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View Claim Ledger →Ceigall India Ltd — Q4 FY26
Ceigall India delivered a strong Q4 FY26 with standalone revenue of ₹1,294 crore (+30.5% YoY) and EBITDA of ₹183 crore (14.1% margin).
bullish
high
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2-Minute Summary
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Ceigall India delivered a strong Q4 FY26 with standalone revenue of ₹1,294 crore (+30.5% YoY) and EBITDA of ₹183 crore (14.1% margin). Full-year revenue grew 14.3% to ₹3,869 crore, while PAT stood at ₹305 crore (7.9% margin). The order book surged to ₹18,554 crore (book-to-bill 4.8x), driven by ₹11,332 crore inflows—far exceeding the ₹5,000 crore guidance. Diversification into renewables (35% of order book) and international bids (Romania highway project worth ~₹13,000 crore) highlight growth vectors. Management guided FY27 revenue growth of 15% minimum, EBITDA margins of 11-12.5%, and order inflows of ₹5,500 crore. Key risk: execution delays in HAM and renewable projects due to land/transmission dependencies.
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Promises
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0 delivered, 0 close, 1 missed.
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Risks
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Risk Intelligence
Execution Delays in HAM and Renewable Projects
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Order Book
₹18,554 Cr
+157% YoY
Order book as on March 31, 2026, providing multi-year revenue visibility.
Order Inflow (FY26)
₹11,332 Cr
+127% YoY
Total order inflow for FY26, significantly surpassing annual guidance of ₹5,000 crore.
Renewable Share in Order Book
35%
+16pp YoY
Renewable sector now constitutes 35% of total order book, up from 19% in FY25.
Book-to-Bill Ratio
4.8x
+2.1x YoY
Order book to revenue ratio indicates strong future revenue coverage.
What Changed vs Last Quarter
NEW
EBITDA Margin Guidance of 11-12.5%
EBITDA margin expected to sustain between 11% and 12.5% for FY27, excluding other income.
NEW
Order Inflow Guidance of ₹5,500 Crore Minimum
Management expects minimum order inflow of ₹5,500 crore in FY27.
UPDATED
FY27 Revenue Growth of 15% Minimum
Management guided at least 15% revenue growth in FY27, with renewable sector contributing 20-25% of total revenue.
DROPPED
Order inflow target of ~₹5,800 crore for FY27
Targeting incremental order inflow of 15% over the previous year's guidance of ₹5,000 crore, implying ~₹5,800 crore.
DROPPED
HAM asset sale of Malot Sabour by March 2026
Board approved 100% divestment of Malot Sabour HAM asset, targeting closure by 31st March 2026.
DROPPED
Capex of ₹25-30 crore for FY27
Capital expenditure expected to remain low at ₹25-30 crore, primarily through subsidiary.
NEW RISK
Receivables and Working Capital Pressure
Trade receivables jumped from 79 days to 138 days due to milestone-based billing; though new monthly billing norms may ease this.
RISK GONE
PPA signing delays for solar projects
Solar projects worth ₹3,168 crore are pending PPA signing, which could delay execution and revenue recognition.
RISK GONE
Equity infusion requirement for HAM and solar
Total equity requirement of ~₹1,391 crore for HAM and ~₹810 crore for solar; any shortfall could strain balance sheet.
Fast read
Guidance and risk preview
Management guided at least 15% revenue growth in FY27, with renewable sector contributing 20-25% of total revenue.
HAM projects require 80% land handover and renewable projects depend on transmission connectivity, which could delay revenue recognition.
View Risks →