Ceigall India Limited — Investor Presentation 2026

Feb 9, 2026

Date: 09-02-2026

To,	To,
The General Manager,	Manager-Listing Compliance,
Department of Corporate Services,	National Stock Exchange of India Limited, Exchange
BSE Limited	Plaza, C-1, Block G,
Phiroze Jeejeebhoy Towers	Bandra Kurla Complex, Bandra East,
Dalal Street, Mumbai- 400001	Mumbai – 400051
Scrip Code: 544223	Symbol: CEIGALL
ISIN: INE0AG901020	ISIN: INE0AG901020

Sub: Investor Presentation on the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended December 31, 2025.

Dear Sir/Madam,

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investor Presentation on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine month ended December 31, 2025.

The same is also available on the website of the company at www.ceigall.com .

You are requested to take the above information on your record.

Thanking you,

Yours faithfully, FOR CEIGALL INDIA LIMITED

Digitally signed by MEGHA KAINTH Date: 2026.02.09 14:36:48 +05'30'

MEGHA KAINTH COMPANY SECRETARY Membership no: F7639

Investor Presentation

Q3 & 9M FY26

NSE: CEIGALL | BSE: 544223

This presentation and the accompanying slides (the "Presentation") have been prepared by Ceigall India Limited (the "Company") solely for informational purposes. They do not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities, and shall not form the basis of or be relied upon in connection with any contract or binding commitment whatsoever. No offering of securities by the Company will be made except through a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data it considers reliable. However, the Company makes no representation or warranty, express or implied, and no reliance should be placed on the truth, accuracy, completeness, fairness, or reasonableness of its contents. The Presentation may not be all-inclusive and may not contain all the information you may consider material. Any liability arising from the contents of, or any omission in, this Presentation is expressly disclaimed.

This Presentation contains certain forward-looking statements regarding the Company's future business prospects and profitability. These are subject to a number of risks and uncertainties, and actual results could materially differ from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, fluctuations in earnings, the ability to manage growth, domestic and international competition, economic conditions in India and abroad, the ability to attract and retain skilled professionals, time and cost overruns on contracts, management of international operations, government policies and regulatory actions, interest rates, and other fiscal factors prevailing in the economy. The Company does not undertake to announce any changes to forward-looking statements should they become materially incorrect in the future, nor to update any forward-looking statements made from time to time by or on behalf of the Company.

Safe Harbour Statement

One of the leading players in India's infrastructure sector, renowned for its expertise in Engineering, Procurement, & Construction (EPC) projects, with a track record of executing complex projects, including highways, expressways, bridges, flyovers and urban transportation systems.

Proven Execution Excellence

Figures in Rs. Million

Integrated Inventory Management Systems

Efficient management of inventory and resource mobilisation Pre-bid surveys and project site studies to fine-tune estimations, budgets, and mobilisation plans

Independent Project Monitoring

Partnered with Ernst & Young (EY) as Project Monitoring

Ensures milestone compliance, financial discipline, and boosts

• Agency
• stakeholder confidence

Established connect with bankers

Credit Rating of IND AA-/Negative (Long-term) & IND A1+ (Short-term)

• from India Ratings

Long-standing relationships with lenders; strong financial performance enables raising timely financing at competitive terms.

Asset Light Model

Rental equipment and equipment buyback model minimises capex and

• reduces raw material cost

Rental equipment is approx. 14% of total equipment cost

Strategic Bidding Mechanism

• Careful identification of projects and cost optimisation
• Undertaking: Technical surveys, feasibility studies, and cost analysis

In-house Engineering and Design Team

• In-house team with necessary skills and expertise
• Team of 100+ experienced professionals for undertaking
• complex projects and maintaining quality

Implementation of Technology and AI

• Integration of AI and data-driven tools across various functions including business development, procurement, finance, and human resources
• Enhance efficiency across bidding processes and project monitoring

Robust Internal Audit and Risk Management Framework

• Appointed Grant Thornton as Internal Auditor
• Regular audits and certifications strengthen compliance, risk management, and process efficiency

Optimizing Operational Efficiencies

Our Journey from Foundation to a Distinguished EPC Powerhouse

Expanding Global Footprint

Building a Global Platform for Future Growth

Singapore incorporation filings and board disclosures are publicly available on NSE archive and corporate announcements. **(subject to incorporation and regulatory approvals)

• Wholly-owned subsidiary serving as international platform for global expansion
• Strategic focus areas: Overseas infrastructure opportunities in Southeast Asia and Middle East markets
• Strategic acquisitions, joint ventures & partnerships
• Access to global institutional capital and international funding sources

Ceigall Global Pte. Ltd., Singapore

(Incorporated November 2025)

• Step-down subsidiary through Singapore entity to strengthen

• Target markets: UAE, Saudi Arabia, and broader Middle East

• GCC presence
• infrastructure

• Leverage India's expertise and resources for regional growth

Proposed Dubai, UAE Subsidiary**

(Under incorporation)

Kartarpur Sahib

• 6 Lane highway including bridges
• Won Special award

Delhi- Saharanpur PKG II

• Constructed in one of the congested areas of Delhi-NCR
• One of the longest six lane elevated highway in India

Ismailabad- Dhand PKG I

Access-controlled greenfield corridor project across Haryana Received bonus payment

