### **Overview** Ceigall India Limited is a fast-growing, diversified engineering, procurement, and construction (EPC) infrastructure company with over two decades of experience in executing complex structural projects. Initially established as a regional contractor in Punjab in July 2002, the company has evolved into a nationally recognized infrastructure player with a strong focus on highways, expressways, bridges, tunnels, metro rail systems, airports, and emerging sectors such as renewable energy and power transmission. Headquartered in Punjab, Ceigall has significantly expanded its geographic footprint and now operates across **12 major Indian states**, including key markets like Uttar Pradesh, Maharashtra, Himachal Pradesh, Jammu & Kashmir, Haryana, and Odisha. It has transformed from a road-centric construction firm into a **multi-sector infrastructure platform**, strategically diversifying into high-growth areas aligned with India’s national development agenda. --- ### **Business Segments & Project Portfolio** Ceigall executes projects under multiple models: - **Engineering, Procurement, and Construction (EPC)** - **Hybrid Annuity Model (HAM)** - **Build-Operate-Transfer (BOT)** - **Public-Private Partnership (PPP)** - **Item Rate Contracts** - **Tariff-Based Competitive Bidding (TBCB)** The company has completed **over 37 major infrastructure projects** and currently has **26 ongoing projects**, including: - Elevated highways and flyovers - Tunnels in challenging terrains (e.g., Ramban-Banihal, J&K) - Metro rail systems in Kanpur, Agra, and Bhubaneswar - Airport runways - Hybrid Annuity Model (HAM) road projects - Renewable energy and transmission & distribution (T&D) ventures As of **September 30, 2025**, the company's **order book stood at ₹125,980 million (INR 1.26 lakh crores)**, marking robust revenue visibility and sustained growth momentum. The order book composition reflects strategic diversification: | Segment | Share of Order Book (as of Sept 2025) | |----------------------------|----------------------------------------| | Roads & Highways | 64.3% | | Renewable Energy | 21.8% | | Industrial Infrastructure | Emerging (21.3% of new H1FY26 orders) | | Transmission & Distribution | New but growing presence | --- ### **Strategic Diversification (FY26 Update)** In **H1 of FY26 (Apr–Sep 2025)**, Ceigall secured **₹37,470 million (INR 3,747 crores)** in new orders across three high-potential verticals, signaling a deliberate shift beyond traditional road construction: #### **1. Renewable Energy:** - Won two solar projects under **Mukhyamantri Saur Krushi Vahini Yojana 2.0** in Maharashtra: **₹1,258 crores** - Emerged L1 for a **1.488 GW solar park in Morena, Madhya Pradesh**: **₹1,488 crores** - Installed **2 MW of solar power capacity** at project sites (Malout, Delhi, Karnal) #### **2. Transmission & Distribution (T&D):** - Received **Letter of Intent (LOI)** from REC Power Development for the **Velgaon 400/220 kV Gas Insulated Substation (GIS)** in Maharashtra (~₹450 crore EPC cost) - Will receive an **annual annuity of ₹58.5 crores for 35 years**, establishing long-term recurring revenue - This marks Ceigall’s **first foray into regulated power transmission**, positioning it as a potential **Transmission Service Provider (TSP)** #### **3. Industrial Infrastructure:** - Secured **GMADA Industrial Park project in Punjab**: **₹431 crores** - Selected as **L1 bidder for Phase I of the Bulk Drug Park in Una, Himachal Pradesh**: **₹191 crores** (₹1,907 million already received as order) - Also won LOI for **internal roads in Aerotropolis, S.A.S. Nagar** - Total value of industrial infrastructure awards in Nov 2025: **₹6,220 million** > 💡 **Strategic Rationale:** These moves reflect Ceigall’s intent to capitalize on India’s energy transition, pharmaceutical self-reliance (Bulk Drug Park), and industrial corridor development under initiatives like **Gati Shakti** and **National Infrastructure Pipeline (NIP)**. --- ### **Growth & Financial Performance** - **Revenue