This Adani Group stock surges 102% in six months, hits record high; should you book profits?

Shares of Cemindia Projects Ltd (formerly ITD Cementation India) extended their stellar rally for the sixth straight trading session on Monday, climbing 5 per cent to hit a fresh record high of Rs 1,521.15. At this level, the Adani Group-backed company's stock has gained 101.70 per cent over the past six months.

Amid the sharp run-up, stock exchanges BSE and NSE have placed the stock under the long-term Additional Surveillance Measure (ASM) framework. The ASM mechanism is intended to alert investors about heightened volatility in share prices and enhance market surveillance.

Brokerage Equirus Securities, in a recent report, said FY26 marked a transformational year for the company following its integration with the Adani Group.

"The integration meaningfully expands CEMPRO's addressable opportunity, giving the Company access to the Adani Group's vast in-house infrastructure ecosystem — spanning ports, airports, energy and energy transition, transport, logistics and data centres — and positioning it as a natural EPC partner for the Group's large multi-year capex pipeline," the brokerage stated.

"Beyond this captive funnel, the Adani association strengthens CEMPRO on multiple fronts: a stronger consolidated balance sheet and improved access to capital that lift bidding and bonding capacity for larger, more complex EPC mandates; entry into new high-growth segments such as data centres; deeper sectoral and geographic reach; and an elevated focus on digital transformation, governance and ESG. Collectively, the Adani backing equips CEMPRO to move up the value chain and pursue projects of a scale and complexity previously beyond its reach," it added.

Equirus also highlighted that the company's order book stood at an all-time high of around Rs 24,550 crore at the end of FY26, providing revenue visibility of roughly 2–2.5 years. The strong backlog was supported by record order inflows of approximately Rs 14,820 crore during the fiscal.

"On the international front, CEMPRO deepened its overseas presence with an LNG jetty win in Abu Dhabi (UAE), adding to its footprint across Sri Lanka and Bangladesh, with the renewed thrust on international expansion likely to open up further cross-border opportunities," the brokerage said.

Equirus, however, did not assign a rating or target price to the stock.

From a technical perspective, AR Ramachandran, a Sebi-registered research analyst at Tips2trades, noted, "Cemindia Projects is bullish but also overbought on daily charts with next resistance at Rs 1,666. Investors should keep booking profits as a daily close below the support of Rs 1,452 could trigger a fall towards Rs 1,202 in the near term."