🏗️ Ceigall India – Flyovers, FAT Margins, and a Pile of Receivables
Date of Publishing -
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🔍 At a Glance
Ceigall India is not another NBCC. It builds bridges, highways, rail overpasses, tunnels – and even runways. But here’s the twist: it’s growing like crazy, profitable, and yet burning cash faster than Noida’s roads get relaid. At a ₹4,600 Cr market cap, it’s the newest smallcap infra darling… but is this L&T-in-the-making or just another EPC sugar rush?
🧱 Business Model – WTF Do They Even Do?
Ceigall = hardcore EPC contractor. Business lines include:
They bag contracts from NHAI, PWDs, Railways, and State Infra bodies. Think HG Infra but with tighter execution timelines and a higher operating margin.
📊 Financials Snapshot
Metric
FY21
FY22
FY23
FY24
FY25
Revenue (₹ Cr)
873
1,134
2,068
3,029
3,437
Net Profit (₹ Cr)
112
126
167
304
287
OPM (%)
18%
16%
14%
17%
15%
ROCE (%)
NA
33%
27%
30%
22%
📈 This is what EPC dreams are made of – 4x revenue in 4 years, and margins >15% = elite execution. But read on… the balance sheet has its own punchlines.
