Ceigall India Limited · NSE:CEIGALL
Ceigall India — Q1 FY26 Earnings Presentation
39 slides from Ceigall India's earnings presentation, Aug 8, 2025
Slide 1: Exchange filing cover letter
Date: 08-08-2025 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: Investor Presentation Q1FY26
INVESTOR PRESENTATION Q1FY26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ceigall India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securiti
Slide 4: Quarterly Business Performance
Quarterly Business Performance
Slide 5: Standalone Business Performance
Standalone Business Performance Revenue* (₹ Mn) EBITDA* (₹ Mn) & EBIDA Margin* (%) PAT (₹ Mn) 12.7% 11.4% 8,183 961 935 691 7,530 559 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Revenue* (₹ Mn) EBITDA* (₹ Mn) & EBIDA Margin* (%) PAT (₹ Mn) 13.6% 12.2% +15.5% 33,645 4,119 2,769 2,702 3,976 29,137
Slide 6: Consolidated Business Performance
Consolidated Business Performance Revenue* (₹ Mn) EBITDA* (₹ Mn) & EBIDA Margin* (%) PAT (₹ Mn) 15.6% 13.0% 8,038 8,382 1,255 779 1,091 513 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Revenue* (₹ Mn) EBITDA* (₹ Mn) & EBIDA Margin* (%) PAT (₹ Mn) 16.4% 14.6% +13.8% 34,179 4,923 4,995 3,043 2,866
Slide 7: Standalone Income Statement – Q1 FY26
Standalone Income Statement – Q1 FY26 Particulars (₹ million) Q1 FY26 Q1 FY25 Y-o-Y Q4 FY25 Q-o-Q FY25 FY24 Y-o-Y Revenue from Operations 8,183 7,530 9,918 33,645 29,137 Total Revenue 8,183 7,530 8.7% 9,918 -17.5% 33,645 29,137 15.5% Cost of Material Consumed 2,251 2,506 2,554 9,883 9,721 Cost of Co
Slide 8: Consolidated Income Statement – Q1 FY26
Consolidated Income Statement – Q1 FY26 Particulars (₹ million) Q1 FY26 Q1 FY25 Y-o-Y Q4 FY25 Q-o-Q FY25 FY24 Y-o-Y Revenue from Operations 8,382 8,038 10,116 34,179 30,040 Total Revenue 8,382 8,038 4.3% 10,116 -17.1% 34,179 30,040 13.8% Cost of Material Consumed 2,251 2,768 2,554 10,169 10,531 Cost
Slide 9: Net Working Capital Days
Net Working Capital Days 29 40 45 62 75 99 102 71 65 59 59 55 45 45 36 37 33 21 23 17 16 18 14 15 13 FY22 FY23 FY24 FY25 Q1FY26 Inventory Debtors WIP Creditors Net Working Capital Days 8
Slide 10: Debt Positioning as on June 30, 2025
Debt Positioning as on June 30, 2025 Consolidated Debt ₹ Mn Net Debt to Equity (x) Term Loan - Equipment Term Loan 652.12 - Term Loan 3,558.40 - HAM Term Loan - Malout Abohar Sadhuwali (COD achieved on 06/06/2023) 2,345.86 (Four annuities received till date amounting to Rs. 1,771.23 million from NHA
Slide 11: HAM Equity Infusion Details
HAM Equity Infusion Details Equity infused upto Equity Infused during Q1 Total Infused upto 30-06- Sr No. Company Name % Completion 31.03.2025 (Rs. Mn) FY 26 (Rs. Mn) 25 (Rs. Mn) 1 Ceigall Malout Abohar Sadhuwali Highways Pvt. Ltd. 992.30 - 992.30 100% 2 Ceigall Bathinda Dabwali Highways Pvt Ltd. 84
Slide 12: Expanding Horizons: Ceigall's Strategic Move into Energy Infrastructure
Expanding Horizons: Ceigall’s Strategic Move into Energy Infrastructure Project Overview: Revenue Model: • Secured a significant win in the power • Tariff-Based Competitive Bidding transmission sector, emerging as the (TBCB) model Lowest (L1) bidder for the • Annual Transmission Charges (ATC) establ
Slide 13: Healthy Orderbook Giving Long Term Revenue Visibility
Healthy Orderbook Giving Long Term Revenue Visibility Balanced Mix of EPC and HAM projects ₹ 52,000.00 Mn (EPC) 22 Order Book as on June ‘25 ₹ 50,000.00 Mn (HAM) Ongoing Projects2 1.4% (13 EPC, 1 BOT and 8 HAM) 13.1% Single NHAI Project bid Eligibility1 2.0% 0.0% 36.9% 1.4% 61.7% ₹ 1,03,374 Mn 80.47
Slide 14: Strong Order Book – EPC & BOT Projects (1/2)
Strong Order Book – EPC & BOT Projects (1/2) Kms / Total Project % Balance Order Book as on Sr.No Project % Stake Authority State Type JV Partners Lanes Cost (Rs. Crs) Completion June 2025 (Rs. Crs) Construction of Four Laning of part of Ramban to Banihal (Package-III) in the UT of 1 100% NHAI J &K
Slide 15: Strong Order Book - HAM Projects (2/2)
