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Ceigall India share price today

Ceigall India Ltd · NSE: CEIGALL · Construction - Civil/Turnkey · prices and results as of 5 November 2026, updated weekly · research updated 10 October 2026

Ceigall India share price today: ₹386.85 at the NSE close on 5 November 2026, up 55.5% in a year. Ceigall India (NSE: CEIGALL) is worth ₹6,741 crore, trades at a P/E of 19.0 and has closed between ₹232.91 and ₹392.10 over the past 52 weeks. Latest change: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare).

Turning aroundBusiness trend from fewer quarters than usual
₹386.85Price +55.5% in a year
19.0×P/E higher than 59% of the last 2.2 years
₹1,022 CrRevenue (Sep 2026) +26.6% on a year ago
₹92.0 CrProfit (Sep 2026) +64.3% on a year ago
17.0%Operating margin +3.0 points on a year ago
17%ROCE FY26
−91%Profit that came in as cash last 3 years

Ceigall India Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer.

The main question: profits are rising, but only −91% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

The price has been rising for 37 weeks, and the P/E is higher than 59% of its own last 2.2 years. Over the last four quarters, results have been improving, with profit +64.3% on a year earlier, and −91% of the last 3 years' profit came in as cash. What will decide it: whether the cash starts to follow the profit.

Left out of this page: Its two data sources disagree by up to 3.4% on reported income across 13 comparable periods, so nothing from the second source is shown here. That is why the quarterly PEG curve, the quarterly return curves, the yearly return-on-capital-used (ROIC) line, the total-debt and debt-to-equity series and the F-score and the return-on-capital-used (ROIC) reading are missing. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

What is the Ceigall India share price today?

Ceigall India Ltd's share price was ₹386.85 at the close on 5 November 2026. It has been rising for 37 weeks. That is 13.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹233 and ₹392, and at that close it sat 97% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Ceigall India Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 7 weeks in a row.

1Y

Nov 2026: ₹387, 13.9% above its 200-day average. The price has been rising for 37 weeks.

  • Price ₹387
  • 50-day avg ₹375
  • 200-day avg ₹340
Nov 2026: ₹387, 13.9% above its 200-day average. The price has been rising for 37 weeks.
WeekPrice50-day avg200-day avg
31 Oct 2025₹252₹260₹276
7 Nov 2025₹249₹258₹275
14 Nov 2025₹246₹256₹274
21 Nov 2025₹242₹254₹272
28 Nov 2025₹242₹251₹271
5 Dec 2025₹233₹249₹269
12 Dec 2025₹235₹245₹267
19 Dec 2025₹244₹243₹265
26 Dec 2025₹260₹244₹265
2 Jan 2026₹274₹249₹265
9 Jan 2026₹272₹254₹266
16 Jan 2026₹279₹257₹266
23 Jan 2026₹275₹260₹267
1 Feb 2026₹276₹263₹267
6 Feb 2026₹292₹266₹268
13 Feb 2026₹290₹271₹269
20 Feb 2026₹287₹274₹270
27 Feb 2026₹284₹277₹271
6 Mar 2026₹278₹276₹271
13 Mar 2026₹266₹276₹271
20 Mar 2026₹271₹275₹271
27 Mar 2026₹268₹274₹271
2 Apr 2026₹276₹274₹271
10 Apr 2026₹300₹277₹272
17 Apr 2026₹307₹280₹273
24 Apr 2026₹326₹288₹275
30 Apr 2026₹339₹295₹278
8 May 2026₹377₹306₹282
15 May 2026₹345₹315₹285
22 May 2026₹344₹318₹287
29 May 2026₹347₹322₹290
4 Jun 2026₹359₹327₹292
5 Jun 2026₹359₹328₹293
9 Jun 2026₹366₹330₹294
10 Jun 2026₹361₹331₹295
12 Jun 2026₹375₹335₹296
17 Jun 2026₹373₹339₹299
19 Jun 2026₹375₹342₹300
24 Jun 2026₹380₹346₹302
25 Jun 2026₹382₹347₹303
1 Jul 2026₹392₹352₹306
3 Jul 2026₹364₹354₹307
10 Jul 2026₹366₹357₹310
17 Jul 2026₹341₹356₹312
24 Jul 2026₹337₹353₹314
31 Jul 2026₹343₹350₹315
7 Aug 2026₹333₹348₹316
14 Aug 2026₹318₹343₹316
21 Aug 2026₹314₹337₹316
28 Aug 2026₹341₹337₹317
4 Sep 2026₹356₹338₹318
11 Sep 2026₹380₹345₹321
18 Sep 2026₹374₹351₹323
25 Sep 2026₹384₹357₹326
1 Oct 2026₹380₹360₹328
9 Oct 2026₹369₹363₹331
16 Oct 2026₹391₹367₹333
23 Oct 2026₹363₹369₹335
30 Oct 2026₹390₹372₹338
5 Nov 2026₹387₹375₹340
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 1-year window.

3Y

Nov 2026: ₹387, 13.9% above its 200-day average. The price has been rising for 37 weeks.

  • Price ₹387
  • 50-day avg ₹375
  • 200-day avg ₹340
Nov 2026: ₹387, 13.9% above its 200-day average. The price has been rising for 37 weeks.
WeekPrice50-day avg200-day avg
9 Aug 2024₹397₹387₹387
16 Aug 2024₹393₹387₹387
23 Aug 2024₹401₹388₹387
30 Aug 2024₹394₹389₹388
6 Sep 2024₹381₹389₹388
13 Sep 2024₹385₹387₹387
20 Sep 2024₹380₹386₹387
27 Sep 2024₹380₹386₹387
4 Oct 2024₹388₹386₹387
11 Oct 2024₹380₹386₹387
18 Oct 2024₹379₹384₹386
25 Oct 2024₹342₹380₹385
1 Nov 2024₹365₹374₹383
8 Nov 2024₹325₹368₹381
14 Nov 2024₹305₹360₹378
22 Nov 2024₹323₹353₹376
29 Nov 2024₹342₹350₹374
6 Dec 2024₹371₹351₹373
13 Dec 2024₹363₹353₹372
20 Dec 2024₹354₹355₹372
27 Dec 2024₹349₹354₹371
3 Jan 2025₹345₹352₹370
10 Jan 2025₹324₹349₹368
17 Jan 2025₹328₹344₹366
24 Jan 2025₹317₹340₹364
1 Feb 2025₹303₹332₹360
7 Feb 2025₹292₹325₹357
14 Feb 2025₹271₹317₹353
21 Feb 2025₹275₹307₹349
28 Feb 2025₹258₹300₹345
7 Mar 2025₹265₹293₹341
13 Mar 2025₹243₹286₹337
21 Mar 2025₹263₹280₹333
28 Mar 2025₹254₹277₹330
4 Apr 2025₹254₹275₹327
11 Apr 2025₹255₹271₹324
17 Apr 2025₹263₹270₹322
25 Apr 2025₹258₹269₹319
2 May 2025₹255₹267₹317
9 May 2025₹249₹266₹314
16 May 2025₹258₹264₹311
23 May 2025₹250₹262₹309
30 May 2025₹250₹260₹306
6 Jun 2025₹245₹257₹303
13 Jun 2025₹249₹257₹300
20 Jun 2025₹244₹255₹298
27 Jun 2025₹251₹254₹295
4 Jul 2025₹270₹256₹294
11 Jul 2025₹287₹260₹293
18 Jul 2025₹269₹263₹292
25 Jul 2025₹264₹264₹291
1 Aug 2025₹263₹263₹289
8 Aug 2025₹258₹262₹288
14 Aug 2025₹246₹260₹286
22 Aug 2025₹252₹259₹285
29 Aug 2025₹245₹257₹283
5 Sep 2025₹274₹257₹282
12 Sep 2025₹269₹260₹282
19 Sep 2025₹276₹263₹281
26 Sep 2025₹262₹265₹281
3 Oct 2025₹261₹264₹280
10 Oct 2025₹262₹264₹279
17 Oct 2025₹248₹262₹278
24 Oct 2025₹255₹261₹277
31 Oct 2025₹252₹260₹276
7 Nov 2025₹249₹258₹275
14 Nov 2025₹246₹256₹274
21 Nov 2025₹242₹254₹272
28 Nov 2025₹242₹251₹271
5 Dec 2025₹233₹249₹269
12 Dec 2025₹235₹245₹267
19 Dec 2025₹244₹243₹265
26 Dec 2025₹260₹244₹265
2 Jan 2026₹274₹249₹265
9 Jan 2026₹272₹254₹266
16 Jan 2026₹279₹257₹266
23 Jan 2026₹275₹260₹267
1 Feb 2026₹276₹263₹267
6 Feb 2026₹292₹266₹268
13 Feb 2026₹290₹271₹269
20 Feb 2026₹287₹274₹270
27 Feb 2026₹284₹277₹271
6 Mar 2026₹278₹276₹271
13 Mar 2026₹266₹276₹271
20 Mar 2026₹271₹275₹271
27 Mar 2026₹268₹274₹271
2 Apr 2026₹276₹274₹271
10 Apr 2026₹300₹277₹272
17 Apr 2026₹307₹280₹273
24 Apr 2026₹326₹288₹275
30 Apr 2026₹339₹295₹278
8 May 2026₹377₹306₹282
15 May 2026₹345₹315₹285
22 May 2026₹344₹318₹287
29 May 2026₹347₹322₹290
4 Jun 2026₹359₹327₹292
5 Jun 2026₹359₹328₹293
9 Jun 2026₹366₹330₹294
10 Jun 2026₹361₹331₹295
12 Jun 2026₹375₹335₹296
17 Jun 2026₹373₹339₹299
19 Jun 2026₹375₹342₹300
24 Jun 2026₹380₹346₹302
25 Jun 2026₹382₹347₹303
1 Jul 2026₹392₹352₹306
3 Jul 2026₹364₹354₹307
10 Jul 2026₹366₹357₹310
17 Jul 2026₹341₹356₹312
24 Jul 2026₹337₹353₹314
31 Jul 2026₹343₹350₹315
7 Aug 2026₹333₹348₹316
14 Aug 2026₹318₹343₹316
21 Aug 2026₹314₹337₹316
28 Aug 2026₹341₹337₹317
4 Sep 2026₹356₹338₹318
11 Sep 2026₹380₹345₹321
18 Sep 2026₹374₹351₹323
25 Sep 2026₹384₹357₹326
1 Oct 2026₹380₹360₹328
9 Oct 2026₹369₹363₹331
16 Oct 2026₹391₹367₹333
23 Oct 2026₹363₹369₹335
30 Oct 2026₹390₹372₹338
5 Nov 2026₹387₹375₹340
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 2-year window.

