Cemindia Projects Ltd Management Discussions

Company Overview

Cemindia Projects Limited (formerly ITD Cementation India Limited) brings over nine decades of proven expertise and is one of the leading players in the construction sector. Our legacy is anchored in engineering excellence, quality execution, deep domain knowledge, adoption of advanced technologies, modern construction methodologies and the strength of a highly skilled workforce.

We undertake large, complex EPC projects and consistently deliver value in a dynamic and evolving infrastructure landscape. Our capabilities span a broad spectrum of heavy civil and EPC sectors, including Maritime Structures; Urban Infrastructure, MRTS and Airports; Industrial Structures and Buildings; Highways, Bridges and Flyovers; Data Centre; Hydro, Dams, Tunnels and Irrigation; Water and Wastewater; and Foundation and Specialist Engineering. As a trusted partner in nation-building, we maintain a strong pan-India presence with active projects across 16 states, along with overseas operations in Bangladesh, Sri Lanka and UAE. Cemindia was acquired by Renew Exim DMCC, an Adani Group Entity in May 2025. This integration marks a transformative milestone in our journey. It enables strong strategic synergies through access to Adanis extensive infrastructure ecosystem spanning ports, airports, power, transport, logistics, data centre, thereby enhancing operational efficiency, strengthening execution capabilities and unlocking new avenues of business growth across core and emerging sectors.

As Cemindia embarks on its next phase of growth, we are placing sharper focus on digital transformation, ESG integration and sustainable construction practices. This strategic orientation reinforces our commitment to responsible infrastructure development and to contributing meaningfully towards the vision of a Viksit Bharat.

Global Economic Review 1

The global economy demonstrated measured resilience in 2025 amid persistent trade tensions, geopolitical realignments, and policy uncertainties. Growth was supported by moderating inflation, accommodative financial conditions and sustained public and private investments. According to the World Economic Outlook of the International Monetary Fund (IMF), global GDP growth is estimated at approximately 3.4% in 2025 and is projected at 3.1% in 2026, before moderating marginally to 3.2% in 2027. While advanced economies experienced moderate expansion amid tight labour markets and gradual monetary easing, emerging and developing economies continued to anchor global growth, supported by domestic demand, infrastructure investments and resilient services sectors.

Global inflationary pressures eased during the year, with headline inflation trending downward as supply chains normalised and commodity prices stabilised. However, inflation is expected to converge to target levels at a gradual pace in several advanced economies. Central banks have largely shifted toward a more neutral stance, although policy divergence remains across regions. Financial markets stabilised relative to prior volatility, supported by improved liquidity conditions and easing interest rate cycles.

Overall, the global outlook reflects moderate but steady growth, easing price pressures and a cautiously optimistic investment climate, balanced against ongoing macroeconomic and geopolitical risks.

GDP Growth (%)	FY25	FY26 (P)	FY27 (P)
World	3.4	3.1	3.2
Advanced Economies	1.9	1.8	1.7
Emerging Market and	4.4	3.9	4.2
Developing Economies

Indian Economic Review 2

India continued to demonstrate strong macroeconomic resilience in FY 2025-26, reinforcing its position as one of the fastest-growing major economies globally. Against a backdrop of global uncertainty, growth was supported by robust domestic demand, sustained public capital expenditure, resilient services activity, and a gradual recovery in private investment.

Inflation moderated significantly during the year, with headline CPI of 3.4% in March 2026. Lower inflation supported macroeconomic stability, strengthened consumer purchasing power and eased input cost pressures for industry.

The Government continued to prioritise infrastructure-led growth. The Union Budget 2026-27 provides a record public capital expenditure outlay of H 12.2 lakh crores, reinforcing investments in transport, logistics, urban infrastructure and connectivity. This increase capex is expected to strengthen productivity, enhance asset creation and stimulate private investment across sectors. Fiscal consolidation remains on track, with the fiscal deficit targeted at 4.3% of GDP in BE 2026-27.

Looking ahead, Indias medium-term outlook remains positive, with 2026-27 growth projected at 6.9%, supported by continued reforms, infrastructure expansion and deeper integration into global value chains.

Sectoral Review

Indian Construction Sector

The Indian construction sector continued to expand steadily in FY 2025–26, supported by sustained public capital expenditure, improving private sector participation and strong policy emphasis on infrastructure creation. With infrastructure development at the core of Indias growth strategy, the sector remains a key enabler of economic expansion, employment generation and urban transformation.