Ramban-Banihal PKG II

• Construction of a twin tube tunnel of 6.03 km length in hilly terrain in J&K
• involved extensive slope protection and rockfall mitigation measures

Danapur Bahita Projects I

• India's longest four-lane elevated corridor, spanning 19.87 kilometers
• Project is running ahead of milestones

Kanpur Metro

• Contract with UPMRC for Kanpur Metro's Line
• Design and Construction of elevated viaduct and 5 Nos. elevated stations (viz. Agriculture University Station, Vijay Nagar Chauraha Station, Shastri Chowk Station, Barra-7 Station & Barra-8 Station)

Agra Metro

Contract with UPMRC for Agra Metro's

• Line
• Design and Construction of elevated viaduct and 3 Nos. elevated stations (viz. ISBT, Guru Ka Taal & Sikandara Metro Station)

Ayodhya Bypass

• 4,200-metre major bridge over the Saryu River on the southern side, recognized as the longest bridge in Uttar Pradesh
• 1,700-metre major bridge on the northern side of the city

Building the Future: Our Landmark Projects

Landmark Project : Sahebganj-Areraj-Bettiah Corridor

Professionally managed, merit-based organisation, led by independent professionals

Ramneek Sehgal (Chairman cum Managing Director)

• 23+ Years of Experience
• Responsible for Expansion, Profitability, Overall Growth and Innovation, as well as Preparing and Implementing Business Plans, Managing Costeffective Operations and Market Development Activities Bachelor's degree in
• commerce from Osmania University

Chitwon Wason (Whole-Time Director)

• 24+ Years of Experience
• Expertise in Business Development, client management for Urban Infrastructure - Metros, Tunnels, Roads, Bridges, Hydro & Water Business.
• Previously associated with AFRY India, HCC, TATA Project, BGR Energy.
• B.E- Mechanical Engineering from Manav Rachna Institute (CITM College) Faridabad

Anisha Motwani (Independent Director)

• 26+ years of Experience
• Expertise in Branding & Digital Transformation
• Previously associated with Max Life, DDB Mudra, Tara Sinha McCann Erickson, Euro RSCG Advertising and General Motors India
• B.Sc. and an MBA from the University of Rajasthan

Arun Goyal (Independent Director) Expertise in Accounting, Corporate Finance, and Auditing Previously associated with Trident Group B. Com. from Punjab University and Associate member of

• the ICAI

Vishal Anand (Independent Director)

• Previously associated with Anand Autocare Private Limited
• B.A. (Panjab University) and PGDBM (Infinity Business School)

Gurpreet Kaur (Independent Director)

• Previously associated with Govt. College for Girls, Ludhiana, as an assistant professor
• B. Com and M. Com. from Panjab University, Doctor of Philosophy in commerce and management studies from Himachal Pradesh University

Our Visionary Board of Directors

Dr. Sudhir Rao Hoshing (Whole-Time Director)

• 40+ years of experience
• Expertise in the infrastructure sector, particularly highways & airports
• Held leadership positions across some of India's most prominent infrastructure compa nies
• He holds a bachelor's degree in commerce from Osmania University

Kapil Aggarwal (Chief Financial Officer)

• 20+ Years of Experience
• Responsible for tracking Cash Flow, Financial Planning & Analysing the Company's Financial Strengths and Weaknesses and proposing Strategic Directions
• B. Com. from Maharshi Dayanand University and an associate member of ICAI

Megha Kainth (Company Secretary & Compliance Officer)

Responsible for Secretarial Compliance and Corporate Governance, she has deep expertise in Company Law, SEBI, and Stock Exchange

• 23+ Years of Experience
• regulations
• Associate Member of ICSI

Dinesh Kumar Misra (Vice President)

38+ Years of Diversified Experience in executing complex infrastructure projects including metro systems, highways, high-speed rail, power plants, refineries, hospitals, and institutional buildings, with a strong foundation in Civil Construction Project Management Previously involved in key Highway and Metro projects, applying his expertise in project management, planning, and contracts for

• successful execution.

Empowered Leadership Team

Ramesh Kumar Gupta (Chief Operating Officer)

• 40+ Years of Experience
• University, UP.

Previously associated with Soma Enterprise Ltd. He holds a bachelor's degree in engineering from Gorakhpur

Dr. Pawan Kumar Saluja (Chief Executive Officer - Projects)

• 30+ Years of Experience
• He holds a PHD in Civil Engineering from IIT Roorkee
• Expertise in Highways, Metro Rail, Airports, Industrial, and Urban Infrastructure projects

Mr. A. Saravanan (Vice President)

• 32+ Years of Experience
• Holds a degree in Mechanical engineering; Proven executive track record with leadership roles across major Indian infrastructure organizations.
• Deep industry exposure spanning marquee groups such as GMR, TCE, Consulting Engineering, and SPL Infrastructure.