Price stage: Falling from Oct 2025 to Feb 2026; Rising from Mar 2026 to Oct 2026.

Price stage: Falling in Aug 2024; Sideways from Sep 2024 to Oct 2024; Falling from Nov 2024 to Feb 2026; Rising from Mar 2026 to Oct 2026.

Week by week since 2024: did it beat the NIFTY 500 over the past 13 weeks?

Ahead in 51 of 111 weeks

Week by week since 2024: did it beat the NIFTY 500 over the past 13 weeks?
Week13-week return vs NIFTY 500
9 Aug 2024no NIFTY 500 reading
16 Aug 2024no NIFTY 500 reading
23 Aug 2024no NIFTY 500 reading
30 Aug 2024no NIFTY 500 reading
6 Sep 2024no NIFTY 500 reading
13 Sep 2024no NIFTY 500 reading
20 Sep 2024no NIFTY 500 reading
27 Sep 2024no NIFTY 500 reading
4 Oct 2024no NIFTY 500 reading
11 Oct 2024no NIFTY 500 reading
18 Oct 2024no NIFTY 500 reading
25 Oct 2024no NIFTY 500 reading
1 Nov 2024no NIFTY 500 reading
8 Nov 2024−14.8%
14 Nov 2024−16.5%
22 Nov 2024−15.5%
29 Nov 2024−10.4%
6 Dec 2024−1.9%
13 Dec 2024−1.5%
20 Dec 2024+1.1%
27 Dec 2024−0.5%
3 Jan 2025−5.4%
10 Jan 2025−5.7%
17 Jan 2025−7.3%
24 Jan 2025−0.7%
1 Feb 2025−11.5%
7 Feb 2025−5.5%
14 Feb 2025−5.4%
21 Feb 2025−5.0%
28 Feb 2025−12.4%
7 Mar 2025−15.4%
13 Mar 2025−24.1%
21 Mar 2025−20.6%
28 Mar 2025−22.1%
4 Apr 2025−17.9%
11 Apr 2025−20.7%
17 Apr 2025−23.8%
25 Apr 2025−22.3%
2 May 2025−17.3%
9 May 2025−22.5%
16 May 2025−14.6%
23 May 2025−20.6%
30 May 2025−15.7%
6 Jun 2025−22.8%
13 Jun 2025−7.6%
20 Jun 2025−16.8%
27 Jun 2025−11.9%
4 Jul 2025−9.4%
11 Jul 2025+2.9%
18 Jul 2025−3.0%
25 Jul 2025−2.4%
1 Aug 2025+0.5%
8 Aug 2025+2.8%
14 Aug 2025−6.4%
22 Aug 2025+1.0%
29 Aug 2025−2.1%
5 Sep 2025+13.1%
12 Sep 2025+6.0%
19 Sep 2025+13.7%
26 Sep 2025+6.9%
3 Oct 2025−1.5%
10 Oct 2025−8.3%
17 Oct 2025−9.2%
24 Oct 2025−7.4%
31 Oct 2025−8.8%
7 Nov 2025−8.5%
14 Nov 2025−3.1%
21 Nov 2025−9.3%
28 Nov 2025−5.0%
5 Dec 2025−16.5%
12 Dec 2025−13.1%
19 Dec 2025−14.5%
26 Dec 2025−5.0%
2 Jan 2026+1.4%
9 Jan 2026+3.5%
16 Jan 2026+16.5%
23 Jan 2026+11.6%
1 Feb 2026+10.8%
6 Feb 2026+17.5%
13 Feb 2026+18.7%
20 Feb 2026+20.9%
27 Feb 2026+22.8%
6 Mar 2026+23.2%
13 Mar 2026+20.1%
20 Mar 2026+20.9%
27 Mar 2026+15.4%
2 Apr 2026+8.4%
10 Apr 2026+14.1%
17 Apr 2026+9.3%
24 Apr 2026+19.6%
30 Apr 2026+23.9%
8 May 2026+34.4%
15 May 2026+24.0%
22 May 2026+22.8%
29 May 2026+21.2%
4 Jun 2026+29.1%
5 Jun 2026+32.2%
9 Jun 2026+30.2%
10 Jun 2026+26.7%
12 Jun 2026+33.7%
17 Jun 2026+21.7%
19 Jun 2026+21.4%
24 Jun 2026+15.5%
25 Jun 2026+13.0%
1 Jul 2026+0.6%
3 Jul 2026+2.0%
10 Jul 2026+3.4%
17 Jul 2026−4.7%
24 Jul 2026−8.0%
31 Jul 2026−8.8%
7 Aug 2026−13.9%
14 Aug 2026−16.2%
21 Aug 2026−20.3%
28 Aug 2026−10.1%
4 Sep 2026−5.5%
11 Sep 2026+1.1%
18 Sep 2026−1.0%
25 Sep 2026+1.0%
1 Oct 2026+10.6%
9 Oct 2026+7.2%
16 Oct 2026+19.2%
23 Oct 2026+14.2%
30 Oct 2026+20.5%
5 Nov 2026+23.7%
Each bar is one week, from 2024 to now (111 weeks with a reading). Green means the stock's return over the previous 13 weeks beat the NIFTY 500; red means it trailed. The colour is strongest at a gap of 25 percentage points or more. A gap means there is no reading for that week.

Over the last 2.2 years the share price moved −3% while the NIFTY 500 moved −3%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

What changed at Ceigall India this quarter?

One change stood out: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare).

  1. Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare)

    In the June 2026 quarter revenue was ₹970 crore, +15.8% on a year earlier.

    Why: Revenue rose because the company got more work done on its projects.

    Next results: check whether the highway projects VRK 11/12 and Southern Ludhiana get past land issues and start adding to reported revenue.

    From the earnings call on 10 Aug 2026.

What are Ceigall India's latest quarterly results?

For July to September 2026 (the quarter ended 30 September 2026), Ceigall India reported revenue of ₹1,022 crore, up 26.6% from ₹807 crore a year earlier, and a profit of ₹92.0 crore, up 64.3% from ₹56.0 crore.

Ceigall India results: July to September 2026 against a year earlier

Ceigall India results: July to September 2026 against a year earlier
MeasureJuly to September 2026July to September 2025Change
Revenue₹1,022 crore₹807 crore+26.6%
Profit₹92.0 crore₹56.0 crore+64.3%
Earnings per share₹5.22₹3.33+56.8%
Operating margin17.0%14.0%+3.0 points

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 10 August 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

What is the Ceigall India share price history?

Ceigall India closed at ₹386.85 on 5 November 2026, up 55.5% from ₹248.80 a year earlier (7 November 2025). Its highest weekly close since August 2024 was ₹400.95 on 23 August 2024.

