Ceigall India Limited (CEIGALL)

About

Ceigall India Limited is a civil construction company in the industrials sector with a market cap of ₹5,546.53 Cr. Recent quarters demonstrate consistent profitability with average OPM of 14.55% and ROE of 15.71%, reflecting solid execution in infrastructure projects.

Face value: ₹5

Market cap

₹6,621 Cr

P/E

20.7×

P/B

3.1×

Dividend yield

0.1%

ROE

15.7%

ROCE

19.3%

Debt / equity

0.61

OPM

14.6%

EPS (TTM)

₹18.4

Book value

₹122.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compression: OPM fell from 16.12% (Mar 2026) to 13.43% (Jun 2026) — verify if seasonal, project-mix driven, or structural cost pressures
Revenue volatility: Quarterly revenue ranges ₹786–₹1,386 Cr (76% swing) — indicates project execution risk; verify order book visibility and pipeline
EPS dilution: Fell from 7.41 (Mar 2026) to 4.32 (Jun 2026) on similar revenue — verify underlying cost inflation and project profitability trends
Working capital intensity: Typical in construction; verify receivables collection cycles, payment delays, and cash conversion efficiency

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM contracted to 13.43% (Jun 2026) from 16.12% (Mar 2026); returning to historically achieved higher-margin execution would drive profitability
Revenue scale: Quarterly revenue peaked at ₹1,386 Cr (Mar 2026) and fell to ₹969.64 Cr (Jun 2026); larger order intake and consistent execution would support higher baseline run-rate
Leverage capacity: D/E ratio of 0.61 provides headroom to fund project working capital and growth without excessive balance-sheet strain
Infrastructure capex exposure: Verify government and private capex trends and forward pipeline, which determine civil construction order flow

Generated analysis · source review pending

529 historical price candles were omitted because the exchange source has not been verified.

₹380.1+0.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.9% (3-yr avg)
+High return on capital employed of 25.2%
+High promoter holding of 82.1% with no pledge

Cons

−Low dividend payout of 2.7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 42
Growth: 76
Valuation: 68

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	3,029	3,437	4,022
COGS	1,053	1,017	969
Gross profit	1,976	2,420	3,054
	1,459	1,901	2,468
	518	518	585
OPM %	17.1%	15.1%	14.6%
Depreciation	55	56	62
Interest	94	134	160
	37	56	54
Profit before tax	405	385	418
Tax	101	98	109
Tax %	24.9%	25.5%	26%
	304	287	309
PAT margin %	10.1%	8.3%	7.7%
EPS (₹)	19.4	17	17.7
EPS adjusted (₹)	19.4	16.9	17.9
	2.6%	0%	2.8%
Annual report	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	39	79	87	87
Reserves	392	809	1,745	2,051
Minority interest	—	19	11	8
	316	1,061	1,397	1,310
	212	625	1,007	2,067
Total equity & liabilities	959	2,592	4,248	5,523
	126	301	339	341
CWIP	4	2	23	4
Investments	71	2	6	10
	759	2,287	3,880	5,169
Total assets	959	2,592	4,248	5,523

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	-190	-520	-91
	-164	-58	-130	-44
	258	275	846	8
Net cash flow	124	26	197	-127
Free cash flow	-135	-356	-687	-170
CFO / Operating profit %	—	-36.7%	-100.2%	-15.6%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 17%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 8%

Return on equity

7 years: —
5 years: —
3 years: 21%
Last year: 14%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Engineering, Procurement and Construction	3,388.97	440.83	4,337.91	2,312.96	2,024.95	21.77
Annuity Projects	1,470.63	82.57

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.2%	70.4%	75.9%
EBITDA margin %	17.1%	15.1%	14.6%
EBIT margin %	15.3%	13.5%	13%
PAT margin %	10.1%	8.3%	7.7%
Working capital
Receivable days	52	72	58
Inventory days	41	37	37
Payable days	119	260	554
NWC days	-26	-151	-459
Leverage
Current ratio	1.52	1.77	1.38
Debt to EBITDA	2.05	2.69	2.24
Debt to equity	1.2	0.76	0.61
Interest coverage	5.3	3.9	3.6
Asset turnover	1.17	0.81	0.73
Return ratios
Return on assets %	11.7%	6.7%	5.6%
Return on capital employed %	32%	24.4%	19.3%
Return on equity %	34.3%	15.6%	14.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%	82.06%
	3.83%	2.97%	1.58%	1.47%	1.81%	2.48%	2.9%	3.14%	3.88%
	5.12%	6.88%	7.66%	8.23%	7.33%	5.66%	5.08%	5.37%	3.65%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.99%	8.09%	8.7%	8.24%	8.8%	9.8%	9.96%	9.43%	10.41%
No. of shareholders	—	—	—	—	—	1,66,761	1,59,998	1,49,520	1,33,934

Promoter holding up 0 percentage points since Jun 2024.

4 deals · 20 Oct 2025 – 31 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Dec 2025	PINE OAK GLOBAL FUND	Bulk	BSE	Sell	14,00,000	₹261.04	₹36.55 Cr
31 Dec 2025	HDFC MUTUAL FUND HDFC BALANCED ADVANTAGE FUND (HDFCGR)	Bulk	BSE	Buy	13,13,502	₹261.00	₹34.28 Cr
20 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	4,09,132	₹252.00	₹10.31 Cr
20 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	4,09,132	₹252.00	₹10.31 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAMNEEK SEHGALExecutive Director-Chairperson-MD
Mr. SUDHIR RAO HOSHINGExecutive Director
Mr. ARUN GOYALNon-Executive - Independent Director
Mr. VISHAL ANANDNon-Executive - Independent Director
Mrs. GURPREET KAURNon-Executive - Independent Director
Mrs. ANISHA MOTWANINon-Executive - Independent Director
Mr. Ayyalusamy SaravananChief Executive Officer
Mr. Pawan KumarExecutive Director
Ms. Megha KainthCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

1

across 1 fund houses

Held by these funds

0%

of the company's equity

All mutual funds

1.45%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	93	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

2

Credit ratings

1

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that India Ratings ....9 Jul 2026 from India Ratings

Investor Presentation and earnings call

5

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend11 Sept 2026 · ex-date₹0.5
Final dividend23 Sept 2024 · ex-date₹0.5

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

250 announcementsExport CSV

1 Oct 2026, 6:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

1 Oct 2026, 5:53 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 12:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

29 Sept 2026, 5:25 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

27 Sept 2026, 10:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

22 Sept 2026, 12:28 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

22 Sept 2026, 12:25 pmCompany Update

Update On Ceigall Green Energy MH2 Project

General PDF

11 Sept 2026, 4:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Joint Venture

Joint Venture PDF

Date	Category	Subject	Filing
1 Oct 2026, 6:05 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
1 Oct 2026, 5:53 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ceigall India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Dividends2

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Annuity Projects · revenue

2

1

2

1