Any current/future new fundraising through debt or equity?

Ceigall India Limited is not currently facing issues with equity availability or fundraising. The company plans to use proceeds from asset divestments (such as Bathinda-Dabwali, Jalbehra-Shahbad, and Malout-Abohar HAM projects) primarily for equity infusion into ongoing and new HAM and EPC projects. Debt equity ratio is low (0.28 as of December 2025), indicating financial stability. There is no significant capex requirement; planned capex is modest (~INR 25-30 crores annually), mainly through subsidiaries. For international EPC projects, there is no substantial equity requirement as projects p

Any current/future capex/capital investment/strategic investment?

Capex investment is planned to be modest, around INR 25 to 30 crores annually, primarily through subsidiaries rather than directly by Ceigall India Limited. The company follows a buyback policy for assets, buying and selling them after a certain period, limiting the need for heavy capex on machinery. Equity infusion for HAM projects totals INR 1,391 crores, with INR 605 crores already invested; additional equity of around INR 395 crores is required for new HAM projects. Solar projects require equity infusion of approximately INR 750 to 810 crores, to be deployed post-PPA signing. Transmission

Future growth expectations in sales/revenue/volumes?

Ceigall India Limited targets a revenue growth of 10% to 15% annually, as consistently guided in recent quarters. For FY27, incremental order inflows are expected around INR5,800 crores, showing continued robust business momentum. The company aims for 10% to 15% of revenues from international markets, with gradual global expansion through subsidiaries in Singapore and Dubai. Diversification across multiple infrastructure verticals (roads, railways, tunnels, metros, renewables, T&D) supports resilient growth. The infrastructure sector in India benefits from strong government capital allocation

Future growth expectations in earnings/operating earnings/profits/EPS?

Ceigall India Limited targets 10-15% order inflow growth for FY27, aiming around INR5,800 crores, building on INR8,500 crores secured in FY26. The company is achieving growth exceeding earlier guidance of 10-15% in recent quarters, reflecting strong execution momentum. EBITDA margins in new verticals like renewables and T&D are expected to match historical levels of 15%+. Consolidated revenue grew 8.7% YoY to INR2,636 crores in 9M FY26; EBITDA margin expanded to 13.7%, and PAT margin stood at 6.8%. Standalone revenue rose 7.6% YoY to INR2,575 crores; PAT margin at 7.2% for 9M FY26. T

Current/ Expected Orderbook/ Pending Orders?

Total order book stands at approximately INR 13,295 crores, providing multi-year revenue visibility. Recent strong order inflows of around INR 1,403 crores during Q3 FY '26. Renewables segment order book at INR 3,168 crores. Transmission & Distribution (T&D) orders at INR 407 crores. Industrial infrastructure orders around INR 622 crores. Eight HAM projects currently under execution with equity infused of INR 605.6 crores. Recently secured significant contracts including: - Indore-Ujjain greenfield access controlled highway (INR 1,089 crores). - 130 MW renewable project under Surya Mitra K

Ceigall India LtdQ4 FY26

Ceigall India Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹318P/E: 19.1Market Cap: ₹6.0K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ceigall India Limited targets a revenue growth of 10% to 15% annually, as consistently guided in recent quarters.
→For FY27, incremental order inflows are expected around INR5,800 crores, showing continued robust business momentum.
→The company aims for 10% to 15% of revenues from international markets, with gradual global expansion through subsidiaries in Singapore and Dubai.
→Diversification across multiple infrastructure verticals (roads, railways, tunnels, metros, renewables, T&D) supports resilient growth.
→The infrastructure sector in India benefits from strong government capital allocation (~INR3.1 trillion for FY26-27), boosting tendering and execution opportunities.
→Ceigall plans to leverage a strong order book (~INR13,295 crores) with multi-year revenue visibility.
→They expect sustained growth driven by increased project awards, timely execution, and strategic geographic and vertical expansion.

Margin guidance

Category 3

→Ceigall India Limited targets 10-15% order inflow growth for FY27, aiming around INR5,800 crores, building on INR8,500 crores secured in FY26.
→The company is achieving growth exceeding earlier guidance of 10-15% in recent quarters, reflecting strong execution momentum.
→EBITDA margins in new verticals like renewables and T&D are expected to match historical levels of 15%+.
→Consolidated revenue grew 8.7% YoY to INR2,636 crores in 9M FY26; EBITDA margin expanded to 13.7%, and PAT margin stood at 6.8%.
→Standalone revenue rose 7.6% YoY to INR2,575 crores; PAT margin at 7.2% for 9M FY26.
→The company’s diversified portfolio across 14 EPC, HAM, and tariff projects aims to provide multi-year revenue visibility and margin stability.
→Ceigall expects strong execution in existing projects and robust tender pipelines to sustain positive earnings trajectory.

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Fundraise plans

Yes

→Ceigall India Limited is not currently facing issues with equity availability or fundraising.
→The company plans to use proceeds from asset divestments (such as Bathinda-Dabwali, Jalbehra-Shahbad, and Malout-Abohar HAM projects) primarily for equity infusion into ongoing and new HAM and EPC projects.
→Debt equity ratio is low (0.28 as of December 2025), indicating financial stability.
→There is no significant capex requirement; planned capex is modest (~INR 25-30 crores annually), mainly through subsidiaries.
→For international EPC projects, there is no substantial equity requirement as projects primarily need Bank Guarantee limits.
→Equity infusion for solar projects is linked to PPA signing; no upfront equity is needed before that.
→The company targets equity infusion of approximately INR 750-800 crores for solar projects and around INR 395 crores for new HAM/T&D projects by FY27-28.
→Refinancing options are available to meet immediate fund needs if necessary.

Order book

Yes

→Total order book stands at approximately INR 13,295 crores, providing multi-year revenue visibility.
→Recent strong order inflows of around INR 1,403 crores during Q3 FY '26.
→Renewables segment order book at INR 3,168 crores.
→Transmission & Distribution (T&D) orders at INR 407 crores.
→Industrial infrastructure orders around INR 622 crores.
→Eight HAM projects currently under execution with equity infused of INR 605.6 crores.
→Recently secured significant contracts including:
→ - Indore-Ujjain greenfield access controlled highway (INR 1,089 crores).
→ - 130 MW renewable project under Surya Mitra Krishi Feeders Scheme (INR 423 crores).
→ - Four-laning of Sahebganj-Areraj-Bettiah NH 139W stretch (INR 2,160 crores).
→ - Jaipur Metro project with L1 status (~INR 918 crores).
→The company targets an incremental 10-15% order growth, focusing on geographic and vertical diversification.

Capex plans

Yes

→Capex investment is planned to be modest, around INR 25 to 30 crores annually, primarily through subsidiaries rather than directly by Ceigall India Limited.
→The company follows a buyback policy for assets, buying and selling them after a certain period, limiting the need for heavy capex on machinery.
→Equity infusion for HAM projects totals INR 1,391 crores, with INR 605 crores already invested; additional equity of around INR 395 crores is required for new HAM projects.
→Solar projects require equity infusion of approximately INR 750 to 810 crores, to be deployed post-PPA signing.
→Transmission & Distribution (T&D) projects are included within the solar equity requirement and will start soon.
→International expansion via Ceigall Global Singapore and Dubai subsidiaries is primarily focused on EPC projects requiring bank guarantees, not heavy upfront capex.
→The company is targeting equity infusion aligned with project milestones and expects proceeds from asset divestments to support investments.

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