Q1 2027 Ceigall India Ltd Earnings Call

August 10, 2026

Speaker #1: Ladies and gentlemen, the conference call for Ceigall India Limited will begin in the next couple of minutes. Thank you for staying connected. Ladies and gentlemen, good day and welcome to the Ceigall India Limited Q1 FY27 earnings conference call.

Operator: Ladies and gentlemen, good day, and welcome to the Ceigall India Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Smit Patel from Adfactors PR. Thank you, and over to you, sir.

Operator: Ladies and gentlemen, good day, and welcome to the Ceigall India Limited Q1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Smit Patel from Adfactors PR. Thank you, and over to you, sir.

Speaker #1: As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Smith Patel from Adfactors PR. Thank you, and over to you, sir.

Speaker #2: Thank you. Good morning, everyone. Welcome to the Q1 FY27 earnings conference call of Ceigall India Limited. Today we have with us Mr. Aramlik Segal, Chairperson and Managing Director; Mr. Kapil Agarwal, CFO; and Mr. Sarvanand, Full-Time Director.

Smit Patel: Thank you. Good morning, everyone. Welcome to Q1 FY27 earnings conference call of Ceigall India Limited. Today, we have with us Mr. Ramneek Sehgal, Chairman cum Managing Director, Mr. Kapil Aggarwal, CFO, and Mr. Saravanan, Whole-Time Director. Before I hand over for opening comments, let me mention a cautionary statement that this conference may include forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with the opening remarks from the management, after which we will have forum open for Q&A session. I now hand over the conference to Mr. Ramneek Sehgal for his opening remarks. Thank you, and over to you, sir.

Smit Patel: Thank you. Good morning, everyone. Welcome to Q1 F 20Y27 earnings conference call of Ceigall India Limited. Today, we have with us Mr. Ramneek Sehgal, Chairperson and Managing Director, Mr. Kapil Aggarwal, CFO, and Mr. Saravanan, Whole-Time Director. Before I hand over for opening comments, let me mention a cautionary statement that this conference may include forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with the opening remarks from the management, after which we will have forum open for Q&A session. I now hand over the conference to Mr. Ramneek Sehgal for his opening remarks. Thank you, and over to you, sir.

Speaker #2: Before I hand over for opening comments, let me mention a cautionary statement: This conference may include forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call.

Speaker #2: These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with opening remarks from management, after which we will open the forum for a Q&A session.

Speaker #2: I now hand over the conference to Mr. Ramnik Segal for his opening remarks. Thank you, and over to you, sir.

Speaker #3: Hi, good morning everyone, and thank you for joining us for the Ceigall India Q1 2027 earnings conference call. I hope all of you are doing well.

Ramneek Sehgal: Hi. Good morning, everyone, and thank you for joining us for the Ceigall India's Quarter One Financial Year 27 Earnings Conference Call. I hope all of you are doing well. Joining on today's call is Mr. Kapil Aggarwal, our CFO, Mr. A. Saravanan, our Whole-Time Director, along with our investor relations team. Our financial results, investor presentation, press release, have already been shared with the stock exchanges and are also available on our website. I hope all of you have had an opportunity to review them. The first quarter of financial year 2022 has been another encouraging quarter for Ceigall. For the last few quarters, we have spoken about a strategy of building a diversified platform. We're continuing to strengthen our leadership in transportation, infrastructure, renewable energy, T&D sector.

Ramneek Sehgal: Hi. Good morning, everyone, and thank you for joining us for the Ceigall India's Q1 financial year 2027 earnings conference call. I hope all of you are doing well. Joining on today's call is Mr. Kapil Aggarwal, our CFO, Mr. A. Saravanan, our Whole-Time Director, along with our investor relations team. Our financial results, investor presentation, press release, have already been shared with the stock exchanges and are also available on our website. I hope all of you have had an opportunity to review them. The first quarter of financial year 2022 has been another encouraging quarter for Ceigall. For the last few quarters, we have spoken about a strategy of building a diversified platform. We're continuing to strengthen our leadership in transportation, infrastructure, renewable energy, T&D sector.

Speaker #3: Joining on today's call are Mr. Kapil Agarwal, our CFO; Mr. A. Sarvanand, our Whole Time Director; along with our investor relations team. Our financial results, investor presentation, and press release have already been shared with the stock exchanges.

Speaker #3: It is also available on our website. I hope all of you have had an opportunity to review them. The first quarter of financial year '27 has been another encouraging quarter for Ceigall.

Speaker #3: For the last few quarters, we have spoken about a strategy of building a diversified platform, while continuing to strengthen our leadership in transportation, infrastructure, renewable energy, and the TNT sector.

Speaker #3: I'm happy to share that we have made good progress on those priorities during the quarter, while continuing to deliver healthy operational performance. One of the most important developments during the quarter was the successful monetization of the first Hybrid Annuity Model, or HAM, asset through a divestment of the Malot—Abroad Sadhuvari project.

Ramneek Sehgal: I'm happy to share that we have made a good progress on those priorities during the quarter while continuing to deliver healthy operational performance. One of the most important development during the quarter was a successful monetization of the first Hybrid Annuity Model, or HAM, asset through a divestment of Malout-Abohar-Sadhuwali project. This is important milestone for the company, as it validates the capital recycling strategy that we have been working towards over the last few years. Our approach is very clear. We want to execute quality assets, create value through efficient project delivery, monetize mature assets at the right stage, redeploy the capital into new opportunities. We believe this disciplined approach will support future growth while maintaining a strong balance sheet and improving overall capital efficiencies. Since our IPO, we have steadily diversified into the niche sector that address country's evolving energy requirement.

Speaker #3: It is an important milestone for the company, as it validates the capital recycling strategy that we have been working towards over the last few years.

Speaker #3: Our approach is very clear. We want to execute quality assets, create value through efficient project delivery, monetize mature assets at the right stage, and redeploy the capital to new opportunities.

