Ceigall India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Ceigall India Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ceigall India reported standalone revenue of INR901 crores in Q1 FY27, up 10.2% year-on-year, with EBITDA margin improving to 13.4% from 11.4% a year earlier. Management highlighted the divestment of the Malout-Abohar-Sadhuwali HAM asset as a milestone validating its capital recycling strategy, alongside continued diversification into renewable energy and transmission and distribution. The company's order book stood at INR18,568 crores as of June 30, 2026, spanning EPC, HAM, DBFOT and tariff-based renewable and transmission projects.
Numbers mentioned
Standalone revenue from operations: INR901 crores (Q1 FY27)
p. 5
“On a standalone basis, revenue from operations for Q1 FY27 stood at INR901 crores as against INR818 crores in Q1 FY26, registering a 10.2% year-on-year growth.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone EBITDA: INR121 crores (Q1 FY27)
p. 5
“Standalone EBITDA for the quarter stood at INR121 crores as against INR94 crores in the corresponding quarter of the previous year, with EBITDA margin improving to 13.4% from 11.4% in Q1 FY26.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone PAT: INR75 crores (Q1 FY27)
p. 5
“Standalone profit after tax for Q1 FY27 stood at INR75 crores compared to INR56 crores in the corresponding quarter last year, resulting in a PAT margin of 8.4% as against 6.8% in Q1 FY26.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Consolidated revenue from operations: INR970 crores (Q1 FY27)
p. 5
“Revenue from operations for Q1 FY27 stood at INR970 crores as against INR838 crores in the corresponding quarter of the previous year, registering a 15.7% growth year-on-year.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Order book: INR18,568 crores (As on 30th June 2026)
p. 5
“As on 30th June 2026, our order book stood at INR18,568 crores, providing strong multiple year revenue visibility.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Ongoing projects: 39 projects (Q1 FY27)
p. 5
“On the operational side, our execution engine continues to remain strong, with 39 ongoing projects across multiple infrastructure segments, providing healthy execution visibility over the coming years.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Capex: Close to INR14 crores (Q1 FY27)
p. 8
“Close to INR14 crores we have done the capex in this quarter.”
Kapil Aggarwal, page 8 of the filed PDF · View the filing
Equity invested in HAM and solar: INR23 crores (Q1 FY27)
p. 9
“INR23 crores we have invested in the first quarter.”
Ramneek Sehgal, page 9 of the filed PDF · View the filing
Equity share capital: INR2,098 crores (End of FY26)
p. 12
“we were close to INR2,098 crores equity share capital at the end of FY '26, so my base has increased, which has reduced my ROE.”
Kapil Aggarwal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 11% to 12.5% · FY27
stated firmly by Kapil Aggarwal
p. 8
“Yes, yes. We are going to maintain the same.”
Kapil Aggarwal, page 8 of the filed PDF · View the filing
Revenue growth — minimum 15% · FY27
stated firmly by Ramneek Sehgal
p. 9
“This year, it should be minimum 15%.”
Ramneek Sehgal, page 9 of the filed PDF · View the filing
Order inflow — INR6,000 crores · FY27
stated conditionally by Ramneek Sehgal
p. 8
“So, we have guided our investors for INR6,000 crores. We've already got close to INR600, and rest is achievable in during the year.”
Ramneek Sehgal, page 8 of the filed PDF · View the filing
Full-year capex — INR30 crores-INR35 crores · FY27
stated firmly by Kapil Aggarwal
p. 8
“Close to INR30 crores-INR35 crores.”
Kapil Aggarwal, page 8 of the filed PDF · View the filing
Equity commitment for HAM and solar — INR859 crores · FY27
stated firmly by Ramneek Sehgal
p. 6
“So, I'll give you a little brief. So, at the time of our IPO, the equity we have put was INR253 crores. As on today's date, it's INR692 where we have put INR439 crores more. And this year, our balance equity commitment is INR859 crores, and FY28 is INR744 crores.”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Equity commitment for HAM and solar — INR744 crores · FY28
stated firmly by Ramneek Sehgal
p. 7
“2028 is INR300 crores for solar, tentatively, INR296 crores.”
Ramneek Sehgal, page 7 of the filed PDF · View the filing
VRK 11 and VRK 12 execution — 20% to 25% of both projects · FY27
stated firmly by Ramneek Sehgal
p. 6
“So, we are targeting, we should at least do 20% to 25% of both the projects.”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Southern Ludhiana execution — at least 15% · FY27
stated conditionally by Ramneek Sehgal
p. 6
“No, for Ludhiana, you should take at least 15% this year.”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Appointed dates for Bihar and Punjab HAM projects — Q4
stated firmly by Ramneek Sehgal
p. 8
“So, yes, fourth quarter we should expect a I mean, Bihar we can expect by third quarter. Otherwise, in fourth quarter, definitely, we'll get the ADs of both the projects.”
