Ceigall India Limited (CEIGALL)
₹391.45 +0.63% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ceigall India's revenue was ₹970 Cr (+15.7% year on year, -30.1% on the previous quarter), and net profit ₹63.7 Cr (+24.2% year on year); the operating margin was 14.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹970 | +15.7% | -30.1% |
| Operating profit | ₹143 | +31.4% | -36.0% |
| Net profit | ₹63.7 | +24.2% | -50.6% |
| EPS (₹) | 3.66 | +24.1% | -49.7% |
| Operating margin | 14.8% | — | — |
CEIGALL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.33% of the CEIGALL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.81%. Delivery was unusually high while the price barely moved (+0.63%).
Delivery in the last 5 sessions: 58.9% · 42.8% · 53.3% · 53.8% · 63.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ceigall India has received the official Completion Certificate from the Authority's Engineer for the ₹1,659.84 crore Delhi–Saharanpur Highway project (NH-709B) executed jointly with Gayatri Projects. The 16.85-km, six-lane stretch had been operational since September 12, 2024, and formal completion is dated October 12, 2026. Ceigall will also execute the Operation & Maintenance (O&M) for the stretch at ₹2.88 crore per annum plus escalation. The total project cost of ₹1,659.84 crore represents approximately 40% of Ceigall's TTM revenue of ₹4,155 crore.
- Received formal Completion Certificate dated October 12, 2026, for the ₹1,659.84 crore highway project
- Covers a 16.85-km six-lane access-controlled section of NH-709B from Delhi/UP Border to EPE Junction
- Secured Operation & Maintenance (O&M) mandate valued at ₹2.88 crore per annum plus escalation
- Highway was declared fit for operation earlier on September 12, 2024
Ceigall India Limited, alongside Gayatri Projects Limited, has received the Completion Certificate dated October 12, 2026, for the six-lane access-controlled Delhi-Saharanpur Highway EPC project (NH-709B). The project has a revised estimated project cost of Rs 1,659.84 crore (EPC value Rs 1,323.52 crore), representing ~40% of Ceigall's TTM revenue of Rs 4,155 crore. The project was declared fit for commercial operations effective September 12, 2024, completed within a 30-day cure period following an authorised extension of time up to August 15, 2024. A settlement agreement with NHAI was signed on October 9, 2026, to resolve remaining minor items.
- Revised estimated project cost stands at Rs 1,659.84 crore (EPC contract value Rs 1,323.52 crore)
- Formal completion certificate received on October 12, 2026, with entry into operation effective September 12, 2024
- Completed within 30-day cure period from approved Extension of Time (EOT) date of August 15, 2024
- Settlement agreement executed with NHAI on October 9, 2026, covering residual items
Ceigall India Limited has signed a Share Purchase Agreement to acquire 100% equity in Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL) from REC Power Development and Consultancy Limited for Rs 18.40 crore. The acquisition follows an LOI awarded to Ceigall on September 2, 2026, under Tariff Based Competitive Bidding (TBCB) for establishing a common transmission system evacuating power from Lakadia (7.5 GW), Jam Khambhaliya (5.5 GW), and Jamnagar (1.0 GW). The acquisition cost represents less than 0.5% of Ceigall's TTM revenue (Rs 4,155 crore), but formally establishes its SPV for entering the power transmission sector.
- Acquired 100% shareholding in JKJTL for an aggregate cash consideration of Rs 18,39,86,174 (including Rs 5,00,000 subscription cost)
- Acquired target is an SPV set up to execute a power evacuation system for Lakadia (7.5 GW), Jam Khambhaliya (5.5 GW), and Jamnagar (1 GW)
- Target was incorporated on May 9, 2026, with an authorized and paid-up capital of Rs 5,00,000 and zero revenue history
- Marks Ceigall's formal contractual diversification into power transmission via the TBCB route
Ceigall India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation were processed, confirmed or rejected, and mutilated in accordance with prescribed norms. This is a routine quarterly compliance intimation with no operational or financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Confirmation received from RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to BSE (Scrip Code: 544223) and NSE (Symbol: CEIGALL) on October 6, 2026
At its 24th Annual General Meeting held on September 29, 2026, Ceigall India Limited's shareholders approved key board appointments and re-appointments. Mr. Vishal Anand and Mrs. Gurpreet Kaur were re-appointed as Non-Executive Independent Directors for a second 5-year term, while Mr. Ankit Kumar Agarwal was appointed as an Independent Director for a 5-year term. In addition, Mr. Ayyalusamy Saravanan and Dr. Pawan Kumar were appointed as Whole Time Directors for 2-year terms effective July 1, 2026, to June 30, 2028. Both Whole Time Directors bring over 33 years of infrastructure and project execution experience to the company's Rs 12,598 Cr order book.
