📈 1. Company Growth and Financials
YoY and QoQ Growth:
Q3 FY25 (Oct-Dec 2024):
- Revenue: ₹2,245 crore — up 11% YoY (from ₹2,017 crore in Q3 FY24)
- EBITDA: ₹214 crore — up 5% QoQ (from ₹204 crore in Q2 FY25)
- PAT: ₹87 crore — up 11% YoY (from ₹79 crore in Q3 FY24)
9M FY25 (Apr-Dec 2024):
- Revenue: ₹6,617 crore — up 21% YoY
- EBITDA: ₹655 crore — up 16% YoY
- PAT: ₹259 crore — up 41% YoY
Performance Over the Last 3-5 Years:
Revenue Growth:
- Mar ’21: ₹2,728 crore
- Mar ’22: ₹3,809 crore
- Mar ’23: ₹5,091 crore
- Mar ’24: ₹7,718 crore
- 9M FY25: ₹6,617 crore — on track to cross ₹8,000 crore for FY25
Profit After Tax (PAT):
- Mar ’21: ₹69 crore
- Mar ’22: ₹125 crore
- Mar ’23: ₹274 crore
- Mar ’24: ₹259 crore (9 months into FY25)
ITD Cementation has shown consistent revenue growth with a CAGR of ~35% over the past 3 years. PAT has more than tripled from FY21 to FY24, reflecting strong profitability and operational efficiency.
📚 2. Order Book and Business Expansion
Order Book:
- Current Order Book (Dec ’24): ₹19,893 crore — multi-year revenue visibility
- Growth in Order Book:
- Mar ’21: ₹11,732 crore
- Mar ’22: ₹15,548 crore
- Mar ’23: ₹20,044 crore
- Mar ’24: ₹19,918 crore
- Dec ’24: ₹19,893 crore
- Order book CAGR (last 4 years): 18%
Business Expansion:
New Business Verticals:
- Near Shore Reclamation and Shore Protection (₹1,648 crore order for Vadhvan Port, Maharashtra)
- Residential Infrastructure — ₹1,048 crore contract for a residential colony in New Delhi
- Metro Projects — expanding underground metro and station work in cities like Chennai, Bengaluru, Mumbai, and Kolkata
Geographic Expansion:
- Executing international projects in Bangladesh and Sri Lanka
- Strong presence in 13 states and 1 union territory
While the order book slightly contracted from ₹20,044 crore to ₹19,893 crore, the company is strategically entering new verticals like coastal protection and metro infrastructure, solidifying its diversification.
📊 3. Future Projections
Revenue and Profit Forecast:
The company expects double-digit growth in revenue and profits, driven by:
- Maritime projects — ₹7,174 crore in ongoing orders
- Industrial structures — ₹4,627 crore
- Metro and urban infrastructure — ₹3,151 crore
Major Pipeline Projects:
- Greenfield Vadhvan Port — ₹1,648 crore
- Dahej LNG Terminal (Third Berth) — ₹917 crore
Strategic Partnerships:
- Promoter Support: Italian-Thai Development Public Company Ltd (ITD) provides access to global tech and engineering expertise.
- Client Mix:
- Government: 50%
- PSU: 8%
- Private Sector: 42%
The company’s partnerships and high-value projects in both public and private sectors signal strong future revenue visibility.
📉 4. Debt and Financial Health
Debt to Equity Ratio:
- Mar ’21: 0.38
- Mar ’23: 0.58
- Dec ’24: 0.56
Debt Levels:
- Mar ’21: ₹1,069 crore
- Mar ’24: ₹1,498 crore
- Dec ’24: ₹1,724 crore
Net Worth:
- Mar ’21: ₹409 crore
- Mar ’24: ₹963 crore
While debt levels have increased, the Debt-to-Equity ratio remains steady around 0.56. The growing net worth signals strong balance sheet management.
🌍 5. Market Size and Opportunities
Total Addressable Market (TAM):
India:
- ₹111 lakh crore allocated under the National Infrastructure Pipeline (NIP)
- Strong focus on ports, metros, and highways
Global:
- Expansion into Bangladesh, Sri Lanka, and Africa
- Strong presence in maritime and metro infrastructure sectors
Sector Opportunities and Risks:
Opportunities:
- Maritime growth — ₹7,174 crore order book reflects high demand for coastal infrastructure
- Metro projects — rapid urbanization fueling metro station and tunnel construction
Risks:
- Interest rate fluctuations affecting debt servicing
- Raw material cost inflation impacting profit margins
The infrastructure boom in India combined with global maritime expansion provides a robust growth trajectory for ITD Cementation.
📊 6. Regulatory and Market Influences
Regulatory Factors:
- No mention of ASM listing or SEBI actions
Promoter Holding:
- Dec ’24: 46.6%
- Sep ’24: 46.6%
➡️ Stable promoter holding — indicating confidence in the company’s future
FII Holding:
- Dec ’24: 17% — down from 21% in Sep ’24
➡️ Suggests foreign institutional outflows — possibly linked to global market corrections
The company appears clear of regulatory issues, though FII exits could signal broader macroeconomic concerns.
📈 7. Technical Analysis
Support and Resistance Levels:
- Support Levels: ₹420
- Resistance Levels: ₹690
RSI:
- RSI: 45 — neutral zone
Moving Averages (MA):
- 50-day MA — below current price (indicating short-term weakness)
- 200-day MA — above current price (showing long-term support)
➡️ Forecast:
The neutral RSI coupled with FII outflows hints at short-term volatility, though long-term support levels remain strong.
