Ceigall India Limited has secured a significant contract from Punjab State Power Corporation Limited (PSPCL) for setting up 100 MW Standalone Battery Energy Storage Systems (BESS) in Punjab. The company received an email dated May 12, 2026, confirming its selection under Tariff-Based Global Competitive Bidding through E-Reverse Auction, under RFS No. 59/PSPCL/1000MWh/ELEC/BIO-43/(BESS-II). The development was disclosed to stock exchanges on May 13, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Overview

The contract involves setting up a 100 MW Battery Storage Plant and operating, maintaining, and supplying power for 12 years under a long-term Battery Energy Storage Purchase Agreement (BESPA). The project cost is approximately Rs. 250 Cr, with a tariff amount of Rs. 3,44,000/MW/Month. The contract has been awarded by a domestic entity, and neither the promoter/promoter group/group companies have any interest in PSPCL, nor does the contract fall within related party transactions.

Key Contract Details

The following table summarizes the key parameters of the awarded contract:

Significant Terms and Conditions

The contract is structured as a Tariff-Based Contract Agreement with the following key terms:

• Battery Energy Storage Purchase Agreement (BESPA): A long-term agreement spanning 12 years from the Schedule Commercial Operation Date
• Work Execution Timeline: 18 months for project execution
• Operational Commitment: 12-year operational period covering operation, maintenance, and power supply to PSPCL

The contract was disclosed in compliance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The disclosure was signed by Megha Kainth, Company Secretary (Membership No: F7639), on behalf of Ceigall India Limited.

Ceigall India Limited announced its audited financial results for the quarter and year ended March 31, 2026, followed by an earnings conference call held on May 07, 2026. The company reported a standalone profit of INR 3,051.83 million for the year, compared to INR 2,702.48 million in the previous year. Total income for the year stood at INR 39,247.45 million, up from INR 34,379.59 million. The Board of Directors recommended a dividend of INR 0.50 per equity share for the financial year 2025-26, subject to shareholder approval.

Standalone and Consolidated Financial Performance

The fourth quarter was described by management as a period of significant execution momentum, enabling the company to deliver its best quarterly performance of the year. The following table summarises key financial metrics across standalone and consolidated results:

For Q4 FY26, standalone revenue from operations reached INR 1,294 crores, a 30.5% year-on-year increase from INR 992 crores in Q4 FY25. Standalone EBITDA for Q4 FY26 stood at INR 183 crores with a margin of 14.1%, while Profit After Tax (PAT) was INR 119 crores, reflecting a PAT margin of 9.2%. For the full year FY26, standalone revenue stood at INR 3,869 crores, representing a growth of 14.3% year-on-year. Standalone EBITDA for FY26 was INR 487 crores against INR 432 crores in FY25, yielding a margin of 12.6% versus 12.8% in FY25. Standalone PAT for FY26 stood at INR 305 crores with a PAT margin of 7.9%.

On a consolidated basis, Q4 FY26 revenue from operations stood at INR 1,386 crores against INR 1,012 crores in Q4 FY25, registering year-on-year growth of 37.1%. For FY26, consolidated revenue grew by 17.1% to INR 4,022 crores from INR 3,437 crores in FY25. Consolidated EBITDA for FY26 was INR 585 crores, resulting in an EBITDA margin of 14.6%. Consolidated PAT for FY26 stood at INR 309 crores, with a PAT margin of 7.7%.

Order Book and Strategic Diversification

The company's total order book stood at INR 18,554 crores as of March 31, 2026, providing strong multi-year revenue visibility. The order book comprises 19 EPC projects, 10 HAM projects, 1 DBFOT project, and 7 renewable-based projects, with renewables contributing 19% of the total order book. Total order inflow for the year was INR 11,332 crores, significantly surpassing the annual guidance of INR 5,000 crores, with approximately 35.02% of inflows originating from the renewable sector. Q4 FY26 alone witnessed order inflows of INR 6,014 crores across the renewable and road sectors. The book-to-bill ratio stood at 4.8x.

During the year, the company entered five new verticals and expanded its footprint into three new states. The company also secured its largest single project to date — the Sahebganj–Areraj–Bettiah corridor — with a total project cost of INR 2,160 crores. The Delhi-Amritsar-Katra Expressway project achieved Commercial Operations Date (COD) during the year. On the renewable energy front, Letters of Award (LOAs) were received for solar parks in Maharashtra and Madhya Pradesh. Power Purchase Agreements (PPAs) have been signed for both projects and execution has commenced. The Velgaon 400 KV substation in Maharashtra is also progressing.

HAM Monetization and Balance Sheet

Management highlighted FY26 as a defining year for the company's capital recycling strategy. A binding document has been entered into for the Malout-Abohar-Sadhuwali HAM asset with NEO Asset Management, described as the first such transaction for Ceigall. Non-binding offers have been signed for the Bathinda-Dabwali and Jalbehra-Shahbad assets, which are currently under due diligence. Management indicated that proceeds from the first asset sale are expected in Q1, with Bathinda-Dabwali in Q2 and Jalbehra-Shahbad in Q3, with total inflows from NEO expected to exceed INR 400 crores.

The company's standalone debt-to-equity ratio stood at 0.2x as on March 31, 2026, while on a consolidated basis it stood at 0.6x. Management noted that corrected figures for unencumbered cash and unencumbered FDR as on March 31, 2026 stand at INR 166 crores and INR 75 crores, respectively, superseding figures mentioned during the call. The company has a pending equity investment commitment of approximately INR 1,937 crores over the next three years, of which approximately INR 800 crores is earmarked for renewables and the remainder for HAM roads. More than INR 400 crores has already been deployed post-IPO.

FY27 Guidance and International Expansion

For Financial Year 2027, the company guided for a minimum revenue growth of 15%, with the renewable sector expected to contribute 20% to 25% of total revenue. EBITDA margins are expected to sustain between 11% and 12.5%. Order inflow guidance for FY27 was set at a minimum of INR 5,500 crores.

On the international front, the company has opened offices in Singapore and Dubai and appointed a CEO for international operations. Ceigall has bid for a 17-kilometre highway, tunnel, and bridge project in Romania valued at approximately INR 13,000 crores, for which it qualified as the sole single-entity bidder among 12 participants. A bid for a project in Dubai (Sobha) valued at approximately AED 250 million has also been submitted. Management noted that the Romania bid is currently under evaluation and that bid validity timelines are subject to the client's process. The company's current domestic tender pipeline under evaluation stands at approximately INR 13,000 crores.

Board and Governance Changes

The Board approved the re-appointment of Mr. Vishal Anand and Mrs. Gurpreet Kaur as Non-Executive Independent Directors for a second term of five years, effective October 26, 2026. Mr. Ankit Kumar Agrawal was appointed as a Non-Executive Independent Director for a first term of five years effective July 01, 2026. Mr. Chitwon Wason resigned as Whole-Time Director effective May 20, 2026. M/s Grant Thornton Bharat LLP was appointed as the Internal Auditor for FY 2026-27.