Ceigall India Secures ₹1,700 Crore Solar Project in MP

Introduction

Ceigall India Limited, a prominent infrastructure engineering and construction company, has secured a significant project in the renewable energy sector. The company received a Letter of Award (LOA) from Rewa Ultra Mega Solar Limited (RUMSL) for the development of a 220 MW solar power project integrated with a Battery Energy Storage System (BESS) at the Morena Solar Park in Madhya Pradesh. The announcement led to a positive market reaction, with the company's shares surging by 4.89% to ₹298.

Project Scope and Financials

The project, valued at approximately ₹1,700 crore inclusive of GST, was awarded through a tariff-based competitive bidding process. Ceigall India quoted a competitive tariff of ₹2.70 per kilowatt-hour (kWh). This contract marks a strategic expansion for the company into large-scale renewable energy infrastructure, significantly strengthening its growing order book and providing long-term revenue visibility. The project is scheduled for a construction period of 24 months, which will be followed by a 25-year operational and maintenance phase.

Strategic Importance of BESS Integration

The Morena Solar Park project is a key initiative for Madhya Pradesh's renewable energy goals. The integration of a Battery Energy Storage System is a critical component, designed to enhance grid stability and reliability. The BESS will allow for the storage of solar energy generated during the day and its dispatch during peak demand hours or when solar generation is low. This capability improves peak power management and ensures a more consistent and reliable power supply, addressing one of the core challenges of intermittent renewable energy sources.

Management Commentary

Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, commented on the development. He stated, "We are pleased to secure the 220 MW Solar and BESS project at Morena Solar Park from Rewa Ultra Mega Solar Limited. This project strengthens our presence in the clean energy segment, and we are committed to executing it efficiently while supporting India's energy transition and decarbonisation objectives." This statement underscores the company's commitment to aligning its growth with national clean energy targets.

Q3 FY26 Financial Performance

Alongside this major project win, Ceigall India also announced its financial results for the third quarter ending December 31, 2025. The company reported steady growth, reflecting healthy execution across its ongoing projects. The key financial highlights are summarized below:

While revenue saw a strong increase of 19.3%, net profit growth was modest at 1.2%. The EBITDA margin experienced a slight contraction of 90 basis points, indicating some pressure on operating profitability despite higher revenues.

Company Profile and Order Book

Ceigall India is an established Engineering, Procurement, and Construction (EPC) company with expertise in specialized structural works like elevated roads, bridges, tunnels, and highways. The company operates through two main business models: EPC projects and Hybrid Annuity Model (HAM) projects. This new solar project diversifies its portfolio further into the renewable energy space. As of December 31, 2025, Ceigall India's total order book stood at a robust ₹13,295.1 crore, providing strong revenue visibility for the coming years.

Broader Push into Renewables

This ₹1,700 crore project is part of Ceigall India's broader strategy to expand its footprint in the clean energy sector. The company has also been active in other renewable projects, including securing orders for 130 MW of solar projects in Madhya Pradesh under the PM-KUSUM-C scheme, valued at approximately ₹550 crore. These initiatives demonstrate a clear strategic pivot towards sustainable infrastructure, complementing its core expertise in civil construction.

Conclusion

The successful bid for the Morena Solar Park project is a significant milestone for Ceigall India, positioning it as a key player in India's renewable energy transition. The project's scale and its integration of advanced battery storage technology highlight the company's capability to execute complex, high-value contracts. Supported by a strong order book and steady financial performance, Ceigall India is well-placed to capitalize on the growing opportunities in the country's infrastructure and clean energy sectors.