- Re-appointment of 2 Independent Directors (Mr. Vishal Anand and Mrs. Gurpreet Kaur) for 5-year terms
- Appointment of InsuranceDekho CEO Mr. Ankit Kumar Agarwal as Independent Director for 5 years
- Appointment of Mr. Ayyalusamy Saravanan and Dr. Pawan Kumar as Whole Time Directors for 2-year tenures through June 30, 2028
- Both incoming Whole Time Directors possess approximately 33 years of industry execution experience in highways and EPC
Ceigall India Limited announced voting results for its 24th Annual General Meeting held on September 29, 2026. Shareholders approved 21 out of 22 resolutions, including the adoption of FY26 financial statements, declaration of final dividend, director appointments, and material related-party transactions across several highway and solar SPVs. Notably, Resolution No. 10, a Special Resolution regarding advancing loans, giving guarantees, or providing security under Section 185 of the Companies Act, 2013, failed to pass.
- 21 of 22 resolutions approved with requisite majority at the 24th AGM held on September 29, 2026
- Special Resolution No. 10 proposing loans/guarantees under Section 185 was not passed
- 1,28,558 total shareholders were recorded as of the record date of September 22, 2026
- Promoter voting turnout was 100% with 14,29,46,810 shares voted in favour of routine agenda items
- Shareholders approved material related party transactions across multiple project entities including Ceigall VRK-12 and Velgaon Power Transmission
Ceigall India Limited has received a Letter of Intent dated September 28, 2026, for the allotment/leasing of stone blocks in Nawada District, Bihar. Awarded by the Department of Mines and Geology, Government of Bihar, via e-reverse auction, the 5-year project carries a total cumulative value of Rs 214.52 crore (excluding GST). The project involves an annual payment starting at Rs 28.82 crore with an annual escalation of 20%, covering 20,96,500 cum of minable reserves over 5 years. Relative to Ceigall's TTM revenue of Rs 4,155 crore, this order represents approximately 5.2% of annual turnover.
- Total cumulative value of Rs 214.52 Cr (excluding GST & other taxes) over 5 years
- Starting annual consideration of Rs 28.82 Cr, escalating by 20% each year
- Total minable reserve of 20,96,500 cum across 5 years (4,19,300 cum per year)
- Awarded by Government of Bihar, Department of Mines and Geology for Bhadokhara, Block-D
Ceigall India Limited held its 24th Annual General Meeting on September 29, 2026, passing ordinary and special business items including dividend declaration and related-party approvals. In the Chairman's address, the company highlighted post-FY26 momentum, including multiple LoAs from MoRTH for six projects under the Frontier Highway programme in Arunachal Pradesh worth approximately ₹3,100 crore (~74.6% of TTM revenue of ₹4,155 crore). Additionally, the company secured a major power transmission project for a 765/400 KV, 300 km double-circuit line across Gujarat and Maharashtra, marking continued diversification beyond roads.
- Conducted 24th AGM on September 29, 2026, with 68 shareholders participating virtually.
- Highlighted receipt of six MoRTH projects in Arunachal Pradesh with aggregate bid cost of ~₹3,100 crore.
- Secured power transmission order for a 765/400 KV, 300 km double-circuit transmission line and substation in Gujarat and Maharashtra.
- Shareholders voted on 22 resolutions, including material related party transactions and final dividend declaration.
Ceigall India has approved an equity infusion of ₹61.93 crore in Ceigall Sahebganj Bettiah Highway Limited, the project SPV for a 78.942 km NHAI HAM highway project in Bihar. Ceigall India will hold 74% and its wholly-owned subsidiary CIPPL will hold 26% of the SPV. The board also approved security creation for the SPV's Rupee Term Loan facility. The equity commitment of ₹61.93 crore represents approximately 3% of Ceigall's net worth of ₹2,098 crore.
