Ceigall India Limited's other order book reaches 31% in FY26

Ceigall India Limited’s other order-book share was 31% in FY26, up from 15% in FY24, while its total order book reached Rs 18,554.3 crore. Ceigall reported a 69% road share in FY26, and the presentation does not disclose a 45% non-road share for that period.

Has Ceigall’s portfolio reached 45% outside roads?

No. Ceigall’s presentation puts the road order-book share at 69% and the other order-book share at 31% in FY26, compared with 85% and 15%, respectively, in FY24. This represents a 16-percentage-point reduction in the road share and an equivalent increase in the other share over the disclosed period.

The distinction matters because the source uses the label “Other Order book”, rather than “non-road portfolio”, and does not provide a separate FY26 figure of 45%. The presentation identifies railways and metros, tunnels, bus terminals, wind turbines, renewable energy, transmission and distribution, and industrial infrastructure as areas where Ceigall has ongoing work or diversification plans.

The project count indicates that the expansion spans several categories. Ceigall lists 22 ongoing roads, highways and flyover projects, compared with three railways or metro projects, one tunnel, one bus terminal, two wind-turbine projects, six renewable-energy projects, two transmission and distribution projects, and two industrial-infrastructure projects. The presentation does not assign order-book values to each category listed on page 17.

Which sectors are contributing to Ceigall’s diversification?

Renewables and transmission and distribution carry the largest stated values among Ceigall’s highlighted diversification sectors. The renewables portfolio has a cumulative value of Rs 3,684 crore, while transmission and distribution has a project value of Rs 4,906.8 crore; industrial infrastructure has a cumulative value of Rs 603.6 crore.

In renewables, Ceigall states that a PPA was executed for supply of 337 megawatts of solar power to MSEDCL. It was also selected by PSPCL for 150 MW of standalone battery energy storage system, or BESS, projects in Punjab, with an aggregate project value of Rs 375 crore. The presentation also cites a 130 MW solar photovoltaic power-plant PPA under the Surya Mitra Krishi Feeders Scheme and a purchase power agreement for a solar photovoltaic project at Morena Solar Park in Madhya Pradesh.

Transmission and distribution includes the establishment of the 400/220 kilovolt Velgaon substation using gas-insulated substation, or GIS, technology. Ceigall also received a letter of intent, or LoI, from RECPDCL for the Jam Khambhaliya-Jamnagar power transmission project in Gujarat, with a stated total project cost of Rs 4,500 crore. The presentation identifies tariff-based competitive bidding, or TBCB, as the model for this segment.

Industrial infrastructure includes a letter of acceptance, or LOA, for internal roads at Aerotropolis S.A.S. Nagar and an LOA for development of the Bulk Drug Park in Una district. Both are identified as item-rate projects with a combined cumulative value of Rs 603.6 crore. Ceigall says it is leveraging experience in roads, expressways, flyovers, bridges and tunnels to diversify into airport runways, renewables and other sectors.

How has Ceigall’s project-model mix changed?

Ceigall has 10 ongoing tariff-based projects, matching its 10 ongoing hybrid annuity model, or HAM, projects, alongside 18 engineering, procurement and construction, or EPC, projects and one design, finance, build, operate and transfer, or DFBOT, project. This is a wider current project-model mix than the historical execution count presented for tariff-based and DFBOT work, both of which are shown as nil.

EPC remains a major delivery model in the presentation, covering project management, design and engineering, construction and maintenance, risk management, and compliance and safety. HAM adds partial financing, operations and maintenance, and risk and compliance management. Tariff-based work is described as involving regulatory approvals, revenue predictability and cost recovery, while 10 projects are listed as ongoing under that model.

The balance order-book schedules also show substantial EPC and HAM workloads as of September 2026. Ceigall reports an EPC balance order book of Rs 5,605.1 crore and a HAM balance order book of Rs 8,409.5 crore. The HAM schedule contains 10 ongoing road projects, while the transmission project is described separately as tariff-based, so the model shift does not mean road-based HAM work has been replaced.

How fast has Ceigall’s order book grown?

Ceigall’s order book increased by Rs 13,455.4 crore between FY24 and H1 FY27, reaching Rs 22,681.1 crore in H1 FY27 from Rs 9,225.7 crore in FY24. It rose from Rs 10,806.2 crore in FY25 to Rs 18,554.3 crore in FY26 before reaching the H1 FY27 figure.

Order inflow increased from Rs 3,583.5 crore in FY24 to Rs 11,332 crore in FY26, then stood at Rs 5,204.7 crore in H1 FY27. The book-to-bill ratio was 3.1 times in FY24, 3.2 times in FY25 and 4.8 times in FY26. The presentation gives no H1 FY27 book-to-bill figure.

The order-book increase coincides with both road contracts and newer industrial and metro projects. Ceigall’s EPC list includes the Aerotropolis internal-roads project, with Rs 421.4 crore of balance order book and 2.3% completion, and the Bulk Drug Park, with Rs 182.3 crore remaining and 4.4% completion. The Jaipur Metro Phase-II project had Rs 739.7 crore remaining at 4.9% completion.

What is Ceigall planning to pursue next?

Ceigall says it is actively exploring build-operate-transfer, or BOT, projects, transmission and distribution, renewables, standalone O&M opportunities, and strategic collaborations in specialised EPC markets. It also says it intends to diversify into toll-operate-transfer, or TOT, BOT and public-private partnership, or PPP, models while continuing to target standalone O&M work.

These are stated plans rather than awarded projects, except where the presentation separately identifies PPAs, LOAs, LoIs or ongoing projects. The source does not provide a timetable, investment target or future order-book mix target for the initiatives, despite reporting 10 ongoing tariff-based projects and 10 ongoing HAM projects.

Conclusion

Ceigall’s disclosed figures show a measurable shift from an overwhelmingly road-led order book: other work rose to 31% in FY26 from 15% in FY24, while the total order book reached Rs 18,554.3 crore. Renewable, transmission and distribution, and industrial projects provide named examples of the expansion, while EPC and HAM remain large components of the disclosed balance order book.

The next point to watch is whether Ceigall converts its stated exploration of BOT, TOT, PPP and standalone O&M into disclosed awards, and whether tariff-based projects grow beyond the 10 ongoing projects reported. Progress on the low-completion Aerotropolis, Bulk Drug Park and Jaipur Metro Phase-II projects will also affect how the newer EPC work moves through the order book.