Financial Performance Summary

Consolidated Financial Results (INR Million):

| Particulars | Q2 FY27 | Q2 FY26 | Y-o-Y | H1 FY27 | H1 FY26 | Y-o-Y |

| Revenue from Operations | 10,225 | 8,066 | 26.80% | 19,921 | 16,447 | 21.10% |

| EBITDA | 1,740 | 1,136 | 53.20% | 3,174 | 2,227 | 42.50% |

| EBITDA Margins (%) | 17.02% | 14.09% | +293 bps | 15.93% | 13.54% | +239 bps |

| PAT | 922 | 562 | 64.10% | 1,559 | 1,075 | 45.00% |

| PAT Margins (%) | 9.02% | 6.96% | +206 bps | 7.83% | 6.54% | +129 bps |

Standalone Financial Results (INR Million):

| Particulars | Q2 FY27 | Q2 FY26 | Y-o-Y | H1 FY27 | H1 FY26 | Y-o-Y |

| Revenue from Operations | 9,745 | 7,870 | 23.80% | 18,760 | 16,053 | 16.90% |

| EBITDA | 1,305 | 918 | 42.20% | 2,516 | 1,853 | 35.80% |

| EBITDA Margins (%) | 13.39% | 11.66% | +173 bps | 13.41% | 11.54% | +187 bps |

| PAT | 820 | 559 | 46.70% | 1,572 | 1,118 | 40.60% |

| PAT Margins (%) | 8.41% | 7.10% | +131 bps | 8.38% | 6.96% | +142 bps |

Order Book Position as on September 30, 2026

| Segment | Rs. Million | % of Order Book |

| Roads | 1,24,730 | 55% |

| Renewables | 36,973 | 16% |

| Metro | 9,288 | 4% |

| Transmission & Distribution | 6,036 | 3% |

| Industrial Infrastructure | 48,262 | 21% |

| Others (if Any) | 1,522 | 1% |

| Total | 2,26,811 | 100% |

Operational Highlights and Project Updates

  • Order inflow during the period stood at INR 52,047 million
  • Received Letter of Intent (LoI) from RECPDCL for the Lakadia–Jam Khambhaliya–Jamnagar power transmission project in Gujarat valued at INR 57,000 Million (Including Tax), involving a 36-month execution period and 35-year operational period
  • Commissioned 10 MW of solar capacity under the 147 MW MSKVY 2.0 project in Maharashtra, ahead of schedule
  • Received appointed dates for three HAM projects aggregating approximately INR 40,500 million
  • Achieved Provisional Commercial Operation Date (PCOD) for the Jalbehra–Shahbad HAM project in August 2026
  • Received Letter of Award (LoA) for development of the Bulk Drug Park at Una, Himachal Pradesh, valued at INR 225 crore (including GST)
  • Subsequent to the quarter, received the Completion Certificate for the 16.85-km Delhi–Saharanpur Highway project

Management Commentary

Mr. Ramneek Sehgal, Chairman and Managing Director, commented on the strong performance driven by:

  • Sustained execution across core infrastructure business
  • Operational efficiency improvements
  • Strategic diversification efforts
  • Disciplined capital allocation
  • Significant project wins including multiple EPC packages for the Frontier Highway in Arunachal Pradesh and major power transmission project in Maharashtra & Gujarat

Forward Outlook

The company remains focused on:

  • Accelerating execution across project portfolio
  • Strengthening presence in renewable energy and power transmission
  • Maintaining disciplined approach to capital allocation
  • Continuing HAM asset monetisation strategy to unlock capital from mature assets
  • Delivering sustainable long-term growth backed by robust order book of INR 226,811 million

Company Background

Ceigall India Limited is an infrastructure Engineering, Procurement and Construction (EPC) company specializing in high-complexity structural works with over 24+ years of expertise. The company has completed over 41 major projects and is currently executing 39 ongoing projects across 14 major states in India. Business operations are balanced between traditional EPC projects, Hybrid Annuity Model (HAM) and emerging infrastructure segments.