Strong Order Book - HAM Projects (2/2) Company's Debt as Balance Invested Total Debt share of on Junr’ Order Book Total Project Equity as on Sanctioned % Sr.No Project % Stake Authority State Kms/Lanes Status Invested 2025 (Rs. as on Cost (Rs. Crs) Jun’ 2025 (Rs. Crs) Completion Amount (Rs. Crs) Jun
Slide 16: Company Overview
Company Overview
Slide 17: Ceigall India Limited: One of the Fastest Growing EPC Company
Ceigall India Limited: One of the Fastest Growing EPC Company Established Infrastructure 20+ Years 35+ 1,916/ 2,159 Construction Experience in Highways Projects Completed; including 1 HAM Lane kms Constructed/ O&M Projects Company and Roads Project completed Healthy ₹ 1,03,374 Mn 22 Order Book Ongoi
Slide 18: Ceigall's Strategy at a Glance
Ceigall's Strategy at a Glance Robust Internal Audit & Risk Framework Asset-Light Operating Model • Grant Thornton (GT) as Internal Auditor ensures • Uses equipment leasing to minimize CAPEX and regular audits and certifications. reduce R&M costs. • Strengthens compliance, risk management, and • Enh
Slide 19: The Road to Success
The Road to Success 2018 2021 2023 2002 2013 • Awarded 5 EPC projects from NHAI Completed the first HAM project Awarded first project for Incorporated as Awarded projects from the Greater • Awarded an overlay project by (Malout-Abohar Project) before construction of tunnel by NHAI Ceigall Builder Mo
Slide 20: 20+ years of Experience in Undertaking Specialized Structural Work
20+ years of Experience in Undertaking Specialized Structural Work 20+ years of Experience in Undertaking Specialized Structural Work Our Landmark Projects Kartarpur Sahib Project Delhi- Saharanpur PKG II Project • Providing access from India to pilgrimage site in • Constructed in one of the congest
Slide 21: Project Execution Capability Across Various States
Project Execution Capability Across Various States Jammu & Himachal 2 2 Kashmir Pradesh 7 Punjab 13 1 Delhi* 1 6 Haryana Uttar Pradesh 4 1 2 Bihar 1 Rajasthan* 1 2 Jharkhand Ongoing Project (#’s) Completed Project (#’s) *These projects are under JVs 1 Odisha Maharashtra 1 Demonstrated Project Execut
Slide 22: Our Key Strategies
Our Key Strategies Continue to Grow and Benefit from Diversification by leveraging Selectively expand our Continue to explore HAM Continue focusing on enhancing India’s Economy & Infrastructure Growth existing capabilities geographical footprint opportunities execution efficiencies • Indian economy
Slide 23: Our Strengths
Our Strengths
Slide 24: Demonstrated Project Development, Execution and Operational Capabilities (1/2)
Demonstrated Project Development, Execution and Operational Capabilities (1/2) Received Awards for our Operational and Technical Excellence 7 Projects completed ahead of schedule 35+ Projects Completed, including 17 EPC and 1 HAM Gold Award Special Award National Highways National Highways Excellenc
Slide 25: Demonstrated Project Development, Execution and Operational Capabilities (2/2)
Demonstrated Project Development, Execution and Operational Capabilities (2/2) Experience and In-house Engineering and Project Management and Resource Internal Systems and Expertise Design Team Execution Management Processes • Experience in executing • In-house team with • Strong project management
Slide 26: Efficient Business Model
Efficient Business Model Strategically Bidding Integrated Inventory Execution Excellence for Projects Management System • Efficient management of • Careful identification of • Ensuring high quality inventory and resource projects and cost optimization construction during execution mobilization • Und
Slide 27: Experienced Board of Directors
Experienced Board of Directors Diverse, Qualified and Experienced Board of Directors with experience across various sectors Ramneek Sehgal Arun Goyal (Managing Director) (Independent Director) • He is responsible for expansion, profitability, overall growth and innovation • Previously associated wit
