Ceigall India Limited · NSE:CEIGALL
Ceigall India — Q2 FY27 Earnings Presentation
44 slides from Ceigall India's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing cover letter
Date: November 05, 2026 To, To, The General Manager, Manager-Listing Compliance, Department of Corporate National Stock Exchange of India Services, BSE Limited Limited, Exchange Plaza, C-1, Phiroze Jeejeebhoy Towers Block G, Bandra Kurla Complex, Dalal Street, Bandra East, Mumbai – 400 051 Mumbai- 4
Slide 2: Investor Presentation | Q2 & H1 FY27
Investor Presentation | Q2 & H1 FY27
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation and the accompanying slides (the “Presentation”) have been prepared by Ceigall India Limited (the “Company”) solely for informational purposes. They do not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities, and shal
Slide 4: Table of Contents
TABLE OF CONTENTS 01 Key Highlights 02 Business Overview 03 Strategies 04 Quarterly Highlights 05 Historical Financials CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 5: Key Highlights
KEY HIGHLIGHTS Ranjangaon Deshmukh, Maharashtra Project CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 6: Management Commentary – Q2 & H1 FY27
Management Commentary – Q2 & H1 FY27 “ The second quarter of FY27 marked a strong period for Ceigall India, with healthy growth in revenue and profitability, supported by sustained execution across our core infrastructure business. Our continued focus on operational efficiency, strategic diversifica
Slide 7: Q2 & H1 FY27 Performance Highlights (Standalone)
Q2 & H1 FY27 Performance Highlights (Standalone) Revenue From Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 23.8% 11.7% 13.4% 7.1% 8.4% 1,305 Q2 FY27 9,745 820 7,870 918 559 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 (In INR Million) Revenue From Operations EBITDA & EBITDA Margin (
Slide 8: Q2 & H1 FY27 Performance Highlights (Consolidated)
Q2 & H1 FY27 Performance Highlights (Consolidated) Revenue From Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 26.8% 14.1% 17.0% 7.0% 9.0% 1,740 922 10,225 Q2 FY27 8,066 1,136 562 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 (In INR Million) Revenue From Operations EBITDA & EBITDA Mar
Slide 9: Business Overview
BUSINESS OVERVIEW Ramban-Banihal Highway Project CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 10: Ceigall at a Glance
Ceigall at a Glance 24+ Years Legacy of Wide Geographical Proven Execution Diversified Operational Long term Expertise & footprint Capabilities Projects Excellence Visibility Excellence Visionary Board of Expanding Geographical Well Recognized Diversifying Across Committed to Growth Visibility Direc
Slide 11: Our Journey
Our Journey 2023 2024 2025 2026 • Completed the first HAM project • Listed on BSE & NSE Forayed into the • Expanded global footprint through (Malout-Abohar Project) before • Revenue Crossed INR Renewable Energy & subsidiaries in Singapore and UAE scheduled time Revenue Crossed 30,000 Million T&D sec
Slide 12: Landmark Projects
Landmark Projects KARTARPUR SAHIB 6 LANE HIGHWAY DELHI- SAHRANPUR PKG II ISMAILABAD- DHAND PKG I RAMBAN-BANIHAL PKG II won special award One of the longest six lane elevated Highway Access controlled greenfield project twin tube tunnel of 6 Km in J&K DANAPUR BAHITA PROJECT I KANPUR METRO AGRA METRO
Slide 13: Landmark Project: Lakadia-Jam-Khambhaliya-Jamnagar Transmission Project
Landmark Project: Lakadia-Jam-Khambhaliya- Jamnagar Transmission Project LOI received from RECPDCL for development of the Common Transmission system for evacuation of power from Lakadia (Phase-II), Jam Khambhaliya (Phase-II) and Jamnagar (Phase-I) in Gujarat & Maharashtra Execution & Operations Tota
Slide 14: Professionally Managed by Independent Professionals
Professionally Managed by Independent Professionals Ramneek Sehgal Mr. A. Saravanan Dr. Pawan Kumar Anisha Motwani Ankit Kumar Arun Goyal Vishal Anand Gurpreet Kaur (Chairman & MD) (Whole Time Director) Saluja (Independent Director) Agrawal (Independent Director) (Independent Director) (Independent
Slide 15: Leadership Team
Leadership Team Veerendra Singh Kapil Aggarwal Megha Kainth (Chief Operating Officer) (Chief Financial Officer) (Company Secretary & Compliance Officer) • Brings 37 years of experience in the • 20+ Years of Experience • 23+ Years of Experience infrastructure sector with expertise in • Extensive expe
Slide 16: Strategies
STRATEGIES Halwara Runway Project CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 17: Diversification Paves The Way
