Ceigall (CEIGALL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue rose 19.3% YoY to INR 9,911.42 million; Q3 EBITDA was INR 1,391 million, with margin easing to 14.0% from 14.9%.

• Order book stood at INR 132,681 million at Dec. 31, 2025; 9M order inflow was INR 51,496 million.

• Diversification spans roads, metros, renewables, transmission and distribution, industrial infrastructure, tunnels and railways.

Financial highlights

• Consolidated Q3 profit from continuing operations was INR 723.87 million versus INR 707.94 million YoY; profit attributable to owners was INR 741.13 million versus INR 731.98 million.

• Consolidated 9M revenue was INR 26,358.91 million versus INR 24,251.18 million; EBITDA was INR 3,619 million versus INR 3,905 million.

• Consolidated 9M profit from continuing operations was INR 1,798.86 million versus INR 2,141.86 million; PAT margin declined to 6.8% from 8.8%.

• Standalone Q3 revenue was INR 9,699.08 million versus INR 8,102.36 million, and PAT was INR 744.56 million versus INR 682.02 million.

• Consolidated 9M EBITDA margin was 13.7% versus 16.1%; Q3 PAT margin was 7.3% versus 8.5%.

Outlook and guidance

• Revenue growth guidance remained 10%-15%; management said performance was on track.

• FY27 order-inflow target was ~INR 5,800 crore, up 15%; international markets are targeted to contribute 10%-15%, with a cautious ramp-up.

• Growth priorities include BOT, T&D, renewables, standalone O&M, specialised EPC and overseas infrastructure opportunities in Southeast Asia and the Middle East.

• Proposed Malout-Abohar-Sadhuwali divestment is expected to close by June 30, 2026, subject to authority and lender approvals; a definitive agreement is to follow.