Strategies for Growth

Robust Orderbook Ensuring Sustainable Growth

Driving Success Through Operational Excellence

	Roads / Highways / Flyovers	Railways / Metros	Tunnels	Bus Terminal	Airport Runways	Renewable Energy	Transmission & Distribution	Industrial Infrastructure
Projects Executed	37	-	-	-	-	-	-	-
Ongoing Projects	16	2	1	1	1	4	1	2

Focussing on leveraging expertise in roads, highways, expressways, flyovers, bridges, tunnels, to diversify into high-growth high-potential sectors like Airport Runways, Renewables & others

Strategic Diversification: Expanding Horizons through Core Competencies

Already made a Strong Presence in Further Diversifying Into

Transmission & Distribution

Establishment of the 400/220 kV Velgaon Substation (GIS)

Project Value: Rs. 4,068 Million

• Diversification into niche & high-potential sectors
• Building Long-Term Asset Value Through Subsidiary Expertise

Tariff-Based Competitive Bidding (TBCB) model

• Received LOA for procurement of 190 MW Solar Power from MSEDCL
• Received LOA for Solar PV based power plant (SPP) under Surya Mitra Krishi Feeders Scheme
• L1 Bidder for establishing Solar PV project at Morena Solar Park, MP
• Grid connected Solar PV based Power Plants (SPP) under Surya Mitra Krishi Feeders Scheme

Cumulative Value: Rs. 31,678 Million

• Diversification into niche & high-potential sectors • Building Long-Term Asset Value Through Subsidiary Expertise

Tariff-Based Competitive Bidding (TBCB) model

Foray into the high-potential Sectors (1/2)

Industrial Infrastructure • Received LOI for construction of Internal Roads in Aerotropolis S.A.S Nagar • L1 Bidder for Development of Bulk Drug Park at Una Distt. Cumulative Value: Rs. 6,220 Million Expanding into specialised industries with high growth potential Item Rate model

Foray into the high-potential Sectors (2/2)

	EPC	HAM	O&M	DFBOT	Tariff Based
Ceigall's Capabilities	Project management • Design & Engineering • • Construction & Maintenance Risk Management • Compliance & Safety •	Partial Financing • Operations & • Maintenance Risk & Compliance • Management	Asset Maintenance • Road & Property • Management Incident Management • Compliance •	Project Planning • • Stakeholder engagement Risk Management •	Regulatory Approvals • Revenue Predictability • Cost Recovery •
Projects Executed	18 + 12 (Item Rate)	2	5	-	-
Ongoing Projects	14	8	-	1	5

While the company's primary focus is on development and execution of EPC and HAM projects involving specialized structures, Ceigall further intends to diversify into other models like TOT, BOT, and BBB, while also targeting standalone O&M opportunities

Diversifying Projects for Enhanced Growth and Profitability

Strengthening Our Presence Across Key Indian Markets

Consolidated Financials 20 Ceigall also has a presence in Odisha and Delhi through a Branch Office

Diverse Clientele Across Key Infra Sectors

Ceigall is actively exploring avenues to expand our footprint in Build-Operate-Transfer (BOT) projects, T&D, Renewables pursue standalone O&M opportunities, and engage in strategic collaborations within specialised EPC markets; to drive future growth

Robust Order book Ensuring Sustainable Growth

Consolidated Financials

Figures in Rs. Million

7 Projects completed ahead of schedule

Experience and Expertise

• Specialised in construction in high-traffic and highdensity areas
• Construction of specialised structures such as tunnels in hilly terrain

Project Development and Execution

• In-house Engineering and Design Team
• Focus on completing projects in a timely manner while maintaining high quality construction
• Continue focusing on enhancing execution efficiency

Internal Controls and Processes

• Modern equipment to deliver quality projects
• Adopting industry-best practices
• Communication technology infrastructure
• The scale of our operations provides us with a significant advantage in reducing costs and sustaining our cost advantage

	Bonus Amount (Rs. Million)
	70.0
	104.8
	171.0
das to Gurdaspur	04 Karnal-Pehowa 07 Malout Abohar

Project	Early Completion Days	Bonus Amount (Rs. Million)
Khemkaran – Amritsar Project	170	70.0
Ismailabad-Dhand PKG I Project	54	104.8
Malout Abohar	214	171.0

Driving Success Through Operational Excellence

Won Special Award for Outstanding Work in Challenging Conditions at National Highways Excellence Awards, 2021 organized by the Ministry of Road Transport and Highways (MoRTH)

Ceigall has been honoured and recognized by the industry for its landmark achievements over the years. Some select awards are as follows:

Received Multiple Awards & Recognitions for Operational Excellence

Growth Drivers

Increased Budgetary allocation

• The Union Budget of 2026-2027 allocated ~INR 3.1 trillion to the Ministry of Road Transport and Highways, an ~8% increase from the previous year.
• Indian Railways was granted INR 2.6 trillion, following last year's historic allocation of INR 2.4 trillion.

Rising FDI in the Infrastructure sector

• In FY24, FDI in infrastructure increased to USD 4.2 billion from USD 1.7 billion in FY23
• The government is attempting to attract FDI by expanding manufacturing capacity in the higher value-add segments and emerging industries like electric vehicle (EV) battery manufacturing and by removing logistics bottlenecks

Improvement in Tendering & Other Processes by the Govt.