Ramneek Sehgal, page 8 of the filed PDF · View the filing
Working capital intensity — FY27 and FY28
stated as an aspiration by Kapil Aggarwal
p. 10
“Definitely, there will be an improvement in FY27, looking at the relaxation given by the government, and it will improve further in FY28 as well.”
Kapil Aggarwal, page 10 of the filed PDF · View the filing
International expansion
stated as an aspiration by Ramneek Sehgal
p. 12
“We want to grow internationally, but again, very conservatively.”
Ramneek Sehgal, page 12 of the filed PDF · View the filing
Renewable segment margins
stated as an aspiration by Ramneek Sehgal
p. 10
“So, we have guided our investors the same kind of margin, but of course, we are trying to achieve better.”
Ramneek Sehgal, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to new projects starting and said the full-year guidance is maintained.
Answered by Kapil Aggarwal
Asked by Mahesh Patil: What led to the margin improvement this quarter versus the 11-12.5% guidance, and is it sustainable?
p. 8
“So, basically, we have started 3 new projects in this quarter. 2 are Maharashtra solar projects, MH1 and MH2, and road projects, HAM projects in Indore-Ujjain.”
Kapil Aggarwal, page 8 of the filed PDF · View the filing
Management said progress was steady but affected by rain, and milestone-based payments explain the reported figure.
Answered by Ramneek Sehgal
Asked by Vaibhav Shah: Why did execution on the Northern Ayodhya bypass fall in Q1?
p. 5
“No, no. I mean, it is going proper. There's nothing. Now, from last 1.5 months, there's been rain.”
Ramneek Sehgal, page 5 of the filed PDF · View the filing
Management said PPA and land are secured, and transmission tenders have been floated, with work expected to start soon.
Answered by Ramneek Sehgal
Asked by Parth Thakkar: What is the status of the Rewa solar project PPA and transmission line?
p. 6
“So, PPA signed, they have to provide us a transmission. So, there were 3 things required for this project. One is PPA, one is land, and one is transmission.”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Management attributed the decline to asset sales in the prior year and the WDV depreciation method.
Answered by Kapil Aggarwal
Asked by Vaibhav Shah: Why did depreciation fall from INR13 crores to INR9.5 crores in Q1?
p. 11
“So, if you look at the block, it's constant, it's basically charged at the same rate. So, reduction because due to some of the assets which has been sold in the previous financial year, and there is a WDV depreciation method which we are charging on the assets.”
Kapil Aggarwal, page 11 of the filed PDF · View the filing
Management said this reflected the loss of royalty income and lower FD interest after IPO proceeds were fully utilized.
Answered by Kapil Aggarwal
Asked by Vaibhav Shah: Why did other income fall from INR15 crores to INR9.5 crores?
p. 11
“Other income, if you look at, is primarily on account of royalty, which we were getting in the earlier years. Right now, we are not charging royalty, and plus FDR, if you look at, in the previous financial year, we were having proceeds from IPO on which we were getting returns in form of an interest on FDs.”
Kapil Aggarwal, page 11 of the filed PDF · View the filing
Management explained it would replace part of working capital funding at a lower interest rate.
Answered by Kapil Aggarwal
Asked by Yash Parkar: What is the purpose of the commercial paper issuance and how does it fit with long-tenure project cash flows?
p. 12
“So, commercial paper we are going to carve out from our working capital limits. So, the reason being we are getting a better ROI on commercial papers, it will be close to 6.8% to 7% as against WCDL where we are getting a rate of 7.5% to 7.8%.”
Kapil Aggarwal, page 12 of the filed PDF · View the filing
Management attributed the decline in ROE to the expansion of the equity base rather than a decline in returns.
Answered by Kapil Aggarwal
Asked by Yash Parkar: Why has consolidated ROE fallen to 14% while ROCE stayed stable?
p. 12
“This was primarily on account of rise in equity share capital only. So, if you look at, we were close to INR2,098 crores equity share capital at the end of FY '26, so my base has increased, which has reduced my ROE.”
Kapil Aggarwal, page 12 of the filed PDF · View the filing
Management said order inflow is typically weighted to Q3 and Q4, citing last year's pattern.
Answered by Ramneek Sehgal
Asked by Chetrika Deshpande: Is the modest Q1 order inflow a timing issue, and should investors expect acceleration later in the year?
p. 10
“So, normally, the order inflow comes in Q3 and Q4. If you see last year, in Q4, we got almost 45% of the order book.”
Ramneek Sehgal, page 10 of the filed PDF · View the filing
Risks flagged
Land acquisition delays affecting execution of the Southern Ludhiana HAM project
p. 6
“So, Southern Ayodhya, yes, it is there. But Ludhiana, the land is only 62% available with us, so that is a challenge.”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Monsoon-related disruption to construction execution
p. 5
“The first quarter is generally a seasonal softer quarter for the construction industry due to the onset of the monsoon in several parts of the country.”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Geopolitical conflict causing caution on international expansion
p. 12
“Because of this war situation, we are a little more conservative now, and our order book is robust in India.”
Ramneek Sehgal, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.