Slide 28: Experienced Board of Directors
Experienced Board of Directors Diverse, Qualified and Experienced Board of Directors with experience across various sectors Bhagat Singh Megha Kainth (Group Chief Financial Officer) (Company Secretary & Compliance Officer) • Responsible for assessing and optimizing financing options, conducting • Wi
Slide 29: Consolidated Financials Highlights
Consolidated Financials Highlights
Slide 30: Strong Financial Metrics with a Healthy Margin Profile and Return Ratios (1/2)
Strong Financial Metrics with a Healthy Margin Profile and Return Ratios (1/2) Consistent Growth In Order Book (₹ Mn) Significant Increase In Revenue (₹ Mn) Book to bill ratio (x) 5.6 5.2 3.1 3.2 34,367 108,090 108,062 30,294 92,258 20,682 63,461 11,338 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 EBITDA
Slide 31: Strong Financial Metrics with a Healthy Margin Profile and Return Ratios (2/2)
Strong Financial Metrics with a Healthy Margin Profile and Return Ratios (2/2) Net Debt / EBITDA (times) Total Debt / Equity (times) 1.5 1.2 1.2 1.3 1.2 0.7 0.8 0.7 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 ROE % ROCE % 34 32 30 29 29 28 19 16 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 30
Slide 32: Consolidated Income Statement
Consolidated Income Statement Particulars (₹ million) FY25 FY24 FY23 FY22 Revenue from Operations 34,367 30,294 20,682 11,338 Total Revenue 34,367 30,294 20,682 11,338 Cost of Material Consumed 10,169 10,531 6,871 4,115 Cost of Construction 17,458 12,978 9,874 4,599 Total Raw Material 27,627 23,509
Slide 33: Consolidated Balance Sheet Statement (1/2)
Consolidated Balance Sheet Statement (1/2) Particulars (₹ million) FY25 FY24 FY23 FY22 ASSETS Non ‐ Current Assets Property, plant and equipment 3384 2,960 2,460 1,255 Capital work‐in‐progress 232 20 18 39 Right of use assets 4 49 28 - Intangible assets 3 1 0 1 Financial Assets (i) Investments 57 22
Slide 34: Consolidated Balance Sheet Statement (2/2)
Consolidated Balance Sheet Statement (2/2) Particulars (₹ million) FY25 FY24 FY23 FY22 Equity (a) Equity share capital 871 786 393 393 (b) Other equity 17455 8,092 5,538 3,920 Equity attributable to equity holders of the parent 18326 8,877 5,931 4,313 Non‐controlling interests 112 187 Total Equity 1
Slide 35: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Cash Flow Statement (₹ million) FY25 FY24 FY23 FY22 Cash Flow from Operating Activities Profit before Tax 3,846 4,054 2,252 1,695 Adjustment for Non-Operating Items -1,443 1,175 745 185 Operating Profit before Working Capital Changes 5,289 5,228 2,997 1,880 Changes i
Slide 36: Standalone Balance Sheet Statement (1/2)
Standalone Balance Sheet Statement (1/2) Particulars (₹ million) FY25 FY24 FY23 FY22 ASSETS Non ‐ Current Assets Property, plant and equipment 3141 2701 2460 1255 Capital work‐in‐progress 101 20 28 0 Right of use assets 4 49 18 39 Intangible assets 3 1 0 1 Financial Assets (i) Investments 3404 1984
Slide 37: Standalone Balance Sheet Statement (2/2)
Standalone Balance Sheet Statement (2/2) Particulars (₹ million) FY25 FY24 FY23 FY22 Equity (a) Equity share capital 871 786 393 393 (b) Other equity 17121 7999 5720 3936 Total Equity 17,992 8,785 6,113 4,329 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 1663 1273 1349 2
Slide 38: Standalone Cash Flow Statement
Standalone Cash Flow Statement Cash Flow Statement (₹ million) FY25 FY24 FY23 FY22 Cash Flow from Operating Activities Profit before Tax 3,616 3,680 2,472 1,710 Adjustment for Non-Operating Items -817 -758 -546 -181 Operating Profit before Working Capital Changes 4,432 4,438 3,018 1,891 Changes in W
Slide 39: Thank You
COMPANY : CEIGALL INDIA LIMITED CIN : L45201PB2002PLC025257 ir@ceigall.com Email: ir@ceigall.com www.ceigall.com INVESTOR RELATIONS ADVISORS : Mr. Nikunj Jain nikunj.jain@in.mpms.mufg.com Mr. Viral Sanklecha viral.sanklecha@in.mpms.mufg.com Link Meeting Request Link Thank You