Adani-Backed Cemindia Projects Eyes ₹5,000 Cr. Via QIP

Cemindia Projects, the Adani Group's civil construction arm formerly known as ITD Cementation India, is considering raising up to ₹5,000 Cr. through a qualified institutional placement (QIP).

The company has reportedly appointed ICICI Securities and SBI Capital Markets to manage the offering and could launch it in the coming days.

The QIP comes following a board approval on 23 July to raise up to ₹5,000 Cr. via an issue of equity shares by the way of QIP, along with shareholder approval secured at an extraordinary general meeting earlier this month in August.

The company has been meeting institutional investors recently, and media reports also suggest that the timing and size of the issue could still change.

This move comes following a sharp run-up in the company’s stock price. It has rallied around 67% in 2026 so far.

In May 2025, the Adani Group’s Renew Exim DMCC became the company’s new promoter. Cemindia reported revenue of ₹10,061 Cr. for FY26.

The Road Ahead

Multiple tailwinds are working in the company’s favour at the moment:

• Record order book: As on 30 June 2026, Cemindia's order book stood at an all-time high of ₹31,307 Cr. across eight sectors and around 80 ongoing projects. A record order book gives multi-year revenue visibility.

• Ambitious targets: The company’s management is targeting a top-three spot in Indian EPC segment as its Adani-era phase is considered the next leg of growth.

• Higher-margin segments: It plans to prioritise projects related to data centres, high-speed rail and large-diameter tunnelling. These are areas which have lower competitive intensity.

It remains to be seen how all this pans out for the company. Its shares settled at ₹1,290 today, up 0.79%.

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