Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.[1]
Business Profile[1]Ceigall India Ltd is a leading EPC company with over 20 years of experience in infrastructure projects, specializing in highways, expressways, flyovers, tunnels, elevated roads, and metro rail. It follows an asset-light model, operating primarily with leased equipment.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Larsen & Toubro | 4150.40 | 35.52 | 570921.09 | 0.82 | 4678.01 | 15.63 | 67983.53 | 10.44 | 14.49 | 270722.51 | 12.67 | 16074.88 | 3926.09 | 5.63 | 4.98 | 1.32 |
| 2. | Rail Vikas | 361.00 | 66.29 | 75269.23 | 0.48 | 230.52 | -19.73 | 5122.97 | 5.52 | 14.72 | 20026.00 | 4.70 | 1135.41 | 230.29 | 7.88 | 6.40 | 0.52 |
| 3. | NBCC | 119.65 | 48.37 | 32305.50 | 0.56 | 156.69 | 25.71 | 2910.20 | 18.99 | 33.17 | 12751.71 | 5.04 | 667.83 | 153.52 | 12.09 | 4.68 | 0.00 |
| 4. | IRB Infra.Devl. | 42.24 | 29.14 | 25508.74 | 0.71 | 140.82 | 41.00 | 1751.02 | 10.42 | 7.82 | 8024.67 | 48.08 | 875.41 | 140.82 | 1.25 | 2.01 | 1.02 |
| 5. | Kalpataru Proj. | 1199.50 | 24.95 | 20484.17 | 0.75 | 237.39 | 91.27 | 6528.57 | 32.43 | 15.95 | 25498.99 | 8.25 | 821.04 | 240.05 | 2.94 | 2.36 | 0.69 |
| 6. | KEC International | 752.75 | 29.33 | 20038.21 | 0.73 | 160.75 | 88.21 | 6091.56 | 19.13 | 17.98 | 23335.94 | 7.26 | 683.11 | 160.75 | 3.55 | 2.75 | 0.94 |
| 7. | Ircon Intl. | 177.02 | 27.72 | 16649.01 | 1.50 | 136.51 | -32.68 | 1976.75 | -19.23 | 11.60 | 9787.96 | 7.43 | 600.65 | 138.65 | 2.58 | 3.74 | 0.80 |
| 8. | Ceigall India | 274.15 | 19.13 | 4775.83 | 0.00 | 55.86 | -11.73 | 786.97 | -2.81 | 22.00 | 3407.38 | 11.72 | 249.63 | 55.86 | 2.51 | 9.60 | 0.32 |
| – | Median: 116 Co. | 135.15 | 19.05 | 571.03 | 0.0 | 9.21 | 23.05 | 149.57 | 10.73 | 18.3 | 510.67 | 12.72 | 31.74 | 9.16 | 2.33 | 6.93 | 0.43 |
Standalone figures in ₹ crores
| Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2024 | Mar 2025 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Sales | 745 | 810 | 643 | 773 | 818 | 858 | 992 | 709 | 810 | 787 |
Expenses | 633 | 705 | 552 | 657 | 725 | 726 | 883 | 606 | 708 | 695 |
Operating Profit | 112 | 105 | 91 | 116 | 94 | 132 | 109 | 103 | 102 | 92 |
Other Income | 14 | 10 | 8 | 8 | 15 | 8 | 20 | 8 | 15 | 16 |
Profit before tax | 100 | 91 | 70 | 92 | 74 | 114 | 94 | 84 | 85 | 74 |
Tax % | 25% | 25% | 26% | 25% | 25% | 24% | 26% | 24% | 26% | 25% |
Net Profit | 75 | 68 | 51 | 69 | 56 | 87 | 70 | 64 | 63 | 56 |
EPS in Rs | 4.76 | 3.91 | 6.52 | 4.40 | 3.21 | 5.52 | 4.00 | 4.08 | 3.63 | 3.21 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
Sales | 792 | 873 | 1,131 | 2,065 | 2,955 | 3,385 | 3,407 |
Expenses | 663 | 713 | 944 | 1,767 | 2,516 | 2,953 | 3,008 |
Operating Profit | 129 | 160 | 187 | 298 | 439 | 432 | 399 |
Other Income | 6 | 12 | 13 | 20 | 37 | 53 | 62 |
Interest | 6 | 7 | 10 | 32 | 61 | 72 | 73 |
Depreciation | 10 | 14 | 19 | 38 | 46 | 51 | 54 |
Profit before tax | 119 | 151 | 171 | 249 | 368 | 362 | 334 |
Net Profit | 89 | 112 | 127 | 185 | 277 | 270 | 250 |
EPS in Rs | 909.58 | 1,145.50 | 16.17 | 23.59 | 17.62 | 15.51 | 14.33 |
Dividend Payout % | 0% | 0% | 0% | 6% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
Equity Capital | 0.98 | 0.98 | 39 | 39 | 79 | 87 | 87 |
Reserves | 192 | 304 | 394 | 574 | 800 | 1,712 | 1,817 |
Borrowings | 29 | 30 | 172 | 468 | 512 | 636 | 617 |
Other Liabilities | 108 | 139 | 181 | 531 | 578 | 1,024 | 1,263 |
Total Liabilities | 330 | 474 | 785 | 1,612 | 1,968 | 3,460 | 3,784 |
Fixed Assets | 48 | 67 | 126 | 249 | 275 | 315 | 275 |
Gross Block | 83.38 | 114.84 | 188.61 | 345.37 | 399.98 | 457.73 | – |
Accumulated Depreciation | 35.18 | 47.52 | 63.01 | 96.54 | 124.87 | 142.84 | – |
CWIP | 0 | 1 | 4 | 2 | 2 | 10 | 0 |
Investments | 37 | 14 | 126 | 79 | 198 | 340 | 477 |
Other Assets | 245 | 392 | 530 | 1,282 | 1,493 | 2,795 | 3,032 |
Total Assets | 330 | 474 | 785 | 1,612 | 1,968 | 3,460 | 3,784 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
Cash from Operating Activity | 96 | 103 | 91 | 31 | 180 | -274 |
Cash from Investing Activity | -122 | -20 | -218 | -164 | -135 | -282 |
Cash from Financing Activity | 30 | -6 | 132 | 258 | -32 | 706 |
Net Cash Flow | 4 | 77 | 6 | 124 | 12 | 150 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
Debtor Days | 22 | 15 | 31 | 61 | 60 | 92 |
Inventory Days | 12 | 30 | 34 | 57 | 38 | 38 |
Days Payable | 39 | 56 | 51 | 191 | 123 | 269 |
Cash Conversion Cycle | -4 | -11 | 15 | -72 | -26 | -139 |
Working Capital Days | -2 | 18 | 3 | 7 | 14 | 63 |
ROCE % | – | 56% | 38% | 33% | 34% | 22% |
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Stock Analysis
Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.
Emerging as the L-1 bidder for the Jaipur Metro Phase-II project, valued at ₹918.04 crore, represents a significant opportunity in the urban mass transit sector and enhances the company's project pipeline and revenue visibility over the next 34 months.
Order Book: January 2026 = ₹918.04 Crores (L-1 Bid for Jaipur Metro Phase-II)
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