Ceigall India Q2 FY27 Results (NSE: CEIGALL)

5 Nov 2026 · Analysis by Alpha Inflection

Signal: Margin expansion

The read

Q2FY27 marks a clear margin inflection: consolidated EBITDA margin expanded 293bps YoY to 17.02% after the prior-year margin contraction, while revenue growth accelerated to 26.8% and PAT growth to 64.1%; this is the third consecutive quarter of YoY margin expansion, backed by a INR 226,811 million order book and stronger execution.

P&L walk

Consolidated revenue increased 26.8% YoY to INR 10,225 million, while EBITDA grew 53.2% to INR 1,740 million and PAT rose 64.1% to INR 922 million; the 293bps margin expansion indicates stronger execution and operating efficiency, as stated by management.

Segments

The consolidated result outperformed standalone growth: consolidated revenue grew 26.8% YoY versus 23.8% standalone, while consolidated EBITDA margin was 17.02% versus 13.39% standalone, indicating material contribution from subsidiaries and group projects.

Key positives

• Consolidated revenue reached INR 10,225 million, up 26.8% YoY, accelerating from 15.8% YoY growth in Q1FY27.
• EBITDA increased 53.2% YoY to INR 1,740 million, 26.4 percentage points faster than revenue, while EBITDA margin expanded 293bps to 17.02%.
• PAT rose 64.1% YoY to INR 922 million, materially ahead of revenue growth and supported by the EBITDA-margin recovery.
• Order book stood at INR 226,811 million, with Roads at 55%, Industrial Infrastructure at 21% and Renewables at 16%, providing diversified execution visibility.
• Order inflow of INR 52,047 million and appointed dates for three HAM projects aggregating approximately INR 40,500 million strengthen near-term execution visibility.
• The company commissioned 10 MW under its 147 MW Maharashtra solar project ahead of schedule, supporting diversification into renewables.

Key concerns

• Standalone EBITDA margin was 13.39%, 363bps below the consolidated 17.02%, showing that part of the group-level margin strength sits outside the parent entity.
• The filing does not disclose EPS, depreciation, finance cost, cash flow, working-capital metrics or asset-base data, limiting earnings-quality and capital-intensity assessment.
• The order book remains concentrated in Roads at 55%, while the newer Renewables and Transmission & Distribution businesses together represent 19% of the order book and require execution ramp-up.

View original filing

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