Ceigall India Ltd
CEIGALL NSE
Ceigall India Ltd
ConstructionNSE: CEIGALL BSE: 544223 Civil Construction
Key Fundamentals
MicrocapCivil ConstructionConstructionMarket Cap
₹5,346 Cr
Volatility
Moderate
P/E Ratio
16.83
EBITDA
₹585 Cr
Return on Equity
15.54%
Debt to Equity
0.61
Book Value
₹122.74
EPS
₹17.06
52W High
₹405.7
52W Low
₹222.61
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Ceigall India Ltd insights
52 extracted metrics + investor summaries across FY15–FY27.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 22.9% CAGR over last 5 years
Growth Rate
Revenue Growth
15.16% ↗
Net Income Growth
7.40% ↗
Cash Flow Change
-146.44% ↘
ROE
-53.71% ↘
ROCE
-39.90% ↘
EBITDA Margin (Avg.)
-12.71% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk medium
Ceigall India Ltd is a specialised infrastructure EPC company with a market cap of ~₹5,906 crore, trading at a PE of 18.9x. FY26 consolidated revenue grew 17% YoY to ₹4,022 crore with PAT of ₹309 crore, and the order book stood at ₹18,554 crore (4.6x FY26 revenue), providing multi-year revenue visibility.
Bull Case 8
- Strong order book of ₹18,554 crore as of March 2026, representing ~4.6x FY26 revenue, providing robust multi-year execution visibility
- Q4 FY26 PAT surged 71% YoY to ₹126.6 crore, demonstrating improving profitability and operating leverage
- 5-year compounded sales CAGR of 36% reflects sustained top-line momentum in the infrastructure EPC space
- 5-year profit CAGR of ~23% (screener data shows 22.9% CAGR) indicates consistent earnings compounding over a meaningful period
- Q4 FY26 revenue grew 37% YoY to ₹1,387 crore, showing acceleration versus the 17% full-year growth rate
- 3-year average ROE of 22% and last reported ROCE of 19.2% suggest efficient capital deployment relative to construction sector peers
- Expansion into renewables segment diversifies the order pipeline beyond traditional road and highway EPC
- PE of 18.9x is reasonable relative to the 5-year profit CAGR of 23%, implying a PEG ratio below 1x on historical growth
Bear Case 8
- FY26 full-year revenue growth decelerated to 17% YoY from the 3-year CAGR of 25%, indicating potential slowdown in execution pace
- Debt-to-equity ratio of 0.61x means the balance sheet carries meaningful leverage, typical for EPC but a risk if order inflows slow
- FY26 EBITDA margin of 14.6% is modest for an infra EPC player, and Q3 FY26 margin dipped to 14.0%, suggesting limited pricing power
- ROE declined from a 3-year average of 22% to 16% in the latest year, possibly reflecting equity dilution or margin compression
- Stock has rallied 34% in the past 1 year, meaning much of the near-term growth may already be priced in at current levels
- Dividend yield of just 0.15% offers negligible income return, with almost all shareholder value dependent on capital appreciation
- EPC sector is inherently working-capital intensive; gross debt was ₹6.4-6.8 billion in early FY26, and interest costs can compress PAT in rising-rate environments
- Cancellation of the Bhubaneswar metro order earlier in FY26 highlights client/project concentration risk in the order book
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16d ago Headwinds 1
- VP Strategy & Planning resigns Jul 19
Akshay Jain resigned as Vice President (Strategy & Planning) effective July 31, 2026, citing personal reasons. Loss of senior leadership in strategy role could impact planning continuity.
Positives 3
- ₹1089Cr highway gets appointed date Jul 8
Subsidiary received appointed date of July 6, 2026 for the Indore Ujjain Greenfield Highway project worth ₹1089 crore under Hybrid Annuity Mode, triggering revenue recognition timelines.
- JV wins ₹705Cr MoRTH project Jul 8
Ceigall India (JV with Sushee Infra) emerged as L1 bidder for a ₹704.70 crore EPC road project in Arunachal Pradesh on NH-913 with 48-month construction period.
- ₹109Cr subsidiary investment approved Jul 9
Board approved ₹109.19 crore investment in wholly owned subsidiary Velgaon Power Transmission Ltd for the 400/220 kV Velgaon Substation project, expanding into power transmission.