Government-led investments in roads, railways, metros, airports, ports, irrigation, and urban infrastructure have provided strong order visibility across sectors. The record capital expenditure allocation in the Union Budget 2026–27 further reinforces the long-term pipeline of projects, ensuring continued momentum in core infrastructure development. The roads and highways sector continues to witness healthy project awards under national programmes, while the railways and metro segments are benefiting from network expansion, station redevelopment and dedicated freight corridors. Investments in maritime infrastructure, inland waterways, and port modernisation are strengthening Indias logistics competitiveness.

Urban infrastructure and water management projects are gaining traction under various central and state initiatives, with a growing focus on sustainability, resilience and smart city development. The push towards renewable energy, data centre, industrial corridors is also creating new opportunities in industrial and specialised construction.

Private sector participation is gradually strengthening, particularly in industrial, commercial, and data centre sector, supported by stable macroeconomic conditions and improved access to financing.

Overall, the construction sector is expected to maintain strong growth momentum, driven by policy continuity, increasing urbanisation, rising infrastructure intensity and supply chain diversification.

Ports and Marine 3

Indias ports and marine sector continued to witness steady expansion in FY 2025–26, supported by rising trade volumes, capacity augmentation, and sustained policy focus on maritime infrastructure. As a key enabler of logistics competitiveness and export growth, the sector remains integral to Indias infrastructure-led development strategy.

Over the past decade, Indias total port capacity has nearly doubled from 1,400 million metric tonnes per annum (MMTPA) to approximately 2,762 MMTPA, reflecting substantial investments in modernisation and expansion. Capacity augmentation, mechanisation, and digitalisation initiatives have significantly improved vessel turnaround times and operational efficiency across major ports.

The Maritime India Vision 2030 outlines projected investments of H 3–3.5 lakh crores across ports, shipping, and inland waterways.

The Sagarmala Programme, a flagship initiative under this vision and aligned with Maritime Amrit Kaal Vision 2047, aims to reduce logistics costs, enhance trade efficiency, and generate employment through smarter and greener transport networks. Under Sagarmala, 840 projects worth H 5.8 lakh crores are planned for implementation by 2035, of which 272 projects worth H 1.41 lakh crores have been completed and 217 projects worth H 1.65 lakh crores are currently under execution.

Looking ahead, the ports and marine sector is poised for sustained growth, driven by continued infrastructure investments, increasing private participation, green port initiatives, and digital transformation. With strong policy momentum and expanding trade integration, India is steadily positioning itself as a global maritime and shipbuilding hub. Cemindia Projects Limited has established amongst the leading player in maritime structures, which represents the Companys largest vertical, backed by decades of expertise in executing complex marine works including berths, jetties, breakwaters, LNG terminals across India and overseas. Leveraging advanced construction methodologies and integrated EPC capabilities, the Company is well positioned to capitalise on expanding opportunities in the sector.

Metro Rail and Airports 4&5

Indias metro rail and airport sectors continued to expand in FY 2025–26, driven by rapid urbanisation, rising mobility needs and sustained public investment in transport infrastructure. These sectors remain central to enhancing urban productivity, reducing congestion and supporting economic growth across major cities.

The metro rail network has witnessed significant expansion over the past decade, with operational and under-construction corridors spanning multiple Tier I and Tier II cities. Ongoing investments in new lines, extensions and transit-oriented development are strengthening last-mile connectivity and promoting sustainable urban mobility.

The sector continues to benefit from policy support, multilateral funding, and increased adoption of advanced construction technologies for underground and elevated corridors. Indias metro rail network has increased from 248 kms in 2014 to 1,013 kms in 2025. The average daily ridership has climbed from 28 lakh in 2014 to over 1.12 crores, making it a transformative shift in urban commuting. The annual metro budget increased by 6 times from H 5,798 crores in 2014 to H 34,807 crores in 2025-26. Cemindia Projects Limited is one of the leading players in the execution of elevated and underground metro rail projects, with a strong execution track record across major urban centres including Bengaluru,

Kolkata, Delhi, Jaipur, Nagpur, Mumbai, Chennai, and Pune. The Company has successfully delivered and continues to execute complex metro infrastructure, demonstrating proven capabilities in viaducts, stations, and underground works. India has emerged as the worlds third-largest domestic aviation market, with the number of airports increasing from 74 in 2014 to 164 in 2025. In FY 2025-26, Indian airports handled 412 million passengers and the same is projected to increase to 665 million by FY 2030-31. Further, air cargo volume grew from 2.53 MMT in FY15 to 3.72 MMT in FY 2025-26. The airport sector has also recorded strong momentum under capacity expansion and modernisation initiatives.

