Ceigall India
Ceigall India
ConstructionKey Fundamentals
MicrocapCivil ConstructionConstructionTapetide Score
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Key Insights
Strengths
1- Company has delivered good profit growth of 22.9% CAGR over last 5 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoCeigall 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.
- 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
- 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 42d ago- 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.
- ₹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.
- 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY15–FY27.
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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]
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