• Ministry of Finance introduced 'General Instructions on Procurement and Project Management' aimed to reform the existing procurement and project management rules and procedures in the execution of public projects, which was affected for a long time by cost and time overruns
• Improvement in Contracts Arbitration and Dispute Resolution Mechanism
• Introduction of Quality-cum-Cost based selection for procurement which does not only awards the project to the lowest bidder but evaluates a bidder based on a combination of technical and quality scores

Indian Infrastructure Industry to Witness Sustained Growth

Source: Industry Reports 26

All Segments Expected to Grow

Source: Industry Reports 27

Major Infrastructure Development Plans in India

Gati Shakti

• Focus: Significant public investment for modern infrastructure
• Investment: Rs 750 Billion for 100 critical transport infrastructure projects

National Infrastructure Policy

Focus: Infrastructure creation-led revival of the economy Investment: Rs.111 trillion for rural and urban infrastructure during FY20-25

Urbanization Schemes

• Focus: Helping the growth of urbanisation through various schemes
• Progress: Smart Cities Mission, AMRUT and the PMAY(U)

Bharatmala Pariyojana

• Focus: Enhance road infrastructure, optimise freight and passenger movement.
• Progress: 26,350 kms projects awarded, 14,783 kms constructed

Sagarmala

• Focus: Transform maritime sector, promote port-led development
• Aim: Enhance efficiency in cargo and passenger movement

National High Speed Rail Corporation

• Focus: Implementation of high-speed rail projects
• Notable Project: Mumbai-Ahmedabad High-Speed Rail corridor

Government's Focus on Infra Providing Strong Tailwinds

Q3 & 9M FY26 Performance Highlights (Standalone)

Figures in Rs. Million

Q3 & 9M FY26 Performance Highlights (Consolidated)

Figures in Rs. Million

		Standalone					Consolidated
Q3FY26	Q3FY25	9MFY26	9MFY25	Particulars	Q3FY26	Q3FY25	9MFY26	9MFY25
9,699	8,102	25,752	23,930	Revenue from Operations	9,911	8,305	26,359	24,251
2,272	2,655	6,458	7,330	Cost of Material Consumed	2,272	2,659	6,458	7,615
5,906	4,023	15,228	12,330	Cost of Construction	5,879	4,021	15,145	11,618
1,521	1,425	4,066	4,270	Gross Profit	1,760	1,625	4,756	5,018
15.7%	17.6%	15.8%	17.8%	Gross Profit Margin (%)	17.8%	19.6%	18.0%	20.7%
99	114	283	284	Employee Expenses	104	113	292	302
227	261	736	756	Other Expenses	265	278	845	811
1,195	1,050	3,047	3,230	EBITDA*	1,391	1,234	3,619	3,905
12.3%	13.0%	11.8%	13.5%	EBITDA Margin (%)*	14.0%	14.9%	13.7%	16.1%
118	97	433	327	Other Income	109	106	420	330
122	131	379	360	Depreciation	155	121	454	395
1,191	1,016	3,101	3,198	EBIT	1,345	1,219	3,585	3,840
201	104	624	518	Finance Cost	375	274	1,168	973
0	0	0	0	Exceptional Items/Share from Associates	0	0	0	0
990	912	2,477	2,679	Profit Before Tax (PBT)	970	945	2,417	2,867
245	230	615	673	Tax Expense	246	237	618	725
745	682	1,862	2,006	Profit After Tax (PAT)	724	708	1,799	2,142
7.7%	8.4%	7.2%	8.4%	PAT Margin (%)	7.3%	8.5%	6.8%	8.8%

Profit & Loss Statement

Figures in Rs. Million

Single digit %

Rs. 14,026 Million Order Inflow during Q3 FY25

Sr. No	Project	Authority	State	Type	Segment
1	Construction of Indore–Ujjain Greenfield (Access Control) 4-lane with paved shoulder project highway (length 48.10 km), starting from Km 0.000 near Pitra Parvat and terminating at Km 48.100 (Simhastha bypass Km 2.600) on Hybrid Annuity Mode (HAM)
2	Grid connected Solar PV based Power Plants (SPP) under Surya Mitra Krishi Feeders Scheme, with feeder solarization component of PM KUSUM-C scheme for sale of power to MPPMCL" -reg.

• Secured the Indore–Ujjain 4-lane Greenfield HAM project strengthening our presence in Madhya Pradesh and further expanding our HAM portfolio.

• Total order book stood at ₹132,951 million, supported by Q3 order inflows, providing strong multi-year revenue visibility.
• Emerged as L1 for the Jaipur Metro project for ₹9180 million under a JV structure, marking entry into the high-margin metro rail segment.
• Board approved a binding divestment of the Ceigall Malout Abohar Sadhuwali HAM asset, enabling capital recycling and balance sheet optimization.
• Subsidiary emerged as L1 for Sahebganj-Areraj-Bettiah Corridor for ₹ 21,600 million, strengthening the near-term order inflow pipeline.

Other Highlights

Q3 & 9M FY26 Business Highlights

Unlocking Capital: Strategic Monetization of Mature HAM Assets

Objective:

Ceigall has initiated a strategic program to monetise its portfolio of completed and near-complete Hybrid Annuity Mode (HAM) assets.

The Approach:

Divest 100% equity in mature assets to long-term investors (InvITs/Infrastructure Funds) to recycle capital.

Future Roadmap:

This transaction marks the start of a sustained monetization cycle. The Company intends to monetize the remaining HAM assets as they achieve COD/maturity.

