Synopsis:
Ceigall India Ltd’s shares rose over 2 percent after securing a LoI from MSEDCL to develop 147 MW and 190 MW of solar power capacity, expanding into renewable energy alongside its core infrastructure projects.
A small-cap infrastructure construction company is in the spotlight after receiving two Letter of Intent (LoI) from Maharashtra State Electricity Distribution Co. Ltd for the procurement of 147 MW and 190 MW of solar power at multiple locations.
With the market capitalization of Rs. 4,877.56 crore, the shares of Ceigall India Ltd is trading at Rs. 279.99, up by 2.15 percent from its previous day’s close price of Rs. 274.09 per equity share, and it has reached a high of Rs. 286.83 in the same trading day.
Work Order
The company has received two Letters of Intent (LoI) from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 for the procurement of 147 MW solar power and 190 MW solar power, to set up grid-connected solar projects at multiple locations across Maharashtra through a tariff-based competitive bid.
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About the Company & Others
Established in 2002, Ceigall India Limited is a prominent infrastructure construction firm with more than two decades of highway and road construction experience. It has built 1,916 lane kilometers, finished 2,159 O&M projects, and finished 35+ projects, including one HAM project. It specializes in specialized structures like flyovers, bridges, elevated roads, tunnels, highways, expressways, runways, and railway overpasses.
As of June 2025, the company’s total order book stands at Rs. 10,337.4 crore, with 61.7 percent from HAM projects, 36.9 percent from EPC projects, and the remaining 1.4 percent from BOT projects.
A return on equity (ROE) of about 21.6 percent, the return on capital employed (ROCE) of about 21.6 percent and the debt-to-equity ratio of 0.54, demonstrate the company’s financial position. At the moment, the company’s P/E ratio is 18.2x lower as compared to its industry P/E 20.7x.
In Q1FY26, the company reported revenue of Rs. 838 crore, up 1.95 percent year-on-year (YoY) from Rs. 822 crore in Q1FY25 but down 17.2 percent quarter-on-quarter (QoQ) from Rs. 1,012 crore in Q4FY25.
Profit for the quarter stood at Rs. 51 crore, declining 34.6 percent YoY from Rs. 78 crore and 29.2 percent QoQ from Rs. 72 crore, reflecting weaker margins compared to both the previous quarter and the same period last year.
Written by Akshay Sanghavi
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