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Swing Capital

Ceigall India Ltd

NSE: CEIGALL BSE: 544223Infra

Founded in 2002, Ceigall India Limited is an infrastructure construction company with expertise in specialized structural projects, including elevated roads, flyovers, bridges, railway overpasses, tunnels, highways, expressways, and runways.[1]

₹334
52W: ₹223 — ₹387
PE 19 · Book ₹120 · +178% vs book
Market Cap₹5,815 Cr
Stock P/E19Price to Earnings
ROCE19.9%Return on Capital
ROE15.7%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 22.3% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Working capital days have increased from 49.5 days to 70.9 days

Shareholding Pattern

Promoters82.05%
FIIs3.14%
DIIs5.37%
Public9.44%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters82.05%82.05%82.05%82.05%82.05%82.05%82.05%
FIIs2.97%1.58%▼1.41.47%▼0.11.81%▲0.32.48%▲0.72.9%▲0.43.14%▲0.2
DIIs6.88%7.67%▲0.88.23%▲0.67.33%▼0.95.67%▼1.75.08%▼0.65.37%▲0.3
Public8.09%8.7%▲0.68.25%▼0.48.8%▲0.69.79%▲1.09.96%▲0.29.44%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales7458587738108109928187879701,294
Expenses6337266577087058837256958501,111
Operating Profit1121321161021051099492119183
OPM %15%15%15%13%13%11%11%12%12%14%
Net Profit758769636870565674119
EPS ₹4.765.524.43.633.9143.213.214.276.83

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,869Cr, up 14.3% YoY. OPM at 13%.

Debt Position

Borrowings at ₹413Cr. Debt-to-equity ratio: 0.21x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.37% (-1.51pp change). FIIs: 3.14% (+0.17pp change). Promoters hold 82.05%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 20% (Mar 2026). Working capital days: 71.

Valuation

PE 19x with 19.9% ROCE. Price is 178% above book value of ₹120. Dividend yield: 0%.

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