Ceigall India Limited · NSE:CEIGALL
Ceigall India — Q2 & H1 FY26 Earnings Presentation
50 slides from Ceigall India's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter
Date: 11-11-2025 To, To, The General Manager, Manager-Listing Compliance, Department of Corporate Services, National Stock Exchange of India Limited, Exchange BSE Limited Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra East, Dalal Street, Mumbai- 400001 Mumbai – 400051 Sc
Slide 2: Ceigall India Limited Investor Presentation Q2 & H1 FY26
CEIGALL INDIA LIMITED Investor Presentation Q2 & H1 FY26 NSE: CEIGALL | BSE: 544223
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 Alignment with India’s 01 Business Overview 02 Strategies 03 Economic Momentum 04 Quarterly Financials 05 Historical Financials 06 Annexures
Slide 5: Business Overview
Business Overview Celgall
Slide 6: Ceigall at a Glance
Ceigall at a Glance One of the leading players in India’s infrastructure sector, renowned for its expertise in Engineering, Procurement, & Construction (EPC) projects, with a track record of executing complex projects, including highways, expressways, bridges, flyovers & urban transportation systems
Slide 7: Proven Execution Excellence
Proven Execution Excellence Figures in Rs. Million c Order Book Revenue EBITDA 1,08,062 34,367 5,184 63,461 11,338 1,859 FY22 FY25 FY22 FY25 FY22 FY25 Grew at a 19% CAGR from FY22-25 Grew at a 45% CAGR from FY22-25 Grew at a 41% CAGR from FY22-25 Projects Completed till date: 37^ Projects in Executi
Slide 8: Optimizing Operational Efficiencies
Optimizing Operational Efficiencies Strategic Bidding Mechanism Asset Light Model ▪ Careful identification of projects and cost optimization ▪ Rental equipment and equipment buyback model minimises capex & ▪ Undertaking: technical surveys, feasibility studies and cost analysis reduces RM cost ▪ Rent
Slide 9: Our Journey from Foundation to a Distinguished EPC Powerhouse
Our Journey from Foundation to a Distinguished EPC Powerhouse 2024 2022 Listed on BSE & NSE; Revenue Crossed Rs. 10,000 Revenue Crossed Rs. 30,000 Million; 2018 Million Acquired 50% stake in RK Infra Awarded 5 EPC projects from NHAI; 2025 2023 Forayed into the Renewable Awarded an outlay project 202
Slide 10: Building the Future: Our Landmark Projects
Building the Future: Our Landmark Projects Kartarpur Sahib Delhi- Saharanpur PKG II Ismailabad- Dhand PKG I Ramban-Banihal PKG II ▪ 6 Lane highway including bridges ▪ Constructed in one of the congested ▪ Access-controlled greenfield corridor ▪ Construction of a twin tube tunnel of ▪ Won Special awa
Slide 11: Our Visionary Board of Directors
Our Visionary Board of Directors Professionally managed, merit-based organisation, led by independent professionals Ramneek Sehgal Dr. Sudhir Rao Chitwon Wason Anisha Motwani Arun Goyal Vishal Anand Gurpreet Kaur (Chairman cum Hoshing (Whole-Time Director) (Independent (Independent (Independent (Ind
Slide 12: Empowered Leadership Team
Empowered Leadership Team Kapil Agarwal Megha Kainth (Chief Financial Officer) (Company Secretary & Compliance Officer) ▪ 20+ Years of Experience ▪ 23+ Years of Experience ▪ Responsible for tracking Cash Flow, Financial Planning & Analysing ▪ Responsible for Secretarial Compliance and Corporate Gove
Slide 13: Strategies for Growth
Strategies for Growth Celgall
Slide 14: Strategies for Growth
Strategies for Growth Strategic Diversification: Strengthening Our Robust Orderbook Expanding Horizons Presence Across Key Ensuring Sustainable through Core Indian Markets Growth Competencies Diversifying Projects for Diverse Clientele Across Driving Success Enhanced Growth and Key Infra Sectors Thr
