the construction value chain from design, construction, mechanical, electrical, plumbing (MEP), Interior, and O&M services. PSP Projects has its construction presence in the states of Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra and New Delhi.
Order Book
As of Q1 FY26, Cemindia Projects reported an order book of Rs. 18,820 crores, with new orders worth over Rs. 2,900 crores secured during the quarter. Its client base is well-diversified, comprising Government (46 percent), PSU (7 percent) and Private Sector (47 percent).
Within the total order book, segmental contributions were as follows: Maritime Structures (36.8 percent), Industrial Structures & Buildings (23.8 percent), Urban Infrastructure, MRTS & Airports (22.2 percent), Hydro, Dams, Tunnels & Irrigation (7.7 percent), Highways, Bridges & Flyovers (5.1 percent), Foundation & Specialist Engineering (3.0 percent), and Water & Wastewater (1.4 percent).
On the other hand, PSP Projects reported an outstanding order book of Rs. 6,514 crore, reflecting a 11 percent YoY growth. The company has completed 243 projects and currently has 51 projects under execution.
Of the current order book, Adani projects account for 27 percent, while the remaining are non-Adani projects. As of June 2025, the order inflows stood at Rs. 107 crore. The company is actively engaged in various discussions and anticipates the confirmation of new projects in the near term.
Shareholding Pattern
In 2025, ITD Cementation India Limited was acquired by Renew Exim DMCC, an Adani Group entity, which, as per June 2025 BSE shareholding data, holds a 67.46 percent stake in the company. In the case of PSP Projects Limited, Adani Infra (India) Limited acquired 44,86,193 equity shares (11.32 percent) through an open offer from the public, along with 96,76,257 equity shares (24.41 percent) from the promoters.
As of August 2025, the promoter Adani Infra (India) Limited has a total stake of 34.41 percent in PSP Projects. These strategic investments provide Adani Group with a long-term ally for executing its planned $100 billion capex pipeline over the coming decade, while also ensuring equal rights and board representation. The move further enables Adani to prioritise and accelerate its infrastructure, energy, and construction initiatives.
Financials Performance
In Q1 FY26, Cemindia Projects experienced a marginal growth in the revenue from operations of Rs. 2,542 crores, a rise of around 2 percent QoQ and 7 percent YoY. Meanwhile, its net profit stood at Rs. 137 crores, representing an increase of around 20 percent QoQ and 37 percent YoY. Between FY22 and FY25, Cemindia revenue grew at a 3-year CAGR of nearly 34 percent, while net profit surged at a CAGR of over 75 percent.
On the other hand, PSP Projects reported a revenue from operations of Rs. 518 crores, a decline of around 23 percent QoQ and 17 percent YoY. Meanwhile, its net profit stood at Rs. 0.42 crores, representing a decrease of around 93 percent QoQ and 99 percent YoY. The company’s revenue grew at a 3-year CAGR of nearly 13 percent between the period of FY22 and FY25.
Management Guidance
Cemindia Projects expects to secure total orders worth Rs. 15,000–16,000 crore in FY26, of which about Rs. 4,000–5,000 crore have already been booked. For the year, management has guided for 20-25 percent revenue growth, with EBITDA margins maintained at ~10 percent and a planned capex of Rs. 280–300 crore (Rs. 89 crore already spent in Q1). Looking beyond FY26, the company has refrained from providing explicit guidance for FY27 and FY28, citing external uncertainties.
PSP Projects, on the other hand, is in active discussions with the Adani Group for projects worth Rs. 8,000–9,000 crore, with expected inflows of around Rs. 7,500–8,000 crore from the group in FY26. Management has maintained EBITDA margin guidance at 8–9 percent on a consolidated basis, with non-Adani projects expected at 9–10 percent.
No formal revenue guidance has been given for FY26 until Q2 ends, owing to the ramp-up nature of new projects and labour normalisation. Management expects operations to stabilise by Q2 and Q3, with meaningful revenue contribution from new Adani projects starting only in Q4, once execution moves beyond the basement and foundation phase.
For FY27, however, management is confident of achieving revenues of around Rs. 4,500 crore, supported by an order book that is expected to scale up to Rs. 13,000–14,000 crore post-inflows and execution.
Conclusion
As India pushes forward with its ambitious infrastructure roadmap, both Cemindia Projects and PSP Projects are strategically placed to benefit from the sector’s growth momentum and Adani Group’s massive capex pipeline.
Cemindia Projects and PSP Projects both hold strategic importance within Adani Group’s infrastructure ambitions, though they differ in scale and positioning. Cemindia boasts a larger and more diversified order book of Rs. 18,820 crore, backed by a strong 67.46 percent promoter stake from Renew Exim DMCC, along with consistent financial growth, stable margins, and clear FY26 guidance of 20–25 percent revenue growth supported by defined capex.
PSP Projects, with an order book of Rs. 6,514 crore and a 34.41 percent stake held by Adani Infra, is transitioning into higher-value projects with a balanced mix of Adani and non-Adani contracts. Despite weaker near-term performance, management expects stabilisation in FY26 and projects Rs. 4,500 crore in revenue by FY27, driven by a robust pipeline of Rs. 13,000–14,000 crore. For investors, Cemindia offers scale and stability, while PSP presents a growth-oriented EPC model with significant upside potential as Adani’s capex plans unfold.
Written by Shivani Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