Sr. No	Project	Status	Progress	Equity Invested*	Key Highlights
1	Malout – Abohar (Punjab)	Deal Concluded	100% Completed	992	• Sale Announced: 100% Stake divestment to Neo Asset Management. • COD Achieved: Dec 2025 (PCOD June 2023).
2	Bathinda – Dabwali (Punjab)	Near Completion	~98.65%	841	Status: Pre-COD received in Dec-25. • Strategy: Asset is now fully mature; monetization process initiated. •
3	Jalbehra – Shahbad (Haryana)	Near Completion	~95.44%	852	Strategy: Advanced stage execution; slated for divestment upon • completion.
*(₹ Million)

• COD Achieved: Dec 2025 (PCOD June 2023).
• Strategy: Asset is now fully mature; monetization process initiated.
• completion.

Strategic Rationale

Funding Growth : De-leveraging Balance sheet

• Monetization proceeds to fund equity requirements of ongoing & upcoming HAM projects
• Reduces dependence on incremental borrowing for HAM equity infusion

De-leveraging & Capital Efficiency

• Monetization proceeds to support repayment / prepayment of standalone debt
• Improves consolidated leverage metrics & ROE
• Releases capital locked in long-tenor annuity assets

Transaction Overview: Malout-Abohar Asset Sales

Successfully concluding the first milestone in our asset monetization roadmap

Project Overview

• Asset: Ceigall Malout Abohar Sadhuwali Highways Pvt. Ltd. (CMASHPL).
• Scope: 4-Laning of Malout-Abohar Bypass to Sadhuwali (Punjab).
• Length: 65 Km | Authority: NHAI.
• Buyer: Neo Asset Management Private Limited (Infrastructure Trust/Fund).

• Structure: Sale of 100% Equity Stake owned by Ceigall India Ltd.

• De-leveraging: Consolidation debt reduction by transferring project debt to buyer.

• Capital Efficiency: Unlocks equity upfront instead of 15-year annuity wait.

Financial Impact

• Demonstrates successful execution of HAM monetisation strategy
• Sets a valuation & execution benchmark for future HAM asset sales
• Confirms strong investor appetite for operational annuity assets

Strategic Significance

Risk Transfer

Shifting long-term O&M and interest rate risks to institutional experts.

Growth Fuel

Immediate liquidity to power the next phase of high-margin project bidding.

Establishing Ceigall as a preferred partner for global infrastructure funds.

Market Validation

ROE Optimization

Shortening the capital cycle to maximize sustainable shareholder returns.

Total Infused Equity ₹ 992 Million

Total Consideration (Cash + Surplus) ₹ 1,770 Million

Order Book Composition

The order book as of the reporting date includes tariff based and DFBOT projects for which the capex value is under finalization. The values shown are provisional and may be revised once the final contract terms and project scope are determined.

Sr. No.	Project	% Stake	Authority	State	Type	JV Partners	Kms / Lanes	Total Project Cost (Rs. Million)	% Completion	Balance Order Book as on 31.12.2025 (Rs. Million)
1	Construction of Four Laning of part of Ramban to Banihal (Package-III) in the UT of Jammu & Kashmir on EPC mode	100%	NHAI	J & K	EPC		21	3690	44.0%	2067
2	Construction of 4 Laning of part of Ramban to Banihal IC of twin tube tunnel (PKG-II) in UT of JK on EPC Mode	60%	NHAI	J & K	EPC	Patel Engineering Limited (40%)	24	8460	90.2%	829
3	Devolpment of Six-Lane of access controlled in Uttar Pradesh portion of Delhi Saharanpur Highway Border		NHAI	UP	EPC		101	13235	99.0%	128
4	Construction of four-lane Greenfield Delhi-Amritsar-Katra Expressway from Junction with Patiala-Bathinda road	100%	NHAI	Punjab	EPC		148	8810	93.8%	549
5	Rehabilitation and Up-gradation of Makhu	100%	PWD	Punjab	EPC		49	1273	95.6%	56
6	Construction of Four/Six Lane Greenfield Ludhiana-Rupnagar	100%	IRCON	Punjab	EPC		173	10382	89.4%	1099
7	Re-surfacing of Runway and Aircraft operating area at AF station Halwara	100%	MES	Punjab	EPC			1384	100.0%	0
8	Improvement/Upgradation, Widening and strenthering of Mansi-fungo Halt, Bakhtiyarpur	100%	Bihar	Bihar	EPC		56	7817	69.9%	2351
9	Construction of Four Lane Elevated Corridor and at-grade improvements from Design Ch:0+000 to Design Ch: 19+870 of Danapur – Bihta Section	95%	NHAI	Bihar	EPC	YFC Projects Pvt Ltd. (5%)	100	19695	43.4%	11140
10	Design And Construction Of 4 Nos. (3 Lvups + 1 Flyover) Standalone 6 L Structures On Gonde-Vadape	100%	NHAI	Maharashtra	EPC		20	508	95.7%	22
11	Design and Construction of elevated viaduct and 3 Nos. elevated stations	100%	UPMRC	UP	Item Rate			2669	56.0%	1175
12	Design and Construction of elevated viaduct and 5 Nos. elevated stations on Corridor-2 of Kanpur MRTS Project at Kanpur, Uttar Pradesh, India."	100%	UPMRC	UP	Item Rate			4271	45.8%	2315
13	Construction of Internal Road of Pocket B, C & D of Aerotropolis S.A.S Nagar (Civil, Public Health and Elect. Works).	100%	GMADA	Punjab	Item Rate			4314	0.0%	4314
14	Development of Bulk Drug Park at Una Distt. Una (H.P.) SH Formation cutting, c/o internal roads, storm water drains, bridge and boundary fencing PH-I.	100%	HPSIDC	Himachal Pradesh	Item Rate			1907	0.0%	1907
	Order Book - EPC									27,950