Ceigall India share price: then and now

Ceigall India share price: then and now
WhenCloseChange to 5 Nov 2026
1 week ago · 30 Oct 2026₹390.20−0.9%
1 month ago · 9 Oct 2026₹369.00+4.8%
6 months ago · 8 May 2026₹376.80+2.7%
1 year ago · 7 Nov 2025₹248.80+55.5%
Earliest weekly close in our records · 9 Aug 2024₹397.05−2.6%
Highest weekly close since August 2024 · 23 Aug 2024₹400.95−3.5%
Lowest weekly close since August 2024, also the 52-week low · 5 Dec 2025₹232.91+66.1%
52-week high (weekly close) · 1 Jul 2026₹392.10−1.3%

Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

124 weekly closes from 9 August 2024 to 5 November 2026.

What is the latest news on Ceigall India?

5 Nov 2026: Ceigall India closed at ₹386.85, down 0.9% on the week and up 4.8% on the month. Our read, 10 Oct 2026: Project starts are translating order visibility into earnings, but cash collection and HAM sale receipts determine whether the expansion can finance itself.

Earlier

  • Results for July to September 2026: Revenue up 26.6% and profit up 64.3% on a year earlier.
  • 11 Sep 2026: ex-date for a dividend of ₹0.50 a share.
  • 10 Aug 2026: Ceigall India held its results call for April to June 2026. Management guided: FY27 revenue growth at minimum 15%.

Our read of the business

April to June 2026: New project starts support growth; payment conditions still matter.

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What dividend does Ceigall India pay?

Ceigall India paid ₹0.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.13% at the ₹386.85 close on 5 November 2026. The last was a dividend of ₹0.50 a share, ex-date 11 September 2026.

Ceigall India dividends since 1 April 2021

Ceigall India dividends since 1 April 2021
Ex-dateDividend per shareType
11 Sep 2026Dividend₹0.50Dividend
23 Sep 2024Dividend₹0.50Dividend

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

1 of 5Of the last 5 financial years, years with an NSE dividend record

Not in its latest year. Ceigall India Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 1 of its last 7 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

What did Ceigall India management say on the latest results call?

On the call for April to June 2026, held on 10 August 2026, Ceigall India's management guided: FY27 revenue growth at minimum 15%.

“Our projects that are going to be completed will be sold; we are very clear about that.”Ramnik Sehgal, on the call for April to June 2026

What management guided

  • FY27 operating margin maintained at 11-12.5%.
  • FY27 order inflow of ₹6,000 crore; remaining inflow achievable during the year after close to ₹600 crore received.
  • FY27 VRK 11/12 execution planned at 20-25%; Bihar AD expected in Q3, Punjab by Q4, with work starting within 2-3 months after FC.
  • Ludhiana FY27 execution planned at least 15% because only 62% land is available.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 10 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What is the future of Ceigall India? What is changing in the business?

The changes showing up in Ceigall India's own numbers are a bigger order book. It is too early to say whether they last.

A bigger order book too early to call

Ceigall, a road and infrastructure builder, has won far more work than it planned. The order book (work won but not yet done) went from ₹12,598 crore (Sep 2025) to ₹13,295 crore (Dec 2025) to ₹18,554 crore (Mar 2026) and ₹18,568 crore (Jun 2026). FY26 orders won were ₹11,332 crore against a ₹5,000 crore goal. That backlog is now turning into sales: revenue grew over the same quarter a year earlier by 4.5% (Sep 2025, 807 vs 772), 19.3% (Dec 2025, 991 vs 831), 37.1% (Mar 2026, 1,387 vs 1,012) and 15.8% (Jun 2026, 970 vs 838). Management guides at least 15% revenue growth for FY27.

Why it may last: The orders come mostly from government road, rail and power spending, which rises and falls with budgets and tender cycles; April to June 2026 orders already slowed to about ₹600 crore. The 4.8-times backlog gives two to three years of visibility, not a permanent change.

What could be flattering it: A big headline order book that is executed slowly, at thin margins, or with the cash stuck with the government client (retention money, milestone billing, money tied up in road projects the company co-owns).

Next check: Revenue for Sep 2026 grows at least 15% over Sep 2025 (807) with operating margin at or above 14%, and FY27 half-year orders move clearly past ₹600 crore toward the ₹6,000 crore goal.

Quarter by quarter, 4 quarters

July to September 2025

A long monsoon slowed work. Revenue grew only 4.5% (807 vs 772) and operating profit (profit from the business before interest, depreciation and tax) fell from 123 to 114. Order book ₹12,598 crore; H1 orders won ₹3,747 crore. ✓ fact

From our notes of the call for July to September 2025: Order book stands at ₹12,598 crore across 26 projects.

October to December 2025

Post-monsoon pick-up: revenue up 19.3% (991 vs 831) and operating profit up 13% (139 vs 123). Order book ₹13,295 crore, Q3 orders ₹1,403 crore. ✓ fact

From our notes of the call for October to December 2025: Total Order Book: ₹13,295 crore with exceptional portfolio diversification.

January to March 2026

Best quarter of the year: revenue up 37.1% (1,387 vs 1,012), operating profit up 75% (224 vs 128). Q4 orders ₹6,014 crore; order book ₹18,554 crore, 4.8 times a year of sales. ✓ fact

From our notes of the call for January to March 2026: FY26 inflow of ₹11,332 crore exceeded annual guidance of ₹5,000 crore by 127%.

April to June 2026

Execution held: revenue up 15.8% (970 vs 838) and operating profit up 31% (143 vs 109). New orders were thin (about ₹600 crore against a ₹6,000 crore year goal), so the order book was flat at ₹18,568 crore. Appointed dates (the government's go-ahead to start work) arrived for VRK 11, VRK 12 and Indore-Ujjain. ✓ fact

From our notes of the call for April to June 2026: We have already received close to 600 crore, and the rest is achievable during the year.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What could change the Ceigall India story? What are the risks?

Land or financial-close prerequisites prevent mobilisation after appointed dates, or execution fails to become billable.

Each change stops working if

  • Appointed-date conversion: Land or financial-close prerequisites prevent mobilisation after appointed dates, or execution fails to become billable.
  • Solar execution broadens revenue: Transmission or project readiness blocks mobilisation, or renewable execution displaces road work without adding attributable earnings.
  • HAM capital recycling: Disposal receipts arrive after equity commitments fall due or disposal economics fail to release usable capital.

The main risks

  • Debt-funded earnings: Accounting growth has not established operating cash generation. ⚠ estimate
  • External prerequisites delay conversion: Land, appointed dates and transmission can delay revenue despite orders. ⚠ estimate
  • Equity commitments outrun recycling: New project equity may fall due before disposal cash arrives. ⚠ estimate
  • Moving goals and unresolved baselines: Execution progress coexists with changed goals and inconsistent explanations. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What to watch in Ceigall India's next results?

When Ceigall India reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Revenue for Sep 2026 grows at least 15% over Sep 2025 (807) with operating margin at or above 14%, and FY27 half-year orders move clearly past ₹600 crore toward the ₹6,000 crore goal.

Ceigall India: what to watch next quarter
What to checkWhy
Revenue for Sep 2026 grows at least 15% over Sep 2025 (807) with operating margin at or above 14%, and FY27 half-year orders move clearly past ₹600 crore toward the ₹6,000 crore goal.A bigger order book
HAM execution ramp, including VRK 11/12 and Southern Ludhiana land resolution - check milestone delivery and conversion into reported revenue.From the call
Rewa transmission readiness and Morena mobilisation - check whether the external prerequisite clears and construction begins.From the call
Later-quarter order-award cadence - check whether inflows accelerate toward the annual plan.From the call
Commercial paper implementation - check issuance, pricing, tenor and working-capital use once the facility is activated.From the call

Which stock lists is Ceigall India on?

Ceigall India is on 3 of our India lists: Multibagger study list, Momentum stocks and 52 week high & low.

Is Ceigall India profitable?

Ceigall India Ltd earned ₹92.0 Cr of net profit in the Sep 2026 quarter, +64.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹309 Cr. Over 6 years profit has grown 23.1% a year on average. That is 9.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹56.0 Cr.

For the full year, FY26 profit was ₹309 Cr (+7.7% on the year before).

FY26 profit ₹309 Cr (+7.7% on the year before), 23.1% a year over 6 years

  • Net profit ₹309
FY26 profit ₹309 Cr (+7.7% on the year before), 23.1% a year over 6 years
QuarterNet profit
FY20₹89
FY21₹112
FY22₹126
FY23₹167
FY24₹304
FY25₹287
FY26₹309

Growth on a year earlier

  • Growth on a year earlier 7.7%
Growth on a year earlier
QuarterGrowth on a year earlier
FY20–
FY2125.8%
FY2212.5%
FY2332.5%
FY2482%
FY25−5.6%
FY267.7%
Top: net profit each year, ₹ Cr. Below: growth on the year before, %. 7-year window. A grey bar is lower than the year before.

