Synopsis:
Ceigall India secured a major substation project as the L1 bidder under the TBCB route, ensuring steady long-term revenues. The company reported 13.5 percent revenue growth in FY25, reduced debt, and stronger cash flows.
One of India’s emerging infrastructure players was in focus today after securing a significant order in the power transmission segment. The company has emerged as the L1 bidder for a crucial substation project under the tariff-based competitive bidding (TBCB) route, further strengthening its project portfolio in the energy infrastructure space.
The company in focus is Ceigall India Limited, with a market capitalization of Rs. 4,728 crore. The stock opened at Rs. 270, slightly higher than its previous close of Rs. 268.95, and reached an intraday high of Rs. 274.65, reflecting an increase of approximately 2.12 percent over the previous close.
What’s the News?
Ceigall India announced that it has emerged as the L1 bidder for the establishment of a 400/220 kV Velgaon Substation (GIS) project, floated by REC Power Development and Consultancy Limited. The company will be appointed as the Transmission Service Provider for the project under the TBCB mechanism, with an assured annual tariff of Rs. 585 million. The project has a completion period of 24 months, followed by an operation and maintenance period extending to 35 years, providing a steady revenue stream over the long term.
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Financial Snapshot
Ceigall India’s financial performance for the year ended March 2025 was marked by consistent revenue growth. Revenue from operations increased by 13.5 percent, rising from Rs. 3,029 crore in March 2024 to Rs. 3,437 crore in March 2025. Operating profit remained stable at Rs. 518 crore. Profit before tax (PBT) witnessed a 4.9 percent decline from Rs. 405 crore to Rs. 385 crore, while net profit contracted by 5.6 percent from Rs. 304 crore to Rs. 287 crore. The company’s earnings per share (EPS) stood at Rs. 16.88.
In terms of balance sheet strength, borrowings reduced by 7.1 percent from Rs. 1,066 crore in March 2024 to Rs. 990 crore in March 2025. Total assets expanded significantly by 63.9 percent, from Rs. 2,592 crore to Rs. 4,248 crore. Net cash flows improved sharply from Rs. 26 crore to Rs. 197 crore, signaling stronger liquidity and operational efficiency.
Ceigall’s financial ratios remain robust with a Return on Capital Employed (ROCE) of 21.6 percent and a Return on Equity (ROE) of 21.1 percent. The debt-to-equity ratio stands at a comfortable 0.54, while the Return on Assets (ROA) is recorded at 8.38 percent. Notably, FII stake in the company increased from 1.47 percent in March 2025 to 1.81 percent in June 2025, reflecting growing institutional confidence.
About the Company
Founded in 2002, Ceigall India Limited is an infrastructure construction company specializing in complex structural projects such as elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways. The company’s consistent track record in delivering large-scale projects has cemented its reputation within India’s infrastructure landscape.
Written by – Manan Gangwar
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