Order Book Or Contract Wins
Expected: Multi-yearHIGH confidence
What: Order Book: ₹13,295 Cr
“Our total order book has now scaled to INR13,295 crores providing us a multi-year revenue visibility.”
Ceigall India Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +30.5%Average12w StreakAccelerating
In , Ceigall India Ltd (Construction - Civil/Turnkey) is outperforming Nifty 500 with +30.5% relative strength. Fundamentals: Average. On a 12-week streak.
Ceigall India Ltd Key Facts
- PE Ratio
- 21.0x
- Price/Book
- 2.62x
- Market Cap
- ₹6,564 Cr
- PAT Growth YoY
- +79%
- Revenue Growth YoY
- +37%
- OPM
- 16.0%
- RS vs Nifty 500
- +30.5%
Riding Wave
What's Happening
🏛️DII reducing — stake down 1.2%
💰Trading 32% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
Multi-yearHIGH
2. Interest Cost Reduction Deleveraging
OngoingMEDIUM
3. Geographical Expansion
FY27 onwardsMEDIUM
Key Risks
1. Delays in signing Power Purchase Agreements (PPAs) for solar projects
MEDIUM2. Right of Way (ROW) and environmental issues in specific projects like Jalbehra
LOW3. Commodity
LOWSector-Specific Signals
Total Order Book₹13,295 Cr+5.5%
Road & Highway Revenue Mix64%
Renewables Cumulative Orders₹3,168 Cr
Standalone Debt-to-Equity0.28x-0.12x
Key Numbers
PAT Growth YoY
+79%
Inflection Up
Revenue YoY
+37%
Accelerating
Operating Margin
16.0%
+300 bps YoY
PE Ratio
21.0
PEG Ratio
1.17
EV/EBITDA
12.8
Current Price
₹377
Fundamental Score
58/100
Average
3Y PAT CAGR
+23%
Market Cap
6.6K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Ceigall India Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Interest Cost Reduction Deleveraging
Expected: OngoingMEDIUM confidence
What: Standalone Debt: ₹552 Cr
“Standalone debt has reduced to INR552 crores as of December 2025 compared to INR636 crores in March 2025.”
Geographical Expansion
Expected: FY27 onwardsMEDIUM confidence
What: International Bids: Romania, UAE
Impact: 10-15% Revenue
“we have already quoted one project in Romania, we have already quoted few projects in UAE. So as such there is no much of the equity requirement.”
Value Added Product Mix Shift
Expected: Next 2-3 yearsMEDIUM confidence
What: Renewables Order Book: ₹3,168 Cr
Impact: 21% Revenue Mix
“Renewables now account for cumulative orders of INR3,168 crores... they'll match the historical EBITDA margin levels.”
Regulatory Approval Or License Win
Expected: ImmediateLOW confidence
What: L1 Status: ₹2,160 Cr Bihar Project
“Our subsidiary Ceigall Infra Projects Private Limited has emerged as L1 bidder for... the INR2,160 crores for four-laning of Sahebganj-Areraj-Bettiah.”
Q3 Revenue Growth of 19.7%
HIGH confidence
What: Q3 Revenue Growth of 19.7%
“the third quarter has been a period of significant execution momentum, capitalization on the post-monsoon working window to escalate project timelines across the board.”
Order Inflow Guidance guidance raised
HIGH confidence
What: ₹5,000 Cr → ₹5,800 Cr (Incremental 15%)
“Against INR5000 crores, we have already got close to INR8500 crores. And this year also our guidance would be incremental of 15%. So should be around INR5800 crores.”
What Are the Key Risks for Ceigall India Ltd?
Earnings deceleration risks from management commentary
Delays in signing Power Purchase Agreements (PPAs) for solar projects
MEDIUMTrigger: Execution cannot start until PPAs are signed, which typically takes 7-8 months.
Management view: The company is waiting for the PPA to be signed before committing equity or starting execution.