Passenger traffic has steadily recovered and grown, prompting development of new greenfield airports, terminal expansions and airside infrastructure upgrades. The Governments focus on regional connectivity through the UDAN scheme and airport privatisation initiatives has enhanced accessibility and private sector participation.

Cemindia also has a strong track record in airport modernisation projects for the Airports Authority of India, including works at Kolkata, Trichy and Pune airports. Additionally, the Company has executed projects for private operators, such as the Adani Group, at the Ahmedabad, Jaipur, and Trivandrum airports, reinforcing its credentials in large-scale aviation infrastructure development. With a strong infrastructure pipeline, technological integration, and emphasis on sustainability, including energy-efficient stations and green airport designs, the metro rail and airport sectors are poised for sustained long-term growth, offering significant opportunities in civil construction, tunnelling, elevated structures and terminal development, and Cemindia is well positioned to capitalise on the opportunities.

Road Transport 6

India has the second-largest road network in the world, spanning over 6.6 million kilometres, forming the backbone of the countrys transport and logistics ecosystem. Roads carry nearly 65% of freight and about 90% of passenger traffic, underscoring their critical role in economic integration and regional development.

Over the past decade, significant emphasis has been placed on highway expansion and quality upgradation. The length of National Highways has increased substantially, supported by flagship programmes such as Bharatmala Pariyojana covering a length of 34,800 kms with an estimated cost of H 5.3 lakh crores, which focuses on economic corridors, border roads, coastal connectivity and expressways. The pace of highway construction has remained strong, reflecting improved project execution models and enhanced private sector participation.

The development of access-controlled expressways, multi-lane corridors, and greenfield alignments has strengthened inter-city connectivity and reduced logistics costs. Simultaneously, rural road connectivity under programmes such as Pradhan Mantri Gram Sadak Yojana (PMGSY) has enhanced last-mile access and supported inclusive growth.

Looking ahead, continued public capital expenditure, asset monetisation through InvITs, and adoption of digital project monitoring systems are expected to sustain growth in the roads sector. With rising freight demand, industrial corridor development and urban expansion, Indias road network remains central to its long-term infrastructure and economic strategy. Cemindia Projects Limited has a proven track record in the execution of National Highways and major river bridges, demonstrating strong capabilities in large-scale road infrastructure development.

Industrial Structures and Buildings

The Industrial Structures and Buildings continued to demonstrate steady momentum during FY 2025-26, supported by sustained investments in manufacturing, logistics, energy and core infrastructure. The sector remains a critical enabler of Indias industrialisation agenda, benefiting from policy-led capital expenditure, supply chain realignment and increased private sector participation. Indias industrial construction activity is closely aligned with national initiatives such as Make in India, the Production Linked Incentive Scheme (PLI), and the National

Infrastructure Pipeline (NIP), which collectively aim to expand manufacturing capacity, strengthen logistics networks and enhance infrastructure competitiveness. With a robust order book, technical depth, and strengthened institutional backing, Cemindia Projects Limited is well positioned to capitalise on emerging opportunities in industrial infrastructure and manufacturing-led development.

Data Centre

The Indian data centre sector continues to emerge as one of the fastest-growing sectors within digital and core infrastructure, driven by accelerating digital adoption, cloud computing expansion, artificialintelligence

(AI) workloads and regulatory imperatives around data localisation. India is rapidly positioning itself as a strategic digital infrastructure hub in Asia, supported by strong structural demand fundamentals and sustained capital commitments multi-disciplinary coordination enhances its capability to deliver projects with reliability and quality.

Foundation and Specialist Engineering

The increasing complexity of urban infrastructure and the need for resilient structures across geotechnically diverse terrains are driving sustained demand in the foundation and specialist engineering segment. Rapid urbanisation, underground transit systems, coastal infrastructure and energy projects require advanced geotechnical solutions and precision engineering. The PM GatiShakti National Master Plan has institutionalised integrated infrastructure planning, including improved geotechnical mapping and digital project monitoring frameworks. This coordinated approach is expected to reduce execution risks and enhance project visibility across large-scale infrastructure such as high-speed rail corridors, deep-sea ports, metro rail systems and ultra-mega power projects. Cemindia Projects Limited has a long-standing legacy in foundation engineering and complex ground solutions, forming a key pillar of its diversified infrastructure portfolio. The Companys in-house engineering expertise, specialised equipment fleet, and experienced technical teams enable execution of technically demanding assignments with high precision.