Speaker #3: We believe this disciplined approach will support future growth while maintaining a strong balance sheet and improving overall capital efficiencies. Since our IPO, we have steadily diversified into the niche sector that addresses countries' evolving energy requirements.

Speaker #3: While continuing to maintain steady growth in the highway sector, we have expanded our presence in the renewable energy space across solar, solar plus base, as well as transmission and distribution.

Ramneek Sehgal: While continuing to maintain steady growth in highway sector, we have expanded our presence in renewable energy space across solar plus BESS, as well as transmission distribution. This diversification reflects our strategy of leveraging our strong execution capabilities to build a presence in high growth sectors, create sustainability long-term value. During the quarter, we have signed a PPA for a solar BESS at Morena, emerged as L1 for one of the standalone battery storage projects. These developments further strengthen our confidence in the renewable energy platform that we have been building over the last year. Our execution momentum also remained healthy during the quarter. We have signed a concession agreement of Ambala-Chandigarh-Zirakpur HAM. Subsequent to the quarter end, we received the quantities of VRK 11, VRK 12, Indore-Ujjain greenfield HAM project, enabling commencement of the execution.

Speaker #3: This diversification reflects our strategy of leveraging strong execution capabilities to build a presence in high-growth sectors and create sustainable, long-term value. During the quarter, we have signed a PPA for a solar base at Marina and emerged as L1 for one of the standalone battery storage projects.

Speaker #3: These developments further strengthen our confidence in the renewable energy platform that we have been building over the last year. Our execution momentum also remained healthy during the quarter.

Speaker #3: We have signed the concession agreement for Umbala Chandigarh Zirakpur HAM. Subsequent to the quarter-end, we received quantitative VRK 11, VRK 12, and Indore Ajayn Greenfield HAM project, enabling commencement of the execution.

Speaker #3: We also emerged as the L1 bidder in a joint venture for a highway project in Arunachal. These developments provide additional execution visibility and further strengthen our project pipeline.

Ramneek Sehgal: We also emerged as L1 bidder in a joint venture for a highway project in Arunachal. These developments provide additional execution visibility, further strengthen our project pipeline. Another aspect that gives us confidence in the continued evolution of our order book. Today, our order book is not only robust in size, but also much more diversified than it was few years ago. In addition to highway and expressways, it now includes metro rail, renewable energy, transmission and distribution, industrial infrastructure, and other specialized and social projects. The diversification allows us participate in multiple growth opportunities while reducing dependence on a single segment of the infrastructure sector. Looking ahead, we continue to remain optimistic about the opportunities in renewable transmission and distribution sector, along with the existing infrastructure projects.

Speaker #3: Another aspect that gives us confidence in the continued evolution of our order book: today, our order book is not only robust in size but also much more diversified.

Speaker #3: That was a few years ago. In addition to highways and expressways, it now includes metro rail, renewable energy, transmission and distribution, industrial infrastructure, and other specialized infrastructure projects.

Speaker #3: The diversification allows us to participate in multiple growth opportunities while reducing dependence on a single segment of the infrastructure sector. Looking ahead, we continue to remain optimistic about the opportunities in the renewable, transportation, transmission, and distribution sectors.

Speaker #3: Along with the existing infrastructure projects, the government’s continued focus on energy, transmission, distribution, transportation, and urban infrastructure—together with our strong execution capabilities, diversified order book, and disciplined approach towards capital allocation—gives us confidence in our ability to deliver sustainable growth over the long term.

Kapil Aggarwal: Thank you, Ramneek, sir. A warm welcome to everyone joining us today. The government continued focus on energy transmission distribution, transportation, urban infrastructure, together with the strong execution capacities, diversified order book, and disciplined approach towards the capital allocation, gives us confidence in our ability to deliver sustainable growth over the long term. Before I conclude, I would like to thank our clients, business partners, lenders, shareholders, most importantly, our employees, for the continuous trust and the support. Their commitment has been instrumental in helping us achieving these milestones. With that, I would now like to hand over the call to our CFO, Mr. Kapil Aggarwal, who will take you through the financial performance of the quarter in the greater detail. Thank you. Over to you, Kapil.

Ramneek Sehgal: The government continued focus on energy transmission distribution, transportation, urban infrastructure, together with the strong execution capacities, diversified order book, and disciplined approach towards the capital allocation, gives us confidence in our ability to deliver sustainable growth over the long term. Before I conclude, I would like to thank our clients, business partners, lenders, shareholders, most importantly, our employees, for the continuous trust and the support. Their commitment has been instrumental in helping us achieving these milestones. With that, I would now like to hand over the call to our CFO, Mr. Kapil Aggarwal, who will take you through the financial performance of the quarter in the greater detail. Thank you. Over to you, Kapil.

Speaker #3: Before I conclude, I would like to thank our clients, business partners, lenders, shareholders, and most importantly, our employees for their continuous trust and support.

Speaker #3: Their commitment has been instrumental in helping us achieve these milestones. With that, I would now like to hand over the call to our CFO, Mr. Kapil Agarwal, who will take you through the financial performance of the quarter in greater detail.

Speaker #3: Thank you. Over to you, Kapil.

Speaker #4: Thank you, Ramnik Sir. Welcome to everyone joining us today. It is a pleasure to discuss our financial performance for the first quarter of FY27.

Kapil Aggarwal: Thank you, Ramneek, sir. A warm welcome to everyone joining us today. It is pleasure to discuss our financial performance for Q1 FY27. Q1 is generally a seasonal softer quarter for the construction industry due to the onset of the monsoon in several parts of the country. Despite this, we delivered a healthy operation and financial performance, reflecting our disciplined execution capability and continued focus on operational efficiency. On a standalone basis, revenue from operations for Q1 FY26 stood at INR 901 crore as against INR 818 crore in Q1 FY26, registering a 10.2% year-on-year growth. Standalone EBITDA for the quarter stood at INR 121 crore as against INR 94 crore in the corresponding quarter of the previous year, with EBITDA margin improving to 13.4% from 11.4% in Q1 FY26.

