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
✓ 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.
42%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Pipeline in domestic and international markets and target for international business in 1-3 years.
Asked by Web Sha, JM Financial
Management gave pipeline numbers but did not provide a target for international business growth over 1-3 years.
no target given for international business in 1-3 years
Read the exchange
Question
So firstly on uh on the international fora so first what pipeline are we looking at in both domestic and international markets and what is your target for the international business say in the next 1 to 1 to 3 years.
Management
So right now we have quoted tenders which are under uh valuation is about 14,000 cr and international um only one tender was there that was in Dubai and one tender in EU. uh shoa was about 250 million dhams and um uh in you it was close to about 13,000 cr u which is again under vation which is in Romania.
Partial answer
High priority
Equity investment target and timeline for highway and non-highway businesses.
Asked by Web Sha, JM Financial
Management gave total investment amount but did not provide year-wise breakdown.
no year-wise timeline given
Read the exchange
Question
So secondly uh on the equity investment. So what uh investment are we targeting? So what is the pending investment in both uh the the highway and non-h highway business and what is the uh uh year- wise timeline for the investment?
Management
So next 3 years we have to put close to 2,000 cr 1937 cr after IPO we have put more than 400 cr and uh we as I said we have already sold three assets to uh NEO in which first asset we are expecting it should get executed in this month only.
Evasive
High priority
Revenue guidance of 15% seems low given strong order book; what is internal target?
Asked by Web Sha, JM Financial
Management did not disclose internal target, only reiterated conservative guidance.
no internal target givenrepeated guidance range
Read the exchange
Question
And then lastly the revenue guidance you have given are on 15% plus it looks uh quite low given the very strong book we have. So internally what would we be targeting?
Management
So good question. So you know I we a little conservative with the number is and that's the reason you would have seen me every time I remain between 10 to 15% this time I've said it's 15% minimum. So we we we we are looking forward to good uh results.
Evasive
High priority
Bidding pipeline aggressive but guidance low; why the disconnect?
Asked by Tpal Singh, Man Capital
Management did not address the disconnect between pipeline and guidance, only cited conservatism.
no explanation of disconnectrepeated conservative stance
Read the exchange
Question
Uh hi sir. Congratulation on great setup numbers first of all. Uh uh sir my uh question is that that your bidding pipeline is little bit uh uh on the aggressive side. Your uh project uh your order book is also growing very fast but on the guidance side you are just saying that 15 to 20 15% you are growing. So it doesn't add up. So can you throw a light on this?
Management
So you know uh if you see our last investor was also pretty conservative is giving a guidance of between 10 to 15% and we have already achieved it. So this time also we have given a guidance of minimum 15%. So just to be on a conservative side we say that we will achieve 15% easily.
Partial answer
Medium priority
How will you manage receivables and working capital given huge order book?
Asked by Tpal Singh, Man Capital
Management mentioned billing improvements but did not quantify working capital impact.
no specific working capital days target
Read the exchange
Question
Answer one more question that uh although we are well diversified across the segments but uh our order book is huge. So how do you plan to manage uh receivables and uh receivables and working capital days so that we can we we didn't stuck in the payment cycle.
Management
So good question. Um you know I mean when this war happened um our um department which is M has come up with the notification. They've come up with three different notifications now and they've eased out our billing plan. Earlier we used to achieve the milestone and get the payment. With this we can get a monthly payment also and with that it'll ease out our cash flow also.
Evasive
Medium priority
Which segments have margin negative impact in order book?
Asked by Tpal Singh, Man Capital
Management avoided naming specific segments with lower margins.
did not identify margin negative segmentsrepeated overall guidance
Read the exchange
Question
But uh in our order book we have segment uh we have different segments. So what are the margin negative segment uh in those if you can buy biker kit margins?
Management
No no so so we always guide on a conservative way. So our guidance towards the investor would be between 11 to 12.5%. Plus other income which will come from you know selling these assets like we sold it to NEO or some bonus or some money earned from FDR or some royalties.
Answered
High priority
In which quarter will the 400 cr from NEO come and will it be in standalone books?