Neutral 1
- Q1 FY27 earnings call scheduled Jul 30
Ceigall India will host its earnings call on August 10, 2026 to discuss unaudited standalone and consolidated results for the quarter ended June 30, 2026.
TL;DR: Ceigall India is seeing strong order momentum with a ₹705Cr new win and execution kicking off on a ₹1089Cr highway project. The company is also diversifying into power transmission infrastructure. A senior VP resignation is a minor concern but not structural. The trend is positive with growing order book visibility and project milestones being achieved on schedule.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 650 | 741 | 695 | 944 | 822 | 772 | 831 | 1,012 | 838 | 807 | 991 | 1,387 | 970 |
| Expenses | 563 | 614 | 555 | 779 | 678 | 649 | 707 | 884 | 729 | 693 | 852 | 1,163 | 826 |
| Operating Profit | 87 | 127 | 140 | 164 | 144 | 123 | 123 | 128 | 109 | 114 | 139 | 224 | 143 |
| OPM % | 13% | 17% | 20% | 17% | 18% | 16% | 15% | 13% | 13% | 14% | 14% | 16% | 15% |
| Other Income | 8 | 9 | 12 | 8 | 8 | 15 | 11 | 23 | 14 | 17 | 11 | 12 | 9 |
| Interest | 23 | 24 | 21 | 26 | 35 | 35 | 27 | 37 | 42 | 37 | 37 | 44 | 44 |
| Depreciation | 12 | 14 | 13 | 16 | 13 | 14 | 12 | 16 | 14 | 16 | 16 | 16 | 13 |
| PBT | 60 | 97 | 117 | 131 | 104 | 88 | 95 | 98 | 67 | 77 | 97 | 176 | 95 |
| Tax % | 27% | 24% | 33% | 17% | 25% | 26% | 25% | 26% | 24% | 27% | 25% | 27% | 33% |
| Net Profit | 44 | 74 | 78 | 108 | 78 | 66 | 71 | 72 | 51 | 56 | 72 | 129 | 64 |
| EPS in Rs | 5.63 | 4.7 | 5.04 | 6.93 | 5.05 | 3.86 | 4.2 | 4.25 | 3.05 | 3.33 | 4.25 | 7.27 | 3.52 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 873 | 1,134 | 2,068 | 3,029 | 3,437 | 4,022 | 4,154 |
| Expenses | 713 | 948 | 1,773 | 2,512 | 2,918 | 3,437 | 3,534 |
| Operating Profit | 160 | 186 | 296 | 518 | 518 | 585 | 620 |
| OPM % | 18% | 16% | 14% | 17% | 15% | 15% | 15% |
| Other Income | 12 | 13 | 19 | 37 | 56 | 54 | 49 |
| Interest | 7 | 11 | 52 | 94 | 134 | 160 | 162 |
| Depreciation | 14 | 19 | 38 | 55 | 56 | 62 | 61 |
| PBT | 151 | 169 | 225 | 405 | 385 | 418 | 446 |
| Tax % | 26% | 26% | 26% | 25% | 25% | 26% | — |
| Net Profit | 112 | 126 | 167 | 304 | 287 | 309 | 321 |
| EPS in Rs | 1,146 | 16.02 | 21.29 | 19.48 | 16.88 | 17.9 | 18.37 |
| Div. Payout % | 0% | 0% | 7% | 0% | 0% | 3% | — |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.98 | 39 | 39 | 79 | 87 | 87 |
| Reserves | 304 | 392 | 554 | 809 | 1,745 | 2,051 |
| Borrowings | 30 | 316 | 703 | 1,066 | 1,397 | 1,311 |
| Other Liabilities | 139 | 212 | 532 | 638 | 1,018 | 2,074 |
| Total Liabilities | 474 | 959 | 1,828 | 2,592 | 4,248 | 5,523 |
| Fixed Assets | 67 | 126 | 249 | 301 | 339 | 341 |
| CWIP | 1 | 4 | 2 | 2 | 23 | 4 |
| Investments | 13 | 71 | 23 | 2 | 6 | 10 |
| Other Assets | 394 | 759 | 1,555 | 2,287 | 3,880 | 5,169 |
| Total Assets | 474 | 959 | 1,828 | 2,592 | 4,248 | 5,523 |
Cash Flow
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Operating | 103 | -135 | -73 | -211 | -520 | -91 |
| Investing | -20 | -164 | -134 | -38 | -130 | -44 |
| Financing | -6 | 310 | 326 | 275 | 846 | 8 |
| Net Cash Flow | 77 | 11 | 119 | 26 | 197 | -127 |
| Free Cash Flow | 70 | -214 | -229 | -317 | -624 | -129 |
| CFO/OP | 89 | -47 | -3 | -20 | -79 | 6 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 31 | 56 | 52 | 72 | 58 |
| Inventory Days | 30 | 34 | 57 | 41 | 37 | 11 |
| Days Payable | 56 | 50 | 191 | 119 | 260 | 164 |
