Ceigall (CEIGALL) Q2 25/26 earnings summary

Executive summary

• H1 FY26 consolidated revenue rose to ₹16,447.49 million from ₹15,945.84 million, while profit from continuing operations declined to ₹1,074.99 million from ₹1,433.92 million.

• Order book reached ₹125,980 million across 26 ongoing projects, with exposure expanding beyond roads into renewables, T&D and industrial infrastructure.

• H1 execution was constrained by prolonged monsoon disruption; FY26 revenue growth guidance remained 10%–15%.

Financial highlights

• Consolidated Q2 revenue was ₹8,065.71 million and profit from continuing operations was ₹561.61 million, versus ₹7,722 million and ₹655.33 million in Q2 FY25.

• Consolidated H1 revenue was ₹16,447.49 million; EBITDA was ₹2,227 million and PAT was ₹1,075 million, versus ₹2,672 million and ₹1,434 million in H1 FY25.

• Consolidated EBITDA margin was 14.1% in Q2 and 13.5% in H1; PAT margins were 7.0% and 6.5%, respectively.

• Standalone Q2 revenue was ₹7,869.67 million and profit from continuing operations ₹558.63 million; H1 revenue was ₹16,053.14 million and profit ₹1,117.85 million.

• H1 consolidated expenses rose to ₹15,311.88 million from ₹14,248.98 million; finance costs increased to ₹792.95 million from ₹699.68 million.

Outlook and guidance

• FY26 revenue growth guidance remained 10%–15% over FY25; management expected Q3–Q4 execution to strengthen as delayed projects advanced after the monsoon.

• EPC margins were expected to remain near 11.5% through H2, with longer-term improvement targeted while maintaining bid discipline.

• FY26 new-order EPC value target was ₹5,000 crore, with ₹3,700 crore achieved and four and a half months remaining at the time of the call.

• ₹40,000 crore of bids had been submitted; bidding prioritised required EPC margins and concessionaire IRRs over aggressive pricing.

• Appointed dates were targeted by Dec. 31, 2025 for VRK-11 and Southern Ludhiana Bypass, and by Mar. 31, 2026 for VRK-12; all HAM projects were targeted to be under execution by then.