PPA signing delays for solar projects
Solar projects worth ₹3,168 crore are pending PPA signing, which could delay execution and revenue recognition.
CEIGALL / Q3-FY26 / risks
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Ceigall India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
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.
Appointed date delays for HAM projects
Delays in receiving appointed dates for five HAM projects could push back revenue and equity deployment timelines.
International expansion execution risk
Initial steps into Southeast Asia and Middle East via Singapore subsidiary carry geopolitical and operational risks.