1. Opening Hook
When monsoons arrive early, most infra companies cry. Ceigall, on the other hand, shrugs and says: “Let’s start Ayodhya instead.” Q1 revenue was up 9% YoY, PAT slipped, margins narrowed — but order book still towers at ₹10,300+ cr. Throw in HAM equity infusions, Bhubaneswar Metro drama, and a surprise entry into T&D + renewables, and you’ve got an infra buffet. By the way, they’re chasing ₹5,000 cr of fresh orders this year. Will it land, or will NHAI land acquisition delay the party again? Keep reading.
2. At a Glance
Standalone Revenue ₹818 cr, +9% YoY – Rain couldn’t stop the topline jog.Consol Revenue ₹838 cr, +4% YoY – Marginal, like an onion slice in samosa.EBITDA ₹109 cr vs ₹122 cr YoY – Margins slimmed to 13%.PAT ₹51 cr vs ₹69 cr YoY – Profits slipped, infra gods not kind.Order Book ₹10,300+ cr – Still bulked up, NHAI heavy.Gross Debt ₹1,424 cr (consol) – Net D/E 0.5x, fit for infra gym.Equity infusion pending ₹872 cr – To be squeezed over 2.5 years.
3. Management’s Key Commentary
Quote: “Revenue rose 9% YoY to ₹818 cr; PAT slipped to ₹559 mn.”(Translation: Sales okay, profits took a water break.)
Quote: “Bhubaneswar Metro project terminated; will rebid when re-tendered.”(Translation: Metro ghosted us, but we’ll try again like a clingy ex.)
Quote: “Two Ayodhya projects worth ₹2,316 cr have started.”(Translation: Ram Mandir economy is real, and we’re billing for it.)
Quote: “Equity infusion in HAM projects stands at ₹513 cr so far.”(Translation: Cash is getting injected faster than a startup unicorn.)
Quote: “We entered T&D, emerged L1 for Velgaon 400 kV substation worth ₹490 cr.”(Translation: From highways to high-voltage — diversification zaps in.)
Quote: “Targeting ₹5,000 cr order inflow in FY26.”(Translation: If NHAI tenders stop snoozing, we’re ready to pounce.)
4. Numbers Decoded
Source table Metric Value Q1 FY26 YoY Change One-Line Analysis Standalone Revenue ₹818 cr +8.7% Monsoon stole days, but topline held. Consol Revenue ₹838 cr +4.3% Growth slower, still in green. EBITDA – The Cushion ₹109 cr -11% Margins fell to 13% from 15%. PAT – The Dip ₹51 cr -26% Infra margins squeezed by costs. Order Book – The Buffet ₹10,300+ cr Stable 62% HAM, 37% EPC; NHAI dominance. Debt – The Load ₹1,424 cr Higher Net D/E 0.5x = healthy for infra. Equity Infusion Need ₹872 cr Pending To be spread over ~30 months.
(EPC margins steady ~11–11.5%; “bonus/claims” push it towards 15% only in good quarters.)
5. Analyst Questions
Metro cancellation impact? Mgmt: 