Order Book Details - EPC

Sr. No.	Project	% Stake	Authority	State	Kms/Lane	Status	Total Project Cost (Rs. Million)	Invested Equity as on Dec 2025 (Rs. Million)	Company's share of Invested Amount (Rs. Million)	Total Debt Sanctioned (Rs. Million)	Debt as on Dec 2025 (Rs. Million)	% Completi on	Balance Order Book as on Dec 2025 (Rs. Million)
1	Construction of 4-Lane Greenfield Jalbehra - Shahbad	100%	NHAI	Haryana	91.4	Ongoing	5,400	852	852	2,920	2,738	95.44%	246
2	Development of 6-lane access controlled Ludhiana-Bathinda Greenfield highway	100%	NHAI	Punjab	271.46	Ongoing	8,800	864	16	5,093	219	22.11%	6,854
3	Construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway	100%	NHAI	Jharkhand	198	Ongoing	11,510	77	70	6,313	-	4.34%	11,010
4	Construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway	100%	NHAI	Jharkhand	221.4	Ongoing	15,000	81	78	8,390	-	1.01%	14,849
5	Construction of 4/6 Lane Northern Ayodhya Bypass	100%	NHAI	Uttar Pradesh	147.1	Ongoing	11,100	1,045	283	6,806	599	22.22%	8,634
6	Construction of 4/6 lane Southern Ayodhya Bypass	100%	NHAI	Uttar Pradesh	134	Ongoing	12,060	1,274	1,230	7,405	599	28.77%	8,590
7	Development of 6-lane Greenfield Southern Ludhiana Bypass	100%	NHAI	Punjab	151.44	Ongoing	8,550	29	8	5,236	-	8.29%	7,841
8	Construction of Indore–Ujjain Greenfield (Access Control) 4- lane with paved shoulder project highway	100%	MPRDCL	Madhya Pradesh	192.4	Ongoing	9,800	-		-	-	0.00%	9,800
	Order Book – HAM												67,825

Order Book Details – HAM

S. No.	Project	% Stake	Authority	State	Type	JV Partners	Total Project Cost (Rs. Million)	% Completion	Balance Order Book as on 31.12.2025 (Rs. Million)
1	Development of Kanpur Central bus terminal, Uttar Pradesh on Design Build Finance Operate and Transfer (DBFOT) basis	100%	UPSRTC	Uttar Pradesh	DBFOT	-	1,430	0.00%	1,430
2	Transmission Service Provider through tariff based competitive bidding process for "Establishment of 400/220 kV Velgaon Substation (GIS).		REC	Maharashtra	Tariff Based	-	3,798	0.00%	3,798
3	Solar Power under Mukhyamantri Saur Krushi Vahini Yojana 2.0 for 147 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL)		MSEDCL	Maharashtra	Tariff Based	-	5,486	0.00%	5,486
4	Solar Power under Mukhyamantri Saur Krushi Vahini Yojana 2.0 For 190 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL),		MSEDCL	Maharashtra	Tariff Based	-	7,091	0.00%	7,091
5	DEVELOPMENT OF 600 MWAC GRID-CONNECTED GROUND MOUNTED SOLAR PHOTO VOLTAIC PROJECT WITH BATTERY ENERGY STORAGE SYSTEMS (BESS) ASSURING 440 MW OF PEAK POWER SUPPLY, TO BE SET UP IN MORENA SOLAR PARK AT MORENA, MADHYA PRADESH.		RUMSL	Madhya Pradesh	Tariff Based	-	14,875	0.00%	14,875
6	Grid connected Solar PV based Power Plants (SPP) under Surya Mitra Krishi Feeders Scheme, with feeder solarization component of PM KUSUM-C scheme for sale of power to MPPMCL" -reg.		MPUVNL	Madhya Pradesh	Tariff Based	-	4,226	0.00%	4,226
	Order Book – DBFOT & Tariff Based								36,906

Order Book Details – DBFOT & Tariff Based

The order book as of the reporting date includes tariff based and DFBOT projects for which the capex value is under finalization. The values shown are provisional and may be revised once the final contract terms and project scope are determined.

