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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Purchase of equipment
Funds will be used to purchase construction and civil equipment for ongoing and future infrastructure projects.
Repayment of borrowings
Part of the proceeds will be used to repay or prepay certain outstanding borrowings of the company and its subsidiary, Ceigall Infra Projects Private Limited.
General corporate purposes
The remaining net proceeds will be used for general corporate purposes.
(₹ in Crore)
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Ceigall India Limited is an infrastructure construction company headquartered in Ludhiana, Punjab, founded in 2002. The company operates as an engineering, procurement and construction (EPC) contractor with more than two decades of experience delivering large-scale transportation infrastructure, including elevated roads, flyovers, bridges, tunnels, highways, expressways and airport runways. As of mid-2024 the company had completed over 34 projects, spanning EPC contracts, a hybrid annuity model (HAM) project, operations and maintenance (O&M) mandates, and item-rate works, and was executing around 18 further projects across multiple Indian states. Its order book stood at roughly Rs 9,470 crore as of June 2024, supported by a permanent workforce of over 2,200 employees. The company has been recognized with National Highways Excellence Awards for completed road projects in Punjab. Ceigall has grown rapidly in recent years, with revenue expanding at a compound annual growth rate of around 50 percent between fiscal 2021 and fiscal 2024, including about 43 percent year-on-year growth in fiscal 2024, placing it among the faster-growing mid-sized EPC players in the roads and highways segment. Nearly all of its projects are secured through competitive government and public-sector tenders.
Ahead of the public issue, Ceigall India raised approximately Rs 375 crore from anchor investors at the issue's upper price band. Allocation went to a mix of domestic and international institutions, including ICICI Prudential Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Max Life Insurance, and overseas investors such as Nomura, Societe Generale, Morgan Stanley Asia and Citigroup Global Markets Mauritius.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 PM
Strong revenue growth track record
Revenue grew at a compound annual growth rate of about 50 percent between fiscal 2021 and fiscal 2024, including roughly 43 percent growth in fiscal 2024 alone, among the fastest for EPC firms of comparable size.
Diversified project experience
The company has completed over 34 infrastructure projects across EPC, HAM, O&M and item-rate contracts, spanning elevated roads, flyovers, bridges, tunnels, highways, expressways and runways.
Established execution track record
The company has received National Highways Excellence Awards for completed road projects, reflecting a track record of quality execution recognized by industry bodies.
Healthy return ratios
The company reported a return on net worth above 30 percent and return on capital employed near 32 percent in fiscal 2024, indicating efficient use of capital.
Tender-dependent revenue model
Nearly all projects are secured through competitive bidding, so future revenue depends on the company continuing to win tenders in a competitive infrastructure market.
High financial leverage
The company carries a substantial debt load relative to its net worth, exposing it to interest rate movements and refinancing risk.
Capital-intensive, execution-sensitive business
EPC infrastructure projects require significant upfront capital and are exposed to execution delays, cost overruns and regulatory or land-acquisition approvals.
Ceigall India Limited
MUFG Intime India Private Limited
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