Ceigall (CEIGALL) Q4 24/25 earnings summary

Executive summary

• FY2025 revenue excluding bonus and royalty rose 13.8% consolidated and 15.5% standalone; consolidated PAT declined 5.8% YoY.

• The March 2025 order book was ₹108,062 Mn; negative operating cash flow reflected working-capital outflows.

Financial highlights

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

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

• Q4 FY2025 consolidated revenue was ₹10,116.14 Mn, up 8.5%; EBITDA was ₹1,279 Mn, down 16.2%, and PAT was ₹723.88 Mn, down 33.0%.

• Q4 FY2025 standalone revenue was ₹9,918.17 Mn, up 17.2%; EBITDA excluding bonus and royalty income was ₹1,092 Mn, down 9.4%, and PAT was ₹696.49 Mn, down 19.7%.

• Audited FY2025 revenue including bonus and royalty was ₹34,367.32 Mn consolidated and ₹33,847.81 Mn standalone; auditors issued unmodified opinions.

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 after ₹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; appointed dates depend on approvals and land handover.

• Strategy includes selective geographic expansion, metro and infrastructure diversification, independent O&M work, and strategic alliances or JVs.