Ceigall India share price & results

Ceigall India Limited· Construction· Industrials

Results to: Sept 2026
Latest analysed call: Q1 FY27
Ownership as of: Sept 2026

EPC contractor building highways, metros, tunnels & renewables across 12 Indian states via HAM/EPC/O&M models.

Company research is public. Sign in to keep your own companies, notes and cases.

Inve AI Signals on CEIGALL

Direct bridge to live research & tools watching Ceigall India Limited

Guidance Hit Rate

22 targets · 57% hit rate 4 achieved · 15 active →

Segment Shift

Sector & Mix Compare sector growth & peers →

Reverse DCF

Implied Growth Test priced-in growth in DCF tool →

Concall & Tone

Q1 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹387.75 −0.42% · −₹1.65

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance +55.8% 1Y

1Y: ₹248.8 on 7 Nov 2025 → ₹387.75. High ₹399.45 (4 Nov 2026), low ₹226.39 (9 Dec 2025).

Previous close: ₹389.4
Market cap: ₹6.8k Cr
52-week range: ₹226.39 – ₹399.45
One year: +54.45%
Price to earnings (TTM to Sept 2026): 18.98×
Return on equity (TTM to Sept 2026): 15.60%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	974 ₹ crore	+23.8% YoY	Quarterly, as filed	Quarter to Sept 2026	Revenue from operations as filed.
Operating margin	13.0 %	+1.0 pts YoY	Operating profit / revenue	Quarter to Sept 2026	For the quarter; a change is in percentage points.
Net profit	82.0 ₹ crore	+46.4% YoY	Quarterly, as filed	Quarter to Sept 2026	Profit after tax as filed.
Return on equity	15.60 %	−5.3 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin	-3.21 %	+15.0 ptsFY Mar 2026 vs FY Mar 2025	Fiscal year	FY ending Mar 2026	(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)	25.29 %	+3.6 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

Annuity Projects shrank from 22% to 7% of revenue over the last two quarters.

Engineering , Procurement and Construction 80.9% · ₹703.40 Cr

Others 12.3% · ₹107.22 Cr +6.6pp mix

Annuity Projects 6.8% · ₹59.03 Cr −15.2pp mix

Inter Segment 0.0% · ₹0.00 Cr

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

4 of 7 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Pure EPC EBITDA Margin	12.5-13% Call transcript, Q3 FY25 · 7 Feb 2025	Q3 FY25	Q1 FY27:Promise concluded in FY26, having met the original target range. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
Operations Average Working Capital Days	40 to 50 days Call transcript, Q3 FY25 · 7 Feb 2025	Q3 FY25	Q1 FY27:Management did not provide Q1 figures but guided for 'improvement' in FY27 due to government policy changes. The original target of 40-50 days remains missed. Call transcript, Q1 FY27 · 14 Aug 2026	Missed
Growth Order Inflow FY27	minimum ₹5,500 crores Call transcript, Q4 FY26 · 12 May 2026	Q4 FY26	Q1 FY27:Management revised the full-year guidance slightly upwards to ₹6,000 crores from 'minimum ₹5,500 crores'. Q1 inflow was ₹600 crores, with acceleration expected in H2. Call transcript, Q1 FY27 · 14 Aug 2026	Revised Up

Source: Inve Guidance Tracker for Ceigall India Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of Ceigall India Limited's 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.

See the full record

Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Products, transactions and disclosed impact

Company disclosures with supporting evidence. Actual results, management expectations, and summary paraphrases remain qualified by source basis.

Acquisition Stage: Closed / completed Call date: 2025-08-08
1. Proposed
2. Announced
3. Active
4. Completed / ended
Named counterparties & directional relationship

Ceigall India Limited → acquires → CNC

Party roles: Acquirer / Transaction asset · Closed / completed · Definitive agreement

Counterparty named; listed-company identity not verified.

