(formerly known as ITD Cementation India Limited)
1. We have audited the accompanying standalone financial statements of Cemindia Projects Limited (formerly known as ITD Cementation India Limited) ("the Company”), which includes its interest in joint operations (refer Note 35 to the standalone financial statements), which comprise the Standalone Balance Sheet as at March 31, 2026, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor's responsibilities for the audit of the standalone financial statements" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Estimation of construction contract revenue and related cost
(Refer Notes 25 and 40 to the standalone financial
Our procedures in respect of recognition of construction
statements)
contract revenue and related cost included the following:
The Company enters into engineering, procurement and construction contracts, which are complex in nature and generally extend over a period of 2 to 3 years. Contract prices are fixed and/or subject to price variation clauses.
Ý Understood and evaluated the design and tested the operating effectiveness of key internal financial controls, including those related to estimation of construction contract costs, contract revenue and review and approval thereof.
Contract revenue is measured based on the proportion
of contract costs incurred for work performed until
Ý Assessed the appropriateness of the revenue
the balance sheet date, relative to the estimated total
recognition accounting policies in accordance
contract costs. The recognition of revenue, therefore,
with Ind AS 115 "Revenue from Contracts with
is based on estimates in relation to total estimated costs and estimated contract price of each contract.
Customers".
This method requires the Company to perform an initial
For selected sample of contracts, performed the following
assessment of total estimated cost which include cost
procedures:
contingencies and subsequently, reassess the total construction cost at each reporting period to determine the appropriate percentage of completion.
a)
Obtained and examined project related documents such as contracts, customer communications and price or scope variation orders.
Based on contractual tenability of claims, price or scope variations, and progress of discussions and negotiations with the customers, Management recognises revenue
b)
Obtained the percentage of completion calculations, agreed key contractual terms with customer contracts/
for variable consideration and related contract balances
communication, tested the mathematical accuracy of
in those circumstances, where it is highly probable that
the cost to complete calculations and re-performed
there will not be a significant reversal of cumulatively recognised revenue when the related uncertainties are
the calculation of revenue recognised during the year based on the percentage of completion.
resolved. Recognition of variable consideration involves
c)
Evaluated Management's development of the
significant Management judgement considering the
budgeted project/contract costs, changes between
complexities, uncertainties and extended period of time
planned and actual costs, and the estimated costs to
when the related matters are ultimately concluded.
complete.
Management periodically assesses the recoverability
d)
Verified relevant supporting documents and performed
of such claims, price, or scope variations recognised
cut off procedures for construction contract related
as part of revenue and related contract balances,
costs incurred.
based on inputs from Management's expert, certain assumptions, past experience, facts and circumstances of the underlying customer contract and consequently updates the amounts recognised in the standalone
e)
Evaluated the reasonableness of key assumptions included in the estimated total construction contract related costs:
financial statements.
Ý Obtained the breakdown of estimated total
We considered the estimation of construction contract revenue and related cost as a key audit matter given the following:
Ý There is an inherent risk and a presumed risk of
contract costs and tested elements of the committed cost by obtaining executed purchase orders, agreements, customer confirmations/ documents, evidence relating to variable consideration/claims.
fraud in revenue recognition, considering also the
complex nature of the customer contracts; and
Ý Evaluated reasonableness of Management's
Ý Complexities involved and significant Management judgement in making forecasts of future cost
judgements and assumptions by comparing the change in estimated total construction contract costs at period end from the previous periods.
to complete the contract, taking into account
future activities to be performed in the contract
f)
Tested trade receivables, contract assets and contract
and additional costs to be incurred, which has a
liability balances based on the status of specific contracts, considering the billing done, revenue
consequential impact on the amount of revenue recognised, variable consideration recognised as revenue and the significance of these amounts to
recognised and advances received from customer, if any.
the standalone financial Statements.
g)
Evaluated Management's assessment of recognising revenue for variable consideration, including claims, price or scope variations by reviewing the contractual terms and client communications. as applicable.
h)
Assessed the adequacy of presentation and related disclosures in the standalone financial statements.