Monitor: regulatory
Right of Way (ROW) and environmental issues in specific projects like Jalbehra
LOWTrigger: Floods and ROW problems have delayed completion and the realization of early completion bonuses.
Management view: Awaiting Extension of Time (EOT) from the government to mitigate penalty risks.
Monitor: litigation
Commodity
LOWTrigger: Not explained on call
Monitor: commodity
What Is Ceigall India Ltd's Management Saying?
Key quotes from recent conference calls
“As we have guided before, we would have a same kind of growth we had before, which is about 10% to 15% from our last year performance. [Previous Revenue Growth guidance]”
“We should target at least 10 to 15% coming from international. And we are still setting up the things there, so it might take time. [Initiative: International Expansion]”
“Basically for Malout-Abohar we are targeting 31st March and for sale of other two assets we are targeting 30th September. [Initiative: Asset Divestment (Capital Recycling)]”
“Solar projects, signing of the PPA takes a lot of time... Normally, it takes 7, 8 months for PPA to sign. [Risk (regulatory): MEDIUM]”
What Did Ceigall India Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹970 Cr
YoY +19.7%QoQ +23.2%
Why: The growth reflects significant execution momentum and capitalization on the post-monsoon working window to escalate project timelines.
Revenue growth accelerated sharply as the company moved past monsoon-related disruptions seen in the first half.
EBITDA
₹120 Cr
YoY +14.3%Margin 12.3%
Why: EBITDA growth was driven by higher execution volumes, though margins saw a slight compression compared to historical levels.
While absolute EBITDA grew, the margin of 12.3% is slightly lower than the 15% plus historical levels mentioned in later discussions.
PAT
₹75 Cr
QoQ +34.1%
Why: Profitability followed the revenue trajectory with a PAT margin of 7.7% for the quarter.
PAT margins remained stable sequentially, reflecting consistent operational efficiency.
Other Highlights
• Standalone debt reduced to ₹552 Cr from ₹636 Cr in March 2025.
• Order book scaled to ₹13,295 Cr providing multi-year visibility.
• Seven projects completed ahead of schedule, enabling early completion bonuses.
What Sector Metrics Matter for Ceigall India Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Order Book
₹13,295 Cr
YoY +5.5%QoQ +5.5%
Why: Driven by new wins in Renewables and T&D segments.
Road & Highway Revenue Mix
64%
QoQ 0%
Why: Remains the core segment despite diversification efforts.
Renewables Cumulative Orders
₹3,168 Cr
Why: Successful foray into solar park development and Surya Mitra schemes.
Standalone Debt-to-Equity
0.28x
YoY -0.12xQoQ -0.02x
Why: Continued deleveraging and balance sheet optimization.
Net Working Capital Days
70 days
YoY +25 daysQoQ 0 days
Why: Withdrawal of Atmanirbhar scheme and increased retention by NHAI.
Equity Infused in HAM Projects
₹605.6 Cr
QoQ +₹90.2 Cr
Why: Ongoing funding requirements for the 8 HAM projects under execution.
Target EPC EBITDA Margin
11-11.5%
Why: Conservative bidding strategy to ensure project profitability.
Outstanding Cash and FD
₹225 Cr
Why: Reflects liquidity available for equity infusions.
What Is Ceigall India Ltd's Management Guidance?
Forward-looking targets from management for FY26
Revenue Growth Target
10%
OPM Guidance
11–11.5%
Capex Plan
₹30 Cr
Revenue Outlook
10% to 15% growth
Margin Outlook
REAFFIRMED
Capex Plan
₹25 to ₹30 Cr
Asset buyback policy and subsidiary-level investments
Management Tone: BULLISH
Guidance Changes
RAISED
Order Inflow Guidance: ₹5,000 Cr → ₹5,800 Cr (Incremental 15%)
How Fast Is Ceigall India Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +37% | +25% | Accelerating |
| PAT (Net Profit) | +79% | +23% | Inflection Up |
| OPM | 16.0% | +300 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Construction - Civil/Turnkey Stocks Beating Nifty 500
Frequently Asked Questions: Ceigall India Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Ceigall India Ltd's latest quarterly results?
