Ceigall India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Engineering Procurement and Construction: 74.0% • Annuity Projects: 18.2% • Others: 7.8%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.6%
- Company has a healthy return on capital (ROCE) of 26.0%
- Company has consistently been profitable over the last 5 years
- Attractively priced for its growth - PEG of 0.6
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.03x)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 121.7%
- Working capital days have increased from 65 to 126 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| CEIGALL | 376.50 | 20.50 | 6558.81 | 0.13 | 637.47 | 1141.71 | 9696.42 | 1056.84 | 20.04 | 14.79 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 650 | 741 | 695 | 944 | 822 | 772 | 831 | 1,012 | 838 | 807 | 991 | 1,387 | 970 | |
| 563 | 614 | 555 | 779 | 678 | 649 | 707 | 884 | 729 | 693 | 852 | 1,163 | 883 | |
| Operating Profit | 87 | 127 | 140 | 164 | 144 | 123 | 123 | 128 | 109 | 114 | 139 | 224 | 86 |
| OPM % | 13.42% | 17.09% | 20.08% | 17.41% | 17.52% | 15.93% | 14.86% | 12.64% | 13.02% | 14.09% | 14.04% | 16.12% | 8.91% |
| 8 | 9 | 12 | 8 | 8 | 15 | 11 | 23 | 14 | 17 | 11 | 12 | 14 | |
| Interest | 23 | 24 | 21 | 26 | 35 | 35 | 27 | 37 | 42 | 37 | 37 | 44 | 44 |
| Depreciation | 12 | 14 | 13 | 16 | 13 | 14 | 12 | 16 | 14 | 16 | 16 | 16 | 13 |
| Profit before Tax | 60 | 97 | 117 | 131 | 104 | 88 | 95 | 98 | 67 | 77 | 97 | 176 | 95 |
| Tax % | 26.90% | 23.98% | 33.27% | 17.23% | 25.08% | 25.70% | 25.11% | 26.09% | 23.87% | 27.28% | 25.41% | 26.66% | 33.15% |
| Net Profit | 0 | 0 | 0 | 0 | 78 | 66 | 71 | 72 | 51 | 56 | 72 | 129 | 64 |
| 2.81 | 4.70 | 4.98 | 6.88 | 4.95 | 4.04 | 4.06 | 4.16 | 2.95 | 3.22 | 4.16 | 7.41 | 3.66 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 873 | 1,134 | 2,068 | 3,029 | 3,437 | 4,154 | |
| 713 | 948 | 1,773 | 2,512 | 2,918 | 3,591 | |
| Operating Profit | 160 | 186 | 296 | 518 | 518 | 563 |
| OPM % | 18.29% | 16.40% | 14.29% | 17.09% | 15.08% | 13.55% |
| 12 | 13 | 19 | 37 | 56 | 54 | |
| Interest | 7 | 11 | 52 | 94 | 134 | 162 |
| Depreciation | 14 | 19 | 38 | 55 | 56 | 61 |
| Profit before Tax | 151 | 169 | 225 | 405 | 385 | 446 |
| Tax % | 25.62% | 25.73% | 25.72% | 24.93% | 25.49% | 27.88% |
| Net Profit | 112 | 126 | 167 | 304 | 287 | 321 |
| EPS | 7.16 | 8.01 | 10.65 | 19.48 | 16.88 | — |
| Dividend Payout % | 0.00% | 0.00% | 3.52% | 3.85% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 45%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 40%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 33%
- 3 Years:
- 32%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 1 | 39 | 39 | 79 | 87 |
| Minority Interest | 0 | 0 | 0 | 19 | 11 |
| 304 | 392 | 554 | 809 | 1,745 | |
| 30 | 316 | 729 | 794 | 1,065 | |
| Trade Payables | 52 | 57 | 359 | 344 | 725 |
| 84 | 153 | 136 | 539 | 609 | |
| Total Liabilities | 472 | 957 | 1,817 | 2,583 | 4,243 |
| 67 | 126 | 249 | 301 | 339 | |
| Capital Work in Progress | 1 | 4 | 2 | 2 | 23 |
| 13 | 71 | 23 | 2 | 6 | |
| 28 | 39 | 107 | 118 | 104 | |
| 0 | 0 | 0 | 430 | 676 | |
| Cash & Bank | 152 | 192 | 361 | 368 | 634 |
| 211 | 526 | 1,076 | 1,362 | 2,462 | |
| Total Assets | 472 | 957 | 1,817 | 2,583 | 4,243 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 142 | -87 | -9 | -190 | -520 | |
| Cash from Investing | -20 | -164 | -134 | -58 | -130 |
| Cash from Financing | -6 | 310 | 326 | 275 | 846 |
| 77 | 11 | 119 | 26 | 197 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Ceigall India Limited has informed the Exchange about emerging as the H1 bidder in the Project नवादा जिला के पत्थर भूखण्डों की बंदोबस्ती हेतु (Allotment/Leasing of Stone Blocks in Nawada District Lot-4) (Bhadokhara, Block-D) under Competitive Bidding through E-Reverse Auction from Government of Bihar, Department of Mines and Geology on 07th September 2026
2026-09-07 - Ceigall India Limited has informed the Exchange regarding ''. Machine Readable / legible copy of Financial Results.
2026-09-05 - Ceigall India Limited has informed the Exchange about Copy of Newspaper Publication-Newspaper advertisement confirming dispatch of Notice of 24th Annual General Meeting and Annual Report of the Company for the FY 2025-26
2026-09-03 - Ceigall India Limited has informed the Exchange about Letter to Shareholders under Regulation 36(1)(b).
2026-09-03 - Ceigall India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026.
2026-09-03 - Ceigall India Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Ceigall India Receives LOI of ₹5,300 Crore for Transmission Project for Power Evacuation in Gujarat".
2026-09-03 - Ceigall India Limited has informed the Exchange about Receiving of Letter of Intent (LOI) from RECPDCL.
2026-08-31 - Ceigall India Limited has informed the Exchange about Commissioning of First 5 MW Solar Power Project under MSKVY 2.0 by Wholly Owned Subsidiary of the Company
2026-08-26 - Ceigall India Limited has informed the Exchange about Copy of Newspaper Publication-Submission of Newspaper Advertisement related to 24th Annual General Meeting and other related information
News
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