Recoverability of Trade Receivables and Contract Assets
(Refer Notes 11 and 14 to the standalone financial
Our
procedures in respect of recoverability of trade
receivables and contract assets included the following:
Trade receivables and contract assets represent significant balances in the Company's standalone financial statements as at March 31, 2026. The assumptions used for estimating the expected credit loss in respect of these balances is an area which is
Ý
Evaluated the design and tested the operating effectiveness of key internal financial controls over Management's assessment of recoverability of trade receivables and contract assets.
influenced by significant Management's judgment.
Obtained an understanding from Management for a
The Management considers various factors including
selected sample of customer balances, the related
credit risk profile of customers, project status, past
contractual terms, collection experience, basis of
collection experience, ongoing litigations and disputes,
Management's assessment of collectability, and
if any, economic and market conditions and forwardlooking information for assessing the recoverability
expected realisation plan.
of trade receivables and contract assets. Based on
Assessed the information used by the Management
these factors, Management uses a provision matrix
to determine the expected credit losses for a selected
to recognise impairment for expected credit losses in
sample of customer balances by considering credit
respect of such balances.
risk profile of the customer, contractual terms, project
Given the relative significance of these balances to
status, past collection experience, uncertainties
the standalone financial statements, Management
and delays in recoveries, subsequent realisation,
judgement and uncertainties involved, as well as the
correspondence with the customers, ongoing
nature and extent of audit procedures performed to assess the recoverability of trade receivables and
litigations and disputes, if any.
contract assets, we determined this to be a key audit
Tested the key assumptions and arithmetical accuracy
matter.
of the provision matrix model used by Management to calculate the probability of default and estimate the expected credit losses in respect of trade receivables and contract assets.
Assessed the adequacy of presentation and related disclosures in standalone financial statements.
5. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the standalone financial statements and our auditor's report thereon. The annual report is expected to be made available to us after the date of this auditor's report.
Our opinion on the standalone financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
I n connecti on with ou r a ud it of the stan d alon e financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate action as applicable under the relevant laws and regulations.
6. The standalone financial statements of the Company for the year ended March 31, 2025, were audited by prior auditors under the Act who, vide their report dated May 13, 2025, expressed an unmodified opinion on those standalone financial statements.
Responsibilities of management and those charged with governance for the standalone financial statements
7. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
8. In preparing the standalone financial statements, Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
9. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
standalone financial statements
10. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
11. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Ý Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Ý Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
Ý Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Ý Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Ý Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
15. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
16. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) I n our opinion, proper books of account as required by law relating to preparation of the aforesaid standalone financial statements have been kept by the Company so far as it appears from our examination of those books, except for the matters stated in paragraph 16(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). Further, in the absence of sufficient appropriate audit evidence, we are unable to verify whether the backup of books of account and other books and papers maintained in electronic mode has been maintained on a daily basis on servers physically located in India during the year. (Refer Note 47(b) to the standalone financial statements)
(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2026, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026, from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 16(b) above on reporting under Section 143(3)(b) and paragraph 16(h)(vi) below on reporting under Rule 11(g) of the Rules.
(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".
(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -Refer Note 33(A) to the standalone financial statements;
ii. The Company has made provision as at March 31, 2026, as required under the applicable law or Indian Accounting Standards, for material foreseeable losses, if any, on long-term contracts - Refer Note 19.2 to the standalone financial statements. The Company did not have any long-term derivative contracts as at March 31, 2026.
iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the year.
iv. (a) The management has represented
that, to the best of its knowledge and belief, as disclosed in Note 46(v) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 46(v) to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The dividend declared and paid by the Company during the year in respect of the prior year ended March 31, 2025 is in accordance with Section 123 of the Act to the extent it applies to declaration and payment of dividend.
vi. Based on our examination, which included test checks, the Company has used multiple accounting software for maintaining its books of accounts, which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software, except in respect of one core accounting software, audit trail is not maintained at the application level in case of modification by certain users with specific access and audit trail feature was not enabled at the database level to log any direct data changes.
During the course of performing our procedures, other than the aforesaid instances of audit trail not maintained where the question of our commenting does not arise, we did not notice any instance of audit trail feature being tampered with. Further, the audit trail, to the extent maintained in the prior year, has been preserved by the Company as per the statutory requirements for record retention. (Refer Note 47(a) to the standalone financial statements)
17. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016
Priyanshu Gundana
Partner
Membership Number: 109553 UDIN: 26109553VECLXY2759
Place: Mumbai, Maharashtra Date: April 29, 2026