Sep 2026: ₹92.0 Cr (+64.3% on a year earlier), the 4th quarter in a row of growth

  • Net profit (quarterly) ₹92.0
Sep 2026: ₹92.0 Cr (+64.3% on a year earlier), the 4th quarter in a row of growth
QuarterNet profit (quarterly)
Dec 2023₹78
Mar 2024₹108
Jun 2024₹78
Sep 2024₹66
Dec 2024₹71
Mar 2025₹72
Jun 2025₹51
Sep 2025₹56
Dec 2025₹72
Mar 2026₹129
Jun 2026₹64
Sep 2026₹92

Growth on a year earlier

  • Growth on a year earlier 64.3%
Growth on a year earlier
QuarterGrowth on a year earlier
Dec 2023–
Mar 2024–
Jun 202477.3%
Sep 2024−10.8%
Dec 2024−9%
Mar 2025−33.3%
Jun 2025−34.6%
Sep 2025−15.2%
Dec 20251.4%
Mar 202679.2%
Jun 202625.5%
Sep 202664.3%
Top: net profit each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Why profit moved: revenue changed +26.6% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +42.6% and revenue +24.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

How much revenue does Ceigall India make, and is it growing?

Ceigall India Ltd reported ₹1,022 Cr of revenue in the Sep 2026 quarter, +26.6% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 6 years it has grown 31.1% a year on average. The last full year, FY26, came in at ₹4,022 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The latest summary identifies Maharashtra solar starts and progress on other solar projects. This broadens the revenue pool, but transmission remains a condition for further mobilisation. The Value Chain Climb is not established: management guides renewable margins at parity, so the model assumes additional execution rather than a separate margin premium.

The last four reported quarters add to ₹4,370 Cr.

FY26 revenue was ₹4,022 Cr, +17.0% on the year before.

FY26 revenue ₹4,022 Cr (+17.0% on the year before), 31.1% a year over 6 years

  • Revenue ₹4,022
FY26 revenue ₹4,022 Cr (+17.0% on the year before), 31.1% a year over 6 years
QuarterRevenue
FY20₹792
FY21₹873
FY22₹1,134
FY23₹2,068
FY24₹3,029
FY25₹3,437
FY26₹4,022

Growth on a year earlier

  • Growth on a year earlier 17%
Growth on a year earlier
QuarterGrowth on a year earlier
FY20–
FY2110.2%
FY2229.9%
FY2382.4%
FY2446.5%
FY2513.5%
FY2617%
Top: revenue each year, ₹ Cr. Below: growth on the year before, %. 7-year window. A grey bar is lower than the year before.

Sep 2026: ₹1,022 Cr (+26.6% on a year earlier), the 10th quarter in a row of growth

  • Revenue (quarterly) ₹1,022
Sep 2026: ₹1,022 Cr (+26.6% on a year earlier), the 10th quarter in a row of growth
QuarterRevenue (quarterly)
Dec 2023₹695
Mar 2024₹944
Jun 2024₹822
Sep 2024₹772
Dec 2024₹831
Mar 2025₹1,012
Jun 2025₹838
Sep 2025₹807
Dec 2025₹991
Mar 2026₹1,387
Jun 2026₹970
Sep 2026₹1,022

Growth on a year earlier

  • Growth on a year earlier 26.6%
Growth on a year earlier
QuarterGrowth on a year earlier
Dec 2023–
Mar 2024–
Jun 202426.5%
Sep 20244.2%
Dec 202419.6%
Mar 20257.2%
Jun 20251.9%
Sep 20254.5%
Dec 202519.3%
Mar 202637.1%
Jun 202615.8%
Sep 202626.6%
Top: revenue each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Recent pace: the last four quarters grew +24.7% on average, against 31.1% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +25.3%, against +16.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +42.8%, against +4.0% a year (accelerating).

Watch next

Metric
Solar execution broadens revenue
Threshold
Transmission or project readiness blocks mobilisation, or renewable execution displaces road work without adding attributable earnings.
Which result
the next result

How much of every ₹100 of sales does Ceigall India keep?

Ceigall India Ltd's operating margin was 17.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Across 7 years it has been between 14.0% and 18.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +2.9 percentage points on the year while gross margin changed +2.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26: 15.0%, within a range of 14.0% to 18.0% over 7 years

  • Operating margin 15.0%
FY26: 15.0%, within a range of 14.0% to 18.0% over 7 years
QuarterOperating margin
FY2016%
FY2118%
FY2216%
FY2314%
FY2417%
FY2515%
FY2615%

Change on the year before (points)

  • Change on the year before (points) 0.0 pts
Change on the year before (points)
QuarterChange on the year before (points)
FY20–
FY21+2.0 pts
FY22−2.0 pts
FY23−2.0 pts
FY24+3.0 pts
FY25−2.0 pts
FY260.0 pts
Operating margin each year, % (top). Below: change on the year before, in percentage points. 7-year window.

Sep 2026: operating margin 17.0% (+3.0 points on a year earlier)

  • Operating margin 17.0%
Sep 2026: operating margin 17.0% (+3.0 points on a year earlier)
QuarterOperating margin
Dec 202320%
Mar 202417%
Jun 202418%
Sep 202416%
Dec 202415%
Mar 202513%
Jun 202513%
Sep 202514%
Dec 202514%
Mar 202616%
Jun 202615%
Sep 202617%

Change on a year earlier (points)

  • Change on a year earlier (points) +3.0 pts
Change on a year earlier (points)
QuarterChange on a year earlier (points)
Dec 2023–
Mar 2024–
Jun 2024+5.0 pts
Sep 2024−1.0 pts
Dec 2024−5.0 pts
Mar 2025−4.0 pts
Jun 2025−5.0 pts
Sep 2025−2.0 pts
Dec 2025−1.0 pts
Mar 2026+3.0 pts
Jun 2026+2.0 pts
Sep 2026+3.0 pts
Top: quarterly operating margin, %. Below: change on the same quarter a year earlier, in percentage points. Last 12 quarters. Operating profit as a share of revenue, each quarter.

Is Ceigall India's profit turning into cash?

Over the last 3 years Ceigall India Ltd's operations used more cash than they brought in, so cash conversion was −91%, a gap worth watching. In FY26 its operations used ₹91.0 Cr of cash, against ₹309 Cr of profit. After ₹45.0 Cr of spending on assets, free cash was −₹136 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Why this happened. Receipts could reduce the need for new borrowing and allow scheduled equity deployment. Sale proceeds must not be confused with recurring operating cash or added again as an independent earnings contribution.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

FY26: operating cash −₹91.0 Cr against profit ₹309 Cr; −91% of 3 years' profit came in as cash

  • Operating cash −₹91.0
  • Net profit ₹309
  • Free cash −₹136
FY26: operating cash −₹91.0 Cr against profit ₹309 Cr; −91% of 3 years' profit came in as cash
QuarterOperating cashNet profitFree cash
FY20₹96₹89–
FY21₹103₹112₹69
FY22−₹135₹126−₹216
FY23−₹73₹167−₹232
FY24−₹211₹304−₹318
FY25−₹520₹287−₹635
FY26−₹91₹309−₹136
Operating cash flow and net profit each year, ₹ Cr. The line is free cash flow: operating cash minus spending on assets. 7-year window, yearly figures.

FY26: operating cash was −29% of profit (−91% over three years)

  • Operating cash as % of profit −29%
  • Break-even line 100%
FY26: operating cash was −29% of profit (−91% over three years)
QuarterOperating cash as % of profitBreak-even line
FY20108%100%
FY2192%100%
FY22−107%100%
FY23−44%100%
FY24−69%100%
FY25−181%100%
FY26−29%100%
Operating cash as a share of net profit, each year, % (line). The flat line marks 100%, meaning all of the profit came in as cash.

Why −91% of profit came in as cash: the cash cycle got 448 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 1.5× depreciation over three years. The next section checks what that spending is building.

Watch next

Metric
HAM capital recycling
Threshold
Disposal receipts arrive after equity commitments fall due or disposal economics fail to release usable capital.
Which result
the next result

Where does Ceigall India's cash go?

Ceigall India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −459 days in FY26, down from −11 days in FY21. It spent ₹267 Cr on assets over the last 3 years. Customers take 58 days to pay, and stock sits for 37 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹4,022 Cr, each day of that cycle ties up about ₹11.0 Cr, so roughly −₹5,058 Cr is tied up in the business at any time.

FY26: customers took 58 days to pay and stock sat for 37 days, about 1.2 months of sales sitting as stock, for a full cycle of −459 days, shorter than FY21's −11.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 37 days. Customers pay about 58 days after that. Suppliers are paid at 554 days. Together that makes the −459-day cycle.

FY26: a −459-day cash cycle, −448 days compared with FY21

  • Cash cycle −459d
  • Inventory days 37d
  • Debtor days 58d
  • Payable days 554d
FY26: a −459-day cash cycle, −448 days compared with FY21
QuarterCash cycleInventory daysDebtor daysPayable days
FY20−4d12d22d39d
FY21−11d30d15d56d
FY2215d34d31d50d
FY23−78d57d56d191d
FY24−26d41d52d119d
FY25−150d37d83d271d
FY26−459d37d58d554d
Debtor days, inventory days, payable days and the full cash cycle, each year. 7-year window.