Water and Wastewater

Government initiatives such as the Jal Jeevan Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the

Namami Gange Programme are driving large-scale development of drinking water supply systems, sewerage networks, river rejuvenation projects and wastewater treatment facilities. In parallel, stricter discharge norms and environmental compliance requirements are accelerating investments in sewage treatment plants (STPs), effluent treatment plants (ETPs), and water recycling infrastructure across municipal and industrial clusters. The Water and Wastewater vertical represents a structurally resilient and policy-driven opportunity within Cemindia

Projects Limited diversified infrastructure portfolio.

Business Review and Outlook

Cemindia Projects Limited sustained its growth momentum in FY 2025-26. For the year ended March 31, 2026, the Company reported revenue from operations of H 10,061 crores, registering a 9% year-on-year increase. Meanwhile, profitability surged, with EBITDA rising 28% to H 1,199 crores and

Profit After Tax (PAT) growing by 60% to H 598 crores. This performance was driven by strong execution and disciplined cost management, which culminated in a credit rating upgrade to A+ (Stable) from both CARE and ICRA.

We continue to maintain a well-diversified, record-high order book of H 24,545 crores as of March 31, 2026, providing multi-year revenue visibility. During the year we secured new contracts totalling H 14,821 crores across key sectors, including maritime structures, metro rail, airports, data centre, etc.

A significant strategic milestone during the year was the acquisition of a 67.5% stake in the Company by Renew Exim DMCC, an Adani Group Entity. This development has enhanced the Companys financial flexibility and strengthened operational synergies, enabling it to participate more effectively in the extensive infrastructure pipeline within the Adani ecosystem. The broader infrastructure environment in India remains supportive. The countrys strategy reflects a calibrated shift toward scale, integration and asset quality with sustained public capital expenditure acting as a strong growth catalyst. Coordinated investments across roads, railways, ports and digital infrastructure are improving logistics efficiency and reducing transit times. The institutionalisation of integrated planning under the PM GatiShakti National Master Plan, alongside reforms in infrastructure financing and asset monetisation, has strengthened execution frameworks and encouraged private sector participation.

Enhanced transport connectivity is improving market access and enabling greater participation in global value chains. At the same time, infrastructure development is expanding to include digital public infrastructure and clean energy systems, supporting productivity and sustainability. Sustaining investment momentum and aligning infrastructure development with priorities such as decarbonisation and digitalisation will be critical to advancing Indias long-term development vision under Viksit Bharat@2047.

Financial Performance

Particulars	Standalone ( K FY26	in crores) FY25	Consolidated ( K FY26	in crores) FY25
Revenue from Operations	9,983	9,246	10,061	9,246
EBITDA	1,193	939	1,199	939
PAT	594	373	598	373
EPS (in H)	34.6	21.7	34.8	21.7
Net Profit (%)	5.9	4.0	5.9	4.0
Interest Coverage Ratio	4.8	3.1	4.8	3.1
Return on Net Worth (%)	28.1	22.4	28.2	22.4
Gross Debt Equity Ratio	0.4	0.5	0.4	0.5
Current Ratio	1.3	1.2	1.2	1.2
Debtors Turnover (days)	43	36	44	36

Risk Management and Mitigation

Cemindia Projects Limited employs a proactive risk management framework to safeguard operations, foster sustainable growth and meet long-term goals. It focuses on detailed geotechnical planning and digital monitoring to reduce risks in complex infrastructure projects. Institutionalising these standards helps the Company maintain project quality and durability in challenging environments.