Products, services & business exposure Mentioned in this disclosure

CNC · role: Transaction asset · category: Business asset

Additional disclosure context

Rationale: Summary rationale: acquisition of machinery expertise and team for T&D business
Target capability: CNC is described as having some machinery expertise and PQ
Integration note: The team also has joined the issuer; this is mentioned together with the CNC acquisition, and the relationship between the two is not given
Consideration form: Consideration form is undisclosed; amount is not given
Financial impact note: Summary note states machinery expertise and PQ were acquired and the team has joined; no financial effect is stated
Evidence and remaining questions (Contextual assertion review)
Call date: 2025-08-08 · Review status: Contextual assertion review · Policy: context-loop-v2

Summary paraphrase
we have acquired CNC

Summary paraphrase
CNC: we have acquired CNC

Summary paraphrase
Acquisition of machinery expertise and team for T&D business
Summary paraphrase
which has some machinery expertise and PQ
Summary paraphrase
in fact the team also has joined us
Summary paraphrase
undisclosed
Summary paraphrase
Acquired machinery expertise and PQ, team has joined.

Not established by the available evidence
- acquiring legal vehicle: 'We' binds to the issuer, Ceigall India Limited. The exact legal entity that acquired CNC is not stated.
- seller or owner of CNC: No seller or prior owner of CNC is named or described.
- CNC identity and legal form: CNC is given only as a name. Whether it is a company, business or other asset is not stated, so the object kind is UNDETERMINED.
- whose team joined: The source says 'the team also has joined us' without stating whose team it is or whether it relates to CNC; the summary rationale mentions a team for T&D business but does not resolve this.
- T&D business ownership: The rationale refers to a 'T&D business' without stating whose business it is.
- consideration amount: Consideration form is 'undisclosed' and the amount is null, so no measurement is emitted.
- event date: No completion or event date is stated. Call and report dates are disclosure metadata and are not used as effective time.
- transaction location: No location of CNC or of the transaction is stated.
- PQ and T&D: The abbreviations PQ and T&D are not expanded in the source and are kept as written without interpretation.
- workforce and expertise: The summary phrases expertise and team as acquired, but the narrative states that CNC was acquired; machinery expertise, PQ and the team joining are recorded as capability and integration facts, not separate transaction assets. No workforce transaction is described.
- financial or operating effect: No separately stated effect on any metric is given; the rationale and capabilities are retained as facts only.
- transcript context: No transcript passages were supplied, so all assertions rest on the summary record only.

Relationship Period Lifecycle

Counterparties named by Ceigall India Limited

Ceigall India Limited → divests to → Malout-Abohar-Sadhuwali project.

Q1 FY27 · Closed / completed · Neutral · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Successful monetization of the first hybrid annuity model (HAM) asset, validating the capital recycling strategy.

“One of the most important developments during the quarter was a successful monetization of the first hybrid annuity model, or HAM, asset through a divestment of Malout-Abohar-Sadhuwali project. This is an important milestone for the company as it validates the capital recycling strategy that we have been working towards over the last few years.”

Evidence drawer

Evidence type: Transcript excerpt

“One of the most important developments during the quarter was a successful monetization of the first hybrid annuity model, or HAM, asset through a divestment of Malout-Abohar-Sadhuwali project. This is an important milestone for the company as it validates the capital recycling strategy that we have been working towards over the last few years.”

Source company: Ceigall India Limited · Counterparty: Malout-Abohar-Sadhuwali project · Call date: 2026-08-14 · Period: Q1 FY27 · Review status: Structured call extraction
Ceigall India Limited → divests to → Bathinda-Dabwali and Jalbehra Shahbad assets.

Q4 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Part of clear pipeline of HAM assets monetization.

“For Bathinda-Dabwali and Jalbehra Shahbad, we have signed non-binding offer and these are currently under due diligence. ... Bathinda-Dabwali we are expecting in second quarter and Jalbehra Shahbad we're expecting in third quarter. So every quarter we'll get an inflow coming.”

Evidence drawer

Evidence type: Transcript excerpt

“For Bathinda-Dabwali and Jalbehra Shahbad, we have signed non-binding offer and these are currently under due diligence. ... Bathinda-Dabwali we are expecting in second quarter and Jalbehra Shahbad we're expecting in third quarter. So every quarter we'll get an inflow coming.”

