ITD Cementation India Limited (ITDCEM) AI Stock Analysis

• Market Cap: ₹108.41B
• Dividend Yield: 0.24%
• Average Volume (3M): 20.93K
• Price to Earnings (P/E): 24.3
• Beta (1Y): 0.72
• Revenue Growth: 9.20%
• EPS Growth: 30.96%
• Country: IN
• Employees: 30,965
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Engineering & Construction
• EPS (TTM): 6.27
• Shares Outstanding: 171,787,580
• 10 Day Avg. Volume: 12,889
• 30 Day Avg. Volume: 20,931
• PEG Ratio: 0.71
• Price to Book (P/B): 5.21
• Price to Sales (P/S): 1.05
• P/FCF Ratio: -379.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ₹691.00 ▼(-10.83% Downside)

The overall stock score of 68.9 reflects strong financial performance with robust revenue growth and profit margins. However, technical indicators suggest a neutral trend, and the high P/E ratio indicates potential overvaluation. The lack of earnings call data and corporate events limits additional insights.

Positive Factors

Specialized technical capabilities and fleet

ITD Cementation's focus on deep foundations, marine works and geotechnical packages reflects a durable competitive edge. Specialized equipment and technical execution create high entry barriers, support prequalification for large public tenders and sustain contract win probability over months.

Consistent revenue growth and improving margins

Sustained double-digit top-line growth and expanding gross and EBIT margins indicate stronger pricing, project mix and cost control. Such operational improvements suggest higher earnings durability across multi-year contracts and better absorption of fixed project costs.

Manageable leverage with improving returns

A modest D/E and rising ROE point to prudent capital structure and effective use of equity to generate profits. This balance supports continued bidding capacity and project execution while preserving financial flexibility for medium-term infrastructure cycles.

Negative Factors

Decline to negative free cash flow

Transition to negative FCF from higher capex reduces internal funding for working capital and new bids. For an EPC firm with long receivable cycles, sustained negative FCF increases reliance on external financing and could constrain capacity to scale or absorb project delays in the medium term.

Weak cash conversion of earnings

Only ~54% of reported net income converting to operating cash highlights retentions, receivables or timing gaps. Lower cash conversion pressure limits ability to self-finance contract advances and makes liquidity sensitive to billing cycles and slower collections over the coming quarters.

Debt level requires monitoring

Although D/E is moderate, management note that debt needs watching signals exposure to project-backed liabilities. With large project durations and working capital swings, rising leverage or refinancing stress could impair bidding competitiveness and increase financing costs.

ITD Cementation India Limited Business Overview & Revenue Model

Company Description

Cemindia Projects Ltd. engages in the construction of a wide variety of structures. Its areas of operations include maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers, and other foundations and specialized engineering work. The company was founded on June 24, 1978 and is headquartered in Mumbai, India.

How the Company Makes Money

ITD Cementation India Limited generates revenue primarily through the execution of contracts for civil engineering and infrastructure projects. The company's revenue model is based on fixed-price contracts, where it earns income from construction services provided to government bodies, private sector clients, and public-private partnerships. Key revenue streams include project management fees, construction services, and specialized engineering solutions. Additionally, ITDCEM benefits from strategic partnerships and joint ventures with other firms, allowing it to leverage combined expertise and resources on large projects. Factors contributing to its earnings include the growing demand for infrastructure development in India, government initiatives to boost construction, and the company's ability to secure contracts through competitive bidding.

ITD Cementation India Limited Financial Statement Overview

Summary

ITD Cementation India Limited demonstrates strong financial performance with impressive revenue growth and improving profit margins. The balance sheet remains robust with manageable leverage, but careful attention is needed on cash flow management due to recent declines in free cash flow. The company is well-positioned but should focus on enhancing liquidity to sustain growth.

Income Statement

The company shows strong revenue growth with a consistent increase over the past years, reaching 17.85% growth from 2024 to 2025. Gross profit margin stands at a healthy 35.14%, indicating efficient cost management. The net profit margin improved to 4.10%, reflecting better profitability. Notably, the EBIT margin increased significantly, showcasing effective operational management.

Balance Sheet

The balance sheet indicates a stable financial position with a debt-to-equity ratio of 0.52, which is manageable. The equity ratio at 28.18% shows a solid equity base. Return on equity improved to 20.34%, reflecting effective use of equity to generate profits. However, the level of debt warrants close monitoring to ensure financial flexibility.

Cash Flow

Cash flow analysis reveals a decline in free cash flow, reflecting increased capital expenditures. The operating cash flow to net income ratio is 0.54, indicating reasonable cash generation relative to net income. However, the negative free cash flow in 2025 is a concern and suggests potential liquidity challenges if not managed.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	92.58B	90.97B	77.18B	50.91B	38.09B	27.28B
Gross Profit	32.93B	31.77B	26.90B	18.40B	13.89B	10.71B
EBITDA	8.86B	8.61B	7.25B	3.81B	2.76B	1.82B
Net Income	4.10B	3.73B	2.74B	1.24B	688.05M	157.56M
Balance Sheet
Total Assets	0.00	65.05B	59.17B	50.17B	36.16B	31.88B
Cash, Cash Equivalents and Short-Term Investments	4.04B	4.04B	7.01B	4.74B	4.07B	1.40B
Total Debt	0.00	9.61B	8.89B	7.66B	5.60B	4.58B
Total Liabilities	-18.38B	46.66B	44.19B	37.75B	24.82B	21.20B
Stockholders Equity	18.38B	18.33B	14.94B	12.38B	11.31B	10.66B
Cash Flow
Free Cash Flow	0.00	-251.56M	3.48B	527.60M	2.28B	896.21M
Operating Cash Flow	0.00	2.03B	7.04B	4.71B	3.39B	2.35B
Investing Cash Flow	0.00	-2.45B	-4.19B	-4.38B	-247.37M	-841.49M
Financing Cash Flow	0.00	-2.09B	-1.23B	277.87M	-556.91M	-2.60B

ITD Cementation India Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 774.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ITDCEM, the sentiment is Neutral. The current price of 774.9 is above the 20-day moving average (MA) of 667.20, above the 50-day MA of 750.13, and above the 200-day MA of 756.21, indicating a neutral trend. The MACD of -33.75 indicates Negative momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 27.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ITDCEM.

ITD Cementation India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JINDALSAW	73 Outperform	₹112.81B	9.99	―	1.18%	-13.69%	-30.57%
ITDCEM	69 Neutral	₹108.41B	24.34	―	0.24%	9.20%	30.96%
MAHSEAMLES	68 Neutral	₹68.82B	8.19	―	1.82%	0.81%	-7.11%
NCC	64 Neutral	₹92.73B	11.68	―	1.37%	-5.66%	-4.66%
PARADEEP	62 Neutral	₹136.70B	11.93	―	0.62%	64.80%	151.92%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAIBALAJI	55 Neutral	₹62.45B	21.66	―	―	-13.11%	-69.18%