Ceigall India Limited , a leading infrastructure development company, has reported a muted performance for the second quarter of fiscal year 2026, primarily due to prolonged monsoon conditions. Despite the challenges, the company maintains a strong order book and is optimistic about its future growth prospects.

Q2 FY26 Financial Highlights

• Standalone revenue declined to ₹7,870.00 million in Q2 FY26 from ₹8,097.00 million in Q2 FY25
• EBITDA stood at ₹918.00 million with a margin of 11.7%
• Profit After Tax (PAT) reached ₹559.00 million with a margin of 7.1%

H1 FY26 Performance

For the first half of FY26, Ceigall India reported:

• Standalone revenue of ₹16,053.00 million, a modest 1.4% year-on-year growth
• EBITDA of ₹1,853.00 million with a margin of 11.5%
• PAT of ₹1,118.00 million with a margin of 7.0%

Robust Order Book and Diversification

Ceigall India maintains a strong order book of ₹12,598.00 crore across 26 projects, showcasing its diverse portfolio:

The company has successfully ventured into high-potential markets, securing orders worth ₹3,747.00 crore in renewable energy, transmission & distribution, and industrial infrastructure sectors during H1 FY26.

Strategic Initiatives and Future Outlook

Ramneek Sehgal, Chairman and Managing Director of Ceigall India, stated, "We are actively exploring avenues to expand our footprint in different segments. Our commitment to investing in advanced construction methodology and cutting-edge equipment positions us perfectly to meet the growing demands of infrastructure development."

Key strategic initiatives include:

1. Diversification into renewable energy and transmission & distribution sectors
2. Exploration of international opportunities in GCC countries, EU, and Singapore
3. Integration of AI and data-driven tools across various functions to enhance operational efficiency

Challenges and Mitigations

The company faced challenges due to prolonged monsoons, which affected timely delivery of materials and equipment. However, Ceigall India remains confident in achieving its targeted 10-15% revenue growth for FY26, banking on improved execution in Q3 and Q4.

Debt Position and Future Investments

As of September 30, 2025:

• Standalone total debt: ₹6,148.00 million (down from ₹6,359.00 million in March 2025)
• Consolidated total debt: ₹13,412.00 million (down from ₹13,967.00 million in March 2025)
• Consolidated debt-to-equity ratio: 0.7x (improved from 0.8x in H1 FY25)

The company plans to invest approximately ₹788.00 crore in equity for HAM projects over the next 2.5 years and about ₹600.00 crore in T&D and renewable energy projects.

Ceigall India's strategic diversification, robust order book, and focus on emerging sectors position it well for future growth, despite short-term challenges. The company's commitment to maintaining consistent margins while exploring new opportunities reflects a balanced approach to sustainable long-term performance in the infrastructure sector.

Ceigall India Limited , a prominent player in the Indian infrastructure industry, has submitted its Q2 FY2026 IPO monitoring report, revealing adherence to its stated objectives for fund utilization. The report, prepared by ICRA Limited, indicates that the company has efficiently deployed the net proceeds of INR 652.31 crore raised from its Initial Public Offering (IPO) that concluded on August 5, 2024.

Key Highlights of the Report

• No Material Deviation: The monitoring agency report confirms that there has been no material deviation from the objects disclosed in the offer document.

• Fund Utilization: As of September 30, 2025, Ceigall India Limited has utilized INR 681.52 crore out of the total allocated INR 684.41 crore, leaving a balance of INR 2.74 crore.

• Allocation Breakdown:

  • Purchase of equipment: INR 99.79 crore (100% utilized)
  • Repayment of borrowings:
    • Company: INR 384.48 crore
    • Subsidiary (Ceigall Infra Projects Private Limited): INR 28.76 crore
  • General Corporate Purposes: INR 139.28 crore (100% utilized)

Utilization of General Corporate Purposes (GCP) Funds

The company has provided a detailed breakdown of how the GCP funds were used:

It's noteworthy that the Special Purpose Vehicles (SPVs) mentioned above have utilized INR 116.97 crore and INR 24.58 crore respectively for contractual payments to the EPC contractor (Ceigall India Limited itself) for the development of HAM (Hybrid Annuity Model) projects.

Minor Reallocation

The report highlights a minor reallocation of funds, with INR 0.16 crore originally earmarked for loan repayment being redirected to General Corporate Purposes. This adjustment appears to be within acceptable limits and does not constitute a material deviation.

Implementation Timeline

All objects of the IPO fund utilization are reported to be on schedule for completion by Fiscal 2025, with no delays observed in any of the planned activities.

Unutilized Funds

The balance of INR 5.15 crore remains in the public offer account, which includes INR 2.41 crore pertaining to the unpaid portion of the Offer for Sale (OFS) proceeds.

Ceigall India Limited's adherence to its stated objectives and efficient utilization of IPO proceeds demonstrates the company's commitment to transparency and strategic growth in the infrastructure sector. Investors can take comfort in the fact that the funds are being deployed as per the plan outlined in the offer document, potentially contributing to the company's expansion and operational capabilities in the coming years.

The timely submission of this monitoring report underscores Ceigall India Limited's compliance with regulatory requirements and its dedication to keeping stakeholders informed about the use of IPO funds.