Ceigall India Ltd
Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.[1]
- Market Cap ₹ 4,632 Cr.
- Current Price ₹ 266
- High / Low ₹ 308 / 223
- Stock P/E 17.9
- Book Value ₹ 111
- Dividend Yield 0.00 %
- ROCE 19.4 %
- ROE 20.9 %
- Face Value ₹ 5.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.5%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 59.8 to 71.8 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Construction Construction Civil Construction
Part of BSE Allcap BSE Industrials Nifty Microcap 250 Nifty Total Market
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 3,648 | |
| 713 | 948 | 1,773 | 2,512 | 2,918 | 3,158 | |
| Operating Profit | 160 | 186 | 296 | 518 | 518 | 490 |
| OPM % | 18% | 16% | 14% | 17% | 15% | 13% |
| 12 | 13 | 19 | 37 | 56 | 65 | |
| Interest | 7 | 11 | 52 | 94 | 134 | 154 |
| Depreciation | 14 | 19 | 38 | 55 | 56 | 62 |
| Profit before tax | 151 | 169 | 225 | 405 | 385 | 340 |
| Tax % | 26% | 26% | 26% | 25% | 25% | |
| 112 | 126 | 167 | 304 | 287 | 252 | |
| EPS in Rs | 1,145.50 | 16.02 | 21.29 | 19.48 | 16.88 | 14.88 |
| Dividend Payout % | 0% | 0% | 4% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 45% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 32% |
| TTM: | -21% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 9% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 29% |
| Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.98 | 39 | 39 | 79 | 87 | 87 |
| Reserves | 304 | 392 | 554 | 809 | 1,745 | 1,850 |
| 30 | 316 | 703 | 1,066 | 1,397 | 1,343 | |
| 139 | 212 | 532 | 638 | 1,018 | 1,259 | |
| Total Liabilities | 474 | 959 | 1,828 | 2,592 | 4,248 | 4,539 |
| 67 | 126 | 249 | 301 | 339 | 326 | |
| CWIP | 1 | 4 | 2 | 2 | 23 | 10 |
| Investments | 13 | 71 | 23 | 2 | 6 | 7 |
| 394 | 759 | 1,555 | 2,287 | 3,880 | 4,195 | |
| Total Assets | 474 | 959 | 1,828 | 2,592 | 4,248 | 4,539 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 103 | -135 | -73 | -190 | -520 | |
| -20 | -164 | -134 | -58 | -130 | |
| -6 | 310 | 326 | 275 | 846 | |
| Net Cash Flow | 77 | 11 | 119 | 26 | 197 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 15 | 31 | 56 | 52 | 72 |
| Inventory Days | 30 | 34 | 57 | 41 | 37 |
| Days Payable | 56 | 50 | 191 | 119 | 260 |
| Cash Conversion Cycle | -11 | 15 | -78 | -26 | -151 |
| Working Capital Days | 18 | 16 | 4 | 20 | 59 |
| ROCE % | 33% | 27% | 30% | 19% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|
| Book to Bill Ratio x |
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| Net Working Capital Days Days |
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| Order Book Rs. Million |
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| Order Inflow Rs. Million |
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| Early Completion Bonus Earned Rs. Million |
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| Lane Kms Constructed Lane Kms |
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| Number of Ongoing Projects Projects |
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| Number of Projects Completed Projects |
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| O&M Projects completed Lane Kms |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
2d - CIL-SIML L1 for four MoRTH EPC road projects totalling Rs.2,149.62 crore (bids).
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Corrigendum To Intimation Made Today Viz., March 11, 2026, Pursuant To Regulation 30 Of The SEBI (LODR) Regulations, 2015
11 Mar - Ceigall (74%) and Sushee (26%) JV L1 bidder for 55.725 km NH-913 EPC road, tender dated 11-Mar-2026.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
11 Mar - Ceigall-Sushee JV L1 for Rs.521 Cr EPC NH-913 Sarli-Huri road, 36-month contract (11 Mar 2026).
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10 Mar - One-on-one analyst/investor meetings on 13 Mar 2026, 09:00–18:00, physical in Gurgaon.
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Intimation Of Declaration Of Provisional Appointed Date For The Project Of Ceigall Southern Ludhiana Bypass Private Limited, A Subsidiary Of The Company.
10 Mar - Provisional appointed date (07.03.2026) for INR 923 Cr, 6-lane Ludhiana bypass HAM project, 24-month concession.
Concalls
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Feb 2026Transcript PPT
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Nov 2025TranscriptPPT
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Oct 2024TranscriptPPT
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Sep 2024Transcript PPT
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Aug 2024TranscriptAI SummaryPPT REC
Business Profile[1]
Ceigall India Ltd is a leading EPC company with over 20 years of experience in infrastructure projects, specializing in highways, expressways, flyovers, tunnels, elevated roads, and metro rail. It follows an asset-light model, operating primarily with leased equipment.