Source company: Ceigall India Limited · Counterparty: Bathinda-Dabwali and Jalbehra Shahbad assets · Call date: 2026-05-12 · Period: Q4 FY26 · Review status: Structured call extraction
Ceigall India Limited → divests to → Malout Abohar Sadhuwali asset.

Q4 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
First transaction of its kind for Ceigall, validates execute-monetize-recycle framework.

Disclosed value: INR 400 crores

“We have entered into a binding document for Malout Abohar Sadhuwali asset with NEO Asset Management. This is the first transaction of its kind for Ceigall. It validates our execute-monetize-recycle framework. ... So in next three years, we have to put close to INR2,000 crores, INR1,937 crores. After IPO, we have put more than INR400 crores. And as I said, we have already sold three assets to Neo in which first asset we are expecting it should get executed in this month only. So more than INR400 crores will come from Neo, which is another cash.”

Evidence drawer

Evidence type: Transcript excerpt

“We have entered into a binding document for Malout Abohar Sadhuwali asset with NEO Asset Management. This is the first transaction of its kind for Ceigall. It validates our execute-monetize-recycle framework. ... So in next three years, we have to put close to INR2,000 crores, INR1,937 crores. After IPO, we have put more than INR400 crores. And as I said, we have already sold three assets to Neo in which first asset we are expecting it should get executed in this month only. So more than INR400 crores will come from Neo, which is another cash.”

Source company: Ceigall India Limited · Counterparty: Malout Abohar Sadhuwali asset · Call date: 2026-05-12 · Period: Q4 FY26 · Review status: Structured call extraction
Ceigall India Limited → acquires or invests in → CNC.

Q1 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Acquisition of machinery expertise and team for T&D business

“we have acquired CNC, which has some machinery expertise and PQ, and in fact the team also has joined us.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“we have acquired CNC, which has some machinery expertise and PQ, and in fact the team also has joined us.”

Source company: Ceigall India Limited · Counterparty: CNC · Call date: 2025-08-08 · Period: Q1 FY26 · Review status: Structured call extraction
Ceigall India Limited → acquires or invests in → Velgaon 400 kV substation tender.

Q1 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Entry into new vertical (Transmission & Distribution)

Disclosed value: INR 4900 million

“we have emerged as L1 in Velgaon 400 kV substation tender worth Rs. 4,900 million.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“we have emerged as L1 in Velgaon 400 kV substation tender worth Rs. 4,900 million.”

Source company: Ceigall India Limited · Counterparty: Velgaon 400 kV substation tender · Call date: 2025-08-08 · Period: Q1 FY26 · Review status: Structured call extraction

Mentions over time

First observed: Q2 2025 · Latest observed: Q2 2026

Recorded disclosures by calendar reporting quarter
Period	Other calls	Own calls
Q2 2026	0	1
Q1 2026	0	2
Q2 2025	0	2

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

CEIGALL ₹387.75 −0.42%

Guidance Verdict (22 tracked) 4 kept · 15 open· 3 missed

AI Call Brief · Q1 FY27

Ceigall India Limited Q1 FY27

Overview

Symbol: NSE:CEIGALL
Sector: Construction
Industry: Industrials
Exchange: NSE
Currency: INR

What Ceigall India Limited does

Based on the company's own presentations, annual report and earnings calls.

Ceigall India is an engineering, procurement and construction (EPC) infrastructure company, founded in 2002, specializing in highways, expressways, bridges, flyovers and urban transportation systems for authorities such as NHAI, MoRTH, state PWDs and metro rail corporations. It earns revenue by designing, building and maintaining road and rail infrastructure under several contract structures: fixed-scope EPC construction, Hybrid Annuity Mode (HAM) where it part-finances an asset and earns annuity plus O&M payments over the concession period, and standalone Operations & Maintenance contracts. It has since diversified beyond roads into metro rail, tunnels, airport runways, renewable energy (solar and solar-plus-battery-storage) and power transmission & distribution, and has begun international expansion through wholly-owned Singapore and UAE subsidiaries targeting Southeast Asia and the Middle East.

