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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

₹359.05 -0.40 (-0.11%)

As on 04-Jun'26 16:59

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

₹359.05 -0.40 (-0.11%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹6,255 Cr.
Current Price
₹359.1
52-Week Low / High
₹223 / 387
TTM EPS
₹17.5
TTM Sales
₹3,869 Cr.
Book Value per Share
₹120.4
P/E Ratio
20.50
Higher than its 5-year historical median
Industry PE
29.9
Price to Book (P/B)
2.98
Higher than its 5-year historical median
Price to Sales (P/S)
1.62
Higher than its 5-year historical median
EV/EBITDA
11.62
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
20.19%
Outperforms industry median
Return on Capital Employed (ROCE)
22.72%
Outperforms industry median
Return on Assets (ROA)
9.99%
Operating Profit Margin
12.8%
Net Profit Margin
7.98%
Gross Profit Margin
12.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
14.55%
Operating Profit Growth (1 Year)
-
-1.45%
Net Profit Growth (1 Year)
-
-2.41%
Asset Quality
Promoter Holding
82.06%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,011 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

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Ceigall India Ltd a good quality company?
Ceigall India Ltd is a weak quality company, based on a inconsistent 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 15.97%, indicating slower growth and losing 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 33.92% 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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

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

Growth Parameters

Sales 2,0652,9553,3853,869
Sales YoY Gr.-43.1%14.6%-
Adj EPS 11.717.615.117.5
YoY Gr.-50.1%-13.8%-
BVPS (₹) 3955.9103.3120.4
Adj Net
Profit
184276264305
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 - - - 45.3%

Key Financial Parameters

Mar'23Mar'24Mar'25TTM
Return on
Equity %
303719.715.7
Op. Profit
Mgn %
14.414.812.812.6
Net Profit
Mgn %
8.99.37.87.9
Debt to
Equity
0.80.60.40
Working Cap
Days
0128183137
Cash Conv.
Cycle
0141748

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Sales2,0652,9553,385
Operating Expenses + 1,7672,5162,953
Manufacturing Costs9831,4141,831
Material Costs687972988
Employee Cost 295738
Other Costs 677395
Operating Profit 298439432
Operating Profit Margin (%) 14.4%14.8%12.8%
Other Income + 203753
Exceptional Items 000
Interest 326172
Depreciation 384651
Profit Before Tax 249368362
Tax 639191
Profit After Tax 185277270
PAT Margin (%) 9.0%9.4%8.0%
Adjusted EPS (₹)11.817.615.5
Dividend Payout Ratio (%)3.20%4.30%0%

Valuation of Ceigall India - Standalone

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!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 6138781,799
Share Capital 397987
Reserves 5748001,712
Debt +403270380
Long Term Debt132127166
Short Term Debt271142214
Minority Interest000
Trade Payables359329728
Others Liabilities 231483541
Total Liabilities 1,6061,9603,449

Fixed Assets

Net Fixed Assets +249275315
Gross Block345400458
Accumulated Depreciation97125143
CWIP 2210
Investments 79198340
Inventories107100104
Trade Receivables348485851
Cash Equivalents 359328541
Others Assets 4635711,288
Total Assets 1,6061,9603,449

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Cash Flow From Operating Activity + 31180-274
PBT 249368362
Adjustment 557682
Changes in Working Capital -209-170-614
Tax Paid -64-94-104
Cash Flow From Investing Activity + -164-135-282
Capex -156-71-90
Net Investments 1322-106
Others -21-87-86
Cash Flow From Financing Activity + 258-32706
Net Proceeds from Shares 00658
Net Proceeds from Borrowing 13617057
Interest Paid -32-61-72
Dividend Paid -6-12-9
Others 160-13071
Net Cash Flow 12412150

Financial Ratio

PARTICULARSMar'23Mar'24Mar'25
Ratios
ROE (%)30.2337.1320.19
ROCE (%)26.0734.8522.72
Asset Turnover Ratio1.291.661.25
PAT to CFO Conversion(x)0.170.65-1.01
Working Capital Days
Receivable Days61.5051.4072
Inventory Days18.9012.8011
Payable Days190.60129195.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ceigall India Ltd FAQs

The current trading price of Ceigall India on 04-Jun-2026 16:59 is ₹359.1.

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 03-Jun-2026 the market cap of Ceigall India stood at ₹6,254.8 Cr

The latest P/E ratio of Ceigall India as of 03-Jun-2026 is 20.50.

The latest P/B ratio of Ceigall India as of 03-Jun-2026 is 2.98.

The 52-week high of Ceigall India is ₹386.6 and the 52-week low is ₹223.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ceigall India is ₹3,869 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ceigall India Ltd is a below 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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