Ceigall India Limited has released its Investor Presentation for the quarter and nine months ending December 31, 2025. The company demonstrated robust execution, with the consolidated order book reaching ₹1,32,681 Million. Key financial achievements included strong revenue growth and improved operational efficiency across diversified segments, alongside significant strategic moves like monetizing mature assets and expanding into high-potential sectors like Renewables and T&D.
Q3 & 9M FY26 Performance Overview (Standalone & Consolidated)
Ceigall India Limited reported positive growth across key metrics for both standalone and consolidated operations for Q3 and 9M FY26 (ending December 31, 2025).
Standalone Financial Performance
- Revenue from Operations (Q3 FY26): Grew to ₹9,699 Million, up from ₹8,102 Million in Q3 FY25 (a 19.8% increase).
- EBITDA Margin (Q3 FY26): Stood at 12.3%, slightly down from 13.0% in Q3 FY25.
- PAT Margin (9M FY26): Recorded at 7.2%, compared to 8.4% in 9M FY25.
Consolidated Financial Performance
- Revenue from Operations (Q3 FY26): Reached ₹9,911 Million, up from ₹8,305 Million in Q3 FY25 (a 19.3% increase).
- EBITDA Margin (9M FY26): Was 13.7%, compared to 16.1% in 9M FY25.
- PAT Margin (9M FY26): Stood at 6.8%, compared to 8.8% in 9M FY25.
Order Book Strength and Growth Visibility
The company maintains a strong pipeline ensuring multi-year revenue visibility.
- Total Order Book (as on 31.12.2025): Stood at ₹1,32,681 Million.
- Composition: 64.2% is concentrated in Roads/Highways/Flyovers, while 23.9% is in HAM projects.
- Inflows: Order Inflow during 9M FY26 was ₹51,496 Million.
- Book to Bill Ratio (FY25): Maintained a healthy ratio of 3.2x.
A significant Q3 FY26 order inflow of ₹14,026 Million was reported, primarily driven by two major projects:
- Construction of Indore-Ujjain Greenfield HAM project in Madhya Pradesh (₹9,800 Million).
- Grid connected Solar PV project in Madhya Pradesh (₹4,226 Million).
Strategic Business Highlights and Expansion
Ceigall is actively diversifying its project execution portfolio and optimizing its capital structure.
Diversification and New Verticals
The company has made strong inroads into new sectors, evidenced by Ongoing Projects:
- Railways/Metros: 2 ongoing projects.
- Renewable Energy: 4 ongoing projects.
- Transmission & Distribution: 1 ongoing project.
The company has also recently secured significant mandates in high-potential areas, including emerging as L1 for the Jaipur Metro project (₹9,180 Million) and its subsidiary emerging as L1 for the Sahebganj-Areraj-Bettiah Corridor (₹21,600 Million).
Strategic Asset Monetization
The company is executing a strategy to unlock capital from mature Hybrid Annuity Mode (HAM) assets for balance sheet deleveraging and funding new growth.
- The first milestone was successfully concluded with the sale of 100% Equity Stake in Malout-Abohar asset for a Total Consideration (Cash + Surplus) of ₹1,770 Million, against an infused equity of ₹992 Million.
- This monetization shortens the capital cycle and enhances shareholder returns, with further divestments planned for assets like Bathinda-Dabwali and Jalbehra-Shahbad.
Operational Excellence Recognition
The firm’s execution capabilities are validated by industry awards, including the Gold Award for Excellence in Project Management – EPC at the National Highways Excellence Awards, 2020, and a Special Award for Outstanding Work in Challenging Conditions in 2021.
Source: BSE