Segments

EPC (Engineering, Procurement & Construction)
HAM (Hybrid Annuity Mode)
O&M (Operations & Maintenance)
DBFOT
Renewables & Transmission/Distribution (Tariff-Based)

Ongoing projects: 37 (as of March 31, 2026)
Geographic footprint: 12 major states, including Punjab, Haryana, J&K, Himachal Pradesh, Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Jharkhand, Maharashtra, Andhra Pradesh and Arunachal Pradesh
Cumulative projects completed: 38 (as of March 31, 2026)
Lane-kilometres of roads/highways constructed (cumulative): 2,020+ km
Lane-kilometres under Operations & Maintenance (cumulative): 2,159+ km
International subsidiaries: 2 — Ceigall Global Pte Ltd (Singapore, incorporated Nov 2025) and Ceigall EPC Global Contracting LLC (UAE, incorporated Feb 2026), targeting Southeast Asia and Middle East infrastructure

Founded 2002Headquarters Ludhiana, Punjab, India (registered office); Gurugram, Haryana, India (corporate office) Company website

How the price took the results

Moved an average of ±2.2% across the last 4 priced result releases

Close before → close after

Quarter	Release	Revenue (₹ Cr)	Net profit (₹ Cr)	Rev YoY	Before → After	Reaction
Q1 FY27	14 Aug 26	902	75	+10.3%	₹317.05 → ₹318.4	+0.4%
Q4 FY26	12 May 26	1,294	119	+30.4%	₹371.6 → ₹350.8	−5.6%
Q3 FY26	9 Feb 26	970	74	+19.8%	₹291.85 → ₹286.3	−1.9%
Q2 FY26	11 Nov 25	787	56	—	₹251.05 → ₹249.2	−0.7%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Guidance

What management said, and what became of it

4 of 7 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Pure EPC EBITDA Margin	12.5-13% Call transcript, Q3 FY25 · 7 Feb 2025	Q3 FY25	Q1 FY27:Promise concluded in FY26, having met the original target range. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
Operations Average Working Capital Days	40 to 50 days Call transcript, Q3 FY25 · 7 Feb 2025	Q3 FY25	Q1 FY27:Management did not provide Q1 figures but guided for 'improvement' in FY27 due to government policy changes. The original target of 40-50 days remains missed. Call transcript, Q1 FY27 · 14 Aug 2026	Missed
Growth Order Inflow FY27	minimum ₹5,500 crores Call transcript, Q4 FY26 · 12 May 2026	Q4 FY26	Q1 FY27:Management revised the full-year guidance slightly upwards to ₹6,000 crores from 'minimum ₹5,500 crores'. Q1 inflow was ₹600 crores, with acceleration expected in H2. Call transcript, Q1 FY27 · 14 Aug 2026	Revised Up

Source: Inve Guidance Tracker for Ceigall India Limited · to Q1 FY27

The full ledger

Open Ceigall India Limited’s full ledger

A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q1 FY27, 14 Aug 2026. 7 calls analysed.

No analysed call after Q1 FY27, though results run to Sept 2026.

Call summaries

Q1 FY27 — 14 Aug 2026

Ceigall India Limited Q1 FY27

Ceigall India Limited reported a strong Q1 FY27 with consolidated revenue growing 15.7% YoY to ₹970 crores and standalone EBITDA margin expanding to 13.4%. The company successfully monetized its first HAM asset, validating its capital recycling strategy. While the order book remains robust at ₹18,568 crores, Q1 order inflow was modest, and some projects face land acquisition challenges. Management reiterated its FY27 revenue growth guidance of minimum 15% and EBITDA margin of 11-12.5%.

Read the full call

Q4 FY26 — 12 May 2026

Ceigall India Q4 FY26

Ceigall India delivered a strong Q4 and FY26, marked by robust execution and significant order inflows, particularly from the renewable sector. The company's order book reached INR18,554 crores, with FY26 inflows more than doubling their guidance. Strategic diversification into new verticals and asset monetization efforts are underway, while the balance sheet remains disciplined with low debt-to-equity ratios, despite some working capital metric increases.