Slide 15: Strategic Diversification: Expanding Horizons through Core Competencies
Strategic Diversification: Expanding Horizons through Core Competencies Focussing on leveraging expertise in roads, highways, expressways, flyovers, bridges, tunnels, to diversify into high-growth high-potential sectors like Airport Runways, Renewables & others Already made a Strong Presence in Furt
Slide 16: Foray into the high-potential Sectors (1/2)
Foray into the high-potential Sectors (1/2) Renewables Transmission & Distribution • Received LOA for procurement of 190 MW & 147 MW Solar Power from MSEDCL in 2 projects Establishment of the 400/220 kV Velgaon • L1 Bidder for establishing Solar PV project at Substation (GIS) Morena Solar Park, MP C
Slide 17: Foray into the high-potential Sectors (2/2)
Foray into the high-potential Sectors (2/2) Industrial Infrastructure • Received LOI for construction of Internal Roads in Aerotropolis S.A.S Nagar • L1 Bidder for Development of Bulk Drug Park at Una Distt. Cumulative Value: Rs. 6,220 Million Item Rate model Expanding into specialised industries wi
Slide 18: Diversifying Projects for Enhanced Growth and Profitability
Diversifying Projects for Enhanced Growth and Profitability EPC HAM O&M DBFOT Tariff Based • Project management • Partial Financing • Asset Maintenance • Project Planning • Design & Engineering • Operations & • Road & Property • Stakeholder • Regulatory Approvals • Construction & Ceigall’s Capabilit
Slide 19: Strengthening Our Presence Across Key Indian Markets
Strengthening Our Presence Across Key Indian Markets With humble beginnings in Punjab, Ceigall now possesses Revenue Mix execution capabilities across 12 major states in India Haryana, 8.2% Bihar, 31.6% Bihar Punjab Haryana 02 07 01 01 27 05 FY25 UP, 13.9% Punjab, J&K, 11.7% 31.9% Himachal Jammu & J
Slide 20: Diverse Clientele Across Key Infra Sectors
Diverse Clientele Across Key Infra Sectors Roads, Highways, Expressways, Flyover, Bridges, Metro & Railways T&D and Renewables Tunnels and Industrial Infrastructure 19
Slide 21: Robust Orderbook Ensuring Sustainable Growth
Robust Orderbook Ensuring Sustainable Growth Figures in Rs. Million c Order Book as at End of Year Order Inflow During the Year Book to Bill Ratio (x) 3.2 1,25,980 50,593 1,08,062 92,257 35,835 37,470 3.1 FY24 FY25 H1FY26 FY24 FY25 H1FY26 FY24 FY25 Ceigall is actively exploring avenues to expand our
Slide 22: Driving Success Through Operational Excellence
Driving Success Through Operational Excellence Experience & Expertise Project Development & Execution Internal Controls & Processes ▪ Specialized in construction in high-traffic and high- ▪ In-house Engineering and Design Team ▪ Modern equipment to deliver quality projects density areas ▪ Focus on c
Slide 23: Received Multiple Awards & Recognitions for Operational Excellence
Received Multiple Awards & Recognitions for Operational Excellence Ceigall has been honoured and recognized by the industry for its landmark achievements over the years. Some select awards are as follows: Received Letter of Appreciation for Won Special Award for Outstanding Won Gold Award for Excell
Slide 24: Alignment with India's Economic Momentum
Alignment with India’s Economic Momentum
Slide 25: Indian Infrastructure Industry to Witness Sustained Growth
Indian Infrastructure Industry to Witness Sustained Growth India Construction c India Infrastructure Continued High Investment Momentum Industry (Rs. Tn) Industry (Rs. Tn) in Key Infrastructure Sectors 10% CAGR 10% CAGR 12.0 14.4 12 11.2 38.5 10.5 9.7 9.9 9.4 12% CAGR 10 12% CAGR 24.0 9.0 8 6 INR Tn
Slide 26: All Segments Expected to Grow
