Synopsis: CemIndia Projects is emerging as a key execution partner for the Adani Group, supporting its expansion across data centres, ports, airports and power infrastructure. With strong civil engineering capabilities, rising exposure to high-value EPC work and a balanced order book, the company is well placed to benefit from Adani’s long-term capex plans.
As the Adani Group steps up investments across data centres, ports, airports and power infrastructure, execution capability becomes just as critical as capital. Large ambitions on paper only translate into assets on the ground when there is a trusted contractor that understands complex projects, tight timelines and scale. This is where CemIndia Projects is quietly gaining relevance within the group’s ecosystem, raising an important question about its role in Adani’s next growth phase?
CemIndia Projects Limited, earlier known as ITD Cementation India Limited, is an engineering and construction company that is now part of the Adani Group. With operations in India spanning nearly nine decades, the company has built a strong track record in executing large and complex infrastructure projects across multiple sectors. Its core strengths lie in heavy civil engineering and EPC execution, with presence in ports and maritime infrastructure, metro and rail-based mass transit systems, airports, highways, bridges and flyovers, as well as tunnels, dams and irrigation projects.
In the maritime and transport space, CemIndia has executed a wide range of specialised works including jetties, berths, wharfs, breakwaters, dry docks, ship lifts, dredging and land reclamation projects, along with coastal protection structures. Its urban infrastructure capabilities cover elevated and underground metro systems, station buildings, track works and integrated passenger terminals for airports. The company is also active in building national highways, river bridges, flyovers and pre-stressed box girders, supporting large-scale connectivity and logistics infrastructure.
Beyond transport infrastructure, CemIndia has developed expertise in industrial and utility-focused projects. This includes institutional and commercial buildings, factories and warehouses, hydro-electric power projects, dams, tunnels, intake structures, pressure shafts and irrigation systems. In recent years, the company has expanded into data centre EPC, covering shell and core construction, mechanical, electrical, plumbing and fire systems, along with testing and commissioning.
It also undertakes specialised foundation and ground engineering works such as diaphragm walls, slope stabilisation and rehabilitation, as well as water and wastewater projects including treatment plants, sewerage systems and micro-tunnelling, reinforcing its position as a diversified infrastructure execution player.
How CemIndia Is Powering Adani’s Infra Ambitions
CemIndia Projects is steadily emerging as a key execution arm for the Adani Group’s expanding infrastructure ambitions across ports, airports, power and data centres. Over the last few quarters, the company has moved beyond being a traditional civil contractor to positioning itself at the centre of Adani’s next phase of large-scale asset creation, with a clear focus on high-value, long-visibility segments.
Data Centres: Where Adani’s Digital Push Meets CemIndia’s Execution
The data centre vertical is a key pillar of how the Adani Group is using CemIndia Projects to support its long-term infrastructure plans. The company has already launched this segment, secured orders worth around Rs. 1,400-1,500 crore and started execution. This comes at a time when Adani Enterprises is aggressively scaling its data centre business, with plans to reach 1 gigawatt of capacity by 2030 and a recently announced investment tie-up with Google in Vizag. These large capital plans at the group level are directly translating into execution opportunities for CemIndia.
In terms of order visibility, around 25-26 percent of CemIndia’s overall order book comes from Adani Group companies, while nearly 50 percent of the current order inflow and L1 positions of roughly Rs. 11,000 crore are linked to Adani projects. Data centre orders form an important part of this mix. While the civil construction portion typically accounts for about 25-30 percent of a data centre project, the remaining value lies in the electromechanical scope, which CemIndia is now gradually taking on.
The company has already started work on a data centre project in Navi Mumbai (AdaniConneX) for the group and is building in-house capability by hiring specialised teams and working with consultants to handle both design and execution.
Management expects the data centre vertical to contribute at least 15 percent of the total order book over the next two years. Execution timelines for data centre projects are also clearly defined, with the civil construction phase typically taking around 16-17 months, followed by another 6-7 months for full commissioning.
Despite the higher level of subcontracting involved in electromechanical works, management expects margins to remain broadly in line with the company’s standard civil construction margins. In the initial phase, most data centre orders are expected to come from the promoter group, with CemIndia planning to gradually bid for external data centre projects once execution capability and integration across the EPC chain are fully established.
