Adani Group stock with orderbook 175% higher than its market cap to add to your watchlist

The shares of a small-cap infrastructure company that is engaged in the business of providing design, engineering, procurement, and construction (EPC) services for infrastructure projects in India with order book dominating market capitalization to keep on your radar. 

Price Action 

The shares of ITD Cementation India Ltd, with a total market capitalization of Rs 9,589.18 Crore on Friday, closed at Rs 558.2 per share, which was 0.6 percent higher than the previous closing price of Rs 555. The shares have generated a return of 64 percent in the past year, 739 percent in the past three years, and 1,831 percent returns in the past five years.

Order Book

The company has a robust order book of Rs 19,893 Crore as of December 2024 and has secured orders worth Rs 6,370 Crore till February 2025. The company’s total order book, including orders secured till February 2025, stands at Rs 26,263 Crore, which is around 2.76 times its market capitalization of Rs 9,495.56 Crore.

 Its clientele comprises 50 percent from the Government, 8 percent from PSU, and 42 percent from the Private sector. The management anticipates a total order inflow of around Rs 9,000 Crores for FY25 and has given a target of Rs 12,000 to Rs 13,000 Crores for FY26. 

The company’s order book is spread across multiple sectors, including Maritime Structures, Industrial Structures and Buildings, Urban Infrastructure, MRTS and Airports, Highways, Bridges and Flyovers, Hydro, Dams, Tunnels and Irrigation, Foundation and Specialist Engineering, and Water and Waste Water. Maritime Structures and Industrial Structures and Buildings are the primary contributors, making up approximately 59 percent of the total order book.

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Management Guidance

The management is optimistic about order inflow and revenue growth, maintaining a long-term revenue growth guidance of 20 to 25 percent annually. The management also believes that the new promoter of the company is expected to bring in additional opportunities and investments, particularly in green energy and infrastructure sectors. 

Areas of Operations

The company operates in various areas like Industrial Structures and Buildings, Hydro, Dams, Tunnels and Irrigation, Foundation and specialist engineering, and water and waste water segments. 

Financials 

The company reported an 11.3 percent increase in revenue from operations from Rs 2,017 Crore in Q3FY24 to Rs 2,245 in Q3FY25. Their Net Profit also increased by 11 percent YoY from Rs 79 Crore to Rs 87 Crore over the same period. 

About ITD Cementation Ltd

ITD Cementation Ltd is a leading construction and engineering company specializing in infrastructure projects across various sectors, including transportation, urban development, and industrial works. The company is known for its expertise in executing large-scale projects such as bridges, tunnels, and marine structures. The company has a robust presence in both domestic and international markets.

As of January 2025, Renew Exim DMCC, a Dubai-based entity of the Adani Group, acquired a 46.64 percent stake in ITD Cementation India Limited from its promoters. Additionally, an open offer was made to purchase a further 26 percent from public shareholders, potentially increasing the Adani Group’s total holding to approximately 72.64 percent in ITD Cementation.

Written By Adhvaitha Nayani

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