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 ₹ 4,642 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: | 7% |
| 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)-Analyst / Investor Meet - Intimation
28 Feb - The officials of our Company will be interacting in-person with the Analysts/ Investors.
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Update On Project
18 Feb - Independent Engineer certified 90.03% physical progress (milestone 10) for Jalbehra Shahbad NH152G HAM SPV on 18-Feb-2026.
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Incorporation Of Subisidiary Company :Ceigall Sahebganj Bettiah Highway Limited
18 Feb - Ceigall incorporated 100% subsidiary on 17 Feb 2026 to execute 78.942 km NH-139W hybrid-annuity project awarded 11 Feb 2026.
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Intimation Of Cancellation Of Analyst / Institutional Investor Meeting
16 Feb - Analyst/investor one-on-one meeting on 17-Feb-2026 (9:00–18:00) in Chennai cancelled.
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Incorporation Of Wholly Owned Subsidiary-Ceigall Morena Solar BESS Park Limited
13 Feb - Ceigall incorporated 100% WOS on Feb 13, 2026 for 220MW Morena Solar BESS project (LOA Feb 9).
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.