Ceigall (CEIGALL) Q3 24/25 earnings summary

Executive summary

• 9M FY25 consolidated revenue from operations was ₹24,251.18m, up 16.3% YoY; the order book stood at ₹117,025m at Dec. 2024 across 22 projects.

• Q3 FY25 revenue grew YoY on standalone and consolidated bases, while EBITDA and profit from continuing operations declined; 9M revenue, EBITDA and profit increased YoY.

• Growth priorities include expanding beyond roads and highways into railways, metros, tunnels and airports, alongside selective HAM/BOT bids, alliances and JVs.

Financial highlights

• Q3 FY25 consolidated revenue from operations was ₹8,305.35m, up 20.2% YoY; EBITDA was ₹1,234m, down 11.6%, and profit from continuing operations was ₹707.94m versus ₹781.92m.

• Consolidated 9M FY25 revenue from operations was ₹24,251.18m; EBITDA rose 10.5% to ₹3,905m and profit from continuing operations rose 9.2% to ₹2,141.86m.

• Q3 standalone revenue was ₹8,102.36m, EBITDA ₹1,050m and profit from continuing operations ₹682.02m; 9M figures were ₹23,929.64m, ₹3,230m and ₹2,005.99m, respectively.

• Q3 consolidated total income was ₹8,411.21m and PBT ₹945.34m, versus ₹7,070.63m and ₹1,171.81m YoY; 9M PBT was ₹2,866.54m versus ₹2,747.43m.

• Consolidated revenue excluding bonus and royalties was ₹8,300m in Q3 and ₹24,053m in 9M; 9M EBITDA on this basis was ₹3,716m, with PAT of ₹2,142m.

Outlook and guidance

• Organic revenue growth guidance remained 15%–20%; management said the FY25 target remained achievable and retained the same range for subsequent growth guidance.

• Pure EPC EBITDA margin guidance was 12.5%–13%; aggregate EBITDA margin including bonus, royalty and other income was targeted at 14.5%–15.5%.

• FY25 project-win target was ₹5,000 crore; wins were near ₹4,700 crore, with ₹16,000 crore of tenders quoted and further results expected before year-end.

• Appointed dates for both Ayodhya projects and VRK 12 were expected in March; VRK 11 was expected in 2–3 months. The Ayodhya projects were expected to require ₹250 crore of working capital in total.