Ceigall India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ceigall India Ltd filed with BSE on 12 May 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 Q4 FY26 revenue of Rs 1,294 crore, up 30.5% year-on-year, with full-year standalone revenue at Rs 3,869 crore, a 14.3% increase over FY25. Order inflow for FY26 reached Rs 11,332 crore against a guidance of Rs 5,000 crore, taking the total order book to Rs 18,554 crore. Management outlined FY27 guidance of at least 15% revenue growth, EBITDA margins between 11% and 12.5%, and order inflow of a minimum Rs 5,500 crore.
Numbers mentioned
Standalone revenue from operations: INR1,294 crores (Q4 FY26)
p. 5
“In Q4 FY '26, our standalone revenue from operations reached INR1,294 crores as against revenue from operations of INR992 crores in Q4 FY '25, registering a 30.5% Y-o-Y growth”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone revenue: INR3,869 crores (FY26)
p. 5
“This bring our total standalone revenue for the year to INR3,869 crores, representing a healthy growth of 14.3% year-on-year”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone EBITDA: INR183 crores (Q4 FY26)
p. 5
“standalone EBITDA for Q4 FY '26 stood at INR183 crores as against INR109 crores for the same quarter previous year, registering a margin of 14.1% in Q4 FY '26”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone PAT: INR119 crores (Q4 FY26)
p. 5
“Our PAT for Q4 FY '26 was INR119 crores with a margin of 9.2%”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone EBITDA: INR487 crores (FY26)
p. 5
“For the full year FY '26, our standalone EBITDA stood at INR487 crores as against INR432 crores in FY '25, yielding a margin of 12.6% in FY '26 versus 12.8% in FY '25”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Standalone PAT: INR305 crores (FY26)
p. 5
“Our standalone PAT for FY '26 stood at INR305 crores with a PAT margin of 7.9%”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Consolidated revenue: INR1,386 crores (Q4 FY26)
p. 5
“For Q4 FY '26, our consolidated revenue from operations stood at INR1,386 crores as against INR1,012 crores in Q4 FY '25, growing by 37.1% year-on-year”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Consolidated revenue: INR4,022 crores (FY26)
p. 5
“For FY '26, our consolidated revenue grew by 17.1% to reach INR4,022 crores as against INR3,437 crores revenue in FY '25”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin: 14.6% (FY26)
p. 5
“For FY '26, our consolidated EBITDA was at INR585 crores resulting in EBITDA margin of 14.6%”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Consolidated PAT: INR309 crores (FY26)
p. 5
“Consolidated PAT for FY '26 stood at INR309 crores resulting in a PAT margin of 7.7%”
Kapil Aggarwal, page 5 of the filed PDF · View the filing
Order book: INR18,554 crores (as on March 31, 2026)
p. 3
“Our total order book stood at INR18,554 crores as on”
Ramneek Sehgal, page 3 of the filed PDF · View the filing
Order inflow: INR11,332 crores (FY26)
p. 4
“Total order inflow for the year stood at INR11,332 crores, significantly surpassing our annual guidance of INR5,000 crores for Financial Year 26”
Ramneek Sehgal, page 4 of the filed PDF · View the filing
Standalone debt-to-equity: 0.2x (as on March 31, 2026)
p. 4
“Our standalone debt-to-equity stood at 0.2x as on March 31, 2026”
Ramneek Sehgal, page 4 of the filed PDF · View the filing
Book-to-bill ratio: 4.8x
p. 4
“The book-to-bill ratio remains comfortably at 4.8x”
Ramneek Sehgal, page 4 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.
Revenue growth — minimum 15% · FY27
stated firmly by Ramneek Sehgal
p. 5
“For Financial Year '27, we are guiding 15% minimum revenue growth with renewable sector contributing close to 20% to 25% of the total revenue, further building up our diversification”
Ramneek Sehgal, page 5 of the filed PDF · View the filing
EBITDA margin — 11% to 12.5% · FY27
stated firmly by Ramneek Sehgal
p. 5
“EBITDA margins expected to sustain between 11% to 12.5% and order inflow guidance of minimum INR5,500 crores”
Ramneek Sehgal, page 5 of the filed PDF · View the filing
Order inflow — minimum INR5,500 crores · FY27
stated firmly by Ramneek Sehgal
p. 5
“EBITDA margins expected to sustain between 11% to 12.5% and order inflow guidance of minimum INR5,500 crores”
Ramneek Sehgal, page 5 of the filed PDF · View the filing
Equity investment in HAM and non-HAM projects — INR1,937 crores · next three years
stated firmly by Ramneek Sehgal
p. 7
“So in next three years, we have to put close to INR2,000 crores, INR1,937 crores”
Ramneek Sehgal, page 7 of the filed PDF · View the filing
International bidding
stated conditionally by Ramneek Sehgal
p. 6
“So what matters is our EBITDA margins and IRR at a concessional level. So if we get that, we will definitely bid outside India also”
Ramneek Sehgal, page 6 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 said tenders under evaluation total roughly Rs 13,000 crore including a large Romania highway project, and international expansion depends on achieving target margins and IRR.
