Ceigall India Limited — Q3 FY26
Ceigall India reported a strong Q3 FY26 with consolidated revenue of ₹991 crore, up 19.3% YoY, driven by robust execution post-monsoon.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Why is there a difference between investor equity and company share for two projects?
Asked by Babusha, GM Financial
Management admitted a mistake and clarified that all equity is from the company.
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Question
So there is quite a significant difference for couple of projects one is Ludjana Batinda where investor equity is 86 crores whereas our share is only 1.6 crores and for northern bypass investor is 105 crores and our share is 28 crores. So why is there a difference of so much?
Management (unclear name)
There is some issue in the PPD slide 38 that that okay mistake otherwise the entire equity has been put by the company only.
Answered
High priority
What is the total equity requirement for the entire HAM portfolio?
Asked by Babusha, GM Financial
Management provided specific numbers for total and new projects.
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Question
So what would be our total equity requirement now for the entire ham portfolio?
Management (unclear name)
Earlier one it was 1391 total investment which was supposed to be invested in ham projects. So recently awarded two projects. One is indor jen and second is t gun. So 155 cr is the estimated figure which will be in indoor regen and for siren we are yet to receive a lo. So the tentative amount will be closer to 250 cr.
Partial answer
Medium priority
When do we expect to start the solar projects and what is the status?
Asked by Babusha, GM Financial
Management gave status but no specific start date.
no specific timeline given
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Question
And sir when do we expect to start the solar projects? What is the status of each of the projects?
Management (unclear name)
LOA we have already received. We are waiting for the PPA to be signed and we are expecting Maharashtra PPA to be signed soon. Once we have that we have already finalized the land.
Evasive
High priority
What revenue are we targeting for FY27 and FY28 from solar and BESS?
Asked by Babusha, GM Financial
Management did not provide any revenue targets, only conditional statements.
no number givendeferred to PPA
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Question
So out of the same,000 crores order book of solar and best what kind of revenue are you targeting for FI27 and FI28?
Management (unclear name)
So you know everything depends upon the PPA. So once we receive the PPA seagull has a execution capacity and have a track record of completing projects before time.
Partial answer
High priority
When do we expect appointed dates for five HAM projects?
Asked by Babusha, GM Financial
Management gave some timelines but with conditions and uncertainty.
vague timelineconditional on approvals
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Question
When do we expect to receive the appointed dates for the five ham projects VRK 112 southern Lugjana and two new ones?
Management (unclear name)
V1 it is expected why I think around tomorrow a day after there's a final meeting for the forest we once that is cleared NHI has given a very positive sign that it will be given to us soon for southern we've already requested the department and we should get it in this month.
Answered
High priority
What revenue are we targeting for next year and this year?
Asked by Babusha, GM Financial
Management reiterated a specific growth guidance range.
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Question
And sir what revenue are we targeting for next year and this year?
Management (unclear name)
So of course as we have guided our investors before also we are targeting to achieve 10 to 15%. And we are on track.
Evasive
Medium priority
How many kilometers have been awarded by NHAI and MoRTH till date?
Asked by Kaitan, Aenders Park
Management declined to provide the requested aggregate award data.
no number givenrefused to share
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Question
This could help us with how much kilometers has been awarded till date by NHI and mod combined in kilometers and in rupees.
Management (unclear name)
We have already won one more project which is u for 79 kilometers and we have already quoted for three more projects a few days back. But any number specific number discussing at this moment will not be correct.
Answered
Medium priority
What level of capex or initial investment for international markets by FY27?
Asked by Rohit Maha, SK Securities
Management explained no significant capex is needed, only BG limits.
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Question
What level of capex or initial investment has been embarked in this international market let's say by FY 27.
Management (unclear name)
We are right now targeting EPC projects. So for these projects normally you need the BG limits only. As such there is no equity requirement coming from these.
Answered
High priority
What is the equity requirement for solar and BESS projects and HAM?
Asked by Babusha, GM Financial
Management provided a specific equity range for solar projects.
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Question
What would be the equity requirement for the solar and best projects and for the ham as well in each how are we planning to infuse the money year wise.
Management (unclear name)
Morena solar park we have received the LOA today and we are yet to finalize the model but the equity will be close to 750 to 800 cr in the solar projects.
Answered
High priority
What order inflows are we targeting for FY27 and how much from international?
Asked by Babusha, GM Financial
Management gave a specific order inflow target and growth rate.
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Question
What order infos are we targeting for next year for FI27 and how much of that could be from international markets?
Management (unclear name)
Last year we guided that we will be getting 5,000 cr against that we have already got close to 8,500 cr and this year our guidance would be incremental of 15%. So should be around 5,800 crores.
Partial answer
Medium priority
What capex did we do in 9 months and what are we targeting for FY26 and FY27?
Asked by Babusha, GM Financial
Management gave future capex range but did not provide the 9-month figure asked.
no historical capex given
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Question
What kex we did in fi 20 in 9 months and what are we targeting for 26 and 27?
Management (unclear name)
It will be close to 25 to 30 crores which we will be doing that's from our subsidiary not from directly from secret.
Answered
High priority
What are the expected timelines for sale of other HAM assets?
Asked by Par Patel, Patel Investment
Management provided specific target dates for asset sales.
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Question
What are the expected timelines for the investment for the new projects such as Batinda Dwali and Talva Sabad?
Management (unclear name)
For Malotabore we are targeting 31st March and for sale of other two assets we are targeting 30th September.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance is 10-15% | 12.5% | 19.3% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.