Speaker #4: The first quarter is generally a seasonally softer quarter for the construction industry, due to the onset of the monsoon in several parts of the country.

Speaker #4: Despite this, we delivered a healthy operational and financial performance, reflecting our disciplined execution capability and continued focus on operational efficiency. On a standalone basis, revenue from operations for Q1 FY26 stood at INR 901 crore, as against INR 818 crore in Q1 FY25.

Speaker #4: Registering our 10.2% year-on-year growth. Standalone EBITDA for the quarter stood at INR 121 crore, as against INR 94 crore in the corresponding quarter of the previous year, with EBITDA margin improving to 13.4% from 11.4% in Q1 FY26.

Speaker #4: Our standalone profit after tax for Q1 FY27 stood at INR 75 crore, compared to INR 56 crore in the corresponding quarter last year, resulting in a PAT margin of 8.4% as against 6.8% in Q1 FY26.

Kapil Aggarwal: Our standalone profit after tax for Q1 FY27 stood at INR 75 crore compared to INR 56 crore in the corresponding quarter last year, resulting in a PAT margin of 8.4% as against 6.8% in Q1 FY26. Moving to our consolidated financial performance. Revenue from operations for Q1 FY27 stood at INR 970 crore as against INR 838 crore in the corresponding quarter of the previous year, registering a 15.7% growth year on year. On the operation side, our execution engine continues to remain strong with 39 ongoing projects across multiple infrastructure segments, providing healthy execution visibility over the coming years. As on 30 June 2026, our order books stood at INR 18,568 crore, providing strong multiple year revenue visibility.

Speaker #4: Moving to our consolidated financial performance, revenue from operations for Q1 FY27 stood at INR 970 crore, as against INR 838 crore in the corresponding quarter of the previous year.

Speaker #4: Registering our 15.7% growth year-on-year. On the operations side, our execution engine continues to remain strong with 39 ongoing projects across multiple infrastructure segments, providing healthy execution visibility over the coming years.

Speaker #4: As of 30th June 2026, our order book stood at ₹18,568 crore, providing strong multi-year revenue visibility. Today, our order book spans 19 EPC projects, 10 HAM projects, 1 DBFOT project, and 9 tariff-based renewable and transmission projects.

Kapil Aggarwal: Today, our order book spans at 19 EPC projects, 10 HAM projects, one DBFOT project, and nine toll gates renewal and transmission projects, reflecting our continued diversification beyond roads and highways into sectors such as renewable energy, transmission and distribution, metro rail, and industrial infrastructure. With this, I conclude my remarks and would request the moderator to open the floor for question and answer session. Thank you, everyone.

Speaker #4: Reflecting our continued diversification beyond routes and highways into sectors such as renewable energy, transmission and distribution, metro rail, and industrial infrastructure. With this, I conclude my remarks and would request the moderator to open the floor for the question and answer session.

Speaker #4: Thank you, everyone.

Speaker #1: Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vaibhav Shah with JM Financial. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mr. Webb of Shah with JM Financial.

Speaker #1: Please go ahead.

Speaker #4: Yeah. Sir, firstly, on some very ticket projects, we saw that in Northern Ayodhya bypass, the execution fell significantly in Q1 to around ₹42 crore.

Vaibhav Shah: Yeah. Sir, firstly on some big ticket projects. We saw in Northern Ayodhya Bypass, the execution fell significantly in Q1 to around INR 42 odd crores. Any particular reason for that?

Speaker #4: Any particular reason for that?

Speaker #3: Can you repeat your question, please?

Kapil Aggarwal: Can you repeat your question, please?

Speaker #4: In Northern Ayodhya bypass, the execution is fallen in Q1 to almost 42 crores. So any particular reason, any issues we are facing or there's something else?

Vaibhav Shah: In Northern Ayodhya Bypass, the execution has fallen in Q1 to almost INR 42 odd crores. Any particular reason? Any issues we are facing, or there's something else? Milestone or something?

Speaker #4: Monsoon or something?

Speaker #3: No, no. I mean, it is going properly. There's nothing. Now, for the last one and a half months, there's been rain. Otherwise, progress is steady.

Kapil Aggarwal: No, no. It is going proper. There's nothing. From last one and a half months, there's been rain. Otherwise, progress is steady. We've been achieving all our milestones before time. It's just sometimes you don't achieve the milestone. Payment can only be made only once the milestone is achieved.

Speaker #3: We've been achieving all our milestones ahead of time. It's just that sometimes you don't achieve them, and the milestone payment can only be made once the milestone is achieved.

Speaker #4: Okay, sir. What kind of execution are we factoring from VR-11 and VR-12 in FY27?

Vaibhav Shah: Okay. Sir, what kind of execution are you targeting from VRK 11 and 12 in FY 2027?

Speaker #3: So, we are targeting that we should at least do 20 to 25 percent of both the projects.

Kapil Aggarwal: We are targeting, we should at least do 20% to 25% of both the projects.

Speaker #4: Okay. And the same for southern Ludhiana and southern Ayodhya?

Vaibhav Shah: Okay. Same for Southern Ludhiana and Southern Ayodhya?

Speaker #3: So, Southern Ayodhya, yes, it is there. Ludhiana—the land is only 62% available with us, so that is a challenge. Otherwise, it is doable.

Kapil Aggarwal: Southern Ayodhya, yes, it is there. Ludhiana, the land is only 62% available with us, so that is a challenge. Otherwise, it is doable.

Ramneek Sehgal: Southern Ayodhya, yes, it is there. Ludhiana, the land is only 62% available with us, so that is a challenge. Otherwise, it is doable.