Answered by Ramneek Sehgal
Asked by Vaibhav Shah: What is the pipeline and target for international business?
p. 6
“we have quoted our tenders which are under evaluation is close to INR13,000 crores”
Ramneek Sehgal, page 6 of the filed PDF · View the filing
Management said the company is conservative and has historically guided 10-15% growth and exceeded it.
Answered by Ramneek Sehgal
Asked by Vaibhav Shah: Why is revenue guidance of 15% low given the strong order book?
p. 7
“We are a little conservative with the numbers and that's the reason you would have seen me every time I remained between 10% to 15%, this time I have said it's 15% minimum”
Ramneek Sehgal, page 7 of the filed PDF · View the filing
CFO explained payments to creditors are linked to receivables timing, with billed amounts released by the department in April.
Answered by Kapil Aggarwal
Asked by Ishita Lodha: Why have trade payable days jumped from 79 to 138 days?
p. 9
“So basically if you look at the March only, so whatever we have billed, the that payment are released by the department in April”
Kapil Aggarwal, page 9 of the filed PDF · View the filing
CFO attributed it to withdrawal of a billing notification and milestone-linked billing on large projects, expecting improvement with monthly billing.
Answered by Kapil Aggarwal
Asked by Ishita Lodha: Why has unbilled revenue jumped from 94 to 133 days?
p. 9
“This was primarily because of the notification of Atmanirbhar, which was withdrawn by the government in April '24”
Kapil Aggarwal, page 9 of the filed PDF · View the filing
Management said margin increase came from HAM project contributions and higher turnover, and that cost escalation is compensated by the department.
Answered by Ramneek Sehgal
Asked by Mahesh Patil: Is the Q4 margin jump a one-off, and is there RM cost inflation risk?
p. 10
“The increased cost is already compensated by the department; they already come up with the circular for compensating the escalation part”
Ramneek Sehgal, page 10 of the filed PDF · View the filing
CFO said core EBITDA margins from operations have remained stable at 11-12.5%, with the apparent decline due to bonus and royalty income included in prior years' figures.
Answered by Kapil Aggarwal
Asked by Maitri Shah: Why have gross and EBITDA margins been declining over the past three years per the presentation slide?
p. 11
“Our EBITDA from pure operations is in the range of 11% to 12.5%, which we are constantly maintaining since last 3 years”
Kapil Aggarwal, page 11 of the filed PDF · View the filing
Management said the Maharashtra solar project has started land development and piling, while the Morena BESS project awaits transmission connectivity and PPA signing.
Answered by Ramneek Sehgal
Asked by Mudit Bhandari: Have the solar and BESS projects started execution or land acquisition?
p. 11
“Solar Maharashtra is already started where we've already done a lease for more than 50-megawatt project and we expecting to get in this month more than 75 megawatt and projects have already started land development, fencing, piling is already started”
Ramneek Sehgal, page 11 of the filed PDF · View the filing
Risks flagged
Sharp increase in unbilled revenue days due to withdrawal of a billing notification
p. 9
“This was primarily because of the notification of Atmanirbhar, which was withdrawn by the government in April '24”
Kapil Aggarwal, page 9 of the filed PDF · View the filing
BESS Morena project delayed pending government-provided land, transmission connectivity and PPA
p. 12
“Till now only LOA is received, PPA is yet to be signed and even transmission line tender is not even received”
Ramneek Sehgal, page 12 of the filed PDF · View the filing
Challenging global macroeconomic environment with geopolitical and inflationary pressures
p. 3
“The global macroeconomic environment continues to be challenging Geopolitical ambiguity, inflationary pressure, and supply chain uncertainties persist”
Ramneek Sehgal, page 3 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.