Ceigall (CEIGALL) Q1 26/27 earnings summary

Executive summary

• Consolidated Q1 FY27 revenue rose 15.7% YoY to INR 9,696.42 million; EBITDA increased 31.4% to INR 1,434 million.

• Standalone revenue increased 10.2% YoY to INR 9,015.35 million, with EBITDA and PAT margins improving.

• Order book was INR 185,683 million across infrastructure sectors; first HAM asset monetization advanced capital recycling.

Financial highlights

• Consolidated revenue was INR 9,696.42 million versus INR 8,381.78 million; PAT was INR 637.47 million versus INR 513.38 million in Q1 FY26.

• Consolidated EBITDA was INR 1,434 million versus INR 1,091 million; margin improved to 14.79% from 13.02%.

• Consolidated PBT increased to INR 953.56 million from INR 674.23 million; finance costs were INR 439.16 million versus INR 420.08 million.

• Standalone revenue was INR 9,015.35 million versus INR 8,183.47 million; EBITDA was INR 1,210 million and PAT was INR 753.36 million.

• Standalone EBITDA margin rose to 13.4% from 11.4%; PAT margin increased to 8.4% from 6.8%.

Outlook and guidance

• FY27 revenue growth guidance is at least 15%; EBITDA margin guidance remains 11%-12.5%.

• FY27 order inflow target is INR 6,000 crore, with close to INR 600 crore secured; most awards are expected in Q3 and Q4.

• FY27 CapEx guidance is INR 30-35 crore; Q1 CapEx was INR 14 crore, primarily for a Danapur launcher.

• FY27 execution targets are 20%-25% for VRK 11 and 12 and at least 15% for Ludhiana; land availability at Ludhiana was 62%.

• Working capital intensity is expected to improve in FY27 and further in FY28; renewable margins are guided at levels similar to traditional business.