1. Opening Hook
Just when you thought Indian infra companies had finally beaten the monsoon boss level, FY26 politely reminded everyone who’s in charge. Ceigall India walked into Q2 with confidence, walked out blaming rain, land acquisition, and a little bit of government paperwork yoga.
That said, this wasn’t a disaster movie. Order book is chunky, diversification is real, and management is talking about AI, renewables, global expansion, and debt reduction—all in one breath. Execution slowed, yes, but ambition didn’t.
This concall was less about fireworks and more about setting the stage: slow first half, “trust us bro” second half, and a lot of confidence in Q3 and Q4 doing the heavy lifting.
Read on—because beneath the rain excuses and cautious guidance, there’s a company quietly reshaping its business mix.
2. At a Glance
- Order Book ₹12,598 cr – Big enough to flex, diversified enough to sleep better.
- H1 Revenue +1.4% YoY – Monsoon arrived, growth took a rain check.
- Consolidated EBITDA Margin 13.5% – Margins stayed sharp, unlike execution speed.
- Debt-to-Equity down to 0.7x – Deleveraging quietly doing its job.
- Renewables now 22% of OB – Roads still king, but solar is crashing the party.
3. Management’s Key Commentary
“Indian economy is projected to grow at around 6.8% in FY26.”
(Macro optimism activated; micro problems politely ignored 😏)
“Prolonged monsoon impacted timely delivery of materials.”
(Rain remains Ceigall’s
toughest competitor 🌧️)
“Order book stands at ₹12,598 crores across 26 projects.”
(Plenty on the plate, now someone please start cooking faster)
“Renewable energy accounts for 22% of the order book.”
(From roads to rays—solar glow-up underway ☀️)
“We secured orders worth ₹3,747 crores in H1 FY26.”
(Diversification wasn’t just a PowerPoint slide)
“Debt-to-equity reduced from 0.8x to 0.7x.”
(Balance sheet quietly hitting the gym)
“We are integrating AI across bidding and project monitoring.”
(Because Excel alone can’t save EPC margins anymore 🤖)
4. Numbers Decoded
| Metric | Q2 FY26 | H1 FY26 | Decoded Take |
|---|---|---|---|
| Revenue (Standalone) | ₹787 cr | ₹1,605 cr | Flat-ish, rain did its thing |
| EBITDA Margin (Standalone) | 11.7% | 11.5% | Management likes this comfort zone |
| PAT Margin | 7.1% | 7.0% | Predictable, stable, boring (good boring) |
| Consolidated EBITDA Margin | 14.1% | 13.5% | HAM + assets doing the heavy lifting |
| Total Debt (Consolidated) | ₹1,341 cr | ↓ vs FY25 | Slow but steady deleveraging |
Margins held steady; execution didn’t. Story of the half.
5. Analyst Questions
- Revenue growth muted—can H2 really deliver 17%?
Management: Yes, because rain has
