Ceigall India Q1 FY27 Results (NSE: CEIGALL)
Signal: Margin expansion
The read
The key inflection is operating margin recovery: consolidated EBITDA rose 25.3% YoY against revenue growth of 15.7%, expanding margin by 177bps to 16% after margin contraction through Q1-Q3FY26; the ₹1,856.83 crore order book, including 20.71% renewables, improves forward visibility, but the ₹61.3 crore consolidated PAT grew only 15.3% and remained below standalone PAT of ₹75.34 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹969.64 Cr | 15.7% | N/A |
| EBIT | ₹141.79 Cr | 29.6% | |
| Net profit | ₹61.3 Cr | 15.3% | |
| EPS | ₹3.66 | 24.1% | |
| EBIT margin | 16% |
P&L walk
Consolidated revenue rose 15.7% YoY to ₹969.64 crore, while EBITDA grew faster at 25.3% to ₹154.8 crore and margin expanded to 16%; EBIT increased 29.6% to ₹141.79 crore, but PAT growth was lower at 15.3% to ₹61.3 crore.
Segments
Although no segment P&L table was disclosed, standalone PAT was ₹75.34 crore versus consolidated PAT of ₹61.3 crore, a ₹14.04 crore gap indicating that subsidiaries and other group operations dragged reported earnings.
Key positives
- Consolidated EBITDA increased 25.3% YoY to ₹154.8 crore versus revenue growth of 15.7% to ₹969.64 crore, with EBITDA margin expanding 177bps to 16%.
- Order book stood at ₹185,683 million as of 30 June 2026, with roads at 67.93% and renewables at 20.71%, supporting multi-year execution visibility.
- Order inflow was ₹6,554 million in Q1FY27, while the company completed its first HAM asset monetisation and received project milestones enabling execution.
- EPS rose 24.1% YoY to ₹3.66, ahead of PAT growth of 15.3% to ₹61.3 crore, with no dilution warning from the PAT-to-EPS check.
Key concerns
- Consolidated revenue growth of 15.7% was below Q4FY26's 37.1%, while PAT growth of 15.3% was well below Q4FY26's 71.1%, indicating sequential moderation from the unusually strong prior quarter.
- Standalone PAT of ₹75.34 crore exceeded consolidated PAT of ₹61.3 crore, showing that subsidiaries and group operations reduced shareholder-level earnings.
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