Debt Positioning as on 31.12.2025

Standalone Debt	Mar 25	Dec 25
Term Loan
- Equipment Term Loan	183	115
- Term Loan	4,037	2,093
Working Capital Loan	2,139	3,311
Total Debt	6,359	5,519

Consolidated Debt	Mar 25	Dec 25
Term Loan
- Equipment Term Loan	865	675
- Term Loan	4,337	2,093
HAM Term Loan
- Malout Abohar Sadhuwali (Final COD achieved on 05/12/25)	2,433	2,245
(physical progress achieved: (98.65%) * - Bathinda Dabwali	1,735	1,734
- Jalbehra Shahbad (physical progress achieved: (95.44%)	2,639	2,738
- Ayodhya Bypass (physical progress achieved: (28.77%)	-	599
- Northern Ayodhya Bypass (physical progress achieved: (22.22%)	-	599
- Ludhiana Bathinda Greenfield (physical progress achieved: (22.11%)	-	219
Working Capital Loan	2,139	3,311
Total Debt	13,967	14,212

Figures in Rs. Million

*Pre-COD achieved on 22/12/25 40

Net Working Capital Days (Consolidated)

Key Financial Highlights – Standalone (1/2)

Key Financial Highlights – Standalone (2/2)

Key Financial Highlights – Consolidated (1/2)

FY23 FY24 FY25

Figures in Rs. Million

Key Financial Highlights – Consolidated (2/2)

Book To Bill Ratio (x) Debt to Equity (x)

Net Debt to EBITDA (times)

28.0%

ROE (%) & ROCE (%)

Figures in Rs. Million

		Standalone					Consolidated
FY23	FY24	FY25	CAGR (FY23-25)	Particulars	FY23	FY24	FY25	CAGR (FY23-25)
20,653	29,547	33,848	28.0%	Revenue from Operations	20,682	30,294	34,367	28.9%
6,871	9,721	9,883		Cost of Material Consumed	6,871	10,531	10,169
9,845	13,993	18,171		Cost of Construction	9,874	12,978	17,458
3,938	5,834	5,794		Gross Profit	3,937	6,785	6,740
19.1%	19.7%	17.1%		Gross Profit Margin (%)	19.0%	22.4%	19.6%
295	572	383		Employee Expenses	296	620	399
660	876	1,088		Other Expenses	684	988	1,158
2,983	4,386	4,322	20.4%	EBITDA*	2,957	5,177	5,184	32.4%
14.4%	14.8%	12.8%		EBITDA Margin (%)*	14.3%	17.1%	15.1%
204	370	532		Other Income	189	368	562
376	464	515		Depreciation	376	550	557
2,810	4,292	4,339		EBIT	2,770	4,995	5,189
324	612	724		Finance Cost	517	942	1,344
-	-	0		Exceptional Items/Share from Associates	-	0	0
2,486	3,680	3,616		Profit Before Tax (PBT)	2,253	4,054	3,846
633	911	913		Tax Expense	579	1,010	980
1,853	2,769	2,702	20.8%	Profit After Tax (PAT)	1,674	3,043	2,866	30.9%
9.0%	9.4%	8.0%		PAT Margin (%)	8.1%	10.1%	8.3%

Standalone Balance Sheet

Particulars (Rs. Million)	FY23	FY24	FY25	H1FY26	Particulars (Rs. Million)	FY23	FY24	FY25	H1FY26
ASSETS					Equity
Non ‐ Current Assets					(a) Equity share capital	393	786	871	871
Property, plant and equipment	2,460	2,701	3,141	2,729	(b) Other equity	5,720	7,999	17,121	18,172
Capital work‐in‐progress	18	20	101	-	Total Equity	6,113	8,785	17,992	19,043
Right of use assets	28	49	4	19
Intangible assets	-	1	3	2	Liabilities
Financial Assets					Non ‐ Current Liabilities
(i) Investments	555	1,984	3,404	4,773	Financial liabilities
(ii) Loans & Advances	1	382	712	1,211	(i) Borrowings	1,349	1,273	1,663	556
(ii) Other Financial Assets	172	428	963	805	(ii) Lease liability	25	43	1	6
Deferred Tax Assets	51	89	113	117	Non-Current Provisions Total Non ‐ Current Liabilities	- 1,374	35 1,351	47 1,711	41 603
Other non‐current assets	3	28	-	-
Total Non ‐ Current Assets	3,290	5,682	8,442	9,657	Current Liabilities
Current Assets					Contract Liabilities		1,315	1,646	1,877
Inventories	1,069	1,003	1,037	898	Financial liabilities
Contract Assets	3,048	3,722	8,467	11,900	(i) Borrowings	3,325	3,796	4,696	5,592
Financial Assets					(ii) Lease liability		8	2	14
(i) Investments	222	-	-	-	(iii) Trade payables
(ii) Trade receivables	3,479	4,849	8,508	10,097	(a) total outstanding dues of micro	900	493	406	745
(iii) Cash and cash equivalents	2,155	2,277	3,776	1,109	enterprises and small enterprises
(iv) Bank balances other than (iii) above	1,438	1,005	1,630	1,223	(b) total outstanding dues of creditors other than micro enterprises and small enterprises	2,688	2,792	6,875	8,886
(v) Loans & Advances	428	1	1	171	(iv) Other financial liabilities	129	267	315	455
(vi) Other financial assets	114	145	345	447	Other current liabilities	1,520	860	949	624
Current Tax Assets	-	-	96	65	Current provisions	15	6	7	5
Other Current Assets	850	1,000	2,298	2,275	Current tax liabilities (net)	30	11	-	-
Total Current Assets	12,804	14,002	26,158	28,187	Total Current Liabilities	8,606	9,549	14,896	18,198
Total Assets	16,093	19,685	34,599	37,844	Total Equity and Liabilities	16,093	19,685	34,599	37,844