Speaker #4: So for Ludhiana, we can do 25 to 30 percent in this year?

Vaibhav Shah: For Ludhiana, we can do 25%, 30% in this year?

Speaker #3: No, Ludhiana, you should take at least 15 percent this year.

Kapil Aggarwal: For Ludhiana, you should take at least 15% this year.

Ramneek Sehgal: For Ludhiana, you should take at least 15% this year.

Speaker #4: Okay, 15 percent due to land issue.

Vaibhav Shah: Okay, 15%. Due to land issue.

Speaker #3: Yeah.

Kapil Aggarwal: Yeah.

Ramneek Sehgal: Yeah.

Speaker #4: Okay. And sir, any update on the Reva Solar project? When do we expect to start? When will the PPA be signed?

Vaibhav Shah: Okay. Sir, any update on the Rewa solar project? When do we expect to start? When will PPA be signed?

Speaker #3: So, the PPA is signed. They have to provide us with transmission. There were three things required for this project: one is the PPA, one is land, and one is transmission.

Kapil Aggarwal: PPA signed, they have to provide us a transmission. There were three things required for this project. One is PPA, one is land, and one is transmission. They have provided the PPA. Land is there. Third is the transmission line. I think they have already taken out the tenders for transmission line, and we are expecting that to happen soon. Once that is there, we are ready to start. It's an easy project. Why? Because you have to build everything in one location. Number two, for PM KUSUM, we've already started projects in Maharashtra and Madhya Pradesh, and those projects are progressing very well.

Ramneek Sehgal: PPA signed, they have to provide us a transmission. There were three things required for this project. One is PPA, one is land, and one is transmission. They have provided the PPA. Land is there. Third is the transmission line. I think they have already taken out the tenders for transmission line, and we are expecting that to happen soon. Once that is there, we are ready to start. It's an easy project. Why? Because you have to build everything in one location. Number two, for PM KUSUM, we've already started projects in Maharashtra and Madhya Pradesh, and those projects are progressing very well.

Speaker #3: So, they have provided the PPA, the land is there. Third is the transmission line. I think they have already taken out the tenders for the transmission line.

Speaker #3: And we are expecting that to happen soon. Once that is there, we are ready to start. It's an easy project. Why? Because you have to build everything in one location.

Speaker #3: Number two, for PM-KUSUM, we've already started projects in Maharashtra and Madhya Pradesh, and those projects are progressing very well.

Speaker #4: Okay. And sir, lastly, on the equity requirement, what investments are we assuming for HAM and Solar for FY27 and FY28?

Vaibhav Shah: Okay. Sir, lastly, on equity requirement, what investments are we assuming in for HAM and solar for FY27 and FY28?

Speaker #3: So I'll give you a little brief. At the time of the IPO, the equity we had put in was ₹253 crores. As of today, it's ₹692 crores, where we have put in ₹439 crores more.

Kapil Aggarwal: I'll give a little brief. At the time of our IPO, the equity we have put was INR 253 crores. As on today's date, it's INR 692, where we have put INR 439 crores more, and this year, our balance equity commitment is INR 859 crore, and FY28 is INR 744 crores.

Speaker #3: And this year, our balance equity commitment is ₹859 crores, and for FY28, it is ₹744 crores.

Speaker #4: So, we will be putting ₹859 crore in FY27.

Vaibhav Shah: We will be putting INR 859 crores in FY27?

Speaker #3: Yes.

Speaker #4: Yes. Of this, HAM and solar breakup?

Kapil Aggarwal: Yes.

Vaibhav Shah: Of this, HAM and solar breakup?

Speaker #3: Yeah, totally. Do you have the HAM and Solar break-up?

Kapil Aggarwal: Yeah. Do you have a HAM and solar breakup? INR 310 is solar. INR 310 is solar and INR 296 is INR 550 is highway, HAM.

Kapil Aggarwal: Yeah. Do you have a HAM and solar breakup?

[Company Representative] (Ceigall India): INR 310 is solar.

Speaker #4: 310 is solar.

Kapil Aggarwal: INR 310 is solar and INR 296 is INR 550 is highway, HAM.

Speaker #3: 310 is solar, and 296 to 550 is highway—HAM.

Speaker #4: And for FY 28?

Vaibhav Shah: For FY2028?

Kapil Aggarwal: 2028 is INR 300 crore solar. INR 300 crore for solar tentatively, INR 296 crore.

Speaker #3: 28 is ₹300 crores for solar, tentatively. 296.

Speaker #4: Okay. And remainder for HAM?

Vaibhav Shah: Okay, remainder for HAM.

Speaker #3: And 444 for HAM. Yeah.

Kapil Aggarwal: INR 444 crore for HAM. Yeah.

Speaker #4: Okay, okay. Thank you. Those are my questions.

Vaibhav Shah: Okay. Thank you, sir. Those are my questions.

Speaker #3: Yes, sir.

Kapil Aggarwal: Sure.

Speaker #1: A reminder to all participants: you may press star and one to ask a question. The next question comes from the line of Krish Bhatia with Anand Rathi Group.

Operator: A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Krish Bhatia with Anand Rathi Group. Please go ahead.

Speaker #1: Please go ahead.

Speaker #4: Thank you. This is my question. The first question is on the—

Krish Bhatia: Thank you. Thank you for taking my question. Congratulations with the quarter numbers. The first question is on the-

Speaker #1: I'm sorry to interrupt, Krish. You're not audible. Could you please use your phone in handset mode in case it's currently on hands-free?

Operator: I'm sorry to interrupt, Krish. You're not audible. Could you please use your phone on the handset mode in case if it's on hands-free?

Speaker #4: Yes, sir. Better now?

Krish Bhatia: Is it better now?

Speaker #1: A little bit.

Operator: A little bit.

Speaker #4: Is it better now?