Read the full call

Q3 FY26 — 9 Feb 2026

Ceigall India Q3 FY26

Ceigall India reported a strong Q3 FY26, driven by robust execution and significant order inflows across diversified segments including highways, renewables, and railways. The company's order book reached ₹13,295 crores, providing multi-year revenue visibility. Management highlighted a focus on balance sheet optimization, with standalone debt reduction and planned asset divestments to fund future equity requirements in HAM and solar projects. The outlook remains bullish, with targets for continued growth and international expansion.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

Ceigall India Limited earnings calls (CEIGALL)

Fundamentals

Valuation, return & balance-sheet ratios

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).

Trailing twelve months
16.37% TTM to Sept 2026
Fiscal year
16.95% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
46.71% 32.80% 26.69% 29.81% 19.39% 16.95%

How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
15.60% TTM to Sept 2026
Fiscal year
15.06% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
36.40% 33.70% 32.03% 40.11% 20.37% 15.06%

How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
6.13% TTM to Sept 2026
Fiscal year
6.06% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
23.42% 17.31% 11.77% 13.35% 7.90% 6.06%

How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
15.56% TTM to Sept 2026
Fiscal year
14.55% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
18.33% 16.40% 14.31% 17.10% 15.07% 14.55%

How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
8.22% TTM to Sept 2026
Fiscal year
7.36% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
12.71% 10.93% 7.93% 9.74% 7.86% 7.36%

How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
8.02% -18.96% -11.12% -10.47% -18.18% -3.21%

How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
91.96% -107.14% -43.71% -69.41% -181.18% -29.45%

How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3.89% 7.50% 8.27% 5.48% 4.89% 1.94%

How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
25.29% TTM to Sept 2026
Fiscal year
17.02% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— 29.90% 82.36% 46.47% 13.47% 17.02%

How it is calculated. Revenue change against the same period one year earlier.
Trailing twelve months
37.96% TTM to Sept 2026
Fiscal year
7.94% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— 11.71% 32.26% 81.10% -6.73% 7.94%

How it is calculated. Adjusted profit attributable to owners vs the same period one year earlier.
Trailing twelve months
43.46% TTM to Sept 2026
Fiscal year
12.93% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— 16.25% 59.14% 75.00% 0.00% 12.93%

How it is calculated. Operating profit vs the same period one year earlier.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.10× 0.73× 1.19× 1.20× 0.76× 0.61×

How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
3.94× TTM to Sept 2026
Fiscal year
3.55× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
22.35× 16.13× 5.24× 5.18× 3.77× 3.55×

How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.75× TTM to Sept 2026
Fiscal year
0.82× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.84× 1.58× 1.48× 1.37× 1.01× 0.82×

How it is calculated. Revenue ÷ average total assets.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
₹-122.00 Cr ₹124.00 Cr ₹342.00 Cr ₹698.00 Cr ₹763.00 Cr ₹932.00 Cr

How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
1.99× TTM to Sept 2026
Fiscal year
1.48× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-0.72× 0.63× 1.10× 1.29× 1.36× 1.48×

How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.55× 1.66× 2.35× 2.49× 1.87× 2.28×

How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
18.98× TTM to Sept 2026
Fiscal year
22.59× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
11.37× TTM to Sept 2026
Fiscal year
12.21× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
8.09% TTM to Sept 2026
Fiscal year
7.38% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
15.00 days 31.00 days 56.00 days 52.00 days 83.00 days 58.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
30.00 days 34.00 days 57.00 days 41.00 days 37.00 days 37.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
56.00 days 50.00 days 191.00 days 119.00 days 271.00 days 554.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-11.00 days 15.00 days -78.00 days -26.00 days -150.00 days -459.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
18.00 days 16.00 days 4.00 days 21.00 days 66.00 days 62.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.00% 0.00% 7.00% 0.00% 0.00% 0.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
46.71%	32.80%	26.69%	29.81%	19.39%	16.95%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
36.40%	33.70%	32.03%	40.11%	20.37%	15.06%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
23.42%	17.31%	11.77%	13.35%	7.90%	6.06%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
18.33%	16.40%	14.31%	17.10%	15.07%	14.55%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
12.71%	10.93%	7.93%	9.74%	7.86%	7.36%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
8.02%	-18.96%	-11.12%	-10.47%	-18.18%	-3.21%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
91.96%	-107.14%	-43.71%	-69.41%	-181.18%	-29.45%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
3.89%	7.50%	8.27%	5.48%	4.89%	1.94%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	29.90%	82.36%	46.47%	13.47%	17.02%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	11.71%	32.26%	81.10%	-6.73%	7.94%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	16.25%	59.14%	75.00%	0.00%	12.93%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.10×	0.73×	1.19×	1.20×	0.76×	0.61×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
22.35×	16.13×	5.24×	5.18×	3.77×	3.55×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.84×	1.58×	1.48×	1.37×	1.01×	0.82×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
₹-122.00 Cr	₹124.00 Cr	₹342.00 Cr	₹698.00 Cr	₹763.00 Cr	₹932.00 Cr