Consolidated Balance Sheet

Particulars (Rs. Million)	FY23	FY24	FY25	H1FY26	Particulars (Rs. Million)		FY24	FY25	H1FY26
ASSETS					Equity
Non ‐ Current Assets					(a) Equity share capital	393	786	871	871
Property, plant and equipment	2,460	2,960	3,384	3,238	(b) Other equity	5,538	8,092	17,455	18,499
Capital work‐in‐progress	18	20	232	104	Equity attributable to equity holders of the	5,931	8,877	18,326	19,370
Right of use assets	28	49	4	19	parent
Intangible assets	-	1	3	2	Non‐controlling interests		187	112	76
Financial Assets					Total Equity	5,931	9,064	18,438	19,446
(i) Investments	3	22	57	74	Liabilities
(ii) Other Financial Assets	172	400	1,008	805	Non ‐ Current Liabilities
(iii) Receivable Under Service Concessions	2,828	6,541	10,236	14,195	Financial liabilities
Arrangements					(i) Borrowings	3,676	6,474	8,513	7,173
Deferred Tax Assets	109	89	45	48	(ii) Lease liability	25	43	1	6
Other non‐current assets	6	139	154	173	Non-Current Provisions	25	38	47	41
Total Non ‐ Current Assets	5,626	10,221	15,124	18,658	Total Non ‐ Current Liabilities	3,726	6,554	8,562	7,219
Current Assets					Current Liabilities
Inventories	1,069	1,183	1,037	898	Contract Liabilities	883	1,480	1,380	1,611
Contract Assets	3,050	4,028	8,484	11,913	Financial liabilities
Financial Assets					(i) Borrowings	3,325	4,138	5,454	6,239
(i) Investments	222	-		-	(ii) Lease liability	3	8	2	14
(ii) Trade receivables	3,163	4,298	6,758	4,879	(iii) Trade payables	-	-
(iii) Cash and cash equivalents	2,169	2,429	4,396	1,242	(a) total outstanding dues of micro
(iv) Bank balances other than (iii) above	1,438	1,252	1,943	1,722	enterprises and small enterprises	900	743	410	745
(v) Loans & Advances	1	-	1	501	(b) total outstanding dues of creditors other	2,688	2,693	6,844	8,770
(vi) Other financial assets	112	173	301	646	than micro enterprises and small enterprises
(vii) Receivable Under Service Concessions	-	76	144	151	(iv) Other financial liabilities	172	301	346	509
Arrangements					Other current liabilities	606	931	1,035	829
Current Tax Assets	-	93	186	97	Current provisions	15	10	7	5
Other Current Assets	1,428	2,170	4,103	4,681	Current tax liabilities (net)	29	-	-	-
Total Current Assets	12,652	15,701	27,354	26,729	Total Current Liabilities	8,621	10,304	15,478	18,722
Total Assets	18,278	25,922	42,478	45,387	Total Equity and Liabilities	18,278	25,922	42,478	45,387 49

eic	U) O

Cash Flow Statement

Figures in Rs. Million

Standalone			Consolidated
FY23	FY24	FY25	H1FY26	Particulars	FY23	FY24	FY25	H1FY26
2,472	3,680	3,616	1,487	Profit before Tax	2,252	4,054	3,846	1,447
(546)	(758)	(817)	407	Adjustment for Non-Operating Items	745	1,175	(1,443)	820
3,018	4,438	4,432	1,895	Operating Profit before Working Capital Changes	2,997	5,228	5,289	2,267
(1,739)	(1,703)	(6,136)	(2,304)	Changes in Working Capital	(3,087)	(6,251)	(9,359)	(3,522)
1,279	2,735	(1,703)	(409)	Cash Generated from Operations	(90)	(1,023)	(4,070)	(1,256)
(631)	(940)	(1,036)	(429)	Less: Direct Taxes paid	(637)	(1,086)	(1,126)	(476)
648	1,796	(2,739)	(838)	Net Cash from Operating Activities	(727)	(2,108)	(5,196)	(1,731)
(1,645)	(1,354)	(2,819)	(1,113)	Cash Flow from Investing Activities	(1,338)	(382)	(1,299)	(13)
2,235	(320)	7,058	(716)	Cash Flow from Financing Activities	3,260	2,749	8,462	(1,410)
1,239	122	1,499	(2,667)	Net increase/ (decrease) in Cash & Cash Equivalents	1,195	259	1,967	(3,155)
917	2,155	2,277	3,776	Add: Cash and Cash Equivalents as at 1st April	975	2,169	2,429	4,396
2,155	2,277	3,776	1,109	Cash and Cash Equivalents as at 31st March	2,169	2,429	4,396	1,242

Shareholding Information

Shareholder Information as on 31 st December 2025
BSE Ticker	544223
NSE Symbol	CEIGALL
Market Cap (in Rs. Million)	46,852
% Free- float	17.9%
Free Float Market Cap (in Rs. Million)	8,387
Shares Outstanding (Million)	174.2
3M ADTV (Shares)	1,35,193
3M ADTV (in Rs. Million)	34.39

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Ceigall India Limited

Mr. Kapil Aggarwal Chief Financial Officer cfo@ceigall.com ir@ceigall.com

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