Ceigall India shares will be in focus following the announcement that its wholly owned subsidiary, Ceigall Infra Projects Private Limited, has secured a significant infrastructure contract. The company received a Letter of Award worth ₹1,089.00 crores from Madhya Pradesh Road Development Corporation Limited for the construction of a 48.10 km Indore-Ujjain highway project.

Project Details and Scope

The awarded project involves the construction of the Indore-Ujjain Greenfield highway, featuring a 4-lane configuration with paved shoulders. The comprehensive infrastructure development spans 48.10 kilometers, starting from Km. 0.000 near Pitra Parvat and terminating at Km. 48.100 at the Simhastha bypass (km 2.600). The project will be executed under the Hybrid Annuity Mode (HAM), a public-private partnership model commonly used for highway construction projects.

Market Performance and Order Book Status

Shares of Ceigall India ended 3.20% higher at ₹259.85 in the latest trading session. However, the stock has declined 24% so far this year and remains 29% below its 52-week high of ₹366.00. The company's total order book currently stands at ₹14,237.00 crores, with order inflows worth ₹5,386.00 crores recorded so far this financial year, surpassing the earlier guidance of ₹5,000.00 crores.

Management Commentary

Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said, "The Indore–Ujjain Greenfield Highway is a strategically important infrastructure project for Madhya Pradesh. Receiving this LOA from MPRDC reinforces our strong execution capabilities in complex HAM projects and our commitment to building high-quality road infrastructure. We look forward to delivering this project with a focus on safety, durability and timely execution."

Sehgal previously indicated that the infrastructure construction company has surpassed its full-year order inflow guidance for the current fiscal year, with the company eyeing 10-15% revenue growth.

Strategic Significance

This substantial infrastructure contract reinforces Ceigall India's position in the highway construction sector through its subsidiary operations. The Indore-Ujjain corridor represents a significant transportation link in Madhya Pradesh, with the greenfield development expected to enhance connectivity between these major cities. The project is expected to play a critical role in easing traffic congestion and enhancing access to key economic and religious hubs in Madhya Pradesh.

The LOA further strengthens Ceigall's robust order book in the roads and highways segment and underscores its growing footprint in executing large-scale hybrid annuity projects for state road development authorities.

Ceigall India Limited shares moved higher on Friday after the company announced that its subsidiary, Ceigall Bathinda Dabwali Highways Private Limited, has received a provisional certificate from the National Highways Authority of India for a major highway project in Punjab.

Project Specifications and Commercial Operations

The infrastructure development project represents a significant milestone for the company's northern market expansion:

The project has been declared fit for entry into commercial operations with effect from December 22, 2025. The company confirmed that this project does not fall under related party transactions.

Stock Performance and Market Response

The market responded positively to the development, with shares showing strong performance:

Recent Contract Wins

This development follows another significant contract win announced earlier this week. The infrastructure construction company emerged as the lowest bidder for a new contract worth around ₹550.00 crores from Madhya Pradesh Urja Vikas Nigam Ltd. The project involves setting up 130 MW (AC) of grid-connected solar photovoltaic power plants under the Surya Mitra Krishi Feeders Scheme–PM KUSUM-C.

The combination of the Punjab highway project's commercial readiness and the recent solar power contract win demonstrates Ceigall India's diversified project portfolio and strong execution capabilities across infrastructure and renewable energy sectors.