Ceigall India Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +79.2% (turning around (inflection up))
- Revenue Growth YoY: +37.1%
- Operating Margin: 16.0% (stable)
Is Ceigall India Ltd's profit growing or declining?
Ceigall India Ltd's profit is growing with an turning around (inflection up) trend.
- PAT Growth YoY: +79.2% (latest quarter)
- PAT Growth QoQ: +79.2% (sequential)
- 3-Year PAT CAGR: +22.8%
- Trend: Turning around (inflection up) — consistent growth pattern
What is Ceigall India Ltd's revenue growth trend?
Ceigall India Ltd's revenue growth trend is accelerating.
- Revenue Growth YoY: +37.1%
- Revenue Growth QoQ: +40.0% (sequential)
- 3-Year Revenue CAGR: +24.8%
How is Ceigall India Ltd's operating margin trending?
Ceigall India Ltd's operating margin is stable.
- Current OPM: 16.0%
- OPM Change YoY: +3.0% basis points
- OPM Change QoQ: +2.0% basis points
What is Ceigall India Ltd's 3-year profit and revenue CAGR?
Ceigall India Ltd's long-term compounding rates
- 3-Year Profit CAGR: +22.8%
- 3-Year Revenue CAGR: +24.8%
Is Ceigall India Ltd's growth accelerating or decelerating?
Ceigall India Ltd's earnings growth is turning around (inflection up) with strong momentum on a sequential basis.
- YoY Acceleration: +77.8% bps
- Sequential Acceleration: +21.4% bps
What is Ceigall India Ltd's trailing twelve month (TTM) performance?
Ceigall India Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹308 Cr
- TTM PAT Growth: +7.3% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +17.1% YoY
- TTM Operating Margin: 14.5%
Is Ceigall India Ltd overvalued or undervalued?
Ceigall India Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 21.0x
- Price-to-Book: 3.1x
What is Ceigall India Ltd's current PE ratio?
Ceigall India Ltd's current PE ratio is 21.0x.
- Current PE: 21.0x
- Market Cap: 6.6K Cr
How does Ceigall India Ltd's valuation compare to its history?
Ceigall India Ltd's current PE is 21.0x.
- Current PE: 21.0x
- Valuation Assessment: Significantly Overvalued
What is Ceigall India Ltd's price-to-book ratio?
Ceigall India Ltd's price-to-book ratio is 3.1x.
- Price-to-Book (P/B): 3.1x
- Book Value per Share: ₹123
- Current Price: ₹377
Is Ceigall India Ltd a fundamentally strong company?
Ceigall India Ltd is rated Average with a fundamental score of 58/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +37.1% (10% weight)
- PAT Growth YoY: +79.2% (10% weight)
- PAT Growth QoQ: +79.2% (10% weight)
- Margins stable (10% weight)
- PEG Ratio: 1.2x vs sector median (15% weight)
- EV/EBITDA: 12.8x vs sector median (15% weight)
Is Ceigall India Ltd debt free?
Ceigall India Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹1,000 Cr
What is Ceigall India Ltd's return on equity (ROE) and ROCE?
Ceigall India Ltd's return ratios over recent years
- FY2024: ROCE 30.0%
- FY2025: ROCE 19.0%
- FY2026: ROCE 17.0%
Is Ceigall India Ltd's cash flow positive?
Ceigall India Ltd's operating cash flow is negative (FY2026).
- Cash from Operations (CFO): ₹-91 Cr
- Free Cash Flow (FCF): ₹-135 Cr
- CFO/PAT Ratio: -29% (weak cash conversion)
What is Ceigall India Ltd's dividend yield?
Ceigall India Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹377
Who holds Ceigall India Ltd shares — promoters, FII, DII?
