Ceigall India has secured a work order valued at ₹214.52 crore from the Government of Bihar, Department of Mines and Geology. The contract covers the allotment and leasing of stone blocks in Nawada District Lot-4 (Bhadokhara, Block-D) for a quantity-based mining project. The project has a time period of 5 years. The disclosure was made to exchanges on September 8, 2026.

Order in financial context

The ₹214.52 crore order represents approximately 20% of the company's average quarterly revenue of ₹1,051.28 crore. This addition increases the total disclosed order book to ₹18,802.71 crore, reflecting 19 orders disclosed across the last three fiscal quarters. At this level, the backlog covers approximately 17.88 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 Government of Bihar adds to the portfolio of mega highway, solar, and transmission projects dominating recent filings. It marks continued expansion in the domestic infrastructure segment, alongside existing contracts with Rec power development and consultancy limited and other key entities.

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 17 quarters. Execution capacity remains critical.
• Cash conversion: Operating cashflow of -₹519.60 crore in FY25; backlog is not converting to cash efficiently.
• Valuation check (as of September 8, 2026): P/E of 20.0x against ROCE of 19.22%.
• Client diversification: Orders from Government of Bihar add variety to a portfolio dominated by National Highways Authority of India and Rec power development and consultancy limited.

Ceigall India has secured the H1 bid position for a project worth ₹214 crore, marking a notable order addition for the infrastructure firm.

Project win at a glance

The following table captures the key details of the order win as disclosed:

Securing the H1 position indicates that Ceigall India has emerged as the lowest or most competitive bidder in the tendering process, a standard designation in infrastructure project awards in India. The formal order is typically confirmed following the H1 declaration, subject to completion of procedural requirements.