- ₹61.93 crore total equity capital to be infused in tranches in the project SPV
- Shareholding structured at 74% for Ceigall India and 26% for wholly-owned subsidiary CIPPL
- Project involves 4-laning of NH 139W across 78.942 km in Bihar under Hybrid Annuity Mode (HAM)
- Board approved creation of security for the Rupee Term Loan facility sanctioned to the SPV
Ceigall India has approved an equity infusion of ₹61.93 crore in Ceigall Sahebganj Bettiah Highway Limited, the project SPV for a 78.942 km NHAI HAM highway project in Bihar. Ceigall India will hold 74% and its wholly-owned subsidiary CIPPL will hold 26% of the SPV. The board also approved security creation for the SPV's Rupee Term Loan facility. The equity commitment of ₹61.93 crore represents approximately 3% of Ceigall's net worth of ₹2,098 crore.
- ₹61.93 crore total equity capital to be infused in tranches in the project SPV
- Shareholding structured at 74% for Ceigall India and 26% for wholly-owned subsidiary CIPPL
- Project involves 4-laning of NH 139W across 78.942 km in Bihar under Hybrid Annuity Mode (HAM)
- Board approved creation of security for the Rupee Term Loan facility sanctioned to the SPV
Ceigall India's wholly owned subsidiary, Ceigall Green Energy MH2 Limited, has commissioned an additional 5 MW solar capacity at Ranjangaon Deshmukh, Maharashtra, ahead of schedule. This brings total operational capacity at the site to 10 MW out of a planned 147 MW aggregate portfolio under MSKVY 2.0. Power is supplied to MSEDCL via a 33/11 kV substation, qualifying for early-commissioning incentives. The move marks progress in Ceigall's strategy to diversify beyond its core road EPC business (TTM revenue of Rs 4,155 Cr).
- Commissioned an additional 5 MW solar plant, scaling site capacity to 10 MW
- Forms part of an aggregate 147 MW solar power project under MSKVY 2.0
- Executed ahead of schedule, making the project eligible for early-commissioning incentives
- Power generated is evacuated to MSEDCL through the 33/11 kV Ranjangaon substation
Ceigall India's wholly owned subsidiary, Ceigall Green Energy MH2 Limited, has commissioned an additional 5 MW solar capacity at Ranjangaon Deshmukh, Maharashtra, ahead of schedule. This brings total operational capacity at the site to 10 MW out of a planned 147 MW aggregate portfolio under MSKVY 2.0. Power is supplied to MSEDCL via a 33/11 kV substation, qualifying for early-commissioning incentives. The move marks progress in Ceigall's strategy to diversify beyond its core road EPC business (TTM revenue of Rs 4,155 Cr).
- Commissioned an additional 5 MW solar plant, scaling site capacity to 10 MW
- Forms part of an aggregate 147 MW solar power project under MSKVY 2.0
- Executed ahead of schedule, making the project eligible for early-commissioning incentives
- Power generated is evacuated to MSEDCL through the 33/11 kV Ranjangaon substation
Ceigall India's board approved the acquisition of 100% equity in project SPV Jam Khambhaliya Jamnagar Power Transmission Limited from REC Power Development for a cash consideration of ₹5,00,000. This follows Ceigall's receipt of a Letter of Intent on September 2, 2026, for power evacuation transmission under Tariff Based Competitive Bidding (TBCB). Additionally, the company approved subscribing to a 49% stake (₹49,000) in a proposed JV, HC Concessions Limited, alongside holding entity HCC Infrastructure Company Limited to pursue broad infrastructure projects.
