Ceigall completes one HAM sale, starts two more processes

Ceigall India Limited has completed a 100% sale of its Malout–Abohar HAM asset and begun two further monetisation processes, involving Rs 269.3 crore of invested equity across three mature projects disclosed in its September 2026 presentation for Bathinda–Dabwali and Jalbehra–Shahbad.

What HAM assets is Ceigall monetising?

Ceigall is monetising three completed or mature Hybrid Annuity Mode (HAM) road assets by divesting 100% equity stakes to long-term investors, including Infrastructure Investment Trusts (InvITs) and infrastructure funds. The company describes the programme as capital recycling from completed and near-complete annuity assets.

The identified portfolio comprises Malout–Abohar and Bathinda–Dabwali in Punjab, plus Jalbehra–Shahbad in Haryana. Their disclosed invested equity totals Rs 269.3 crore, comprising Rs 99.2 crore for Malout–Abohar, Rs 84.1 crore for Bathinda–Dabwali and Rs 85.2 crore for Jalbehra–Shahbad. Each is shown as 100% completed on the monetisation page.

The stated approach is a sale of equity rather than a partial dilution. Ceigall does not disclose the sale consideration, valuation, gain or cash proceeds from the Malout–Abohar transaction, despite reporting Rs 99.2 crore of invested equity in that asset.

Which Ceigall monetisation deal has closed, and which ones are pending?

Ceigall has concluded the Malout–Abohar transaction, selling its 100% stake to Neo Asset Management. The Punjab project achieved commercial operation date (COD) in December 2025, following provisional COD in June 2023.

Bathinda–Dabwali remains in process, with a binding offer signed after pre-COD was received in December 2025. Ceigall calls the asset fully mature and says monetisation has been initiated, but it does not name a buyer, disclose a transaction value or specify a closing date for the Rs 84.1 crore-equity asset.

Jalbehra–Shahbad has a non-binding offer signed and is in due diligence. It received pre-COD in August 2026, and the monetisation page lists Rs 85.2 crore of invested equity. The detailed HAM order-book schedule, however, records 98.00% completion and a Rs 10.8 crore balance order book as of September 2026.

The presentation does not explain why the monetisation page shows Jalbehra–Shahbad as 100% completed while the HAM schedule shows 98.00%. Its HAM schedule also reports Rs 275.4 crore of debt outstanding against Rs 292 crore sanctioned as of September 2026, making progress in due diligence and project-status reconciliation relevant disclosed items to monitor.

How does Ceigall plan to use mature HAM sale proceeds?

Ceigall says monetisation proceeds are intended to meet equity requirements for ongoing and upcoming HAM projects, reducing reliance on incremental borrowing for equity infusions. Management also says proceeds may support repayment or prepayment of standalone debt and release capital invested in long-tenor annuity assets.

The company’s HAM order book stood at Rs 8,409.5 crore as of September 2026 across 10 listed projects. The largest balance was Rs 2,010 crore for the Sahebganj–Areraj–Bettiah project in Bihar, shown at 0.00% completion, followed by Rs 1,484.9 crore for a Varanasi–Ranchi–Kolkata package in Jharkhand at 1.01% completion.

Funding requirements and debt drawdowns differ across the live HAM portfolio. Ludhiana–Bathinda was 46.45% complete with Rs 137 crore of debt outstanding against Rs 509.3 crore sanctioned, while Northern Ayodhya Bypass was 43.53% complete with Rs 186 crore outstanding. Two Varanasi–Ranchi–Kolkata packages showed no debt outstanding despite sanctioned debt of Rs 631.3 crore and Rs 839 crore respectively.

Ceigall’s disclosed model is to execute a HAM project, monetise it after COD or maturity, and recycle capital into subsequent projects. This is a management plan rather than a forecast: the presentation gives no proceeds target, deadline for remaining sales or committed standalone-debt repayment amount.

How does HAM monetisation fit Ceigall’s wider order book?

Ceigall’s overall order book was Rs 22,681.1 crore in H1 FY27, compared with Rs 18,554.3 crore in FY26, an increase of Rs 4,126.8 crore. HAM accounted for Rs 8,409.5 crore, while Design Build Finance Operate and Transfer (DBFOT) and tariff-based projects accounted for Rs 8,666.4 crore and engineering, procurement and construction (EPC) projects for Rs 5,605.1 crore.

Order inflow rose to Rs 11,332 crore in FY26 from Rs 5,059.3 crore in FY25, while H1 FY27 inflow was Rs 5,204.7 crore. The book-to-bill ratio, which compares order book with revenue, increased from 3.2 times in FY25 to 4.8 times in FY26.

The HAM portfolio combines near-complete assets with projects at the start of construction. Jalbehra–Shahbad was 98.00% complete in the September 2026 HAM schedule, while the Punjab spur-connectivity project and Sahebganj–Areraj–Bettiah were both at 0.00%, indicating that assets being prepared for sale sit alongside projects that remain at early execution stages.

Outside HAM, the DBFOT and tariff-based order book includes the Rs 4,500 crore Jam Khambhaliya–Jamnagar transmission project and the Rs 1,487.5 crore Morena solar project with battery energy storage systems. Both were listed at 0.00% completion as of September 2026, alongside the road-project pipeline.

Conclusion

Ceigall has shifted from retaining all mature HAM assets to beginning a stated sale-and-recycling programme. One 100% stake sale, Malout–Abohar, has closed, while Bathinda–Dabwali and Jalbehra–Shahbad remain in separate transaction processes covering a combined Rs 169.3 crore of invested equity.

The next disclosed milestones are a potential closing for Bathinda–Dabwali and completion of due diligence for Jalbehra–Shahbad following its August 2026 pre-COD. Ceigall intends to monetise remaining HAM assets as they reach COD or maturity, but transaction values, sale timing and the amount of any debt repayment remain undisclosed.