Ceigall India Ltd.

NSE: CEIGALL · Civil Construction

52W Range₹223 ₹406

Snapshot

Unlock Ceigall India Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Ceigall India Limited is an infrastructure construction company specialising in the engineering, procurement, and construction of complex structural works. Its portfolio includes elevated roads, flyovers, bridges, tunnels, highways, expressways, and metro projects across India.

Business Model

The company generates revenue through engineering, procurement, and construction (EPC) contracts and the execution of hybrid annuity model (HAM) projects. Additionally, it provides operation and maintenance services for road infrastructure, including electrical systems and incident management.

  • Incorporation Year:2002

Growth Outlook

Growth is driven by the sustained expansion of India's national highway and expressway networks, alongside increased government investment in urban infrastructure and metro connectivity. The company continues to leverage its expertise in complex structural works to secure large-scale infrastructure mandates.

Key Risks

  • Project Execution Risk. Delays in land acquisition, regulatory clearances, or site access can significantly impact project timelines and profitability.
  • Concentration Risk. Heavy reliance on government-funded infrastructure projects makes the company vulnerable to shifts in public spending priorities and policy changes.
  • Working Capital Intensity. The infrastructure sector is capital-intensive, requiring significant liquidity to manage long project cycles and potential payment delays from clients.
  • Competitive Pressure. Intense competition in the bidding process for EPC and HAM projects may lead to margin compression and aggressive pricing strategies.

Price

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Key Metrics

REVENUE

₹4,022 Cr

TTM · consolidated

+65.9%YoY

NET PROFIT

₹360 Cr

TTM · consolidated

+25.7%YoY

EPS

₹20.69

TTM · consolidated

+20.2%YoY

P/E

17.0x

Q4 FY26 · consolidated

17.0 vs 21.4x5Y avg

EV/EBITDA

9.4x

Q4 FY26 · consolidated

9.4 vs 11.8x5Y avg

EBITDA MARGIN

19.0%

TTM · consolidated

-4.7 ppYoY

Peers · Civil Construction

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Ceigall India Ltd.CEIGALL
4,61816.979.3665.9%19.0%67.4%83.5%+24.6%
Ahluwalia Contracts (India) LimitedAHLUCONT
4,58318.249.0035.9%10.9%17.0%20.8%-21.5%
PNC Infratech LimitedPNCINFRA
4,4677.538.25-20.7%23.8%13.4%11.1%-21.6%
Hindustan Construction Company LimitedHCC
3,86127.007.30-29.2%17.0%13.7%20.0%-20.9%
Sterling and Wilson Renewable Energy LimitedSWSOLAR
3,831-16.6511.8719.8%6.7%-32.2%-7.8%-32.9%
Man Infraconstruction LimitedMANINFRA
3,55220.0014.03-43.1%46.1%11.2%14.0%-43.4%

As of Q4 FY26

Financials