- 100% acquisition of SPV Jam Khambhaliya Jamnagar Power Transmission Ltd for ₹5,00,000 (50,000 shares at ₹10 each)
- SPV implements common transmission system evacuating power from Lakadia (7.5GW), Jam Khambhaliya (5.5GW), and Jamnagar (1GW)
- Approved 49% equity subscription (4,900 shares of ₹10 each, totaling ₹49,000) in JV HC Concessions Limited
- Partner for the proposed JV is HCC Infrastructure Company Limited, focusing on BOT, HAM, and DBFO projects
Ceigall India Limited has approved the acquisition of a 100% stake in project SPV Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL) from REC Power Development and Consultancy for a cash consideration of ₹5,00,000. This acquisition satisfies RFP requirements following Ceigall's receipt of a Letter of Intent on September 2, 2026, for a Common Transmission System project under the Tariff Based Competitive Bidding process. In addition, the Board approved subscribing to a 49% equity stake (₹49,000) in a proposed joint venture company, HC Concessions Limited, alongside holding company HCC Infrastructure Company Limited to undertake infrastructure development.
- Acquisition of 100% equity (50,000 shares of ₹10 each) in JKJTL for ₹5,00,000 cash consideration
- Acquisition follows LoI received on September 2, 2026, for evacuation of power from Lakadia (7.5GW), Jam Khambhaliya (5.5GW), and Jamnagar (1GW) - Part-B
- Board approved a 49% equity subscription (4,900 shares of ₹10 each aggregating ₹49,000) in JV HC Concessions Limited alongside HCC Infrastructure Company Limited
- Target SPV JKJTL was incorporated on May 9, 2026, and currently has nil turnover
Ceigall India's board approved the acquisition of 100% equity in Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL) from REC Power Development and Consultancy for a cash consideration of ₹5,00,000. This project SPV was awarded following an earlier Letter of Intent for establishing a common transmission system evacuating 14 GW across Lakadia, Jam Khambhaliya, and Jamnagar. Additionally, the board approved subscribing to a 49% equity stake (4,900 shares for ₹49,000) in a proposed JV entity, HC Concessions Limited, alongside HCC Infrastructure Company Limited. These initiatives mark Ceigall's ongoing diversification outside its traditional road construction segment into power transmission and multi-model infrastructure concessions.
- Board approved 100% acquisition of project SPV JKJTL from REC for ₹5,00,000 cash consideration (50,000 shares at ₹10 each)
- Project pertains to TBCB common transmission system for power evacuation across Lakadia (7.5 GW), Jam Khambhaliya (5.5 GW), and Jamnagar (1 GW)
- Approved subscription of 49% equity in proposed JV, HC Concessions Limited, for ₹49,000 (4,900 shares at ₹10 each)
- The proposed JV partner is HCC Infrastructure Company Limited, targeting BOT, HAM, BOOT, and DBFO projects
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 reached INR 3,436.73 Cr, a 13.4% increase from INR 3,029.35 Cr in FY24. Road projects remain the dominant segment, contributing over 80% of the total order book. For H1 FY26, consolidated revenue grew 3.1% YoY to INR 1,644.7 Cr, though standalone Q2 FY26 revenue saw a slight decline of 2.8% to INR 787 Cr due to monsoon-related execution delays.
Geographic Revenue Split
The company has expanded its footprint to 12 states as of Q2 FY26, up from 8 states previously. This geographic diversification is intended to reduce regional concentration risks and tap into state-specific infrastructure spending, though specific % splits per state are not disclosed.
Profitability Margins
Consolidated PAT margin for FY25 was 8.34%, down from 10.05% in FY24. For H1 FY26, the consolidated PAT margin further compressed to approximately 6.5% (INR 107.5 Cr PAT on INR 1,644.7 Cr revenue). This compression is driven by increased interest costs and intense bidding competition in the EPC sector.
EBITDA Margin
Consolidated EBITDA margin stood at 15.08% in FY25, a decrease from 17.09% in FY24. In H1 FY26, the consolidated EBITDA margin was 13.5% (INR 222.7 Cr). The company targets maintaining margins between 14-15% by focusing on structure-heavy projects and early completion bonuses.
Capital Expenditure
The company utilized proceeds from its INR 684 Cr IPO (August 2024) to repay INR 413 Cr of debt. Future equity commitments for HAM projects are estimated at INR 870 Cr over the next 2.5 years, to be funded via internal accruals and remaining IPO proceeds.