Diversification Paves The Way Already made a Strong Presence in Further Diversifying Into Roads/ Highways/ Railways / Tunnels Bus Terminals Wind Turbine Renewable Energy Transmission & Industrial Flyovers Metros Distribution Infrastructure Ongoing 22 3 1 1 2 6 2 2 Projects FY24 85% 15% Road order bo
Slide 18: Accelerating Presence in High-Potential Sectors
Accelerating Presence in High-Potential Sectors Renewables Industrial Infrastruture Transmission & Distribution • PPA executed for supply of 337 MW Solar Power to • Received LOA for construction of Internal Roads in • Establishment of the 400/220 kV Velgaon MSEDCL Aerotropolis S.A.S Nagar Substation
Slide 19: Diversifying Projects
Diversifying Projects EPC HAM O&M DFBOT Tariff Based • Project management • Partial Financing • Asset Maintenance • Project Planning • Regulatory • Design & Engineering • Operations & • Road & Property • Stakeholder Approvals • Construction & Maintenance Management engagement • Revenue Ceigall’s Cap
Slide 20: Robust Order book
Robust Order book Order Book Order inflow Book to Bill Ratio (x) 226,811 113,320 4.8 185,543 3.1 3.2 108,062 50,593 52,047 92,257 35,835 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 (In INR Million) Ceigall is actively exploring avenues to expand our footprint in Build-Operate-Transf
Slide 21: Order Book Details – EPC (1/2)
Order Book Details – EPC (1/2) Sr. Total Project Cost Balance Order Book as on Project Authority State Type Kms / Lanes % Completion No. (INR Million) 30.09.2026 (INR Million) Construction of Four Laning of part of Ramban to Banihal (Package-III) in the 1 NHAI J&K EPC 21 3,690 58.4% 1,536 UT of Jamm
Slide 22: Order Book Details – EPC (2/2)
Order Book Details – EPC (2/2) Sr. Total Project Cost Balance Order Book as on Project Authority State Type Kms / Lanes % Completion No. (INR Million) 30.09.2026 (INR Million) Construction of road from km 0.000 to km 55.725 of Huri-Taliha section of NH- 13 913 (Frontier Highway) to Intermediate Lane
Slide 23: Order Book Details - HAM
Order Book Details - HAM Balance Invested Total Debt Debt as on Total Project Order Book Sr. Equity as on Sanctioned (INR Sept 2026 Project % Stake Authority State Kms/Lane Status Cost (INR % Completion as on No. Sept 2026 Million) (INR Million) Million) Sept 2026 (INR Million) (INR Million) Constru
Slide 24: Order Book – DBFOT & Tariff Based
Order Book – DBFOT & Tariff Based Total Project Balance Order Book as on Sr. Project Authority State Type Cost % Completion 30.09.2026 No. (INR Million) (INR Million) Development of Kanpur Central bus terminal, Uttar Pradesh on Design Build Finance 1 UPSRTC Uttar Pradesh DBFOT 1,430 0.00% 1,430 Oper
Slide 25: Monetizing of Mature HAM Assets
Monetizing of Mature HAM Assets Objective The Approach Future Roadmap Ceigall has initiated a strategic program to monetise its Divest 100% equity in mature assets to long-term investors This transaction marks the start of a sustained monetization portfolio of completed and near-complete Hybrid Annu
Slide 26: Presence Across Key Markets
Presence Across Key Markets 03 01 Bihar FY24 Revenue Mix Presence Across 14 States 08 29 Punjab With humble beginnings in Punjab, J&K, 14.0% UP, 23.8% Ceigall now possesses execution 01 06 Haryana capabilities across 13 major states in India FY24 Haryana, 01 01 Himachal Pradesh 9.5% Other, Punjab, 4
Slide 27: Stable & Diverse Client Base
Stable & Diverse Client Base Roads, Highways, Expressways, Flyover, Bridges, Tunnels and Industrial Infrastructure Metro & Railways T&D and Renewables CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 28: Optimizing Operational Efficiencies
Optimizing Operational Efficiencies Strategic Bidding Mechanism Asset Light Model • Careful identification of projects and cost • Rental equipment and equipment buyback model optimisation minimises capex and reduces raw material cost • Technical surveys, feasibility studies and cost • Rental equipme
Slide 29: Delivering Results through Operational Efficiencies
Delivering Results through Operational Efficiencies Experience and Expertise Project Development and Execution Internal Controls and Processes ▪ Specialised in construction in high-traffic and high- ▪ In-house Engineering and Design Team ▪ Modern equipment to deliver quality projects density areas ▪
Slide 30: Awards & Accords
