₹80.30 to ₹1,357: Adani Group Stock Turns ₹1 Lakh Into ₹17 Lakh in Just 5 Years
The share of this infrastructure company, which specialises in engineering, procurement and construction (EPC) projects across ports, metro rail, airports, highways and tunnels, is in focus after delivering multibagger returns of approximately 1,590 percent to shareholders in five years.
With a market capitalisation of around Rs 24,879 crore, Cemindia Projects Ltd (formerly ITD Cementation India Ltd) closed at Rs 1,357 on November 5, 2026. The stock has gained approximately 60 percent over the past year and is currently trading 18 percent below its 52-week high of Rs 1,650.
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On November 4th, 2021, the shares were trading at approximately Rs 80.30. Compared with the November 5, 2026 closing price of Rs 1,357, the stock has gained around 1,590 percent. For example, an investment of Rs 1 lakh five years ago would have grown to approximately Rs 17 lakh, excluding dividends.
About the Company
Cemindia Projects Ltd is engaged in engineering, procurement, and construction of heavy civil and infrastructure projects. Its operations cover maritime structures, metro rail systems, airports, highways, bridges, tunnels, dams, water infrastructure and industrial buildings.
The company has over nine decades of experience in the infrastructure sector. In May 2025, an Adani Group entity, Renew Exim DMCC, became its new promoter, bringing opportunities for synergies across ports, airports, energy, transport and data centres.
Q2 FY27 Financial Performance
The company reported strong consolidated financial performance in the September quarter, with revenue and net profit registering double-digit growth.
QoQ View : Revenue increased to Rs 2,749 crore in Q2 FY27 from Rs 2,721 crore in Q1 FY27, registering a 1 percent growth QoQ. EBITDA declined to Rs 267 crore in Q2 FY27 from Rs 275 crore in Q1 FY27, down 3 percent QoQ. Net profit declined to Rs 131 crore in Q2 FY27 from Rs 141 crore in Q1 FY27, down 7 percent QoQ. EPS declined to Rs 7.60 in Q2 FY27 from Rs 8.20 in Q1 FY27, down 7 percent QoQ.
YoY View: Revenue increased to Rs 2,749 crore in Q2 FY27 from Rs 2,195 crore in Q2 FY26, registering 25 percent growth YoY. EBITDA rose to Rs 267 crore in Q2 FY27 from Rs 202 crore in Q2 FY26, up 33 percent YoY. Net profit increased to Rs 131 crore in Q2 FY27 from Rs 108 crore in Q2 FY26, up 21 percent YoY. EPS increased to Rs 7.60 in Q2 FY27 from Rs 6.27 in Q2 FY26, up 21 percent YoY.
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Record Order Book of Rs 32,715 Crore
One of the major highlights of Cemindia's business is its growing order book, which provides visibility for future revenue generation.
As of September 30, 2026, the company reported an all-time high order book of Rs 32,715 crore, representing approximately 3.3 times its FY26 revenue of Rs 10,061 crore. It also secured fresh orders worth Rs 12,005 crore during H1 FY27, highlighting strong demand for its infrastructure execution capabilities.
The order book is diversified across eight business segments. Maritime structures contribute the largest share at Rs 7,529 crore, followed by urban infrastructure, metro and airports at Rs 6,432 crore and industrial structures and buildings at Rs 6,160 crore.
An emerging growth area is its data centre business, which accounts for Rs 4,905 crore or 15 percent of the total order book. The company is currently executing a 220 MW data centre project in Maharashtra and a 100 MW project in Andhra Pradesh.
Improving Financial Strength and Expansion
Cemindia has also reported consistent improvement in its financial performance over the past few years. Its revenue increased from Rs 3,809 crore in FY22 to Rs 10,061 crore in FY26, while net profit rose from Rs 69 crore to Rs 598 crore during the same period.
The company's return ratios have also improved, with RoCE reaching 33.5 percent and RoE standing at 28.2 percent in FY26.
Further strengthening its financial position, the company raised Rs 1,400 crore through a QIP in October 2026, which was subscribed approximately 2.3 times. Its credit ratings were also upgraded, with ICRA assigning AA (Stable), CARE assigning AA- (Stable), and CRISIL assigning AA (Stable). As of September 30, 2026, the company reported net debt of Rs 773 crore and a net debt-to-EBITDA ratio of 0.61 times.
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Conclusion
Cemindia Projects has demonstrated strong growth through increasing project execution, a record order book, and expansion into emerging infrastructure segments such as data centres. Its association with the Adani Group and improved credit ratings provide additional growth opportunities. However, investors should also consider margin compression, rising net debt and the stock's valuation before making investment decisions.