Ceigall India Limited has informed the Exchange about Transcript
CEIGALL · price
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Ceigall India reported Q3 FY26 standalone revenue of INR 970 crores, up 19.7% year-on-year, with EBITDA of INR 120 crores (12.3% margin) and PAT of INR 75 crores. For nine months FY26, standalone revenue grew 7.6% to INR 2,575 crores, but EBITDA margin contracted to 11.8% from 13.5% in the prior year period. The order book stood at a strong INR 13,295 crores, with Q3 order inflows of INR 1,403 crores including a INR 2,160 crore HAM highway L1 win in Bihar and a INR 918 crore Jaipur rail L1. The company is actively capital recycling by divesting three HAM assets (Malout-Abohar, Bathinda-Dabwali, Jalbehra-Shahbad) to fund equity needs of INR 750-800 crores for new solar projects. Standalone debt was reduced to INR 552 crores from INR 636 crores in March 2025, with a debt-to-equity ratio of 0.28. Management reiterated 10-15% revenue growth guidance and targets INR 5,800 crores in new order inflows for FY27, with 10-15% expected from international markets (Singapore, UAE, Romania).
Strong order book visibility, debt reduction, and diversification into renewables and T&D support the growth story, but YoY margin compression in 9M FY26 is a watch point. Capital recycling via HAM divestments and healthy debt-to-equity of 0.28 provide funding flexibility for the solar and HAM equity infusion pipeline, which is positive for shareholders.