Awards & Accords Received Won Won Won LETTER OF SPECIAL AWARD GOLD AWARD Award for Fastest APPRECIATION FOR FOR Growing for showcasing OUTSTANDING EXCELLENCE Construction unwavering dedication during runway resurfacing WORK in Project Management – Company EPC at National Highways project at Air Forc
Slide 31: Quarterly Highlights
QUARTERLY HIGHLIGHTS Jalbhera-Shahbad CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 32: Profit & Loss Statement (Quarterly)
Profit & Loss Statement (Quarterly) Standalone Consolidated Particulars Q2FY27 Q2FY26 Y-o-Y (%) Q2FY27 Q2FY26 Y-o-Y (%) 9,745 7,870 23.8% Revenue from Operations 10,225 8,066 26.8% 1,712 1,935 Cost of Material Consumed 1,712 1,935 6,348 4,648 Cost of Construction 6,305 4,598 1,685 1,287 30.9% Gross
Slide 33: Profit & Loss Statement (Half Yearly)
Profit & Loss Statement (Half Yearly) Standalone Consolidated Particulars H1FY27 H1FY26 Y-o-Y (%) H1FY27 H1FY26 Y-o-Y (%) 18,760 16,053 16.9% Revenue from Operations 19,921 16,447 21.1% 4,073 4,186 Cost of Material Consumed 4,073 4,186 11,392 9,322 Cost of Construction 11,765 9,266 3,296 2,545 29.5%
Slide 34: Q2 FY27 Business Development
Q2 FY27 Business Development INR 52,047 Million Order Inflow during Q2 FY27 Total Project Cost Sr. No Project Authority State Type Segment (INR Million) Construction of road from km 85.60 to km 168.00 of Lada-Sarli 1 section of NH-913 (Frontier Highway) to Intermediate Lane on EPC MORTH Arunachal Pr
Slide 35: Order book Composition
Order book Composition INR 2,26,811 Million Order book as on 30.09.2026 HAM Bihar Roads 37% 12% Jharkhand 55% 11% Madhya Pradesh 13% Punjab 11% Industrial Infra 3% Sector-wise Revenue Model- Geographical Breakup Breakup EPC Split 25% Arunachal Pradesh 14% T&D 21% Renewables Tariff Based Uttar Prades
Slide 36: Debt Positioning as on 30.09.2026
Debt Positioning as on 30.09.2026 (In INR Million) Standalone Debt Mar 26 Sept 26 Term Loan Standalone Net Debt to Equity (x) - Equipment Term Loan 125 125 0.2 - Term Loan 1,568 778 Working Capital Loan 2,430 3,456 Total Debt 4,123 4,358 Consolidated Debt Mar 26 Sept 26 0.1 0.0 Term Loan - Equipment
Slide 37: Historical Financials
HISTORICAL FINANCIALS Panipat-Jalandhar CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 38: Key Financial Ratios (Consolidated)
Key Financial Ratios (Consolidated) Revenue From Operations EBITDA & EBITDA Margins PAT & PAT Margins 17.1% 15.1% 14.6% 10.0% 8.3% 7.7% 40,224 34,367 5,854 30,294 3,043 2,864 3,089 5,177 5,183 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 (In INR Million) Bill to Book Ratio (x) Debt to Equity (x) ROE
Slide 39: Profit & Loss Statement (Annual)
Profit & Loss Statement (Annual) Standalone Consolidated Particulars FY24 FY25 FY26 FY24 FY25 FY26 29,547 33,848 38,693 Revenue from Operations 30,294 34,367 40,224 9,721 9,883 9,688 Cost of Material Consumed 10,531 10,169 9,688 13,993 18,171 22,727 Cost of Construction 12,978 17,458 23,087 5,833 5,
Slide 40: Balance Sheet – Standalone
Balance Sheet – Standalone Particulars (INR Million) FY25 FY26 H1FY27 Particulars (INR Million) FY25 FY26 H1FY27 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 871 871 871 Property, plant and equipment 3,141 2,540 2,303 (b) Other equity 17,121 20,110 21,598 Capital work‐in‐progress 101
Slide 41: Balance Sheet – Consolidated
Balance Sheet – Consolidated Particulars (INR Million) FY25 FY26 H1FY27 Particulars (INR Million) FY25 FY26 H1FY27 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 871 871 871 Property, plant and equipment 3,384 3,390 3,349 (b) Other equity 17,455 20,510 21,948 Capital work‐in‐progress 23
Slide 42: Cash Flow Statement
Cash Flow Statement Standalone Consolidated Particulars FY25 FY26 H1FY27 FY25 FY26 H1FY27 3,616 4,108 2,108 Profit before Tax 3,846 4,176 2,220 (817) (865) 403 Adjustment for Non-Operating Items (1,443) (1,776) 968 4,432 4,974 2,511 Operating Profit before Working Capital Changes 5,289 5,952 3,188 (
Slide 43: Net Working Capital Days (Consolidated)
Net Working Capital Days (Consolidated) Inventory Days Debtor Days WIP Days 17 64 64 98 15 45 60 11 37 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Creditor Days Net Working Capital Days 124 67 72 49 45 55 FY24 FY25 FY26 FY24 FY25 FY26 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
Slide 44: Thank You
THANK YOU Ceigall India Limited Mr. Kapil Aggarwal Chief Financial Officer cfo@ceigall.com/ ir@ceigall.com Investor Relations Advisors Adfactors PR Smit Patel/ Mohit Upadhyay /Tejaswee Gaonkar Smit.patel@adfactorspr.com/ Mohit.Upadhyay@adfactorspr.com/ Tejaswee.gaonkar@adfactorspr.com https://ceigal