Krish Bhatia: Is it better now?

Speaker #1: Yes, please.

Operator: Yes, please.

Kapil Aggarwal: Sorry for the interruption.

Krish Bhatia: Okay. Let's see. Is that better now?

Speaker #4: Okay. Is it better now?

Speaker #1: Yes, please.

Operator: Yes, please.

Speaker #4: Sure. There's no 113 highway projects to be awarded in FY27. So, I want to know what you expect to be awarded within this year and what will be the process?

Krish Bhatia: Regarding the ADs, I noticed there's no 113 highway projects to be awarded in FY27. How much roughly do you expect to be awarded within this year, and what will be the

Kapil Aggarwal: Your voice is not clear. Sorry, your voice is not clear. It's drowning.

Speaker #3: Sorry, your voice is not clear. Rounding.

Speaker #1: The line for the participant has dropped. We will move to the next participant, Mahesh Patil with ICICI Securities. Please go ahead.

Operator: The line for the participant has dropped. We move to the next participant, that is Mahesh Patil with ICICI Securities. Please go ahead.

Speaker #4: Yeah. Hi, sir. So my first question is on the margins. So we have posted good margins of more than around 13 and a half percent.

Mahesh Patil: Yeah, hi sir. My first question is on the margins. We have posted good margins of more than around 13.5% this quarter against our guidance of around 11% to 12.5% for the full year. What led to this improvement, and can we see similar margins in the upcoming quarters, or was there any one-off this quarter?

Speaker #4: This quarter against our guidance of around 11 to 12 and a half percent for the full year. So what led to this improvement and can we see similar margins in the upcoming quarters or was there any one of this quarter?

Speaker #3: So basically, we have started three new projects in this quarter. Two are Maharashtra Solar projects, MH1 and MH2, and road projects—HAM projects—in the Indore region.

Kapil Aggarwal: Basically we have started three new projects in this quarter. Two are Maharashtra solar projects, MH1 and MH2, and road projects, HAM projects in Indore region. Basically another three projects are about to start, for which we already gave an order appointed date in the Q1 of July. It will basically improve the numbers as well, going forward in future.

Speaker #3: So, basically, another three projects are about to start, for which we already gave a lot of appointed dates in the first quarter of July.

Speaker #3: Basically, it improves the numbers as well, going forward in the future.

Speaker #4: Okay. But we still maintain our guidance at 11 to 12.5 percent, right?

Mahesh Patil: Okay. We still maintain our guidance at 11% to 12.5%, right?

Speaker #3: Hello? Can you repeat it once again?

Kapil Aggarwal: Hello, can you repeat it once again?

Speaker #4: I'm asking, are we still maintaining our guidance at the 11 to 12.5 percent range?

Mahesh Patil: I'm asking, are we still maintaining our guidance at 11% to 12.5% range?

Speaker #3: Yeah, yeah. We are going to maintain this.

Kapil Aggarwal: Yes. We are going to maintain this range.

Speaker #4: Okay. And sir, about order info, I think we guided for around ₹55 billion of order inflow for this year. We have done around...

Mahesh Patil: Okay. Sir, about order inflow, I think we guided for around INR 55 billion of order inflow for this year. We have done around-

Speaker #3: 650.

Kapil Aggarwal: INR 650

Speaker #4: Six, right?

Mahesh Patil: INR 6, right? With Q1.

Speaker #3: We have guided our investors for ₹6,000 crore. We've already got close to ₹600 crore, and the rest is achievable during the year.

Kapil Aggarwal: We have guided our investors for INR 6,000 crore. We've already got close to INR 600 crore, the rest is achievable during the year.

Speaker #4: Okay, sir. Thank you.

Mahesh Patil: Okay, sir. Thank you.

Speaker #1: The next question comes from the line of Parth Thakkar with JM Financial. Please go ahead.

Operator: The next question comes from the line of Parth Thakkar with JM Financial. Please go ahead.

Speaker #4: Thank you for the opportunity. Sir, I would like to ask, when can we expect the ADs for the two new HAM projects?

Parth Thakkar: Thank you for the opportunity. Sir, I would like to ask, when can we expect the ADs for the two new HAM projects?

Speaker #3: So our FC date due for Bihar is, I think, next month. And the Punjab project is close to November. So once, I mean, we have already tied up with the banks.

Kapil Aggarwal: Our FC date due for Bihar is, I think, next month. And the Punjab project is close to-

Ayyalusamy Saravanan: November

[Company Representative] (Ceigall India): November

Kapil Aggarwal: November. We have already tied up with the banks, once the FC is done, maximum two or three months after that, we should start the work.

Speaker #3: And once the FC is done, at most two or three months after that, we should start to work.

Speaker #4: So, we can expect the AD for both by Q4?

Parth Thakkar: We can expect the AD for both by Q4?

Speaker #3: So yes, fourth quarter, we should expect— I mean, Bihar, we can expect by third quarter. Otherwise, in fourth quarter definitely we'll get the ADs of both those projects.

Kapil Aggarwal: Yes, Q4 we should expect. Bihar we can expect by Q3. Otherwise, in Q4, definitely we'll get the ADs of both those projects.

Speaker #4: Sir, what is the amount of capex we have done in this quarter, and how much can we expect for the full year?

Parth Thakkar: Sir, what is the amount of CapEx we have done in this quarter, and how much can we expect for the full year?

Speaker #3: Close to ₹14 crore worth of capex has been done in this quarter. That was primarily a launcher which has been purchased in Dhanapur. So from the IPO proceeds, we have already picked up more than ₹100 crore worth of machinery.

Kapil Aggarwal: Close to INR 14 crores we have done the CapEx in this quarter. That was primarily a launcher which have been purchased in Danapur-Bihta. From the IPO proceeds, we have already procured more than INR 100 crore worth of machinery. As and when any specialized machinery is required, then only we will go for buying. Otherwise, we do have ample machine for execution of these projects.