Spending on assets: ₹267 Cr over the last 3 years, against ₹173 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹4.0 Cr (FY26): assets paid for that are not earning yet.

FY26: capex ₹45.0 Cr, work in progress ₹4.0 Cr, a build-out

  • Capex ₹45.0
  • Work-in-progress ₹4.0
FY26: capex ₹45.0 Cr, work in progress ₹4.0 Cr, a build-out
QuarterCapexWork-in-progress
FY21₹34₹1
FY22₹81₹4
FY23₹159₹2
FY24₹107₹2
FY25₹115₹23
FY26₹45₹4
Capital spending each year, ₹ Cr, with work in progress, ₹ Cr, as the line. Quarterly capital-spending figures are not available for India, so this is yearly.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

What is Ceigall India's P/E ratio, and how does it compare with its own history?

Ceigall India Ltd's P/E is 19.0×, in the middle of its own history: higher than 59% of past readings. Its usual P/E (the middle reading) is 18.4×, over 2.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

P/E 19.0× against a usual 18.4×: in the middle of its own history: higher than 59% of past readings

  • P/E 19.0×
  • Median 18.4×
P/E 19.0× against a usual 18.4×: in the middle of its own history: higher than 59% of past readings
WeekP/EMedian
9 Aug 202423.1×18.4×
16 Aug 202423.0×18.4×
23 Aug 202423.1×18.4×
30 Aug 202423.1×18.4×
6 Sep 202422.4×18.4×
13 Sep 202422.6×18.4×
20 Sep 202422.3×18.4×
27 Sep 202422.3×18.4×
4 Oct 202422.7×18.4×
11 Oct 202422.3×18.4×
18 Oct 202422.2×18.4×
25 Oct 202420.1×18.4×
1 Nov 202421.4×18.4×
8 Nov 202416.9×18.4×
14 Nov 202415.9×18.4×
22 Nov 202416.8×18.4×
29 Nov 202417.8×18.4×
6 Dec 202419.3×18.4×
13 Dec 202418.9×18.4×
20 Dec 202418.4×18.4×
27 Dec 202418.1×18.4×
3 Jan 202517.9×18.4×
10 Jan 202516.9×18.4×
17 Jan 202517.1×18.4×
24 Jan 202516.5×18.4×
1 Feb 202515.8×18.4×
7 Feb 202515.5×18.4×
14 Feb 202514.3×18.4×
21 Feb 202514.6×18.4×
28 Feb 202513.7×18.4×
7 Mar 202514.0×18.4×
13 Mar 202512.9×18.4×
21 Mar 202513.9×18.4×
28 Mar 202513.5×18.4×
4 Apr 202513.4×18.4×
11 Apr 202513.5×18.4×
17 Apr 202513.9×18.4×
25 Apr 202513.7×18.4×
2 May 202513.5×18.4×
9 May 202514.7×18.4×
16 May 202515.3×18.4×
23 May 202514.8×18.4×
30 May 202514.8×18.4×
6 Jun 202514.5×18.4×
13 Jun 202514.7×18.4×
20 Jun 202514.4×18.4×
27 Jun 202514.9×18.4×
4 Jul 202516.0×18.4×
11 Jul 202517.0×18.4×
18 Jul 202515.9×18.4×
25 Jul 202515.6×18.4×
1 Aug 202515.6×18.4×
8 Aug 202516.8×18.4×
14 Aug 202516.0×18.4×
22 Aug 202516.4×18.4×
29 Aug 202515.9×18.4×
5 Sep 202517.8×18.4×
12 Sep 202517.5×18.4×
19 Sep 202517.9×18.4×
26 Sep 202517.1×18.4×
3 Oct 202516.9×18.4×
10 Oct 202517.0×18.4×
17 Oct 202516.1×18.4×
24 Oct 202516.6×18.4×
31 Oct 202516.4×18.4×
7 Nov 202516.2×18.4×
14 Nov 202516.6×18.4×
21 Nov 202516.3×18.4×
28 Nov 202516.3×18.4×
5 Dec 202515.7×18.4×
12 Dec 202515.8×18.4×
19 Dec 202516.4×18.4×
26 Dec 202517.5×18.4×
2 Jan 202618.5×18.4×
9 Jan 202618.3×18.4×
16 Jan 202618.8×18.4×
23 Jan 202618.5×18.4×
1 Feb 202618.6×18.4×
6 Feb 202619.7×18.4×
11 Feb 202619.9×18.4×
13 Feb 202619.4×18.4×
17 Feb 202619.6×18.4×
20 Feb 202619.3×18.4×
27 Feb 202619.1×18.4×
6 Mar 202618.7×18.4×
13 Mar 202617.9×18.4×
20 Mar 202618.2×18.4×
27 Mar 202618.0×18.4×
2 Apr 202618.6×18.4×
7 Apr 202618.9×18.4×
10 Apr 202620.2×18.4×
17 Apr 202620.6×18.4×
24 Apr 202621.9×18.4×
29 Apr 202622.6×18.4×
30 Apr 202622.7×18.4×
8 May 202621.1×18.4×
15 May 202619.3×18.4×
22 May 202619.2×18.4×
29 May 202619.4×18.4×
4 Jun 202620.0×18.4×
5 Jun 202620.0×18.4×
9 Jun 202620.5×18.4×
10 Jun 202620.2×18.4×
12 Jun 202620.9×18.4×
17 Jun 202620.8×18.4×
19 Jun 202620.9×18.4×
24 Jun 202621.2×18.4×
25 Jun 202621.4×18.4×
1 Jul 202621.9×18.4×
3 Jul 202620.3×18.4×
10 Jul 202620.4×18.4×
17 Jul 202619.1×18.4×
24 Jul 202618.8×18.4×
31 Jul 202619.1×18.4×
7 Aug 202618.6×18.4×
14 Aug 202617.2×18.4×
21 Aug 202617.0×18.4×
28 Aug 202618.5×18.4×
4 Sep 202619.3×18.4×
11 Sep 202620.6×18.4×
18 Sep 202620.2×18.4×
25 Sep 202620.8×18.4×
1 Oct 202620.6×18.4×
9 Oct 202620.0×18.4×
16 Oct 202621.2×18.4×
23 Oct 202619.7×18.4×
30 Oct 202621.1×18.4×
5 Nov 202619.0×18.4×

Earnings per share, 12 months

  • Earnings per share, 12 months ₹20
Earnings per share, 12 months
WeekEarnings per share, 12 months
9 Aug 2024–
16 Aug 2024–
23 Aug 2024–
30 Aug 2024–
6 Sep 2024–
13 Sep 2024–
20 Sep 2024–
27 Sep 2024₹17
4 Oct 2024₹17
11 Oct 2024₹17
18 Oct 2024₹17
25 Oct 2024₹17
1 Nov 2024₹17
8 Nov 2024₹17
14 Nov 2024₹17
22 Nov 2024₹17
29 Nov 2024₹17
6 Dec 2024₹17
13 Dec 2024₹17
20 Dec 2024₹17
27 Dec 2024₹19
3 Jan 2025₹19
10 Jan 2025₹19
17 Jan 2025₹19
24 Jan 2025₹19
1 Feb 2025₹19
7 Feb 2025₹19
14 Feb 2025₹19
21 Feb 2025₹19
28 Feb 2025₹19
7 Mar 2025₹19
13 Mar 2025₹19
21 Mar 2025₹19
28 Mar 2025₹19
4 Apr 2025₹19
11 Apr 2025₹19
17 Apr 2025₹19
25 Apr 2025₹19
2 May 2025₹19
9 May 2025₹19
16 May 2025₹19
23 May 2025₹19
30 May 2025₹19
6 Jun 2025₹19
13 Jun 2025₹19
20 Jun 2025₹19
27 Jun 2025₹17
4 Jul 2025₹17
11 Jul 2025₹17
18 Jul 2025₹17
25 Jul 2025₹17
1 Aug 2025₹17
8 Aug 2025₹17
14 Aug 2025₹17
22 Aug 2025₹17
29 Aug 2025₹17
5 Sep 2025₹17
12 Sep 2025₹17
19 Sep 2025₹17
26 Sep 2025₹15
3 Oct 2025₹15
10 Oct 2025₹15
17 Oct 2025₹15
24 Oct 2025₹15
31 Oct 2025₹15
7 Nov 2025₹15
14 Nov 2025₹15
21 Nov 2025₹15
28 Nov 2025₹15
5 Dec 2025₹15
12 Dec 2025₹15
19 Dec 2025₹15
26 Dec 2025₹15
2 Jan 2026₹15
9 Jan 2026₹15
16 Jan 2026₹15
23 Jan 2026₹15
1 Feb 2026₹15
6 Feb 2026₹15
11 Feb 2026₹15
13 Feb 2026₹15
17 Feb 2026₹15
20 Feb 2026₹15
27 Feb 2026₹15
6 Mar 2026₹15
13 Mar 2026₹15
20 Mar 2026₹15
27 Mar 2026₹15
2 Apr 2026₹15
7 Apr 2026₹15
10 Apr 2026₹15
17 Apr 2026₹15
24 Apr 2026₹15
29 Apr 2026₹15
30 Apr 2026₹15
8 May 2026₹15
15 May 2026₹15
22 May 2026₹15
29 May 2026₹15
4 Jun 2026₹15
5 Jun 2026₹15
9 Jun 2026₹15
10 Jun 2026₹15
12 Jun 2026₹15
17 Jun 2026₹15
19 Jun 2026₹15
24 Jun 2026₹15
25 Jun 2026₹18
1 Jul 2026₹18
3 Jul 2026₹18
10 Jul 2026₹18
17 Jul 2026₹18
24 Jul 2026₹18
31 Jul 2026₹18
7 Aug 2026₹18
14 Aug 2026₹18
21 Aug 2026₹18
28 Aug 2026₹18
4 Sep 2026₹18
11 Sep 2026₹18
18 Sep 2026₹18
25 Sep 2026₹19
1 Oct 2026₹19
9 Oct 2026₹19
16 Oct 2026₹19
23 Oct 2026₹19
30 Oct 2026₹19
5 Nov 2026₹20
Top: P/E each week. Below: earnings per share, trailing twelve months, leaving out one-off items, a step line that moves once a quarter; 2.2 years of history; short peaks above 23× are drawn at the top edge.
19.0×P/E · higher than 59% of its last 2.2 years

