Ceigall India Limited, one of India’s fastest-growing infrastructure companies with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways with over 23+ years of expertise, recognized for its rapid execution and specialized capability in delivering complex, large-scale structural work across the nation, has announced its unaudited financial results for the third quarter and nine months ended 31st December 2025 in the Board meeting held on 9th February, 2026.
Order book summary as on 31st December, 2025
Commenting on the performance during the quarter and nine months of financial year 2026, Mr. Ramneek Sehgal, Chairman and Managing Director, Ceigall India Limited, said, “We delivered steady operational performance during Q3 and the nine months ended December 2025, supported by execution momentum across our core EPC portfolio and growing contributions from diversified verticals.
For Q3 FY26, consolidated revenue from operations stood at INR 9,911 million, reflecting a YoY growth of 19.3%, while consolidated EBITDA was INR 1,391 million with margins at 14.0%. For 9M FY26, consolidated revenue reached INR 26,359 million, up 8.7% YoY, with consolidated EBITDA of INR 3,619 million and margins of 13.7%.
As on December 31, 2025, our total order book stood at INR 1,32,951 million, providing healthy revenue visibility. During 9M FY26, we continued to strengthen our presence beyond roads and highways, with increasing traction in renewables, transmission & distribution, and industrial infrastructure. This strategic diversification is enabling us to participate in structurally high-growth sectors while building a more resilient and balanced portfolio over the medium term.
Execution progress across ongoing EPC and HAM projects remained satisfactory during the quarter. We currently have Eight HAM projects under execution, with key milestones achieved on select assets and Pre-COD achieved for the Bathinda–Dabwali project. Equity infusion into HAM projects stands at INR 6056.20 million till date, reflecting our continued commitment to building annuity assets alongside EPC growth. During the period, we made meaningful inroads into new growth verticals. In renewables and transmission & distribution, we secured multiple solar EPC and grid– connected projects under competitive bidding frameworks.
In line with its long-term growth strategy, the Company has also expanded its geographical footprint through the incorporation of Ceigall Global Pte. Ltd. in Singapore, enabling it to explore selective opportunities across Southeast Asia and the Middle East.
Looking ahead, we foresee positive momentum in tendering activity in Road Infrastructure, Renewable and Industrial Infrastructure segments. With a robust order book, improving execution pace and a disciplined bidding framework focused on profitability, we remain confident of accelerating revenue growth Our continued investments in in-house engineering, asset-light execution, technology integration and risk management place us well to capitalize on India’s infrastructure opportunity while creating long-term sustainable value for all stakeholders.”
Key Standalone Financial Highlights (INR Million):
9M FY25 Standalone Revenue includes Rs. 138 Million of early completion bonus for one of its HAM project “Four Laning from Malout via Abohar to Sadhuwali in the State of Punjab under Bharatmala“ in May 2024
Key Consolidated Financial Highlights (INR Million):
9M FY25 Consolidated Revenue includes Rs. 145 Million of early completion bonus for one of its HAM project “Four Laning from Malout via Abohar to Sadhuwali in the State of Punjab under Bharatmala“ in May 2024
Q3FY26 Consolidated Highlights
- Revenue from Operations at Rs. 9,911 Million for Q3FY26 compared to Rs. 8,305 Million in Q3FY25, an increase of 19.3% YoY
- EBITDA stood at Rs. 1,391 Million for Q3FY26 with an EBITDA margin of 14.0%
- PAT stood at Rs. 724 Million for Q3FY26 with PAT margin of 7.3%
- Order Inflow for Q3 FY26 stood at 14,026 Million
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