Ceigall India Limited has scheduled its 24th Annual General Meeting for Tuesday, September 29, 2026. The infrastructure equipment manufacturer will convene the meeting via video conferencing or other audio-visual means at 2:30 pm to transact ordinary and special business.

The company has filed its annual report for FY26 with the Bombay Stock Exchange and the National Stock Exchange of India. The filing includes audited financial statements and statutory reports for the period ending March 31, 2026.

Dividend Declaration

Shareholders will consider the declaration of a final dividend for FY26 at the rate of 10%, equating to ₹0.50 per equity share of face value ₹5 each. The record date for determining dividend entitlement is set as close of business hours on September 11, 2026. Payment will be made electronically to eligible members holding shares on the record date.

Board Appointments and Reappointments

The AGM agenda includes several director appointments and reappointments:

• Mr. Ramneek Sehgal: Retires by rotation and offers himself for reappointment as a Director.
• Mr. Vishal Anand: Reappointment as a Non-Executive Independent Director for a second term of five years, commencing October 26, 2026.
• Mrs. Gurpreet Kaur: Reappointment as a Non-Executive Independent Director for a second term of five years, commencing October 26, 2026.
• Mr. Ankit Kumar Agrawal: Appointment as a Non-Executive Independent Director for a first term of five years, commencing July 1, 2026.

Additionally, the board seeks approval for the appointment of two Whole-Time Directors:

• Mr. Ayyalusamy Saravanan: Appointment as Whole-Time Director & CEO for two years, from July 1, 2026, to June 30, 2028.
• Dr. Pawan Kumar: Appointment as Whole-Time Director for two years, from July 1, 2026, to June 30, 2028.

Related Party Transactions

The company seeks shareholder approval for material related-party transactions (RPTs) with various subsidiaries and special purpose vehicles (SPVs) for FY27. These transactions are conducted in the ordinary course of business on an arm's length basis.

The aggregate value of these proposed transactions exceeds the materiality threshold prescribed under Schedule XII of the SEBI Listing Regulations. The transactions include provision of financing support, infusion of sponsor contribution, issuance of guarantees, and execution of EPC works.

Regulatory Compliance

The disclosure was made pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shareholders who have registered their email addresses received the annual report electronically. Physical communications containing the web link were sent to members without registered email IDs.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0AG901020/8e4e991f-d95f-4b6c-90cb-30953d24a00a.pdf

Ceigall India has secured an ultra-mega work order valued at ₹5,300.0 crore from Rec power development and consultancy limited. The contract covers a Tariff Based Contract Agreement for a Common Transmission System, including a 765/400 kV AIS Substation and approximately 300 km of transmission lines for power evacuation from Lakadia (Phase-II: 7.5 GW), Jam Khambhaliya (Phase-II: 5.5 GW), and Jamnagar (Phase-I: 1 GW) Part-B. The project entails a 36-month work execution period. The disclosure was made to exchanges on September 3, 2026.

Order in financial context

The ₹5,300.0 crore order represents approximately 504% of the company's average quarterly revenue of ₹1,051.28 crore. This addition increases the total disclosed order book to ₹23,888.19 crore, reflecting 19 orders disclosed across the last three fiscal quarters. At this level, the backlog covers approximately 22.72 quarters of average quarterly revenue. The book-to-bill ratio remains significantly above 1x relative to trailing twelve-month revenue of ₹4,205.10 crore.

Company order track record

Order inflow velocity has remained robust across recent quarters. In Q2FY27, inflows totalled ₹10,568.07 crore, exceeding the ₹8,020.12 crore recorded in Q1FY27. The current order from Rec power development and consultancy limited adds to the portfolio of mega highway and solar projects dominating recent filings. It marks continued expansion in the domestic infrastructure segment, alongside existing highway contracts.

Execution and revenue quality

Revenue execution has been steady, though profitability metrics show some quarter-to-quarter variance. In Q1FY27, revenue stood at ₹981.10 crore with an operating profit margin (OPM) of 14.53%. This is lower than Q4FY26, which saw revenue of ₹1,398.80 crore and an OPM of 16.12%. No net losses were reported in these quarters, signalling stable execution despite margin fluctuations.

Revenue growth as order wins translate to topline

As Ceigall India has sustained order wins, with inflows exceeding ₹8,000 crore in each of the last two quarters, its annual revenue has grown from ₹3,493.00 crore in FY25 to ₹4,022.40 crore in FY26, representing a YoY growth of 15.2% based on the latest annual data.

Working capital and execution capacity

The balance sheet indicates adequate short-term liquidity with a current ratio of 1.42x. Total liabilities/equity stands at 1.58x, which includes trade payables and non-debt liabilities, suggesting moderate leverage. Operating cashflow was negative at -₹519.60 crore in FY25, indicating that backlog conversion is currently accrual-based rather than cash-generative.

Key observations

• Backlog signal: Book-to-bill coverage extends over 22 quarters. Execution capacity becomes the binding constraint.
• Cash conversion: Operating cashflow of -₹519.60 crore in FY25; backlog is not converting to cash efficiently.
• Valuation check (as of September 3, 2026): P/E of 18.5x against ROCE of 19.22%.
• Client concentration: National Highways Authority of India and Rewa Ultra Mega Solar Limited dominate recent inflows. Diversification via orders from Rec power development and consultancy limited reduces single-client risk.