| Cash Conversion Cycle | -11 | 15 | -78 | -26 | -151 | -95 |
| Working Capital Days | 18 | 16 | 4 | 21 | 59 | 62 |
| ROCE % | — | 33% | 27% | 30% | 19% | 17% |
Documents
1
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
18 Aug - Ceigall India JV received four MoRTH LOAs worth Rs 2,149.62 crore on 17 August 2026. 18 Aug - Ceigall India JV received four MoRTH LOAs worth Rs 2,149.62 crore on 17 August 2026.
2
Announcement under Regulation 30 (LODR)-Press Release / Media Release
18 Aug - Ceigall-SIML JV won four MoRTH LOAs worth ₹2,149.62 crore for Arunachal Pradesh Frontier Highway EPC projects. 18 Aug - Ceigall-SIML JV won four MoRTH LOAs worth ₹2,149.62 crore for Arunachal Pradesh Frontier Highway EPC projects.
3
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
18 Aug - Pursuant to Regulation 30 of the SEBI (LODR), Regulations, 2015, we would like to inform you that the officials .... 18 Aug - Pursuant to Regulation 30 of the SEBI (LODR), Regulations, 2015, we would like to inform you that the officials ....
4
Announcement under Regulation 30 (LODR)-Newspaper Publication
8 May - Copies of newspaper publications dated May 08, 2026 published in Business Standard (English Newspaper) and Daily Suraj, Ludhiana (Punjabi Newspaper) regarding Audited Financial Results (Standalone … 8 May - Copies of newspaper publications dated May 08, 2026 published in Business Standard (English Newspaper) and Daily Suraj, Ludhiana (Punjabi Newspaper) regarding Audited Financial Results (Standalone …
5
Change In Auditors
10h - FY26 audited results approved with unmodified opinion; 10% dividend; WTD resignation and three independent director changes. 10h - FY26 audited results approved with unmodified opinion; 10% dividend; WTD resignation and three independent director changes.
1
Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 17 Aug 2026
General_Announcements
3
Board Meeting Outcome for Outcome Of The Board Meeting Held Today I.E. Saturday August 08 2026 8 Aug 2026
Outcome
Frequently Asked Questions about Ceigall India Ltd
What does Ceigall India Ltd do?
Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.[1]
Where is Ceigall India Ltd (CEIGALL) listed?
Ceigall India Ltd is listed on the Indian stock exchanges. It is listed on NSE: CEIGALL and BSE: 544223. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ceigall India Ltd belong to?
Ceigall India Ltd operates in the Construction sector within the Civil Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ceigall India Ltd?
Ceigall India Ltd has a market capitalisation of approximately ₹5346.35 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Ceigall India Ltd?
The Price-to-Earnings (PE) ratio of Ceigall India Ltd is 16.83. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ceigall India Ltd?
Over the past 52 weeks, Ceigall India Ltd has traded between a low of ₹222.61 and a high of ₹405.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Ceigall India Ltd pay dividends?
Yes, Ceigall India Ltd has a dividend yield of 0.16%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Ceigall India Ltd?
Ceigall India Ltd has a Return on Equity (ROE) of 15.54%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ceigall India Ltd on Tapetide?
On Tapetide, you can view Ceigall India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.[1]
Website ceigall.com
CEO Mr. Ramneek Sehgal
Employees 2,298
Listed 2024-08-08
Face Value ₹ 5
Issued Size 17,42,04,861