CEIGALL
Ceigall India share price & financials
- Price
- ₹374.6
- Market cap
- ₹5.5k Cr
- Sector
- Construction
- Calls analysed
- 7
Ceigall India Limited Q1 FY27
What went well
- Consolidated Revenue increased 15.7% YoY to ₹970 crores in Q1 FY27.
- Standalone EBITDA margin improved significantly to 13.4% from 11.4% in Q1 FY26.
- Standalone PAT margin also rose to 8.4% from 6.8% in Q1 FY26.
What to watch
- Execution on Northern Ayodhya bypass fell to ₹42 crores in Q1, though management stated progress is steady.
- Southern Ludhiana project faces land availability challenges, limiting FY27 execution to 15%.
What Ceigall India Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 4 delivered 3 missed 15 open- Pure EPC EBITDA Margin delivered said Q3 FY25 Promised: 12.5-13% Q1 FY27: Promise concluded in FY26, having met the original target range.
- Average Working Capital Days missed said Q3 FY25 Promised: 40 to 50 days 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.
- Order Inflow FY27 revised up said Q4 FY26 Promised: minimum ₹5,500 crores 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.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.3%, net profit up 33.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 810 | 810 | 992 | 818 | 787 −3% | 970 +20% | 1,294 +30% | 902 +10% |
| EBITDA | 102 | 105 | 109 | 94 | 92 −10% | 119 +13% | 183 +68% | 121 +29% |
| Net profit | 63 | 68 | 70 | 56 | 56 −11% | 74 +9% | 119 +70% | 75 +34% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +40.7% 1Y
1Y: ₹270.27 on 10 Sept 2025 → ₹380.4. High ₹395.95 (29 Jun 2026), low ₹226.39 (9 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +0.4%
- 14 Aug
- Q4 FY26
- −5.6%
- 12 May
- Q3 FY26
- −1.9%
- 9 Feb
- Q2 FY26
- −0.7%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to 12.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹3.0k Cr | ₹3.4k Cr | ₹3.9k Cr |
| Operating profit | ₹438 Cr | ₹432 Cr | ₹488 Cr |
| Operating margin | 14.8% | 12.8% | 12.6% |
| Interest | ₹61 Cr | ₹73 Cr | ₹82 Cr |
| Depreciation | ₹46 Cr | ₹51 Cr | ₹50 Cr |
| Net profit | ₹277 Cr | ₹270 Cr | ₹305 Cr |
| Net margin | 9.4% | 8.0% | 7.9% |
| Cash from operations | ₹180 Cr | ₹-274 Cr | ₹457 Cr |
| Free cash flow | ₹108 Cr | ₹-364 Cr | ₹481 Cr |
| ROCE | 34.0% | 22.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹39 Cr | ₹39 Cr | ₹79 Cr | ₹87 Cr | ₹87 Cr |
| Reserves | ₹304 Cr | ₹394 Cr | ₹574 Cr | ₹800 Cr | ₹1.9k Cr | ₹2.0k Cr |
| Borrowings | ₹30 Cr | ₹172 Cr | ₹468 Cr | ₹512 Cr | ₹1.3k Cr | ₹413 Cr |
| Other liabilities | ₹139 Cr | ₹181 Cr | ₹531 Cr | ₹578 Cr | ₹1.3k Cr | ₹1.7k Cr |
| Total liabilities | ₹474 Cr | ₹785 Cr | ₹1.6k Cr | ₹2.0k Cr | ₹4.5k Cr | ₹4.2k Cr |
| Fixed assets | ₹67 Cr | ₹126 Cr | ₹249 Cr | ₹275 Cr | ₹326 Cr | ₹255 Cr |
| Capital work in progress | ₹1 Cr | ₹4 Cr | ₹2 Cr | ₹2 Cr | ₹10 Cr | ₹2 Cr |
| Investments | ₹14 Cr | ₹126 Cr | ₹79 Cr | ₹198 Cr | ₹7 Cr | ₹524 Cr |
| Other assets | ₹392 Cr | ₹530 Cr | ₹1.3k Cr | ₹1.5k Cr | ₹4.2k Cr | ₹3.4k Cr |
| Total assets | ₹474 Cr | ₹785 Cr | ₹1.6k Cr | ₹2.0k Cr | ₹4.5k Cr | ₹4.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −3.68 pp while FIIs added +2.07 pp. The shareholder count shrank 20% to 1,33,934.
- Promoters
- 82.0%
- FIIs
- 3.9%
- DIIs
- 3.6%
- Public
- 10.4%
Since Jun 2025
- DIIs −3.68 pp
- FIIs +2.07 pp
- Public +1.61 pp
How it drifted, 8 quarters
Over this window DIIs fell from 6.9% to 3.6% — −3.2 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 82.0%, FIIs 3.0%, DIIs 6.9%, Public 8.1%.Dec '24: Promoters 82.0%, FIIs 1.6%, DIIs 7.7%, Public 8.7%.Mar '25: Promoters 82.0%, FIIs 1.5%, DIIs 8.2%, Public 8.3%.Jun '25: Promoters 82.0%, FIIs 1.8%, DIIs 7.3%, Public 8.8%.Sep '25: Promoters 82.0%, FIIs 2.5%, DIIs 5.7%, Public 9.8%.Dec '25: Promoters 82.0%, FIIs 2.9%, DIIs 5.1%, Public 10.0%.Mar '26: Promoters 82.0%, FIIs 3.1%, DIIs 5.4%, Public 9.4%.Jun '26: Promoters 82.0%, FIIs 3.9%, DIIs 3.6%, Public 10.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Cds Infra Projects Limited newly disclosed 2.48% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ceigall India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ramneek Sehgal And Sons Huf . | 37.28% | unchanged |
| Ramneek Sehgal | 21.02% | unchanged |
| Rs Family Trust | 11.94% | unchanged |
| Mohinder Pal Singh | 4.55% | unchanged |
| Simran Sehgal | 4.53% | unchanged |
| Paramjit Kaur Sehgal | 2.72% | unchanged |
| Cds Infra Projects Limited | 2.48% | newly disclosed |
| ICICI Prudential Life Insurance Company Limited Insurer | 2.20% | −1.56 pp |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 1.35% | −0.10 pp |
| Avneet Luthra | 0.02% | unchanged |
| Ryaan Sehgal | 0.00% | unchanged |
| Niyoshka Sehgal | 0.00% | 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 Jul 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −2.58 L shares (−11.0%).
- Held by funds
- ₹71 Cr
- 3 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹42 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹42 Cr | held | Dec '25 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹24 Cr | held | Aug '24 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹6 Cr | −2.58 L | 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 Jul 2026
0 added, 1 trimmed — net −2.58 L shares (−11.0%)
- Funds are sitting on
- +18%
- vs est. average cost
- Held by funds
- ₹71 Cr
- 3 schemes · ≈ 1.4% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹42 Cr · 0.0% of that fund
- Longest holder
- HDFC Infrastructure Fund
- 2y · since Aug '24
Shares held by these funds −29%
Aug '24 20.86 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Ceigall India Limited
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