Ceigall India Limited reported strong performance for Q3 FY’26, fueled by sustained government infrastructure spending. Standalone revenue grew 19.7% YoY to INR970 crores for the quarter, leading to a total nine-month revenue of INR2,575 crores. The total order book stands robustly at INR13,295 crores, diversified across multiple verticals, positioning the company for continued growth.
Q3 FY’26 Performance Overview
Ceigall India Limited provided a comprehensive update on its Q3 and nine-month performance for FY ’26, emphasizing a constructive environment in the Indian infrastructure sector. The management highlighted the Ministry of Road Transport and Highways’ increased budgetary allotment, signaling continued government commitment.
Financial Highlights (Standalone)
- Q3 FY’26 Revenue from Operations: Reached INR970 crores, marking a 19.7% year-on-year growth over Q3 FY’25’s INR810 crores.
- Nine Months FY’26 Revenue: Totaled INR2,575 crores, reflecting a steady 7.6% growth YoY.
- Q3 FY’26 Standalone EBITDA Margin: Stood at 12.3% (INR120 crores vs. INR105 crores previous year).
- Q3 FY’26 PAT Margin: Recorded at 7.7% (INR75 crores).
- Nine Months FY’26 Standalone PAT Margin: Stood at 7.2% (INR186 crores).
Consolidated Performance
On a consolidated basis, revenue growth remained strong:
- Q3 FY’26 Consolidated Revenue: Grew 19.3% YoY to INR991 crores.
- Nine Months FY’26 Consolidated Revenue: Increased by 8.7% to INR2,636 crores.
- Nine Months FY’26 Consolidated EBITDA Margin: Registered at 13.7%, with a consolidated PAT margin of 6.8% (PAT at INR180 crores).
Order Book and Strategic Execution
The company secured significant order inflow during the quarter and detailed its execution strategy:
- Q3 Order Inflow: Approximately INR1,403 crores.
- Total Order Book: Scaled to INR13,295 crores, providing multi-year revenue visibility.
- Key Wins: Secured a highway construction project worth INR1,089 crores (Indore-Ujjain) and emerged as L1 bidder for a major contract worth INR2,160 crores (Sahebganj stretch in Bihar).
- Diversification: Renewables account for cumulative orders of INR3,168 crores, Transmission & Distribution at INR407 crores, and Industrial Infrastructure at INR622 crores.
- HAM Equity Infusion: The company has infused INR605.6 crores of equity into its eight ongoing HAM projects.
Operational Updates and Capital Strategy
Operational momentum was high, with the Bathinda-Dabwali HAM project achieving pre-COD on December 22, 2025. Seven projects have already been completed ahead of schedule.
Regarding capital optimization, the company announced that the Board has approved a binding offer for the 100% divestment of the Ceigall Malout-Abohar-Sadhuwali HAM asset. This is intended to unlock capital for redeployment in core EPC business and new growth segments. Standalone debt reduced to INR552 crores as of December 2025.
Future Outlook and Guidance
Management expressed confidence in sustained momentum, targeting 10% to 15% incremental growth for the next fiscal year. The company is taking calibrated steps to expand globally by incorporating Ceigall Global PTE Limited in Singapore.
In response to investor queries, the management confirmed that equity requirements for Solar projects are estimated at INR750 to INR800 crores. Furthermore, they expect to close the sale of the first divested HAM asset by March 31st, supporting ongoing equity infusion needs.
Source: BSE
