Company Overview

Ceigall India Limited, established in 2002, is a prominent infrastructure construction company headquartered in Ludhiana, India. It specializes in advanced structural projects including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways. The company's shares are listed on both BSE and NSE since August 8, 2024.

Ceigall is recognized as one of the fastest-growing engineering, procurement, and construction (EPC) companies in India, particularly noted for its 3-Year Revenue CAGR as of Fiscal 2024 among companies with a turnover exceeding ₹10,000 million in Fiscal 2024. According to a CARE Report, the company achieved the highest year-on-year revenue growth of approximately 43.10% in Fiscal 2024 compared to its peers.

Financial Performance and Market Position

The company has demonstrated strong financial growth over recent years. Revenues for Ceigall India stood at ₹30,662 million in FY24, marking a 46.9% increase from ₹20,870 million reported in FY23. Over the past 4 years, revenue has grown at a Compound Annual Growth Rate (CAGR) of 51.3%.

Net profit also saw significant growth, standing at ₹3,043 million in FY24, an 81.9% increase compared to ₹1,673 million in FY23. Over the past 4 years, net profit has grown at a CAGR of 39.3%.

For the most recent reported quarter (Q4 FY25), the company's revenue increased by 8.73% year-on-year to ₹1,034.82 crore. However, net profit saw a decline of 31.99% year-on-year to ₹74.10 crore during the same period.

Ceigall India has a market capitalization of ₹4,738 crore and is classified as a Small Cap company. The P/E ratio stands at 16.71 times as of May 14, 2025, indicating a 31% discount to its peers' median range of 24.25 times. The P/B ratio is 2.51 times, a 9% discount to its peers' median range of 2.77 times.

Key Financial Metrics

• FY24 Performance: Revenue of ₹30,662 million, Net Profit of ₹3,043 million

• FY23 Performance: Revenue of ₹20,870 million, Net Profit of ₹1,673 million

• 4-Year Revenue CAGR: 51.3%

• 4-Year Net Profit CAGR: 39.3%

• Q4 FY25 Performance: Revenue of ₹1,034.82 crore (8.73% YoY growth), Net Profit of ₹74.10 crore (31.99% YoY decline)

• Q4 FY25 Net Profit Margin: 7.16%

• Q4 FY25 EPS: ₹4.16

• Market Capitalization: ₹4,738 crore (as of May 14, 2025)

• P/E Ratio: 16.71 (as of May 14, 2025)

• P/B Ratio: 2.51 (as of May 14, 2025)

• Promoter Holding: 82.1%

Business Operations and Services

Ceigall excels in managing all phases of Engineering, Procurement, and Construction (EPC) projects, encompassing design, engineering, construction, and final delivery. The company's commitment to a precision-driven approach ensures timely completion and high-quality standards, consistently meeting client expectations.

The company operates across multiple business segments:

- Hybrid Annuity Model (HAM) Projects: Managing the construction, operation, and maintenance of crucial HAM projects nationwide. These projects are often supported by financial backing and collaboration with the National Highway Authority of India (NHAI).

- Operation and Maintenance (O&M) Projects: Specializing in managing infrastructure assets and incident management with exceptional proficiency, ensuring operational excellence and long-term asset sustainability.

Geographic Presence and Client Base

Ceigall has established a significant presence across ten states in India. Its client base comprises major entities such as NHAI, Ministry of Road Transport and Highways (MoRTH), State Public Works Departments (PWDs), and Military Engineer Services (MES). The company's core expertise lies in the construction, development, and execution of large-scale, multi-lane highway projects featuring specialized structures. Its operational footprint extends across states including Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Delhi, Maharashtra, and Bihar.

Project Portfolio and Awards

As of July 2024, Ceigall India has successfully completed over 34 road and highway projects. This includes 16 EPC projects, 1 HAM project, 5 O&M projects, and 12 Item Rate Projects. The company currently has 18 ongoing projects, comprising 13 EPC projects and 5 HAM projects. These projects involve the development of elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro lines, and multi-lane highways.

The company has been recognized for its exceptional project execution:

- "Gold Award" at the National Highways Excellence Award, 2020 for the Khemkaran-Amritsar Project.

- "Special Award" at the National Highways Excellence Awards, 2021 for the Ramdas Gurdaspur Project, including the Kartarpur Sahib Project.

Order Book and Recent Developments

The company's Order Book as of June 30, 2024, stood at ₹94,708.42 million, showing a slight increase from ₹92,257.78 million in fiscal 2024. Recent key developments include:

- The appointed date of July 9, 2025, for the ₹1,199.3 crore Ayodhya Bypass project under the HAM mode.

- Receiving a completion certificate for the ₹1,272.6 million Punjab road project, which became operational from June 30, 2024.

Management and Workforce

- Managing Director: Ramneek Sehgal

- Promoters: Ramneek Sehgal, Ramneek Sehgal and Sons HUF, and RS Family Trust.

- Promoter Holding: 82.1%

- Permanent Employees: 2,256 (as of March 31, 2024)

Ceigall India represents a strong contender in India's infrastructure development sector. Its proven track record in project execution, robust financial performance, and a substantial order book position it advantageously. The company's strategic focus on specialized infrastructure projects and well-established relationships with key government clients position it for sustained growth within India's expanding infrastructure market.