Credit Rating & Borrowing
The company maintains a 'Positive' outlook from CRISIL. As of March 31, 2025, standalone fund-based borrowings were INR 635.90 Cr and non-fund-based facilities were INR 840.34 Cr. The debt-to-equity ratio improved significantly to 0.76 in FY25 from 1.17 in FY24 following the IPO.
Operational Drivers
Raw Materials
Key materials include bitumen, steel, and cement, which typically constitute the bulk of construction costs in road and bridge projects. Specific percentage breakdowns per material are not disclosed.
Import Sources
Not disclosed in available documents; however, procurement is generally domestic given the nature of Indian road construction.
Capacity Expansion
The company is expanding its execution capacity across 11 verticals. The current order book stands at INR 12,598 Cr, comprising 15 EPC projects, 7 HAM projects, 10 O&M projects, and 3 others. This massive order book represents a significant expansion in operational scale compared to previous years.
Raw Material Costs
Operating margins are sensitive to raw material price fluctuations; however, the company mitigates this through economies of scale and focusing on structure-based projects which offer better value-add than simple earthwork.
Manufacturing Efficiency
Efficiency is highlighted by a track record of completing projects ahead of schedule, which improves asset turnover and triggers early completion bonuses from authorities like NHAI.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be driven by a robust bidding pipeline of INR 14,000 Cr, with a target of INR 5,000 Cr in new orders for FY26 (INR 3,700 Cr already achieved). The company is diversifying into 11 verticals including Renewables, Metro, Railways, and Airport Runways to capture a wider share of the infrastructure budget.
Products & Services
EPC (Engineering, Procurement, and Construction) services for Roads, Highways, Flyovers, Bridges, Metro projects, Railway tunnels, and Airport runways; HAM (Hybrid Annuity Model) project development; and O&M (Operations and Maintenance) services.
Brand Portfolio
Ceigall India Limited.
New Products/Services
The company is entering the Renewables sector and expanding its presence in specialized underground works for Metro and Railways, which are expected to diversify the revenue mix away from the current 80% road concentration.
Market Expansion
Expansion into 12 Indian states and diversification into high-value technical segments like Metro and specialized bridge structures to improve technical eligibility for larger global-scale tenders.
External Factors
Industry Trends
The construction industry is seeing a shift toward HAM and DFBOT models. While competition has intensified due to relaxed bidding norms since 2021, the massive national infrastructure pipeline provides a steady growth trajectory for established players with strong execution track records.
Competitive Landscape
Intense competition from both national and regional EPC players. Competition intensified post-2021 following the relaxation of bidding norms by MoRTH.
Competitive Moat
The company's moat is built on its 'Strong Execution Track Record' (completing projects ahead of time) and 'Technical Eligibility' for complex structures. This is sustainable because early completion bonuses provide a financial cushion that competitors lacks.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and budgetary allocations to MoRTH and NHAI. Inflation in commodity prices (steel/cement) directly impacts project profitability.
Consumer Behavior
Not applicable as the primary customers are government entities.
Geopolitical Risks
Minimal direct impact as operations are domestic, but global oil price spikes can increase bitumen and logistics costs.
Regulatory & Governance
Industry Regulations
Operations are governed by MoRTH and NHAI bidding and execution guidelines, as well as state-specific construction safety and environmental norms.
Taxation Policy Impact
Effective tax rate is approximately 25-26% based on FY25 figures (INR 93.9 Cr current tax on INR 384.5 Cr PBT).
Legal Contingencies
The company was penalized INR 20,000 each by BSE and NSE (Total INR 40,000) for a delay in providing prior intimation of a Board Meeting. No other major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Execution delays due to land acquisition or environmental clearances could impact revenue by 10-15% annually. Segmental concentration in roads (80%+) makes the company vulnerable to policy shifts in a single ministry.
Geographic Concentration Risk
Revenue is concentrated across 12 states, with a historical focus on Northern India (Punjab/Ludhiana).
Third Party Dependencies
High dependency on government authorities (NHAI/MoRTH) for project awards and timely payments.
Technology Obsolescence Risk
Low risk in traditional construction, but the company is adopting newer technologies in Metro and Tunneling to stay competitive.
Credit & Counterparty Risk
Counterparty risk is low as the primary clients are central/state government agencies, though payment cycles can fluctuate as evidenced by the increase in debtor days to 59.
