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Ceigall India Ltd (CEIGALL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544223 NSE: CEIGALL Engineering - Construction | Small Cap | Ceigall India Share Price

₹374.50 -5.40 (-1.42%)

As on 15-Sep'26 13:05

Ceigall India Ltd (CEIGALL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544223 NSE: CEIGALL Engineering - Construction | Small Cap | Ceigall India Share Price

₹374.50 -5.40 (-1.42%)

As on 15-Sep'26 13:05

Key Metrics
Valuation Multiples
Market Cap
₹6,618 Cr.
Current Price
₹374.5
52-Week Low / High
₹223 / 405
TTM EPS
₹18.4
TTM Sales
₹4,154 Cr.
Book Value per Share
₹126.4
P/E Ratio
20.68
Higher than its 5-year historical median
Industry PE
24.5
Price to Book (P/B)
3.01
Higher than its 5-year historical median
Price to Sales (P/S)
1.59
Higher than its 5-year historical median
EV/EBITDA
11.25
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
21.07%
Outperforms industry median
Return on Capital Employed (ROCE)
20.04%
Outperforms industry median
Return on Assets (ROA)
8.40%
Operating Profit Margin
15.1%
Net Profit Margin
8.34%
Gross Profit Margin
12.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
14.55%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
0.14%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-5.83%
Asset Quality
Promoter Holding
82.06%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,115 Cr.
Equity
₹87.1 Cr.
Face Value
₹5
All Time Low / High
₹223.00 / 425.00

Ceigall India stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Ceigall India Ltd a good quality company?
Ceigall India Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ceigall India Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ceigall India Ltd vs industry peers?
Ceigall India Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.00%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Ceigall India Ltd?
Promoters hold 82.06% of the Ceigall India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ceigall India Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 36.51% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ceigall India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'23Mar'24Mar'25TTM
ROCE % 26.1%34.9%22.7%-
Value Creation
Index
0.91.60.6-

Growth Parameters

Sales 2,0652,9553,3853,953
Sales YoY Gr.-43.1%14.6%-
Adj EPS 11.717.615.118.6
YoY Gr.-50.1%-13.8%-
BVPS (₹) 3955.9103.3124.8
Adj Net
Profit
184276264325
Cash Flow from Ops. 30.8180-274-
Debt/CF from Ops. 15.12.8-2.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANANA14.6%
Adj EPS NANANA-13.8%
BVPSNANANA84.8%
Share Price - - - 36.9%

Key Financial Parameters

Mar'23Mar'24Mar'25TTM
Return on
Equity %
303719.716.3
Op. Profit
Mgn %
14.414.812.813
Net Profit
Mgn %
8.99.37.88.2
Debt to
Equity
0.80.60.4-
Working Cap
Days
0128183137
Cash Conv.
Cycle
0141748

Valuation of Ceigall India - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales8731,1342,0683,0293,437
Operating Expenses + 7139481,7732,5122,918
Manufacturing Costs3364709861,3141,760
Material Costs3424116871,0531,017
Employee Cost 1425306240
Other Costs 22417082102
Operating Profit 160186296518518
Operating Profit Margin (%) 18.3%16.4%14.3%17.1%15.1%
Other Income + 1213193756
Exceptional Items 00000
Interest 7115294134
Depreciation 1419385556
Profit Before Tax 151169225405385
Tax 39445810198
Profit After Tax 113126167304287
PAT Margin (%) 12.9%11.1%8.1%10.1%8.3%
Adjusted EPS (₹)7.28.010.619.516.9
Dividend Payout Ratio (%)0%0%3.50%3.90%0%
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3054315938881,833
Share Capital 139397987
Reserves 3043925548091,745
Debt +102816657901,065
Long Term Debt5170368647851
Short Term Debt5111297142214
Minority Interest0001911
Trade Payables5257359344725
Others Liabilities 104188200544609
Total Liabilities 4729571,8172,5834,243

Fixed Assets

Net Fixed Assets +67126249301339
Gross Block115189345432489
Accumulated Depreciation486397131150
CWIP 142223
Investments 13712326
Inventories2839107118104
Trade Receivables3696316430676
Cash Equivalents 152192361368634
Others Assets 1754307601,3622,462
Total Assets 4729571,8172,5834,243
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 103-135-73-190-520
PBT 151169225405385
Adjustment 101875117144
Changes in Working Capital -19-275-309-604-936
Tax Paid -39-47-64-109-113
Cash Flow From Investing Activity + -20-164-134-58-130
Capex -33-80-156-106-105
Net Investments -19-855028-65
Others 321-281940
Cash Flow From Financing Activity + -6310326275846
Net Proceeds from Shares 0-0021658
Net Proceeds from Borrowing 0287224489264
Interest Paid -7-11-52-94-134
Dividend Paid 00-6-12-9
Others 034160-13067
Net Cash Flow 771111926197
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)36.8534.1832.6641.121.07
ROCE (%)47.133.2627.1430.8120.04
Asset Turnover Ratio1.851.591.491.381.01
PAT to CFO Conversion(x)0.91-1.07-0.44-0.63-1.81
Working Capital Days
Receivable Days15.1021.3036.404558.70
Inventory Days11.8010.8012.8013.6011.80
Payable Days5648.40110.30121.70191.90

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Announcements

Ceigall India Ltd FAQs

The current trading price of Ceigall India on 15-Sep-2026 13:05 is ₹374.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Ceigall India stood at ₹6,618 Cr

The latest P/E ratio of Ceigall India as of 14-Sep-2026 is 20.39.

