Synopsis: A stock with a 3 sales CAGR of 45 percent has now secured Rs 298 crore orders from RPSG Group’s Purvah Green Power for transmission and wind energy EPC projects.
A small-cap stock in the business of infrastructure EPC and road construction has secured Rs 298 crore in renewable energy orders from Purvah Green Power, strengthening its execution pipeline. The company currently holds an order book of Rs 13,268 crore, providing strong revenue visibility while maintaining a diversified mix across roads, renewables, and other infrastructure segments.
With a market cap of about Rs 4,800 Cr, Ceigall India Ltd saw its stock hit an intraday high of almost Rs 277 which is 4.5 percent higher than the previous close of Rs 265.The stock is currently trading at a PE of 18 which is signtly more than the industry PE of 15.
News
Ceigall India Limited has informed exchanges it has received two work orders from Purvah Green Power Private Limited for projects in Andhra Pradesh. These contracts involve engineering procurement and construction activities for transmission infrastructure and wind power projects, marking a significant addition to the company’s renewable energy-focused order book.
The orders include turnkey execution of a 220 kV transmission line and balance of plant construction for a 300.3 MW hybrid wind project comprising multiple turbine generators. With a combined value of Rs 298 crore and a ten month timeline, the contracts strengthen the company’s execution pipeline and growth visibility.
Furthermore, the company reported that two projects under the Punjab Infrastructure Development Board, valued at Rs. 207 crore, will no longer proceed. Despite the company’s earlier status as the L1 bidder, official correspondence received on March 24, 2026, confirmed that both tenders were cancelled for administrative reasons.
Order Book & Mix
As of Q3FY26, the company’s order book stands at Rs 13,268 Crore, where it has 28 ongoing projects. The current order book has grown by 23 percent from FY25’s number. The same order book had recorded a 19 percent CAGR from FY22 to FY25.
The current order book is dominated by Roads, Highways & Flyovers segment, which forms the largest share at 64 percent , followed by Renewable Energy at 24 percent, and Industrial Infrastructure accounts at 5 percent. Other segments such as railways/metros, transmission & distribution tunnels, airport runways, and Bus Terminals contribute to the rest 7 percent.
While breaking the order book ‘s project wise we get to see the company has taken up tells that HAM projects dominate with 51 percent, followed by EPC projects which account for 21 percent, while Tariff Based projects contribute about 27 percent of the order book, Additionally, DFBOT or Design Build Finance Operate projects account for a small portion of 1 percent in the order book.
A project-wise breakdown of the order book reveals a heavy lean toward HAM or Hybrid Annuity Model projects, which dominate at 51 percent. Tariff-based projects follow at 27 percent, while EPC contracts account for 21 percent. The remaining 1 percent comprises DFBOT or Design-Build-Finance-Operate-Transfer projects
Looking at the geographical breakdown, Madhya Pradesh leads with about 22 percent, followed by Jharkhand at 19 percent, Uttar Pradesh at 17 percent, and Punjab at 15 percent, while the rest of the orders have come from states including Maharashtra, Bihar, Haryana, J&K and Himachal Pradesh.
Business & Financial Overview
Ceigall India Ltd is an infrastructure engineering and construction company incorporated in 2002 and headquartered in Ludhiana, Punjab. It focuses on EPC and HAM road projects, including highways, bridges and expressways, with a strong execution track record across multiple Indian states.
In the latest quarter the company saw a YoY revenue growth of 19 percent, going from Rs 831 Cr in Q3FY25 to Rs 991 Cr in Q3FY26, while the QoQ went up by 23 percent from Rs 807 Cr in Q2FY26. The YoY net profits grew by more than 1 percent, going from Rs 71 Cr in Q3FY25 to Rs 72 Cr in Q3FY26, while the QoQ growth stood at 28 percent from Rs 56 Cr in Q2FY26.
The company has a 3 year sales CAGR of 45 percent, while the TTM is at 8 percent. The company’s 3 year profit CAGR is at 32 percent, while the TTM number is at a negative 21 percent. The company also has a ROCE of 19 percent and a ROE of 21 percent.
Inshort: Ceigall India Ltd. secured Rs 298 crore in EPC orders from Purvah Green Power for transmission and hybrid wind projects, boosting growth visibility. However, Rs 207 crore Punjab projects were cancelled. Its order book stands at Rs 13,268 crore, led by roads and renewables. The company reported strong revenue growth and stable profitability and maintains healthy return ratios with a diversified project mix.
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