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-0.72×	0.63×	1.10×	1.29×	1.36×	1.48×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.55×	1.66×	2.35×	2.49×	1.87×	2.28×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
15.00 days	31.00 days	56.00 days	52.00 days	83.00 days	58.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
30.00 days	34.00 days	57.00 days	41.00 days	37.00 days	37.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
56.00 days	50.00 days	191.00 days	119.00 days	271.00 days	554.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-11.00 days	15.00 days	-78.00 days	-26.00 days	-150.00 days	-459.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
18.00 days	16.00 days	4.00 days	21.00 days	66.00 days	62.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.00%	0.00%	7.00%	0.00%	0.00%	0.00%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

Quarterly & annual financial statements

Net profit, year on year: +46% (quarter to sept 2026 against sept 2025).

Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026	Sept 2026
810	992	818	787	970	1,294	902	974
705	883	725	695	850	1,111	781	844
105	109	94	92	119	183	121	131
13.0%	11.0%	11.0%	12.0%	12.0%	14.0%	13.0%	13.0%
10	20	15	16	12	12	8	8
10	21	22	21	20	19	18	19
13	15	13	13	12	12	9	10
91	94	74	74	99	163	101	110
25.0%	26.0%	25.0%	25.0%	25.0%	27.0%	25.0%	25.0%
68	70	56	56	74	119	75	82
3.91	4	3.21	3.21	4.27	6.83	4.32	4.71

Source: Inve data · income statement, quarterly · to Sept 2026

Mar 2024	Mar 2025	Mar 2026
2,955	3,385	3,869
2,517	2,953	3,381
438	432	488
38	53	55
61	73	82
46	51	50
368	362	410
277	270	305

Source: Inve data · income statement, annual · to Mar 2026

Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
39	39	79	87	87	87
392	554	809	1,745	1,850	2,051
316	703	1,066	1,397	1,343	1,311
212	532	638	1,016	1,259	2,074
959	1,828	2,592	4,246	4,539	5,523
126	249	301	339	326	341
4	2	2	23	10	4
71	23	2	6	7	10
759	1,555	2,287	3,878	4,195	5,169
959	1,828	2,592	4,246	4,539	5,523

Source: Inve data · balance sheet · to Mar 2026

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
103	91	31	180	-274	457
-20	-218	-164	-135	-282	-253
-6	132	258	-32	706	-315
77	6	124	12	150	-111
70	14	-126	108	-364	481

Source: Inve data · cash flow · to Mar 2026

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
15	31	61	60	103	101
30	34	57	38	38	37
56	51	191	123	279	553
-11	15	-72	-26	-138	-415
18	3	7	14	71	71
56.0%	38.0%	33.0%	34.0%	22.0%	20.0%
0.0%	0.0%	6.0%	0.0%	0.0%	0.0%

Source: Inve data · annual ratios · to Mar 2026

Where revenue comes from

The businesses behind the company’s reported revenue.

Reporting basis Reporting period

Historical breakdown. The breakdown for 30 Jun 2026 could not be verified. Showing quarter ended 31 Dec 2024; this may not reflect the current business mix.

Engineering , Procurement and Construction contributes 80.9% of reported segment revenue.

