Considered and approved the Audited Standalone and Consolidated Financial Results along with Audit reports issued by M/s. B D Bansal, Chartered Accountants, Statutory Auditors of the Company for the quarter and Financial Year ended March 31, 2025, w
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Ceigall India's board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, with auditors M/s B D Bansal issuing an unmodified (clean) opinion on both sets of results. On a consolidated basis, full-year revenue from operations grew about 13% year-on-year to roughly Rs. 3,436 crore, while total comprehensive income for FY25 was marginally lower at around Rs. 295 crore versus Rs. 307 crore in FY24, with EPS easing to Rs. 17.04 from Rs. 19.37. The board decided not to declare any dividend for FY25, saying it wants to retain earnings to fund execution of Hybrid Annuity Model (HAM) highway projects awaiting appointed dates from NHAI in FY26. It also approved further investment in its subsidiary Ceigall Jalbehra Shahbad Greenfield Highway (HAM project SPV) and agreed to provide security for a rupee term loan to another subsidiary SPV for project financing. Separately, subsidiary Ceigall Infra Projects got in-principle approval to explore a merger with listed entity C & C Construction Limited, which is currently going through the IBC liquidation process.
The clean audit report is a positive signal for investor confidence, while the no-dividend decision may upset income-focused shareholders but reflects the company's growth-stage capital needs for HAM project execution. Revenue growth of ~13% shows healthy order book conversion, though modest bottom-line pressure and rising debt from SPV financing mean investors should watch project execution timelines; the potential C&C Construction merger under IBC could be a value-accretive opportunity if it materialises.