All Segments Expected to Grow Roads and bridges Infrastructure Industry Size (Rs. Tn) c Railways Infrastructure Industry Size (Rs. Tn) 10% CAGR 9% CAGR 2,201.3 3,579.8 7% CAGR 19% CAGR 2,246.9 1,404.3 1,618.9 577.9 FY18 FY23 FY28P FY18 FY23 FY28P India Energy & Utilities Infrastructure Market Size A
Slide 27: Government's Focus on Infra Providing Strong Tailwinds
Government’s Focus on Infra Providing Strong Tailwinds Budget Allocation (Capex) for the Railways Sector (Rs. Tn) Major Infrastructure Development Plans in India 2.6 2.7 Gati Shakti 2.1 ▪ Focus: Big public investment for modern infrastructure ▪ Investment: Rs 750 Billion for 100 critical transport i
Slide 28: Quarterly Performance Highlights
Quarterly Performance Highlights
Slide 29: Q2 & H1 FY26 Performance Highlights (Standalone)
Q2 & H1 FY26 Performance Highlights (Standalone) Figures in Rs. Million Revenue from Operations EBITDA c& EBITDA Margin (%) PAT & PAT Margin (%) 12.6% 11.7% 7.8% 7.1% 8,097 7,870 Q2FY26 1,019 918 633 559 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 13.8% 11.5% 8.4% 7.0% 16,053 2,180 H1FY26 15,827 1,853
Slide 30: Q2 & H1 FY26 Performance Highlights (Consolidated)
Q2 & H1 FY26 Performance Highlights (Consolidated) Figures in Rs. Million Revenue from Operations EBITDA c& EBITDA Margin (%) PAT & PAT Margin (%) 15.9% 14.1% 8.5% 7.0% 8,066 Q2FY26 1,230 1,136 7,722 655 562 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 16.8% 13.5% 9.0% 6.5% 16,447 15,946 2,671 H1FY26 2
Slide 31: Profit & Loss Statement
Profit & Loss Statement Figures in Rs. Million Standalone Consolidated Particulars Q2FY26 Q2FY25 H1FY26 H1FY25* Q2FY26 Q2FY25 H1FY26 H1FY25** 7,870 8,097 16,053 15,827 Revenue from Operations 8,066 7,722 16,447 15,946 1,935 2,169 4,186 4,675 Cost of Material Consumed 1,935 2,188 4,186 4,956 4,648 4,
Slide 32: Q2FY26 Business Highlights
Q2FY26 Business Highlights Rs. 37,470 Million Order Inflow during Q2FY25 Total Project S. No Project Authority State Type Segment Cost (Rs. Million) Transmission Service Provider through tariff based competitive bidding process for “Establishment of Tarrif Based 1 REC Maharashtra T&D (L1) 3,798 400/
Slide 33: Order Book Composition
Order Book Composition Rs. 1,25,980 Million Order Book as on 30.09.2025 c 48.5% 64.3% 19.9% 20.5% 1.1% 1.1% 0.2% 1.3% 3.0% 1.5% 3.1% 17.8% 3.5% 4.9% 24.8% 11.8% 25.6% 21.8% 13.0% 12.2% Roads / Highways Renewable Energy Jharkhand UP Punjab Industrial Infrastructure Metro / Railways T&D Tunnels Mahara
Slide 34: Order Book Details - EPC
Order Book Details - EPC Total Project S. Kms / % Balance Order Book as on Project % Stake Authority State Type JV Partners Cost No. Lanes Completion 30.09.2025 (Rs. Million) (Rs. Million) Construction of Four Laning of part of Ramban to Banihal (Package-III) 1 100% NHAI J&K EPC 21.196 3,690 41.4% 2
Slide 35: Order Book Details – HAM
Order Book Details – HAM Balance Invested Total Debt Debt as Order Total Equity as Sanctione on Sep S. % Book as on Project % Stake Authority State Kms/Lane Status Project Cost on Sep d (Rs. 2025 (Rs. No. Completion Sep 2025 (Rs. Million) 2025 (Rs. Million) Million) (Rs. Million) Million) 1 Construc
Slide 36: Order Book Details – DBFOT & Tariff Based
Order Book Details – DBFOT & Tariff Based Total Balance Order Book as S. % Project % Stake Authority State Type JV Partners Project Cost on 30.09.2025 No. Completion (Rs. Million) (Rs. Million) Development of Kanpur Central bus terminal, Uttar Pradesh on Design 1 100% UPSRTC Uttar Pradesh DBFOT - 1,
Slide 37: Debt Positioning as on 30.09.2025
Debt Positioning as on 30.09.2025 Figures in Rs. Million Standalone Debt Mar 25 Sep 25 Standalone Debt to Equity (x) Term Loan - Equipment Term Loan 183 136 0.8 0.6 - Term Loan 4,037 2,702 Working Capital Loan 2,139 3,310 0.4 0.3 Total Debt 6,359 6,148 Consolidated Debt Mar 25 Sep 25 FY23 FY24 FY25
