Ceigall (CEIGALL) Q4 24/25 earnings summary

Executive summary

• FY2025 consolidated revenue excluding bonus and royalty rose 13.8% YoY to ₹34,179 million; EBITDA was ₹4,995 million and PAT was ₹2,866 million.

• Consolidated order book was ₹108,062 million at March 31, 2025, supporting project visibility.

• FY2025 consolidated operating cash flow was negative ₹5,195.57 million as working-capital outflows increased.

• Auditors issued unmodified opinions on the standalone and consolidated financial statements.

Financial highlights

• FY2025 standalone revenue excluding bonus and royalty rose 15.5% to ₹33,645 million; EBITDA was ₹4,119 million, up 3.6%, and PAT was ₹2,702 million, down 2.4%.

• FY2025 consolidated revenue excluding bonus and royalty rose 13.8% to ₹34,179 million; EBITDA was ₹4,995 million, up 1.5%, and PAT was ₹2,866 million, down 5.8%.

• Q4 FY2025 standalone revenue excluding bonus and royalty rose 17.2% to ₹9,918 million; EBITDA was ₹1,092 million, down 9.4%, and PAT was ₹696 million, down 19.7%.

• Q4 FY2025 consolidated revenue excluding bonus and royalty was ₹10,116 million, up 8.5%; EBITDA was ₹1,279 million, down 16.2%, and PAT was ₹724 million, down 33.0%.

• Reported consolidated revenue from operations was ₹34,367.32 million versus ₹30,293.52 million; net profit was ₹2,865.74 million versus ₹3,043.07 million.

Outlook and guidance

• FY2026 revenue growth target is 10%-15%; pure EPC EBITDA margin guidance is 11%-12%, with margins expected to recover as contracting costs normalize.

• FY2026 order intake target is ₹5,500 crore, following ₹5,400 crore secured in FY2025; tenders worth ₹70,000 crore have been quoted.

• At least three additional HAM projects are targeted to start in FY2026; three appointed dates are expected over the next two quarters, subject to approvals and land handover.

• Strategy includes selective geographic expansion, diversification into metros and other infrastructure, independent O&M work, and strategic alliances and JVs.