CAGR (FY22–FY25):** ~**41%** - **Consolidated Revenue CAGR (FY21–FY25):** ~**40%** - **FY24 Revenue:** ₹30,294 million - **FY24 Profit After Tax (PAT):** ₹3,043 million (**+82% YoY**) - **Revenue Growth (YoY) in FY24:** **~43.1%**, among the highest in the sector The company has demonstrated strong execution capability, completing **37 projects ahead of or on schedule**, with **7 delivered early** — earning **early completion bonuses totaling ₹345.8 million**. As of **March 31, 2025**, Ceigall had constructed: - **1,809 lane-kilometers** of roads and highways - Over **2,159 lane-kilometers** of Operations & Maintenance (O&M) projects Despite its rapid expansion, Ceigall maintains **double-digit EBITDA margins** and operates with financial prudence. --- ### **Geographic Expansion & Market Positioning** - Originated in **Punjab**, where revenue contribution dropped from **53.85% (FY22)** to **28.40% (FY25)** - Currently executing projects in **12 Indian states** - Geographically diversified order book across: **Punjab, Haryana, UP, MP, HP, J&K, Maharashtra, Bihar, Odisha, Jharkhand**, etc. The company focuses on: - **Economically stable and infrastructure-ready states** - Projects backed by **central government or multilateral funding** - Avoiding high-toll-risk BOT models unless **toll revenue is assured or IRR exceeds 20%** --- ### **Client Base & Project Models** Ceigall has a **dominant relationship with the National Highways Authority of India (NHAI)**, which accounts for: - **~80% of the total order book** (as of Aug 2025: 80.47%) - Key projects under **Bharatmala Pariyojana**, **NHDP**, and **Gati Shakti** Other key clients: - Ministry of Road Transport & Highways (MoRTH) - Delhi Metro Rail Corporation (DMRC) - Uttar Pradesh Metro Rail Corporation (UPMRC) - REC Power Development - HPSIDC (Himachal Pradesh) - GMADA (Punjab) **Empanelments:** - Empaneled with **Delhi Metro Rail Corporation** for mega bridges, tunnels, and metro projects (India & abroad) - Empaneled with a **PSU for northeastern infrastructure projects** --- ### **Technological & Operational Strengths** - **In-house engineering & design team** ensures precision and timely execution - **Asset-light business model:** Leases/specialized equipment via **buyback agreements**, reducing capital blockage - Investing in **cutting-edge machinery** and **advanced construction methodologies** - Adopting **AI and data-driven tools** across procurement, bidding, finance, and project monitoring - Implemented **integrated inventory management systems** and pre-bid site assessment protocols - Onboarded **technology experts** to develop custom AI solutions for enterprise use --- ### **Key Projects (Ongoing & Recently Secured)** | Project | Location | Value | Model | Status | |--------|---------|-------|-------|--------| | **Delhi-Amritsar-Katra Expressway** | Punjab/J&K | ~₹10,000 Cr | HAM | >90% complete | | **Southern Ludhiana Bypass** | Punjab | ₹923 Cr | HAM | Concession signed, FY25 | | **Ayodhya Southern & Northern Bypasses** | UP | ₹2,316 Cr combined | HAM | Operational | | **Ramban-Banihal Tunnel** | J&K | Challenging 6.2 km tunnel | EPC | Nearing completion | | **Velgaon 400/220 kV GIS Substation** | Maharashtra | ₹450 Cr | TBCB | LOI received | | **Bulk Drug Park (Phase I)** | Una, HP | ₹1,907 Mn | Item Rate | Ongoing | | **Bhubaneswar Metro (Phase I)** | Odisha | ₹899 Cr | EPC | Ongoing | | **Kanpur Central Bus Terminal** | UP | ₹143 Cr | EPC | Under development | --- ### **Key Risks & Mitigations** | Risk | Mitigation | |------|------------| | **NHAI concentration risk (~80%)** | Active diversification into T&D, renewables, industrial parks, metros | | **Execution in difficult terrains (e.g., J&K)** | Proven technical expertise; in-house engineering; modern equipment | | **Working capital cycles in EPC projects** | Conservative debt management; financial closure achieved on new projects | | **BOT toll revenue uncertainty** | Selective participation; preference for HAM and EPC models |