Why the multiple is where it is: over the past year earnings per share moved +6.0% while the price moved +55.5%. The price did better than earnings, which pushed the multiple up within its own range.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 3.4% on reported income across 13 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

What growth does the Ceigall India share price assume?

Worked out from its price on 11 October 2026, Ceigall India Ltd's share price assumed profit growth of about 11.7% a year. Over the past 6 years its profit actually grew 23.1% a year. Today its P/E is 19.0×, higher than 59% of its own last 2.2 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 5 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Is the Ceigall India business getting better or worse?

Ceigall India Ltd's business is turning around. Profit growth has swung from −33.3% at its low to +64.3%, rising from a low 5 quarters ago (from single-quarter figures), with ROCE falling at 17.0%. This is based on 10 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Growth year by year: revenue +17.0% in FY26, profit +7.7%

  • Revenue growth 17.0%
Growth year by year: revenue +17.0% in FY26, profit +7.7%
QuarterRevenue growth
FY20–
FY2110.2%
FY2229.9%
FY2382.4%
FY2446.5%
FY2513.5%
FY2617%

Profit growth, EPS growth

  • Profit growth 7.7%
  • EPS growth 6%
Profit growth, EPS growth
QuarterProfit growthEPS growth
FY20––
FY2125.8%−99.2%
FY2212.5%13.9%
FY2332.5%33%
FY2482%82.9%
FY25−5.6%−13.3%
FY267.7%6%
Growth on the year before, each year, %. Top: revenue. Below: net profit and earnings per share, on their own scale because profit growth swings much more. Zero line drawn.

Three growth lines over twelve quarters: revenue accelerating, profit accelerating

  • Revenue 26.6%
Three growth lines over twelve quarters: revenue accelerating, profit accelerating
QuarterRevenue
Dec 2023–
Mar 2024–
Jun 202426.5%
Sep 20244.2%
Dec 202419.6%
Mar 20257.2%
Jun 20251.9%
Sep 20254.5%
Dec 202519.3%
Mar 202637.1%
Jun 202615.8%
Sep 202626.6%

Profit, EPS

  • Profit 64.3%
  • EPS 36.6%
Profit, EPS
QuarterProfitEPS
Dec 2023––
Mar 2024––
Jun 202477.3%–
Sep 2024−10.8%–
Dec 2024−9%–
Mar 2025−33.3%−10.9%
Jun 2025−34.6%−29.3%
Sep 2025−15.2%−29%
Dec 20251.4%−25.7%
Mar 202679.2%3.1%
Jun 202625.5%19.6%
Sep 202664.3%36.6%
Growth on a year earlier, % at each quarter end. Top: revenue. Below: profit and earnings per share, on their own scale because they swing much more. Each is measured over the last 12 months. Where the 12-month history is short, the line uses single-quarter growth instead, which is noisier; extreme jumps from a tiny base are evened out before reading. A gap means there is no reading for that quarter.

ROCE: the return line, yearly figures

  • ROCE 17%
ROCE: the return line, yearly figures
QuarterROCE
FY2327%
FY2430%
FY2519%
FY2617%
Yearly figures: the quarterly balance-sheet figures this line needs are not available for this stock, so it changes once a year and counts for less in the reading.
Steady highRevenue growth · latest +26.6%, range +1.9% to +30.0%
RisingProfit growth · latest +64.3%, range −34.6% to +77.3%
FallingROCE · latest 17.0%, range 17.0% to 30.0%

Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Compound annual growth rate (%)
Measure1yr3yr5yr10yr
Revenue+17.0%+24.8%+35.7%—
Profit+7.7%+22.8%+22.5%—
EPS+6.0%+18.9%+20.6%—
Share price+55.5%———
+26.6%Revenue growth (Sep 2026) · latest quarter against a year ago
+64.3%Profit growth (Sep 2026) · latest quarter against a year ago
31.1%Revenue, 6 years · yearly growth over the long run

What is the Ceigall India story, and has it been checked?

Ceigall India Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: EARLY EXPANSION.

NOT YET CHECKED

Our read, 10 October 2026. Project starts are translating order visibility into earnings, but cash collection and HAM sale receipts determine whether the expansion can finance itself.

From the numbers. The normalization…

From the price. Price stage 2, week 37, above its 200-day line, relative strength rising.

From the research. Project starts are translating order visibility into earnings, but cash collection and HAM sale receipts determine whether the expansion can finance itself.

Where they disagree. The normalization verdict is NA SHORT MARGIN HISTORY.

What is proven. Project starts are translating order visibility into earnings, but cash collection and HAM sale receipts determine whether the expansion can finance itself.

What is not proven yet. The thesis breaks if newly started projects continue recording earnings while operating cash stays negative and HAM sale receipts fail to fund the promised equity deployment, forcing additional borrowing to sustain execution. Conversely, reconciled positive operating cash and verified disposal receipts covering scheduled equity deployment would remove the principal funding objection.

What would change our mind. The thesis breaks if newly started projects continue recording earnings while operating cash stays negative and HAM sale receipts fail to fund the promised equity deployment, forcing additional borrowing to sustain execution. Conversely, reconciled positive operating cash and verified disposal receipts covering scheduled equity deployment would remove the principal funding objection.

The test written in advance. Debt-funded earnings. Measured by: Debt-funded earnings Reported profit rises while operating cash remains negative and consolidated borrowing increases. by the next result.

The test written in advance. External prerequisites delay conversion. Measured by: External prerequisites delay conversion Guided execution fails to appear after prerequisite clearance, or additional projects remain unable to mobilise. by the next result.

The key numbers to watch, and the level that would change the picture

The key numbers to watch, and the level that would change the picture
MeasureWhy it mattersWhat to watch
Appointed-date conversionCleared project prerequisites allow mobilisation to become reported execution.Land or financial-close prerequisites prevent mobilisation after appointed dates, or execution fails to become billable.
Solar execution broadens revenueStarted solar projects add executable work outside roads.Transmission or project readiness blocks mobilisation, or renewable execution displaces road work without adding attributable earnings.
HAM capital recyclingCash from completed-asset sales can release equity for new projects.Disposal receipts arrive after equity commitments fall due or disposal economics fail to release usable capital.
Billing and funding efficiencyImproved billing eligibility and lower working-capital funding could reduce financing friction.

Everything further down this page is evidence for or against these.

The numbersearly in a rise in resultsFY26-Q2 to FY27-Q1
The pricerising, above the 200-day averageFY26-Q2 to FY27-Q1
The whymultiple and earnings both risingFY26-Q2 to FY27-Q1

FY26-Q2FY27-Q1

What the surface reading misses. The surface reading is: Higher revenue and profit suggest continued recovery. The research reads it further: Operating profit increased faster than revenue as margin improved; higher interest and tax limited net-profit conversion.

What the surface reading misses. The surface reading is: Profit growth exceeds revenue growth. The research reads it further: The operating-profit increase and higher operating margin explain the direction, while tax and financing absorb part of the benefit.

Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

The whole page in one table. Each row links to its section.
SectionWhere it is nowThe one thing to watch next
Revenue₹1,387 CrSolar execution broadens revenue
Cashsee the sectionHAM capital recycling
Debtsee the sectionBilling and funding efficiency

Did Ceigall India management deliver what it promised?

What Ceigall India Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Order Inflow Guidance Raised Without Explanation · 10 August 2026. In May 2026, management guided for a minimum order inflow of INR5,500 crores for Financial Year '27. In the Aug 2026 call, management stated a INR6,000 crore goal, approximately 9% higher, without explaining the change in the annual guidance.

Billing and Payment Mechanics Changed Without Clarification · 10 August 2026. In May 2026, management said a government notification enabled monthly payments, supporting the expectation of improved cash flow and working capital. In Aug 2026, management attributed delayed payment on Northern Ayodhya to failure to achieve project milestones, stating that payment could only be made after milestone achievement, without clarifying whether this project is exempt from the monthly-payment mechanism.

Solar Equity Requirement Revision · 9 February 2026. Management previously indicated in the November 2025 call that total equity for the renewable energy and BESS sectors combined would be less than 600 crores. However, in the February 2026 call, the requirement was revised significantly upward to 810 crores for the solar projects alone, marking a substantial increase in committed capital for the new segment. Earlier call (Nov 2025): “Exact figures can be shared with you. It”. Later call (Feb 2026): “For the new projects, it is 395 crores and for solar, it is close to 810 crores.”

VRK 12 Project Delay · 9 February 2026. In the November 2025 call, management stated they expected to achieve the Appointed Date for the VRK 12 HAM project before December 31, 2025. In the February 2026 call, the timeline has slipped by several months, with management now guiding for an Appointed Date one or two months after the VRK 11 milestone, which itself is now planned for March 2026. Earlier call (Nov 2025): “VRK 12, we are expecting any time before 31st December 2025.” Later call (Feb 2026): “For VRK 11, we expect a final meeting regarding forest clearance tomorrow or the day after. before March 31. Regarding VRK 12, we should have that about a month or two after VRK 11.”

Every quote above is taken word for word from the company’s own earnings calls.

How much does Ceigall India earn on its capital?

Ceigall India Ltd earned a ROCE of 17% in FY26. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 7.7% net margin and 0.73× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 7.7% net margin × 0.73× asset turnover × 2.58× leverage (assets divided by equity) ≈ 14.5% on equity. The margin does its share; borrowing is a big part of it.

FY26: ROCE 17%, the full history

  • ROCE 17%
  • Cost of capital 12%
FY26: ROCE 17%, the full history
QuarterROCECost of capital
FY2156%12%
FY2233%12%
FY2327%12%
FY2430%12%
FY2519%12%
FY2617%12%
Return on capital employed each year, % (line). 6-year window, low years included. The flat line is the 12.0% cost of capital used on this page.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 3.4% on reported income across 13 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Does Ceigall India have too much debt?

Ceigall India Ltd had ₹1,311 Cr of borrowings against ₹2,138 Cr of equity in FY26, so its debt is 0.61× its equity. Its operating profit is 4 times its interest bill. Over 5 years borrowings went from ₹30.0 Cr to ₹1,311 Cr. Over the last 3 of those years it spent ₹267 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Why this happened. Monthly billing eligibility and commercial paper offer possible collection and interest-cost improvements. The latest milestone-payment explanation shows that eligibility is not equivalent to immediate collection. Commercial paper pricing is a goal rather than a delivered saving. Neither benefit is included as a quantified profit uplift.

Part of the spending on assets is being paid for with borrowed money.

FY26: borrowings ₹1,311 Cr, 0.61× equity, how debt has moved

  • Borrowings ₹1,311
FY26: borrowings ₹1,311 Cr, 0.61× equity, how debt has moved
QuarterBorrowings
FY20₹29
FY21₹30
FY22₹316
FY23₹703
FY24₹1,066
FY25₹1,397
FY26₹1,311

Debt-to-equity

  • Debt-to-equity 0.61×
Debt-to-equity
QuarterDebt-to-equity
FY200.15×
FY210.10×
FY220.73×
FY231.19×
FY241.20×
FY250.76×
FY260.61×
Top: borrowings each year, ₹ Cr. Below: debt-to-equity, ×. 7-year window. Quarterly balance-sheet figures are not available for India, so this is yearly.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 3.4% on reported income across 13 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Watch next

Metric
Billing and funding efficiency
Threshold
Milestone restrictions continue delaying receipts or commercial paper fails to replace more high-priced funding.
Which result
the next result

What is the Ceigall India shareholding pattern?

Domestic institutions cut their stake in Ceigall India Ltd by 1.6 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 5.3% of the company. Foreign institutions moved +0.5 points over the same period, to 3.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −1.6 points over 8 quarters, to 5.3%; Foreign institutions: +0.5 points over 8 quarters, to 3.5%; Promoters: +0.0 points over 8 quarters, to 82.0%.

Why the owners changed: domestic institutions drove it (−1.6 points), with the other side taken by foreign institutions (+0.5 points). They reduced their stake.

Year ends: domestic institutions −2.9 points from Mar 2025 to Mar 2026

  • Promoters 82.05%
  • Foreign inst. 3.14%
  • Domestic inst. 5.37%
  • Public 9.44%
Year ends: domestic institutions −2.9 points from Mar 2025 to Mar 2026
QuarterPromotersForeign inst.Domestic inst.Public
Mar 202582.05%1.47%8.23%8.25%
Mar 202682.05%3.14%5.37%9.44%
Shareholding at each year end (March quarter), % of the company. 2 year ends on file.

Domestic institutions cut their stake by 1.6 points over 8 quarters

  • Promoters 82.05%
  • Foreign inst. 3.46%
  • Domestic inst. 5.3%
  • Public 9.2%
Domestic institutions cut their stake by 1.6 points over 8 quarters
QuarterPromotersForeign inst.Domestic inst.Public
Sep 202482.05%2.97%6.88%8.09%
Dec 202482.05%1.58%7.67%8.7%
Mar 202582.05%1.47%8.23%8.25%
Jun 202582.05%1.81%7.33%8.8%
Sep 202582.05%2.48%5.67%9.79%
Dec 202582.05%2.9%5.08%9.96%
Mar 202682.05%3.14%5.37%9.44%
Jun 202682.05%3.88%3.65%10.41%
Sep 202682.05%3.46%5.3%9.2%
Shareholding by owner group, % of the company, each quarter, last 9 quarters.

How far is Ceigall India from balance-sheet trouble?

For Ceigall India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

How does Ceigall India rank in its industry?

63.6 out of 100, rank 2 of 16 in Construction - Civil/Turnkey, with 75% of the evidence available.

Ceigall India Ltd scores 63.6 out of 100 against the 16 companies it is compared with in Construction - Civil/Turnkey, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 20.7 + 14.3 + 9.9 + 18.7 = 63.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Which companies is Ceigall India compared with?

Ceigall India ranks 2 of 16 Construction - Civil/Turnkey companies on the 4-Factor Sector Score, with 63.6 out of 100.

