Ceigall India Ltd(CEIGALL)

NSE: CEIGALLBSE: 544223

₹ 379.35+4.60%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 6,608 crWebsite: www.ceigall.comUpdated: 24 Oct 2026

About

Ceigall India Limited is a civil construction company primarily engaged in highway EPC contracts, hybrid annuity model (HAM) road concessions, and a growing renewable energy and transmission portfolio. It is expanding beyond roads into solar, BESS, transmission and industrial infrastructure, which together represented 31% of its order book in FY26. Reported revenue was Rs 4022.4 crore in FY26.^[1]

Business segments

Engineering, Procurement and Construction: Rs 3,388.97 crore revenue in FY26, 63.3% of consolidated revenue, EBIT margin 13.0%.^[2]
Annuity Projects (HAM concessions): Rs 1,470.62 crore revenue in FY26, 27.4% of consolidated revenue, EBIT margin 5.6%.^[2]
Others (renewable energy, T&D, industrial infrastructure): Rs 498.29 crore revenue in FY26, 9.3% of consolidated revenue.^[2]

Order book and order inflow

Order book stood at Rs 18,568 crore as of June 30, 2026, spanning 19 EPC, 10 HAM, 1 DBFOT, and 9 tariff-based renewable/T&D projects.^[3]
Book-to-bill ratio was 4.8x as of FY26 close.^[4]
FY26 full-year order inflow reached Rs 11,332 crore against Rs 5,000 crore annual guidance; Q4 FY26 alone contributed Rs 6,014 crore.^[4]
Q1 FY27 order inflow was Rs 655 crore: two standalone BESS projects in Punjab (Rs 375 crore) and a PWD Delhi road maintenance contract (Rs 280 crore).^[3]
Non-road order book share rose from 15% in FY24 to 31% in FY26; renewable energy was 19% of the FY26 closing order book.^[3]

Key operating metrics

Net working capital days at 45 days in FY26; debtor days 64 and creditor days 124 in FY26.^[3]
39 ongoing projects as of Q1 FY27.^[3]
Cumulative equity invested in HAM and solar SPVs reached Rs 692 crore as of Q1 FY27.^[3]
Standalone EBITDA margin 13.42% in Q1 FY27, up 199 bps YoY; consolidated EBITDA margin 14.79%, up 177 bps YoY.^[3]

HAM portfolio and capital recycling

Malout-Abohar-Sadhuwali HAM project divested 100% to Neo Asset Management for Rs 177 crore; COD achieved December 2025; proceeds received in Q1 FY27.^[3]
Bathinda-Dabwali HAM achieved pre-COD on December 22, 2025 at about 98.65% physical completion; seven projects completed ahead of schedule to date.^[5]
Appointed dates received post Q1 FY27 for VRK 11, VRK 12 and Indore-Ujjain Greenfield HAM; Ambala-Chandigarh-Zirakpur concession agreement executed in Q1 FY27.^[3]
Bathinda-Dabwali and Jalbehra-Shahbad HAM assets have non-binding divestiture offers in due diligence, targeting completion by September 30, 2026.^[4]

Renewable energy and transmission

About 35% of FY26 order inflows came from renewables; roads were 85% of order book in FY24 vs 69% in FY26.^[4]
First 5 MW solar commissioned August 31, 2026 at Ranjangaon Deshmukh, Maharashtra (part of 147 MW MSKVY 2.0 project); operational capacity reached 10 MW by September 22, 2026.^[6]
LOI on September 3, 2026 from REC Power Development for a 765/400 kV AIS substation with 300 km line; annuity Rs 608.67 crore per year for 35 years; project cost about Rs 5,300 crore.^[7]
PPA signed for Solar BESS at Morena, Madhya Pradesh in Q1 FY27; L1 bidder for a standalone 100 MW BESS project in Punjab.^[3]
Velgaon 400 kV GIS substation T&D project under construction with land acquired; annuity of Rs 58.5 crore per year from Maharashtra government for 35 years.^[4]

Recent developments

October 12, 2026: acquired 100% of Jam Khambhaliya Jamnagar Power Transmission Limited for Rs. 18,39,86,174 in cash; it is now a wholly owned subsidiary.^[8]
August 18, 2026: four MoRTH LOAs for NH-913 Frontier Highway sections in Arunachal Pradesh totalling Rs 2,149.62 crore (Ceigall 74% in JV with Sushee Infra).^[9]
August 19, 2026: Rs 274.08 crore MoRTH contract for NH-913 Package-2 in Arunachal Pradesh (Ceigall 70% in JV with Rajinder Infrastructure).^[10]
August 21, 2026: Rs 225 crore HPSIDC order for a Bulk Drug Park at Una, Himachal Pradesh; 18-month execution.^[11]
August 24, 2026: Rs 704.70 crore MoRTH contract for NH-913 Lada-Sarli section (Ceigall 74%); 48-month construction plus 5-year maintenance.^[12]
September 30, 2026: LOI from Bihar Department of Mines and Geology for stone block in Nawada District (Lot-4) worth Rs 214.52 crore over five years.^[13]
Dr. Sudhir Rao Hoshing (ex-IRB) appointed Whole-time Director and Executive Vice Chairman from 1 Sep 2025.^[14]

Clients and geographic reach

Clients include NHAI, MoRTH, REC Power Development, Maharashtra government (MSKVY 2.0 solar), and state bodies such as HPSIDC and GMADA.^[12]
Active project geographies include Punjab, Haryana, J&K, Arunachal Pradesh, Himachal Pradesh, Maharashtra, Madhya Pradesh and Bihar as of FY26-Q1 FY27.^[4]
Ceigall Global Pte. Ltd. (Singapore) and a UAE entity are operational; tenders filed in Romania and Dubai, with no revenue expected in FY27 or FY28.^[3]

Expansion and equity deployment

About Rs 1,937 crore equity planned for HAM and renewable projects over three years to FY29, funded from internal accruals, FDRs and HAM sale proceeds.^[4]
FY27 equity plan: Rs 550 crore into HAM and Rs 310 crore into solar, totalling Rs 859 crore.^[3]
FY27 plant and equipment capex guidance: Rs 30-35 crore, keeping an asset-light model.^[3]

Market Cap

₹6,608 Cr

High / Low

₹405 / 223

Stock P/E

19.9

Price / Book

3.0

Book Value

₹123

EPS

₹17.9

No. of Shares

17.42 Cr

ROCE

17.3%

ROE

15.7%

OPM

14.2%

Debt / Equity

0.61

Sales

₹4,022 Cr

Net Profit

₹309 Cr

Promoter holding

82.1%

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Ceigall India Ltd(CEIGALL)

About

Business segments

Order book and order inflow

Key operating metrics

HAM portfolio and capital recycling

Renewable energy and transmission

Recent developments

Clients and geographic reach

Expansion and equity deployment

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

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