Ceigall (CEIGALL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue rose YoY on standalone and consolidated bases, while EBITDA and PAT declined; consolidated PAT fell 35.1% YoY.

• Order book was ₹103,374 Mn at June 30, 2025, with continued diversification into T&D and renewables.

Financial highlights

• Standalone revenue was ₹8,183.47m, up 8.7% YoY; EBITDA was ₹935m versus ₹961m and PAT was ₹559.22m versus ₹691.18m.

• Consolidated revenue was ₹8,381.78m, up 4.3% YoY; EBITDA was ₹1,091m versus ₹1,225m and PAT was ₹513.38m versus ₹794.06m.

• Consolidated finance costs were ₹420.08m versus ₹345.80m in Q1 FY25; standalone finance costs were ₹215.93m versus ₹217.46m.

Outlook and guidance

• FY26 revenue growth guidance remains 10%-15%; pure EPC EBITDA margin guidance is 11%-11.5%, excluding bonus, royalty and claims.

• FY26 order-inflow target is ₹5,000 crore; tenders worth ₹16,000 crore had been quoted.

• Ayodhya projects have started; management targeted Ludhiana-Bathinda in the following month, Southern Ludhiana in October, and VRK 11 and 12 in Q3, subject to approvals.

• COD for Bathinda-Dabwali and Jalbehra was expected by late Q2 or early Q3, with annuities expected after COD.