  1. 1SRM Contractors LtdSRM · basing · Evidence leans up · 79% evidence64.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 28.1/35 · Revenue 75.5% · Profit 87.3% · Operating margin change 5 points · 88% evidenceCapital efficiency 20.4/25 · ROCE 37.1% · Operating margin 19% · 100% evidenceValuation 11.3/20 · P/E 7.9× · PEG — · 15% evidenceRelative strength 4.6/20 · Lead over its industry -16.1% · Lead over NIFTY 500 -10.3% · 1 year -28.9% · 100% evidence · 0 of 12 weeks aheadExact sum: 28.1 + 20.4 + 11.3 + 4.6 = 64.4 · What this means: Earnings are strong; relative strength in its sector is -16.1% and the one-year return is -28.9%.
  2. 2Ceigall India Ltd this pageCEIGALL · breaking out · Evidence leans up · 75% evidence63.6out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 20.7/35 · Revenue 20.3% · Profit 23.5% · Operating margin change 3 points · 95% evidenceCapital efficiency 14.3/25 · ROCE 17% · Operating margin 17% · 76% evidenceValuation 9.9/20 · P/E 19× · PEG — · 15% evidenceRelative strength 18.7/20 · Lead over its industry 21.8% · Lead over NIFTY 500 29% · 1 year 55.1% · 100% evidence · 6 of 12 weeks aheadExact sum: 20.7 + 14.3 + 9.9 + 18.7 = 63.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  3. 3Sathlokhar Synergys E&C Global LtdSSEGL · breaking out · Evidence leans up · 60% evidence62.9out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 24.2/35 · Revenue 100% · Profit 100% · Operating margin change 2 points · 95% evidenceCapital efficiency 18.2/25 · ROCE 36.3% · Operating margin 15% · 76% evidenceValuation 10.9/20 · P/E 8.4× · PEG — · 15% evidenceRelative strength 9.6/20 · Lead over its industry — · Lead over NIFTY 500 -3% · 1 year -35.9% · 25% evidence · 10 of 12 weeks aheadExact sum: 24.2 + 18.2 + 10.9 + 9.6 = 62.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  4. 4Univastu India LtdUNIVASTU · Too little evidence to rank firmly · 58% evidence62.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 29.7/43.75 · Revenue 100% · Profit 82.3% · Operating margin change -11 points · 83% evidenceCapital efficiency 21.8/31.25 · ROCE 30% · Operating margin 14% · 76% evidenceValuation 10.9/25 · P/E 16.4× · PEG — · 50% evidenceRelative strength: no reading this week · its 20 points are shared across the other threeExact sum: 29.7 + 21.8 + 10.9 = 62.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.
  5. 5Interise TrustINTERISE · Too little evidence to rank firmly · 51% evidence51.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.3/43.75 · Revenue 6% · Profit 64.1% · Operating margin change 4 points · 83% evidenceCapital efficiency 12.2/31.25 · ROCE 9.7% · Operating margin 94% · 76% evidenceValuation 12.9/25 · P/E 13.6× · PEG — · 15% evidenceRelative strength: no reading this week · its 20 points are shared across the other threeExact sum: 26.3 + 12.2 + 12.9 = 51.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.
  6. 6Gayatri Projects LtdGAYAPROJ · losing its lead · Too little evidence to rank firmly · 56% evidence49.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 19.6/35 · Revenue 100% · Profit 100% · Operating margin change 6 points · 62% evidenceCapital efficiency 6.3/25 · ROCE 4.8% · Operating margin 18% · 76% evidenceValuation 11.8/20 · P/E 7× · PEG — · 50% evidenceRelative strength 11.6/20 · Lead over its industry — · Lead over NIFTY 500 15.1% · 1 year 72.2% · 25% evidence · 7 of 12 weeks aheadExact sum: 19.6 + 6.3 + 11.8 + 11.6 = 49.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.
  7. 7GHV Infra Projects Ltdquiet · Evidence leans down · 87% evidence49.1out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 16.6/35 · Revenue 92.6% · Profit 66.7% · Operating margin change 0 points · 95% evidenceCapital efficiency 16.0/25 · ROCE 46% · Operating margin 12% · 95% evidenceValuation 11.1/20 · P/E 36.2× · PEG — · 50% evidenceRelative strength 5.4/20 · Lead over its industry -13.6% · Lead over NIFTY 500 -7.6% · 1 year -27.9% · 100% evidence · 10 of 12 weeks aheadExact sum: 16.6 + 16 + 11.1 + 5.4 = 49.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  8. 8B.L.Kashyap & Sons LtdBLKASHYAP · turning · Evidence leans down · 64% evidence42.1out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 12.5/35 · Revenue 21.9% · Profit -80% · Operating margin change 0 points · 88% evidenceCapital efficiency 9.0/25 · ROCE 12.6% · Operating margin 8% · 100% evidenceValuation 9.5/20 · P/E 31.9× · PEG — · 15% evidenceRelative strength 11.1/20 · Lead over its industry — · Lead over NIFTY 500 3.9% · 1 year -11.6% · 25% evidence · 3 of 12 weeks aheadExact sum: 12.5 + 9 + 9.5 + 11.1 = 42.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  9. 9Denta Water & Infra Solutions LtdDENTA · quiet · Evidence leans down · 64% evidence41.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 8.6/35 · Revenue 10% · Profit -10.2% · Operating margin change -11 points · 88% evidenceCapital efficiency 14.9/25 · ROCE 18.4% · Operating margin 22% · 100% evidenceValuation 10.5/20 · P/E 11.1× · PEG — · 15% evidenceRelative strength 7.8/20 · Lead over its industry — · Lead over NIFTY 500 -20.2% · 1 year -44.9% · 25% evidence · 4 of 12 weeks aheadExact sum: 8.6 + 14.9 + 10.5 + 7.8 = 41.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  10. 10Afcons Infrastructure LtdAFCONS · quiet · Most evidence points down · 74% evidence32.2out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 6.3/35 · Revenue -11.9% · Profit -73.1% · Operating margin change -4 points · 88% evidenceCapital efficiency 7.5/25 · ROCE 13.9% · Operating margin 9% · 100% evidenceValuation 10.9/20 · P/E 37× · PEG 1.35 · 65% evidenceRelative strength 7.5/20 · Lead over its industry — · Lead over NIFTY 500 -31.2% · 1 year -54% · 25% evidence · 0 of 12 weeks aheadExact sum: 6.3 + 7.5 + 10.9 + 7.5 = 32.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  11. 11IL&FS Engineering & Construction Co LtdIL&FSENGG · Too little evidence to rank firmly · 59% evidence31.3out of 100GrowthCapitalValuationRelative
  12. 12A B Infrabuild LtdABINFRA · breaking out · Most evidence points down · 96% evidence29.8out of 100GrowthCapitalValuationRelative
  13. 13Brahmaputra Infrastructure LtdToo little evidence to rank firmly · 47% evidence63.0out of 100GrowthCapitalValuationRelative
  14. 14Rajesh Power Services Ltdquiet · Too little evidence to rank firmly · 37% evidence54.7out of 100GrowthCapitalValuationRelative
  15. 15Effwa Infra & Research LtdEFFWA · quiet · Too little evidence to rank firmly · 47% evidence54.1out of 100GrowthCapitalValuationRelative
  16. 16HRS Aluglaze LtdToo little evidence to rank firmly · 26% evidence52.3out of 100GrowthCapitalValuationRelative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Construction - Civil/Turnkey, all 16 compared on one page.

Which companies are close to Ceigall India in size?

Ceigall India is the 3rd largest of 16 Construction - Civil/Turnkey companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Interise Trust and Afcons Infrastructure. Just below it: GHV Infra Projects, Rajesh Power Services, B.L.Kashyap & Sons and SRM Contractors.

Construction - Civil/Turnkey companies close in size

  1. Interise Trust ₹11,659 crore
  2. Afcons Infrastructure Ltd ₹7,578 crore
  3. Ceigall India Ltd ₹6,741 crore
  4. GHV Infra Projects Ltd ₹2,027 crore
  5. Rajesh Power Services Ltd ₹1,495 crore
  6. B.L.Kashyap & Sons Ltd ₹1,175 crore
  7. SRM Contractors Ltd ₹932 crore

All 16 Construction - Civil/Turnkey companies, largest first

Companies close in size in other industries

  1. Mishra Dhatu Nigam Ltd ₹6,758 crore · Aerospace & Defence - Equipments
  2. Transport Corporation of India Ltd ₹6,745 crore · Logistics
  3. Ceigall India Ltd ₹6,741 crore
  4. Restaurant Brands Asia Ltd ₹6,714 crore · Quick Service Restaurant - QSR
  5. JK Paper Ltd ₹6,711 crore · Paper

What else do people ask about Ceigall India?

What were Ceigall India's latest quarterly results?

Ceigall India Ltd reported revenue of ₹1,022 Cr and net profit of ₹92.0 Cr for the Sep 2026 quarter. Revenue rose 26.6% and profit rose 64.3% compared with a year earlier. Earnings per share were ₹5.22.

The operating margin was 17.0%, 3.0 percentage points higher than a year earlier (as of 5 November 2026).

What is Ceigall India's market cap?

Ceigall India Ltd's market capitalisation is ₹6,741 Cr at a share price of ₹386.85. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 5 November 2026).

How is Ceigall India performing?

Ceigall India Ltd's share price has been rising for 37 weeks. In its latest quarter, revenue rose 26.6% and profit rose 64.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 7 weeks running (as of 5 November 2026).

Will Ceigall India's share price go up?

This page does not forecast Ceigall India Ltd's share price. What it shows instead: the share price is ₹386.85, and it has been rising for 37 weeks. Its P/E of 19.0× is higher than 59% of its own last 2 years (as of 5 November 2026).

Where is Ceigall India in its business cycle?

Ceigall India Ltd's FY26 operating margin was 15.0%, against a 7-year range of 14.0% to 18.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 17.0%.

Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 5 November 2026).

What could break the Ceigall India story?

The main question: profits are rising, but only −91% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 5 November 2026).

Is Ceigall India a stock worth studying right now?

What the numbers show: Ceigall India Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the cash starts to follow the profit.

Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 5 November 2026).

Is there a Ceigall India share price forecast for 2026?

What management itself guided: FY27 revenue growth at minimum 15%. The changes showing up in Ceigall India's own numbers are a bigger order book. It is too early to say whether they last.

What would change the story: Land or financial-close prerequisites prevent mobilisation after appointed dates, or execution fails to become billable.

Where do these numbers come from?

Sector Alpha, written by code from the published numbers. Data as of 5 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.

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