Risk Assessment and Mitigation Strategy

Cybersecurity

Impact	Mitigation
Data breaches, intellectual property theft, project delays, and damage to reputation and financial performance.	Implementing robust cybersecurity measures like:
	y Multi-factor authentication (MFA) across all systems
	y Regular security audits and vulnerability assessments (VAPT); providing cybersecurity awareness training to all employees; maintaining robust IP clauses in contracts with third parties; monitoring unauthorised data access; and sharing using DLP (Data Loss Prevention) tools

Retention of Skilled Manpower

Impact	Mitigation
Quality of work, competitiveness,	Recruiting right talent, Providing training and development
project delays and reduced	opportunities, while creating a positive work culture and offering
efficiency.	competitive compensation packages

Cost of Inputs

Impact	Mitigation
Increased project cost and reduced profitability.	y Anticipating and building provisions while bidding for projects and widening our supplier database
	y Conducting past trend analysis of indices to build adequate provisions in the estimate
	y Use of latest construction technology and design to achieve speedy construction at reduced cost.

Competition

Impact	Mitigation
Price pressure, reduced margins and increased competition for	y Focus on niche markets and continuous upgrades to go to markets with less competition
limited projects.	y Focus on digitalisation, automation and technology upgradation to improve efficiency and reduce cost of operation

Capital Risk

Impact	Mitigation
Increased cost of capital, cash flow constraints	Strengthen operating cash flows through disciplined working-capital management, maintaining robust liquidity buffers, including adequate cash balances and committed undrawn credit lines. Maintaining a prudent mix of domestic banks to reduce pricing concentration risk.

International Business Risks

Impact	Mitigation
Currency risks, availability of skilled manpower, political instability and regulatory changes	Having a clear understanding of the overseas market, forward contracts and currency options, focus on government backed and multilateral funded projects, political risk insurance, diversification and responsible technology use

Contract Risk

Impact	Mitigation
Financial losses and legal liabilities.	y Conducting thorough contract reviews, negotiating favourable contract terms and ensuring compliance with contract requirements
	y Trying and resolving disputes amicably as soon as they arise

Internal Controls and Assurance Mechanisms

The Company has implemented a robust internal control framework to safeguard assets, mitigate risks and ensure compliance with applicable regulations. Regular evaluations of our Internal Control Systems (ICS) are undertaken to assess effectiveness and respond to evolving business challenges. Standardised policies are embedded into operational workflows, enabling early detection of errors and potential fraud, and maintaining financial discipline and a culture of adaptability and continuous improvement.

Human Resource Development and Industrial Relations

Building a competent talent pool and maintaining harmonious industrial relations remain central to Cemindia Projects Limited long-term strategic objectives. The Company continues to invest in structured training and capability-building programmes to equip employees with the technical expertise and leadership skills required to execute complex engineering and construction projects. A performance-driven and collaborative work environment fosters innovation, strengthens employee engagement, and supports long-term talent retention. Continuous learning, leadership development, and knowledge-sharing initiatives remain integral to organisational growth.

Safety remains non-negotiable across all operations. The Company places strong emphasis on achieving safe man-hours through regular training sessions, toolbox talks, and comprehensive EHS and IMS audits. With rigorous safety protocols, real-time monitoring, and strong site-level supervision, Cemindia Projects Limited is committed to a zero-harm culture while maintaining benchmark injury frequency rates across projects.

Sustainability and Corporate Social Responsibility

The Company integrates Environmental, Social and Governance (ESG) principles into project design and execution to create long-term sustainable value. Environmentally, it focuses on reducing its carbon footprint through the use of renewable energy at sites, recycling treated wastewater, and promoting resource circularity by reusing steel and surplus concrete. Waste minimisation and energy-efficient construction practices are embedded in operations.

Socially, the Company supports vocational training centres, classroom construction, organic farming initiatives, sewage treatment facilities, multi-skill labs, and healthcare programmes such as free eye check-ups, contributing to community development around project locations.

These initiatives are anchored by a strong governance framework that emphasis transparency, ethical conduct, compliance, and accountability across the organisation.

Disclosure of Accounting Treatment

The financial statements have been prepared in accordance with all applicable accounting standards.

Disclaimer

Certain statements in the MDA section, concerning prospects, may be forward-looking statements, which involve a number of underlying identified/non-identifiedrisks and uncertainties that could cause actual results to differ materially. In addition to the foregoing changes in the macro environment, global challenges may pose an unforeseen, unprecedented, unascertainable and constantly evolving risk(s), inter-alia, to the Company and the environment in which it operates. The results of these assumptions made, relying on available internal and external information, are the basis for determining certain facts and figures stated in the Report.

Since the factors underlying these assumptions are subject to change over time, the estimates on which they are based, are also subject to change accordingly. These forward-looking statements represent only the Companys current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.