Speaker #3: So, as and when any specialized machinery is required, then only we will go for buying. Otherwise, we do have ample machines for execution of these projects.

Speaker #4: And what would be the full-year CAPEX guidance?

Parth Thakkar: What would be the full year CapEx guidance?

Speaker #3: Close to 30, 35 crores.

Kapil Aggarwal: Close to INR 30, 35 crores.

Speaker #4: Okay. And are we still maintaining our revenue growth guidance of 15%?

Parth Thakkar: Thank you. Are we still maintaining our revenue growth guidance of 15%?

Speaker #3: Earlier, we used to say it should be between 10 to 15 percent. This year, it should be a minimum of 15 percent.

Kapil Aggarwal: Earlier we used to say it should be between 10% to 15%. This year it should be minimum 15%.

Speaker #4: Okay. And what would be our equity invested in HAM and solar in this quarter?

Parth Thakkar: Okay. What would be our equity invested in HAM and solar in this quarter?

Speaker #3: This quarter particularly—the quarter which has just gone, or the new quarter we are in right now?

Kapil Aggarwal: This quarter particularly, the quarter which has gone, or the new quarter which is right now?

Speaker #4: No. In Q1 and year to date, ₹23 crores we have invested in the first quarter. So this is cumulative for both HAM and Solar?

Parth Thakkar: In one QNR year to date.

Ayyalusamy Saravanan: INR 23 million invested.

[Company Representative] (Ceigall India): INR 23 million invested.

Kapil Aggarwal: INR 23 crore we have invested in Q1.

Parth Thakkar: This is cumulative, both HAM and solar?

Speaker #3: Yes. Yes.

Kapil Aggarwal: Yes.

Speaker #4: Okay. Those are my questions. Thank you.

Parth Thakkar: Okay. Those were my questions. Thank you.

Speaker #3: Thank you so much.

Kapil Aggarwal: Thank you so much.

Speaker #1: Participants, please press star one to ask a question. The next question comes from the line of Chetrika Deshpandi, an individual investor. Please go ahead.

Operator: Participants, please press star and one to ask a question. The next question comes from the line of Chaitra Deshpande, an individual investor. Please go ahead.

Speaker #5: Hello, good morning, and thank you for the opportunity, sir. My first question is: Over the next three years, what do you see as the biggest driver of shareholder value?

Chaitra Deshpande: Hello. Good morning, and thank you for the opportunity, sir.

Kapil Aggarwal: Good morning.

Chaitra Deshpande: My first question, over the next three years, what will be the biggest driver of shareholder value? Like, will it be revenue growth, margin expansion, asset monetization, or higher ROC? Sorry.

Speaker #5: Like, will it be revenue growth, margin expansion, asset monetization, or higher ROC? Sorry.

Speaker #3: That's a good question. We have almost 11 verticals in the company. We always target to bid at a 25% IRR at the project level. And, if you see, we have already sold one asset, which is Murotapur or Sadhuvali, which has given much more IRR than what we committed or guided to our investors.

Kapil Aggarwal: Good question. We have almost 11 verticals in the company. We always target to bid at 25% IRR at the project level. If you see, we have already sold one asset, which is Malout-Abohar-Sadhuwali, which has given much more the IRR what we committed or we guided our investors. Our order book is robust for next four years. You can see that. We have good capacity to build more projects. Our projects which are going to get completed, we are very clear that we are going to sell those projects. We have already done that in past. We have already sold Malout-Abohar-Sadhuwali, which happened in Q1.

Speaker #3: So, our order book is robust for the next four years. You can see that. We have good capacity to bid for more projects, and for our projects that are going to get completed, we are very clear that we are going to sell those projects.

Speaker #3: We have already done that in the past. We've already sold Murotapur Sadhuvali, which happened in the first quarter. And, I mean, if we maintain our EBITDA margins, our EPC level, and we make money on our equity, you yourself can see we have already delivered it before.

Kapil Aggarwal: If we maintain our EBITDA margins at the EPC level, and we make money on our equity, you yourself can see we have already delivered it before, our return on equity would be great as compared to the peers in the market.

Speaker #3: Our return on equity would be great as compared to our peers in the market.

Speaker #5: Okay. And sir, Q1 order inflow was relatively modest. Is this mainly a timing issue, or do you expect a strong acceleration in Q2 or Q3?

Chaitra Deshpande: Okay. Sir, our Q1 order inflow was relatively modest. Is this mainly a timing issue, or do you expect a strong acceleration in Q2 or Q3?

Speaker #3: So normally, the order inflow comes in Q3 and Q4. If you see, last year in Q4, we got almost 45% of the order book.

Kapil Aggarwal: Normally, the order inflow comes in Q3 and Q4. If you see last year in Q4, we got almost 45% of the order book.

Speaker #5: Okay. And sir, should we expect working capital intensity to improve in FY27, or will higher execution keep it elevated?

Chaitra Deshpande: Okay. Sir, should we expect working capital intensity to improve in FY27 or will higher execution keep it elevated?

Kapil Aggarwal: Yeah, definitely there will be an improvement in FY27 looking at the relaxation given by the government, and it will improve further in FY28 as well.

Ramneek Sehgal: Yeah, definitely there will be an improvement in FY27 looking at the relaxation given by the government, and it will improve further in FY28 as well.

Speaker #3: Yes, definitely there will be an improvement in FY27, looking at the relaxation given by the government. It will improve further in FY28 as well.

Speaker #5: And one more, and last question, sir. How do you see margins and returns in renewables compared to our traditional and EPC business?

Chaitra Deshpande: One more one and last question, sir. How do you see margins and returns in renewable compared to our traditional and road EPC business?

Speaker #3: So we have guided our investors to the same kind of margin, but of course, we're trying to achieve better.