Quarter ended 31 Dec 2024 · Consolidated

Engineering , Procurement and Construction 80.9%

₹703.40 crore
Others 12.3%

₹107.22 crore
Annuity Projects 6.8%

₹59.03 crore
Inter Segment 0.0%

₹0.00 crore

Reported business segments for quarter ended 31 Dec 2024
Business segment	Revenue · ₹ crore	Share
Engineering , Procurement and Construction	703.40	80.9%
Others	107.22	12.3%
Annuity Projects	59.03	6.8%
Inter Segment	0.00	0.0%

Share = segment revenue ÷ total segment revenue, before intersegment adjustments.

How these numbers add up

Total segment revenue: ₹869.65 crore
Intersegment adjustment: ₹39.11 crore
Net segment revenue: ₹830.54 crore

Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.

Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.

How the mix has moved

Annuity Projects shrank from 22% to 7% of revenue over the last two quarters.

CEIGALL revenue by business segment, share of consolidated revenue by quarter
Segment	Jun 2024	Dec 2024	YoY growth latest quarter
Engineering , Procurement and Construction	—	81%	—
Others	6%	12%	—
Annuity Projects	22%	7%	—
Inter Segment	—	0%	—

Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.

See how segments are shifting across companies → Segment Shift

Ownership

Who owns it — shareholding pattern

Promoters hold 82.05% as of Sept 2026; institutions added 1.23 pts since Jun 2026.

Promoters 0.00 pts 82.05%
Foreign institutions −0.42 pts 3.46%
Domestic institutions +1.65 pts 5.30%
Public −1.21 pts 9.20%

1,26,294 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Insurer +0.88 pp 3.08% held
Mutual fund +0.11 pp 1.46% held

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of Ceigall India Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	37.28%	unchanged
	21.02%	unchanged
	11.94%	unchanged
	4.55%	unchanged
	4.53%	unchanged
Insurer	3.08%	+0.88 pp
	2.72%	unchanged
	2.29%	−0.19 pp
Mutual fund	1.46%	+0.11 pp
	0.02%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CEIGALL

Filings to Sep 2026

0 new, 1 added, 1 trimmed, 0 sold out — net +3.50 L shares (+16.0%).

Held by funds: ₹97 Cr; 3 schemes
Biggest holder: HDFC Balanced Advantage Fund; ₹66 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
HDFC Balanced Advantage Fund HDFC Mutual Fund	₹66 Cr	+4.00 L	Dec '25
HDFC Infrastructure Fund HDFC Mutual Fund	₹25 Cr	−0.50 L	Aug '24
HDFC Business Cycle Fund HDFC Mutual Fund	₹7 Cr	held	Aug '24

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Sep 2026

1 added, 1 trimmed — net +3.50 L shares (+16.0%)

Funds are sitting on: +18%; vs est. average cost
Held by funds: ₹97 Cr; 3 schemes · ≈ 1.5% of the company
Biggest holder: HDFC Balanced Advantage Fund; ₹66 Cr · 0.1% of that fund
Longest holder: HDFC Infrastructure Fund; 2y 2m · since Aug '24

Shares held by these funds −14%

Aug '24 25.36 L shares Sep '26

Your own record

Start an Inve Case for Ceigall India Limited

Free account: one company. Everything above stays public.

Write why you follow Ceigall India Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Construction companies

PEER COMPARISON

Median ₹6,755 Cr Mkt Cap

All Construction companies → · Construction earnings growth →

Quick Answers

Frequently asked questions on Ceigall India Limited

Compiled directly from CEIGALL's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Ceigall India Limited (CEIGALL) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Ceigall India Limited reported revenue of ₹974 Cr, net profit of ₹82 Cr, an operating margin of 13.0%. Diluted earnings per share stood at ₹4.71.

How is Ceigall India Limited (CEIGALL) valued today, and what growth does the stock price imply?

Ceigall India Limited (CEIGALL) trades at ₹387.75, with a market capitalization of ₹6.8k Cr.

Who owns Ceigall India Limited (CEIGALL) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 82.0%, FIIs hold 3.5%, DIIs hold 5.3%, Public shareholders hold 9.2%.

Learn to analyse Ceigall India Limited

Guides on how to read this kind of business and the numbers that matter.