Ceigall India Ltd's shareholding pattern (Mar 2026)
- Promoters: 82.0%
- FII (Foreign): 3.1%
- DII (Domestic): 5.4%
- Public: 9.4%
Is promoter holding increasing or decreasing in Ceigall India Ltd?
Ceigall India Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 82.0% (Mar 2026)
- Previous Quarter: 82.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Ceigall India Ltd been outperforming Nifty 500?
Ceigall India Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is Ceigall India Ltd a new momentum entry or an established outperformer?
Ceigall India Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Ceigall India Ltd?
Ceigall India Ltd has 7 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Diversification into Renewables, T&D, and Metros is scaling the order book beyond traditional roads.
- Interest Cost Reduction Deleveraging — Continued focus on balance sheet optimization and capital recycling through asset sales.
- Geographical Expansion — Targeting international EPC projects where only BG limits are required, minimizing equity infusion.
- Value Added Product Mix Shift — Moving into high-potential markets like solar and T&D which match historical EBITDA margins.
What are the key risks in Ceigall India Ltd?
Ceigall India Ltd has 3 key risks worth monitoring
- [MEDIUM] Delays in signing Power Purchase Agreements (PPAs) for solar projects — Execution cannot start until PPAs are signed, which typically takes 7-8 months.
- [LOW] Right of Way (ROW) and environmental issues in specific projects like Jalbehra — Floods and ROW problems have delayed completion and the realization of early completion bonuses.
- [LOW] Commodity — Not Given
What did Ceigall India Ltd's management say in the latest earnings call?
In Q3 FY26, Ceigall India Ltd's management highlighted
- "As we have guided before, we would have a same kind of growth we had before, which is about 10% to 15% from our last year performance. [Previous Reve..."
- "We should target at least 10 to 15% coming from international. And we are still setting up the things there, so it might take time. [Initiative: Inte..."
- "Basically for Malout-Abohar we are targeting 31st March and for sale of other two assets we are targeting 30th September. [Initiative: Asset Divestme..."
What is Ceigall India Ltd's management guidance for growth?
Ceigall India Ltd's management has provided the following forward guidance for FY26
- Revenue growth target: 10%
- OPM guidance: 11–11.5%
- Capex plan: ₹30 Cr for Asset buyback policy and subsidiary-level investments
- Management tone: bullish
- Milestone: [RAISED] Order Inflow Guidance: ₹5,000 Cr → ₹5,800 Cr (Incremental 15%)
What sector-specific metrics matter most for Ceigall India Ltd?
Ceigall India Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Order Book: ₹13,295 Cr (YoY +5.5%) (QoQ +5.5%) — Driven by new wins in Renewables and T&D segments.
- Road & Highway Revenue Mix: 64% (QoQ 0%) — Remains the core segment despite diversification efforts.
- Renewables Cumulative Orders: ₹3,168 Cr — Successful foray into solar park development and Surya Mitra schemes.
- Standalone Debt-to-Equity: 0.28x (YoY -0.12x) (QoQ -0.02x) — Continued deleveraging and balance sheet optimization.
- Net Working Capital Days: 70 days (YoY +25 days) (QoQ 0 days) — Withdrawal of Atmanirbhar scheme and increased retention by NHAI.
- Equity Infused in HAM Projects: ₹605.6 Cr (QoQ +₹90.2 Cr) — Ongoing funding requirements for the 8 HAM projects under execution.
Is Ceigall India Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Ceigall India Ltd may be worth studying
- Earnings growing at +79.2% YoY
- Revenue growth is accelerating — +37.1% YoY
What is the investment thesis for Ceigall India Ltd?
Ceigall India Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +37.1% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Delays in signing Power Purchase Agreements (PPAs) for solar projects
What is the future outlook for Ceigall India Ltd?
Ceigall India Ltd's forward outlook based on current data signals
- Earnings Trend: turning around (inflection up)
- Revenue Trend: accelerating
- Margin Trend: stable
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Delays in signing Power Purchase Agreements (PPAs) for solar projects
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.