Ceigall India September profit rises 64% to Rs 92.167 crore

Ceigall India Limited reported consolidated profit from continuing operations of Rs 92.167 crore for the quarter ended September 30, 2026, up 64% from Rs 56.161 crore a year earlier, as revenue from operations increased 27% to Rs 1,022.479 crore. Profit before tax rose 61% to Rs 124.104 crore.

What drove Ceigall India's September-quarter profit growth?

Ceigall India’s profit growth reflected revenue rising faster than expenses in the September 2026 quarter. Revenue from operations increased to Rs 1,022.479 crore from Rs 806.571 crore in the September 2025 quarter, while total income rose to Rs 1,028.139 crore from Rs 823.223 crore. Other income declined to Rs 5.66 crore from Rs 16.652 crore.

Total expenses increased 21% to Rs 904.035 crore from Rs 745.995 crore, below the increase in total income. Construction cost rose to Rs 630.51 crore from Rs 459.841 crore, while material-consumption cost declined to Rs 171.165 crore from Rs 193.494 crore. Employee-benefit expense increased to Rs 12.044 crore and finance cost rose to Rs 42.803 crore.

Profit before tax and exceptional items reached Rs 124.104 crore, compared with Rs 77.228 crore a year earlier. There was no exceptional item in the September 2026 or September 2025 quarter. Current and deferred tax totalled Rs 31.937 crore, versus Rs 21.067 crore, resulting in Rs 92.167 crore of profit from continuing operations.

The September-quarter profit from continuing operations was also 45% above Rs 63.747 crore in the June 2026 quarter. Revenue from operations rose from Rs 969.642 crore in June, while the preceding quarter included an exceptional expense of Rs 2.516 crore.

How did Ceigall India's EPC and annuity segments perform?

Engineering, Procurement and Construction, or EPC, remained Ceigall India’s largest reported segment and principal contributor to segment profit. EPC revenue rose to Rs 896.383 crore in the September 2026 quarter from Rs 717.149 crore a year earlier, while its segment result increased to Rs 101.972 crore from Rs 57.746 crore.

The Rs 44.226 crore increase in EPC segment result accounted for most of the Rs 57.286 crore rise in total segment results, which reached Rs 118.444 crore from Rs 60.576 crore. EPC segment expense rose to Rs 794.411 crore from Rs 659.403 crore, compared with the Rs 179.234 crore increase in segment revenue.

Annuity projects returned to quarterly profit, recording a segment result of Rs 14.718 crore against a Rs 0.412 crore loss in September 2025 and a Rs 8.88 crore loss in June 2026. Segment revenue increased year on year to Rs 372.005 crore from Rs 315.403 crore, though it declined from Rs 399.65 crore in the June quarter.

Other businesses reported a segment loss of Rs 1.275 crore, compared with a Rs 1.025 crore loss in June 2026. For the half year ended September 30, 2026, EPC segment result rose to Rs 195.422 crore from Rs 113.228 crore, while annuity projects generated Rs 5.838 crore, reversing a Rs 5.516 crore loss in the prior-year half.

What changed in Ceigall India's balance sheet by September 2026?

Ceigall India’s total assets increased to Rs 5,856.905 crore at September 30, 2026 from Rs 5,523.356 crore at March 31, 2026. Non-current assets rose to Rs 2,558.789 crore from Rs 1,897.851 crore, led by receivables under service concession arrangements, which increased to Rs 1,901.674 crore from Rs 1,429.958 crore.

Capital work in progress increased to Rs 190.182 crore from Rs 3.578 crore, and right-of-use assets rose to Rs 23.67 crore from Rs 1.243 crore. Current contract assets grew to Rs 1,601.547 crore from Rs 1,413.238 crore, while trade receivables increased to Rs 651.252 crore from Rs 635.703 crore.

Cash and cash equivalents declined to Rs 200.429 crore from Rs 280.273 crore over the same period. Total equity rose to Rs 2,293.822 crore from Rs 2,146.408 crore, including other equity of Rs 2,194.844 crore at September 30, compared with Rs 2,051.036 crore at March 31.

Non-current borrowings rose to Rs 1,262.634 crore from Rs 811.238 crore, while current borrowings declined to Rs 467.636 crore from Rs 498.719 crore. Total current liabilities fell to Rs 2,273.612 crore from Rs 2,561.315 crore, including a reduction in dues to creditors other than micro and small enterprises to Rs 1,281.819 crore from Rs 1,367.349 crore.

What do Ceigall India's half-year cash flows show?

Ceigall India used Rs 428.97 crore in operating activities in the half year ended September 30, 2026, compared with an operating cash outflow of Rs 173.134 crore in the prior-year period. Profit before tax increased to Rs 221.976 crore from Rs 144.651 crore, but cash generated from operations was negative Rs 381.52 crore after working-capital movements.

Other current financial assets consumed Rs 469.427 crore of cash, other current assets consumed Rs 254.08 crore and inventories consumed Rs 24.318 crore. Trade receivables used Rs 15.549 crore, while the reduction in trade payables used another Rs 54.355 crore. Income taxes paid were Rs 47.45 crore, compared with Rs 47.551 crore a year earlier.

Investing activities generated Rs 18.434 crore, compared with an outflow of Rs 1.287 crore in the prior-year half. Purchases of property, plant and equipment, capital work in progress and intangible assets rose to Rs 232.461 crore from Rs 33.095 crore, while disposal of investments in subsidiaries generated Rs 215.861 crore.

Financing activities provided Rs 330.692 crore, against an outflow of Rs 141.039 crore a year earlier, including Rs 317.706 crore of net proceeds from non-current borrowings. Cash and cash equivalents therefore declined by Rs 79.844 crore during the six months, ending at Rs 200.429 crore versus Rs 124.154 crore a year earlier.

Conclusion

Ceigall India’s September-quarter result showed profit from continuing operations rising faster than revenue, with total expenses increasing 21% against a 27% increase in revenue from operations. EPC delivered Rs 101.972 crore of segment result, while annuity projects moved from a Rs 0.412 crore loss a year earlier to a Rs 14.718 crore profit.

The next disclosed matter to watch is Ceigall India’s proposed issuance of equity shares or other securities for up to Rs 1,000 crore. The filing says the board or its committee will determine the method, terms and investors where applicable, subject to regulatory and shareholder approvals.