The latest P/B ratio of Ceigall India as of 14-Sep-2026 is 3.04.

The 52-week high of Ceigall India is ₹405.0 and the 52-week low is ₹223.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ceigall India is ₹3,953 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ceigall India Ltd is a average quality company.

The key valuation ratios of Ceigall India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ceigall India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Ceigall India Ltd

Ceigall India is an infrastructure construction company with experience in undertaking specialized structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways. It is one of the fastest growing engineering, procurement and construction (EPC) company. Over the decades, the company has transitioned from a small construction company to an established EPC player, demonstrating expertise in the design and construction of various road and highway projects including specialised structures across many states in India. It has been empanelled to participate with the Delhi Metro Rail Corporation in its upcoming tenders involving inter alia construction of railways, mega bridges and tunnels in India and abroad and also with a public sector undertaking for highways, bridges and tunnel construction work in north-eastern states of India, and such empanelment is mutually extendable.

For its EPC and HAM projects, the scope of its services typically includes design and engineering of the project, procurement of raw materials, project execution at site with overall project management up to the commissioning of these projects. Its employee resources and fleet of owned equipment, some of which are under buyback arrangements, and rental equipment, together with its engineering skills and capabilities, enable it to execute a range of projects. It has an experience of executing projects across diverse geographic locations in India with varying degrees of complexities such as construction in high-traffic and high-density areas, construction of tunnels in hilly terrain and slope protection and rock fall protection due to high rainfall and involving specialised structures such as tunnels, bridges and elevated roads. It has diversified its geographical presence in construction and development and execution of major multi-lane highway projects with specialised structures in various states of India.

The company was originally incorporated as ‘Ceigall Builders Private Limited’ at Ludhiana, Punjab, India under the provisions of the Companies Act, 1956 pursuant to a certificate of incorporation dated July 8, 2002, as a private limited company issued by the Registrar of Companies, Punjab, Himachal Pradesh & Chandigarh at Chandigarh. Upon the conversion of the company into a public limited company, pursuant to a board resolution dated January 28, 2011 and a shareholders’ resolution dated January 29, 2011, the name of the company was changed to “Ceigall India Limited” and a fresh certificate of incorporation dated February 9, 2011 was issued by the Registrar of Companies, Punjab, Himachal Pradesh & Chandigarh at Chandigarh.

Business area of the company

The company is a prominent player in infrastructure construction and has over decades of experience in engineering, procurement and construction (EPC) projects. Specialising in highways, roads, tunnels, bridges and airport runways, the company has completed several projects, including significant undertakings under the Bharatmala Pariyojana, a government initiative aimed at improving road connectivity across the country. Ceigall’s strategic approach regarding complex structural works ensures high-quality, on-time project delivery, contributing considerably to India’s infrastructure growth. 

Services 

  • Engineering, Procurement, and Construction (EPC)
  • Hybrid Annuity Model (HAM)
  • Operation and Maintenance (O&M)

Awards, accreditations and recognition

  • 2020: Received the 'Gold Award' at the National Highways Excellence Award, 2020 for Excellence in Project Management (EPC) from the Ministry of Road Transport and Highways, Government of India.
  • 2020: Received the 'Special Award' at National Highwas Excellence Awards, 2020 for outstanding work in challenging condition from the Ministry of Road Transport and Highways, Government of India.
  • 2021: Received the 'Special Award' at National Highwas Excellence Awards, 2021 for outstanding work in challenging condition from the Ministry of Road Transport and Highways, Government of India.
  • 2024: Fastest Growing Construction Company 2024.
  • 2025: Fastest Growing Construction Company 2025.

Major events and milestones

  • 2002: Incorporation of the company as Ceigall Builder Private Limited.
  • 2008: Road project executed which was awarded in 2006 by the Punjab Public Works Department, Ludhiana division with an aggregate project cost of Rs 62.94 million for 20.42 lane km.
  • 2013: Awarded projects from the Greater Mohali Area Development Authority.
  • 2014: Awarded first four lane highway EPC project from NHAI.
  • 2018: Awarded five EPC projects from NHAI.
  • 2018: Awarded an overlay project i.e. Kharar-Ludhiana-Ferozpur section (NH-95) through the Ministry of Road Transport Highway, which was completed before scheduled completion date.
  • 2019: Awarded the project for construction of the Karatarpur Sahib Corridor connecting Indo-Pak border and completed before the scheduled completion date.
  • 2021: Awarded the first project for construction of tunnel sector by NHAI in Jammu & Kashmir.
  • 2022: Allocated a contract for construction of 16.85-kilometre elevated highway under stress asset model wherein the earlier contractor went insolvent.
  • 2023: Completed the first HAM project (Malout-Abohar Project) before scheduled time.
  • 2024: Acquired 50% stake in RK Infra to improve project execution and improve bidding credentials and awarded the first Metro Project in Kanpur and Agra.
  • 2025: Awarded Southern Ludhiana Bypass Project of Rs 923 crore recently.


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