Asked by Ishita Loda, Swan Investments
Management provided quarterly breakdown and confirmed standalone books.
Read the exchange
Question
Um with in continuation to the previous question uh the money that we're expecting 400 cr from new in which quarter are expecting or uh will it come in our standalone books?
Management
So um uh this uh what do you call the first project which is about sadu we're expecting in this month so that is that will come in this quarter. Patenda Dwali we are expecting in second quarter and jala shabas we're expecting in third quarter. So every quarter we get a intro coming.
Partial answer
Medium priority
Why did trade payables jump from 79 to 138 days?
Asked by Ishita Loda, Swan Investments
Management attributed to timing but did not explain structural change.
no explanation of why days increased, only timing
Read the exchange
Question
Then um also this trade tables have seen a sharp jump from 79 days to 138 days. So why this happening?
Management
Yeah. So basically if you look at the March only so whatever we have build that that that payments are released by the department in April same way. So the payments which are to be made to the ctors those are linked to the receivables only. So accordingly the payment has been made in the month of April to the citors as well.
Partial answer
High priority
Is Q4 margin increase due to one-offs or sustainable? Any RM cost inflation?
Asked by Mahesh Patil, ICS Securities
Management cited HAM projects but did not clarify if margin increase is recurring.
did not explicitly say if one-off or sustainableno direct answer on RM inflation
Read the exchange
Question
So if you see on Q4 the last four there has been an increase. So uh is there any one off or is it just it's just because of the execution that we have uh and going forward uh obviously you have added probably 11 to 10 and a half% range uh but are you seeing any intact uh you know RF caused inflation etc we can just do some details.
Management
So last year last year if you look at we have started four ham pullets which has majorly contributed in the PAT margins and uh obviously the increase in the turnover is also one of the reasons uh for increasing the pat overall pat of the company.
Evasive
High priority
Why are EBITDA margins declining over past 3 years and guidance lower for FY27?
Asked by Matrica, Sapphire Capital
Management claimed margins stable but did not explain why guidance is lower.
disputed premise of declining marginsattributed to bonus/royalty but did not address guidance
Read the exchange
Question
So, uh for the past three years, our cross and AITA margins have been going down and you were again guided for a much lower margin for FI27. Any sort of competition pressure are we seeing? Why do you see these margins going down and is this a bit too conservative or is this the way our order currently stands right now?
Management
So ma'am if you look if you look at the previous year so there was a re uh income from bonus and royalty as well. So you must be comparing uh considering the bonus and royalty income as well. So our beta from uh pure operations is in the range of 112.5 which we are consistently maintaining since last three years.
Answered
High priority
Have solar and BESS projects started execution? Land acquisition status?
Asked by Modi Bandari, Capital
Management provided specific status updates on execution and land acquisition.
Read the exchange
Question
So first question upon the solar and VSSs project. So I believe we have already signed PPA and TSA for these projects. So uh whether they have started execution or any land acquisition or approval from those projects.
Management
So good question. Solar Maharashtra is already started where we've already done a need for more than 50 megawatt uh uh project and we expecting to get in this month more than 75 megawatt and project have already started uh land development fencing uh piling is already started we are expecting to give you good results in next uh 3 months.
Partial answer
Medium priority
How is NHI order awarding in terms of timelines and competition?
Asked by Modi Bandari, Capital
Management discussed their positioning but did not address timelines or competition directly.
no specific timelines or competition details
Read the exchange
Question
And one question on the industry front. Uh I know we are not very much now focused upon NHI road projects but uh if you are bidding how are you seeing the order awarding from NHI in terms of uh the uh timelines or the competition perspective.
Management
So you know we are in a higher sector where we are building projects more than 2,000 cr majority of them and we have already got one 2160 cr project and a 600 cr project of zakur bibas so we have a notch above there and better because of the higher network as a group we have a very good network and as a listed company this is on a better side.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue guidance: minimum 15% growth | 15% | 30.5% | Understated vs filing |
| EBITDA margin guidance: 11% to 12.5% | 11.75% | 16% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.