Chaitra Deshpande: We have guided our investors the same kind of margin, but of course, we are trying to achieve better.

Kapil Aggarwal: We have guided our investors the same kind of margin, but of course, we are trying to achieve better.

Speaker #5: Okay, that's all from my side. Thank you, sir.

Chaitra Deshpande: Okay, that's all from my side. Thank you, sir.

Speaker #3: Thank you so much.

Kapil Aggarwal: Thank you so much.

Speaker #1: The next question comes from the line of Vebhav Shah from JM Financial. Please go ahead.

Operator: The next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead.

Speaker #4: Thanks for the follow-up. Sir, you mentioned that we would be investing roughly ₹550 crore as equity in HAM projects. But if you look at the status of the HAM projects, we may be doing a two-hour awaiting AD.

Vaibhav Shah: Thanks for the follow-up. Sir, you mentioned that you would be investing roughly INR 550 crore as equity in HAM projects. If you look at the status of the HAM projects, we may be doing two are awaiting AD, and another two will be starting now, VRK 11 and 12. Also for Southern Ayodhya, we're expecting some slowdown in execution this year because of land challenge. How much equity are we investing in this? We will be investing 70% to 80% for the VRK projects in this year itself?

Speaker #4: In another two, we'll be starting now. We are at 11 and 12. Also, for Southern Ayodhya, we're expecting some slowdown in execution this year because of land challenges.

Speaker #4: And how much equity are we investing in this? So we will be investing 70–80 percent for the VRK projects this year itself?

Speaker #3: 50 percent, which is—can you hear us?

Kapil Aggarwal: 50%.

Chaitra Deshpande: Can you hear us?

Ramneek Sehgal: Can you hear us?

Speaker #4: Yes. Vaibhav, if you look at the censure, the censure requires us to infuse 50% upside liquidity in VRK 11 and 12. So this is what we have considered in the total commitments.

Kapil Aggarwal: Yeah. Vaibhav, if you look at the sanction, the sanction requires us to infuse 50% upfront equity in VRK 11 and 12. This is what we have considered in the total commitments. If you look at, there are other projects also which are going on, like Northern Ayodhya, Southern Ayodhya, Ludhiana Bypass, in which we are yet to infuse the equity. As and when the progress we'll achieve, we will accordingly infuse the equity in those projects as well. In totality, we will be infusing INR 550 crore, which is across all 11 HAM projects.

Speaker #4: So, if you look at it, there are other projects also which are going on, like Northern Ayodhya, Southern Ayodhya, Ludhiana-Bathinda, in which we are yet to infuse the equity.

Speaker #4: So, as and when progress is achieved, we will accordingly infuse equity in those projects as well. So, in totality, we will be infusing ₹550 crores, which is across all 11 HAM projects.

Speaker #4: Incrementally, right?

Vaibhav Shah: Incrementally, right?

Speaker #3: Yeah, incremental.

Kapil Aggarwal: Yeah, incrementally.

Speaker #4: So, because I was factoring roughly 70 percent for both VRK projects, then Northern Ayodhya, Southern Ayodhya, entire equity, and also 70 percent in Southern Ludhiana and 50 percent in Indore-Ujjain.

Vaibhav Shah: Sir, I was factoring roughly 70% for both VRK projects, Northern Ayodhya, Southern Ayodhya, entire equity, and also 70% in Southern Ludhiana and 15 in Indore-Ujjain. I was getting roughly INR 430, INR 440 odd crores incremental. I was confused.

Speaker #4: Then also I was getting roughly 430, 440-odd crores incremental. So I was confused.

Speaker #3: Ludhiana Badinda, we are targeting close to ₹53 crores. And then, for Ludhiana Ayodhya Bypass, we are targeting ₹61 crores and ₹53 crores in another project.

Kapil Aggarwal: Ludhiana-Badeya, we are targeting close to INR 53 crores. Ludhiana Ayodhya bypass, we are targeting INR 61 crores and INR 53 crore in another project. VRK 11 and 12, we are targeting INR 97 and INR 139 crores. Southern Ludhiana bypass, we are targeting close to INR 38 crore. Indore-Ujjain, we are targeting INR 60 crores. INR 50 crore we are targeting in Bihar Sharif project. Tirupur, we are targeting another INR 16 crores. In totality, this comes to INR 550.

Speaker #3: VRK 11 and 12, we have targeting 97 and 139 crores. Southern Ludhiana bypass, we are targeting close to 38 crores. Indore Ujjain, we are targeting 60 crores, 50 crores we are targeting in Bihar Saibin project.

Speaker #3: Zirakpur, we are targeting another 16 crores. So in total, this comes to 550 crores.

Speaker #4: Okay. Okay. Okay.

Vaibhav Shah: Okay. Sir, secondly, on depreciation, we saw a sharp fall from around INR 30 odd crores last quarter in Q1 to INR nine and a half crores. Incrementally, what would be the run rate? What was the reason for this fall in depreciation amount in one year?

Speaker #1: Sir, secondly, on the depreciation, we saw a sharp fall from around ₹13 odd crores last quarter in Q1 to ₹9.5 crores. So, incrementally, what would be the run rate and what was the reason for this fall in depreciation amount in one quarter?

Speaker #4: So if you look at the block, it's constant. It's basically charged at the same rate. So, reduction is because of some of the assets which have been sold in the previous financial year.

Kapil Aggarwal: If you look at the block, it's constant. It's basically charged at the same rate. Reduction, because due to some of the assets which has been sold in the previous financial year. There is a WDV which we are charging on the assets.

Speaker #4: And there is a WDB, which we are charging on the assets.

Speaker #1: So, this should be the recurring run rate going forward?

Vaibhav Shah: This will be the recurring run rate going forward?

Speaker #4: Yeah, if we are going to buy a few more assets during the year, definitely this will increase. Otherwise, if you look at the same level, it will keep on reducing every year.