Slide 38: Net Working Capital Days (Consolidated)
Net Working Capital Days (Consolidated) Net Working 40 45 62 70 Capital Days 114 106 71 65 59 59 55 45 45 36 37 33 16 18 15 13 FY23 FY24 FY25 H1FY26 Inventory Debtors WIP Creditors 37
Slide 39: Historical Performance Highlights
Historical Performance Highlights
Slide 40: Key Financial Highlights – Standalone (1/2)
Key Financial Highlights – Standalone (1/2) Figures in Rs. Million Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin CAGR 28% 20% 21% 14.4% 14.8% 12.8% 9.0% 9.4% 8.0% 33,848 2,769 2,702 29,547 4,386 4,322 20,653 1,853 2,983 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 39
Slide 41: Key Financial Highlights – Standalone (2/2)
Key Financial Highlights – Standalone (2/2) Net Debt to EBITDA (x) Debt to Equity (x) 0.8 0.4 0.6 0.4 0.4 0.2 FY23 FY24 FY25 FY23 FY24 FY25 Return on Equity (%) Return on Capital Employed (%) 32.0% 42.0% 30.0% 38.0% 22.0% 15.0% FY23 FY24 FY25 FY23 FY24 FY25 40
Slide 42: Key Financial Highlights – Consolidated (1/2)
Key Financial Highlights – Consolidated (1/2) Figures in Rs. Million Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin CAGR 29% 32% 31% 14.3% 17.1% 15.1% 8.1% 10.0% 8.3% 34,367 30,294 3,043 5,177 5,184 2,866 20,682 2,957 1,674 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 41
Slide 43: Key Financial Highlights – Consolidated (2/2)
Key Financial Highlights – Consolidated (2/2) Book To Bill Ratio (x) Debt to Equity (x) 1.2 1.2 5.2 0.8 3.1 3.2 FY23 FY24 FY25 FY23 FY24 FY25 Net Debt to EBITDA (times) ROE (%) & ROCE (%) 34.0% 1.5 32.0% 1.3 28.0% 29.0% 1.2 19.0% 16.0% FY23 FY24 FY25 FY23 FY24 FY25 42
Slide 44: Profit & Loss Statement
Profit & Loss Statement Figures in Rs. Million Standalone Consolidated CAGR Particulars CAGR FY23 FY24 FY25* FY23 FY24 FY25** (FY23-25) (FY23-25) 20,653 29,547 33,848 28.0% Revenue from Operations 20,682 30,294 34,367 28.9% 6,871 9,721 9,883 Cost of Material Consumed 6,871 10,531 10,169 9,845 13,993
Slide 45: Standalone Balance Sheet
Standalone Balance Sheet Particulars (Rs. Million) FY23 FY24 FY25 H1FY26 Particulars (Rs. Million) FY23 FY24 FY25 H1FY26 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 393 786 871 871 Property, plant and equipment 2,460 2,701 3,141 2,729 (b) Other equity 5,720 7,999 17,121 18,172 Capita
Slide 46: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs. Million) FY23 FY24 FY25 H1FY26 Particulars (Rs. Million) FY23 FY24 FY25 H1FY26 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 393 786 871 871 Property, plant and equipment 2,460 2,960 3,384 3,238 (b) Other equity 5,538 8,092 17,455 18,499 Capi
Slide 47: Cash Flow Statement
Cash Flow Statement Figures in Rs. Million Standalone Consolidated Particulars FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 2,472 3,680 3,616 1,487 Profit before Tax 2,252 4,054 3,846 1,447 (546) (758) (817) 407 Adjustment for Non-Operating Items 745 1,175 (1,443) 820 3,018 4,438 4,432 1,895 Operatin
Slide 48: Annexures
Ss §=6Annexures \, 7 f oy ) Celgall | runourr ima Exceuence
Slide 49: Shareholding Information
Shareholding Information Shareholder Information DII as on 30th September 2025 5.7% FII 2.5% BSE Ticker 544223 NSE Symbol CEIGALL Others 9.8% Market Cap (in Rs. Million) 45,623 % Free- float 17.9% Free Float Market Cap (in Rs. Million) 8,185 Shares Outstanding (Million) 174.2 Promoters 3M ADTV (Shar
Slide 50: Thank You
THANK YOU Ceigall India Limited Mr. Kapil Aggarwal Chief Financial Officer cfo@ceigall.com ir@ceigall.com Ernst & Young LLP Vikash Verma | Rohit Anand | Riddhant Kapur Vikash.verma1@in.ey.com Rohit.anand4@in.ey.com Riddhant.kapur@in.ey.com https://ceigall.com/