Ports and Marine Projects: Core Strength Remains Intact
Ports and marine infrastructure remain one of the strongest pillars of CemIndia’s business and form a natural backbone for the Adani Group’s coastal and logistics expansion. The company has secured multiple large marine orders, including an approximately Rs. 800 crore project from JSW Ports in Odisha, a Rs. 400 crore breakwater project at Vizhinjam Port from the promoter group, and a port project in Abu Dhabi valued at around Rs. 700 crore.
In addition, a larger breakwater package of close to Rs. 1,000 crore at Vizhinjam is currently in the pipeline, providing strong medium-term visibility. As Vizhinjam Port continues to expand, management expects further opportunities from future extensions, given that the asset is owned by the promoter group.
CemIndia’s competitive strength in this segment comes from decades of hands-on experience and deep technical capability. The company has been executing marine projects since 1989, and most of the senior technical team that built this vertical continues to remain with the organisation, ensuring continuity of knowledge and execution skills. Over the years, CemIndia has developed specialised marine equipment and in-house engineering expertise, which is critical because each marine project requires customised design, technology planning and execution. This combination of experience, equipment and engineering depth is a key differentiator versus other contractors.
Looking ahead, CemIndia is well positioned to benefit from upcoming opportunities in shipbuilding-related infrastructure and large greenfield ports. The government’s plans to develop shipbuilding clusters are closely linked to port-led development, requiring complex civil structures such as dry docks, wet basins, ship lift facilities and slipways. CemIndia has already executed similar specialised projects at Project Sea Bird, Project Varsha, Garden Reach and ABG Dahej, giving it proven credentials in this space.
The company has also secured the first contract at the upcoming Vadhvan Port and has commenced work, and management expects to remain involved as the project scales up. Together, these marine and port projects underline how CemIndia is being used as a key execution platform for Adani’s long-term port and coastal infrastructure ambitions.
Airports and Urban Infrastructure Add Scale
In the airport segment, CemIndia has received orders worth around Rs. 1,300 crore across projects in Jaipur and Trivandrum. These projects add diversification to the order book while aligning with Adani’s broader push into aviation infrastructure. Airports typically offer a balanced mix of civil works, providing steady execution visibility without excessive concentration risk.
Alongside airports, the company is also focusing on large-diameter tunnels and urban infrastructure, which management sees as another long-term growth avenue. These specialised projects complement CemIndia’s technical strengths and allow it to participate in complex assignments where execution capability is critical.
Power Projects and Thermal Opportunity
CemIndia is also benefiting from Adani Group’s investments in the power sector. The company has already secured around Rs. 400 crore worth of power plant-related work from the group. Looking ahead, with Adani Power having a strong thermal capacity pipeline, management expects potential opportunities of up to Rs. 2,000-2,500 crore over the year, depending on execution capacity and resource availability.
Order Book Visibility and Growth Outlook
The company is targeting revenue growth of 20 to 22 percent in FY26, supported by strong order inflows across segments. Management expects the order book to close the year in the range of Rs. 15,000-16,000 crore, if not higher. Importantly, the order mix remains balanced, with around 25 to 26 percent coming from group companies, ensuring that CemIndia is not overly dependent on the parent while still benefiting from internal opportunities. Of the current order inflows and L1 positions of around Rs. 11,000 crore, nearly half is linked to Adani projects.
CemIndia’s growing involvement across data centres, ports, airports and power projects highlights how the Adani Group is leveraging an experienced execution platform to turn large investment plans into on-ground assets. The company’s ability to handle complex civil works, combined with its gradual move into higher-value segments such as electromechanical execution in data centres, strengthens its relevance within the group’s ecosystem. With a meaningful share of its order book already linked to Adani projects, CemIndia is well placed to benefit as these large capex plans gather pace.
At the same time, CemIndia continues to maintain a balanced order mix, with a sizable portion of work coming from outside the promoter group. This reduces dependence on any single client while allowing the company to build scale, expertise and long-term visibility through marquee projects. As Adani expands its presence across digital, transport and energy infrastructure, CemIndia appears set to remain a key execution partner, supporting the group’s broader ambition to build and operate some of India’s most critical infrastructure assets.
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