Synopsis: A renewable energy subsidiary has signed a power purchase deal worth Rs 1,700 crore, adding to its already sizeable project pipeline. The contract spans decades of operations and reinforces a steady push into clean energy infrastructure across central India.
Infrastructure players with a foothold in renewables continue to expand their clean energy footprint as India accelerates its energy transition. Solar and battery storage combinations are increasingly becoming the preferred route for utilities looking to balance grid stability with green commitments, and the latest development adds another data point to this growing trend.
Shares of Ceigall India Limited, with a market capitalization of Rs.6,847 Crore, are trading at a price of Rs.400 i.e. 1.02% up from its previous closing price of Rs.395.95. It is trading at a P/E ratio of 22.33.
Order Book Strengthens with New Solar-BESS Contract
Ceigall India Limited’s wholly owned subsidiary, Ceigall Morena Solar BESS Park Limited, has signed a Power Purchase Agreement with Rewa Ultra Mega Solar Limited on June 29, 2026. The agreement covers a contracted capacity of 220 MW at the Morena Solar Park in Madhya Pradesh and combines solar generation with Battery Energy Storage Systems, a structure increasingly favoured for round-the-clock power delivery.
The project is tariff-based, with power priced at Rs 2.70 per kWh, and carries an approximate value of Rs 1,700 crore, inclusive of GST. Construction is expected to take 18 months, after which the project will run for an operational period of 25 years. The company has clarified that the order does not involve any promoter or group company interest and does not qualify as a related party transaction.
This development follows an earlier disclosure from February 2026, indicating that the company has been steadily building momentum in this segment over recent months.
A Growing Pipeline of Projects
The company’s overall pipeline remains sizeable. As per its latest investor presentation, the order book stood at INR 1,85,543 million, translating to roughly Rs 18,554 crore, spread across 37 ongoing projects.This breadth of execution gives a sense of the scale at which the company is currently operating, spanning multiple states and sectors within infrastructure and energy.
Financial Performance Holds Steady
On the financial front, consolidated numbers for the fourth quarter of FY26 showed revenue from operations of Rs 1,386.5 crore, up 37% from Rs 1,011.6 crore in the same quarter last year. EBITDA for the quarter came in at Rs 223.5 crore, with margins improving to 16.1% from 12.6% a year earlier. Profit after tax for the quarter stood at Rs 129 crore, with PAT margin at 9.3%, compared to 7.2% in Q4 FY25.
For the full year FY26, consolidated revenue rose 17% to Rs 4,022.4 crore from Rs 3,436.7 crore in FY25. EBITDA for the year stood at Rs 585.4 crore, with margins at 14.6%, slightly lower than the 15.1% recorded in FY25. PAT for FY26 came in at Rs 308.9 crore, with margin at 7.7%, against Rs 286.6 crore and an 8.3% margin in the previous year.
About the Company
Ceigall India Limited is an infrastructure construction company engaged in the design, construction, and maintenance of road and highway projects across India, with a growing presence in the renewable energy and solar power sector through its subsidiaries. The company has diversified into Solar and Battery Energy Storage System projects, alongside its core EPC operations in road infrastructure, expanding its order book across multiple states.
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