Ceigall India Limited has secured a significant renewable energy project worth approximately ₹1,700 crore, marking its strategic expansion into the solar power sector. The company received a Letter of Award dated February 9, 2026, from Rewa Ultra Mega Solar Limited for developing Unit 1 at Morena Solar Park in Madhya Pradesh.

Project Details and Specifications

The awarded project comprises a comprehensive renewable energy solution combining solar generation with energy storage capabilities. The project specifications demonstrate the scale and technical complexity of this infrastructure development.

Strategic Significance and Market Impact

The project was awarded through a tariff-based competitive bidding mechanism, reflecting the competitive nature of India's renewable energy sector. The integration of Battery Energy Storage System alongside solar generation represents an advanced approach to renewable energy infrastructure, enabling efficient peak power management and improved dispatch reliability.

The Morena Solar Park initiative is designed to enhance grid stability through integrated storage solutions, supporting Madhya Pradesh's renewable energy capacity expansion. This project aligns with India's broader clean energy transition goals and the nation's target of achieving 500 GW non-fossil capacity.

Management Commentary

Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, emphasized the project's strategic importance: "We are pleased to secure the 220 MW Solar and BESS project at Morena Solar Park from Rewa Ultra Mega Solar Limited. As India progresses toward its 500 GW non-fossil capacity target, integrated solar and storage solutions are essential for delivering reliable, dispatchable renewable power."

The management highlighted the project's role in strengthening the company's presence in the clean energy segment while supporting India's energy transition and decarbonisation objectives. The award represents a commitment to efficient project execution in the renewable energy infrastructure space.

Company Portfolio Expansion

This order significantly strengthens Ceigall India's growing order book and represents a strategic diversification from its traditional infrastructure engineering focus. The company's principal business operations have historically centered on EPC projects and hybrid annuity model projects, including elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways, and runways.

The renewable energy project marks an expansion into large-scale clean energy infrastructure, aligning with the company's long-term vision of participating in nation-building initiatives across transportation and energy sectors. This diversification strategy positions the company to capitalize on India's growing renewable energy market while maintaining its strong execution track record in infrastructure development.

Ceigall India Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, alongside key strategic decisions taken during its board meeting held on February 9, 2026. The company delivered robust performance with significant growth in revenue and profitability.

Q3FY26 Financial Performance

The company reported strong consolidated financial results for the third quarter, demonstrating solid operational performance across its business segments.

For the nine months ended December 31, 2025, consolidated revenue reached ₹26,358.91 crores compared to ₹24,251.18 crores in the corresponding period last year, marking an 8.69% increase.

Key Board Decisions

The board meeting resulted in several important strategic decisions that will shape the company's future operations and leadership structure.

CEO Appointment

Mr. Saravanan brings extensive experience in EPC Highways Projects from NHAI, MoRTH and World Bank Funded Projects, having worked with prominent infrastructure companies including GMR Group and TCE Consulting Engineering.

Subsidiary Divestment

The board approved the execution of a Binding Offer Letter with Neo Asset Management Private Limited for the sale of Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH).

Regulatory Compliance and Fraud Investigation

The company has maintained transparency in its regulatory filings and addressed operational challenges proactively. An FIR was lodged on January 22, 2026, against three vendors and six employees regarding fraudulent purchases amounting to ₹89.65 million during Q3 FY26 at four sites. The company has adjusted the carrying value of inventories, creditors and GST Input Tax Credit accordingly, with no impact on the profit and loss statement.

Segment Performance

The consolidated results show strong performance across business segments, with Engineering, Procurement and Construction generating revenue of ₹9,015.77 crores in Q3FY26 compared to ₹7,034.00 crores in Q3FY25. The Annuity Projects segment contributed ₹3,888.88 crores in revenue during the quarter.

The meeting was conducted from 11:20 AM to 02:00 PM and was signed off by Company Secretary Megha Kainth (ICSI Membership No: F7639), ensuring proper documentation and compliance with listing regulations.