Ceigall posts 17.02% operating margin with INR 2,26,811 million order book
Financing costs were the main drag between operating profit and pre-tax profit, while management highlighted new HAM, transmission and solar execution milestones.
Filed 05 Nov 2026, 14:56 IST · Ceigall India Ltd (CEIGALL)
Key takeaways
- Ceigall India delivered a consolidated operating margin of 17.02%, 4.86 percentage points above the Industrials median across 152 reported peers.
- Interest of Rs 42.80 cr and depreciation of Rs 12.79 cr reduced operating profit of Rs 174.04 cr to profit before tax of Rs 124.10 cr.
- Management reported an order book of INR 2,26,811 million, alongside appointed dates for three HAM projects worth approximately INR 4,050 crore.
Price around the results
Operating profit absorbed a sizeable financing charge
Ceigall's consolidated operating profit of Rs 174.04 cr narrowed to profit before tax of Rs 124.10 cr after Rs 42.80 cr of interest and Rs 12.79 cr of depreciation. Tax of Rs 31.94 cr then reduced profit after tax to Rs 92.17 cr, with EPS at Rs 5.29. Other income was Rs 5.66 cr, so the earnings bridge was shaped more by financing costs than by non-operating income.
Margin was above the reported Industrials peer median
The 17.02% operating margin was 4.86 percentage points above the 12.16% median for the 152 Industrials companies that had reported. With no sequential or year-on-year comparison in this release, the peer comparison is the clearest measure of relative operating performance for the quarter.
Order book and project execution broaden the business pipeline
Management said the order book stood at INR 2,26,811 million on September 30, 2026, providing visibility across its infrastructure portfolio. The company reported appointed dates for three HAM projects aggregating approximately INR 4,050 crore and five Northeast India EPC contracts worth approximately INR 2,423 crore. It also reported provisional commercial operation dates for the Jalbhera and Delhi–Saharanpur Highway projects, and 10 MW of solar capacity commissioned in Maharashtra ahead of schedule. Management said it intends to pursue TOT, BOT, PPP, transmission and distribution, renewables, standalone O&M and strategic collaboration opportunities.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,022 cr |
| Other income | ₹6 cr |
| Expenses | ₹848 cr |
| Operating profit | ₹174 cr |
| Operating margin (%) | 17.02% |
| Interest | ₹43 cr |
| Depreciation | ₹13 cr |
| Profit before tax | ₹124 cr |
| Tax | ₹32 cr |
| Net profit | ₹92 cr |
| EPS (₹) | ₹5.29 |
Operating margin of 17.02% compares with a Industrials sector median of 12.16% across 152 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company achieved provisional commercial operation dates for the Jalbhera project in August 2026 and Delhi–Saharanpur Highway in September 2026.
- The company commissioned 10 MW of solar capacity in Maharashtra ahead of schedule.
Guidance & outlook
- The order book stood at INR 2,26,811 million on September 30, 2026, providing strong revenue visibility across the diversified infrastructure portfolio.
- The company intends to diversify into TOT, BOT and PPP models while targeting standalone O&M opportunities.
- Ceigall is exploring BOT, transmission and distribution, renewables, standalone O&M opportunities and strategic collaborations to drive future growth.
Expansion
- The company received appointed dates for three HAM projects aggregating approximately INR 4,050 crore, enabling project execution to begin.
- The company strengthened its Northeast India presence with five EPC contracts worth approximately INR 2,423 crore for the NH-913 Frontier Highway.
- The company commissioned 10 MW under Maharashtra's 147 MW MSKVY 2.0 solar project ahead of schedule.
New orders
- The company won the INR 45,000 million Jam Khambhaliya-Jamnagar power transmission project spanning Gujarat and Maharashtra.
New initiatives
- The company is pursuing HAM asset monetisation to unlock capital from mature assets and support future growth opportunities.
What to watch
- Whether consolidated operating margin remains around 17.02%.
- Execution progress on the three HAM projects aggregating approximately INR 4,050 crore.
- Conversion of the INR 2,26,811 million order book into revenue and operating profit.