Kapil Aggarwal: Yeah, if we are going to buy a few assets more during the year, definitely this will increase. Otherwise, if you look at the same level, it will keep on reducing every year.

Speaker #1: Okay. And sir, last year, on other income, we saw a sharp fall from ₹15 crore last year to ₹9.5 crore in this year’s first quarter.

Vaibhav Shah: Sir, lastly, on other income, we saw a sharp fall from INR 15 odd crore last year to INR 9.5 crore in this year, Q1. Even this will be recurring, or we may see some increase in other income?

Speaker #1: So even this should be recurring, or may we see some increase in other income?

Speaker #4: Other income, if you look at it, is primarily on account of royalty, which we were getting in the earlier years. Right now, we are not charging royalty.

Kapil Aggarwal: Other income, if you look at, is primarily on account of royalty, which we were getting in the earlier years. Right now, we are not charging royalty. Plus FDR, if you look at, in the previous financial year, we were having proceeds from IPO on which we were getting returns in form of an interest on FD. We don't have that surplus now. We have 100% utilized the IPO proceeds in the last quarter of the FY2026. Whatever FD's we have, we have close to almost INR 320 crore FD's lying in the books of accounts. As per the rate of interest, we are getting the interest in the books of accounts.

Speaker #4: And plus, FDR—if you look at, in the previous financial year, we were having proceeds from the IPO, which we were getting returns on in the form of interest on FDs.

Speaker #4: So, we don't have that surplus now. We have 100 percent utilized the IPO proceeds in the last quarter of FY26. So whatever FDs we have, we have close to almost ₹320 crore in FDs lying in the books of accounts.

Speaker #4: So, as per the rate of interest, we are getting the interest in the books of accounts.

Speaker #1: So, this should be a recurring number, right?

Vaibhav Shah: This will be a recurring number, right?

Speaker #4: This will be on the same line, but we have shown it in the first quarter.

Kapil Aggarwal: This will be on the same line, what we have shown in the Q1.

Speaker #1: Okay. Okay. Thank you, sir.

Vaibhav Shah: Okay. Thank you, sir.

Speaker #4: Thank you.

Speaker #1: The next question comes from the line of Yash Parker, an individual investor. Please go ahead.

Operator: The next question comes from the line of Yash Parker, an individual investor. Please go ahead.

Speaker #4: Hi, sir. Am I audible?

Yash Parker: Hi, sir. Am I audible?

Speaker #1: Yes, Yash.

Ramneek Sehgal: Yes.

Speaker #3: Yeah, hi. Please, please go ahead.

Ramneek Sehgal: Yeah. Please go ahead.

Speaker #4: Hi. Thank you so much for the opportunity. Sir, my question was regarding commercial papers. So, recently, we have approved the issuance of commercial papers of around ₹100 crore on a private placement basis.

Yash Parker: Hi. Thank you so much for the opportunity. Sir, my question was regarding the commercial papers. Recently, we have approved the issuance of commercial papers of around INR 100 crore on a private placement basis. Sir, as a shareholder, I would like to understand what is this commercial paper intending to fund, and how does raising short-term commercial paper fit with the long tenure nature of our HEM and EPC project cash flows?

Speaker #4: So, sir, as a shareholder, I would like to understand: what is this commercial paper intended to fund? And how does raising short-term commercial paper fit with the long-tenure nature of our HAM and EPC project cash flows?

Speaker #3: So, commercial paper we are going to carve out from our working capital leverage. The reason being, we are getting a better ROI on commercial papers.

Kapil Aggarwal: Commercial paper, we are going to carve out from our working capital limits. The reason being, we are getting a better ROI on commercial papers. It will be close to 6.8% to 7% as against WCTL, where we are getting a rate of 7.5% to 7.8%. This will reduce our finance cost, and moreover, we will be entering into the market by issuance of commercial paper, which will give more benefits to the company and visibility to the company.

Speaker #3: It will be close to 6.8 to 7 percent, as against WCDL, where we are getting a rate of 7.5 percent to 7.8 percent. So this will reduce our finance cost and moreover, we will be entering into the market by issuance of the commercial paper, which will give more benefits to the company.

Speaker #3: And visibility to the company.

Speaker #4: Okay. And sir, could you elaborate on the near-term pipeline—what it looks like in the two international markets? And whether we should expect meaningful revenue contribution from SEAGAL Global PT Limited or the UAE entity?

Yash Parker: Okay. Sir, could you elaborate on the near-term pipeline, what it looks like in the two international markets, and whether we should expect meaningful revenue contribution from the Ceigall Global Pte. Ltd. or the UAE entity within FY27 and FY28?

Speaker #4: Within FY27 and FY28.

Speaker #3: So we are very conservative going global. We have quoted a few tenders—one was in Romania, and a few were in Dubai. Because of this war situation, we are a little more conservative now.

Kapil Aggarwal: We are very conservative going global. We have quoted few tenders. One was in Romania and few were in Dubai. Because of this war situation, we are a little more conservative now, and our order book is robust in India. We want to take baby steps there. We are bidding for a few more projects, which I can't tell you on this line. Once we bid, we can share that. Otherwise, our order book is robust in India. We want to grow internationally, but again, very conservatively. Thank you.

Ramneek Sehgal: We are very conservative going global. We have quoted few tenders. One was in Romania and few were in Dubai. Because of this war situation, we are a little more conservative now, and our order book is robust in India. We want to take baby steps there. We are bidding for a few more projects, which I can't tell you on this line. Once we bid, we can share that. Otherwise, our order book is robust in India. We want to grow internationally, but again, very conservatively. Thank you.

Speaker #3: And our order book is robust in India, so we want to take baby steps there. We are bidding for a few more projects, which I can't tell you on this line.

Speaker #3: Once we bid, we can share that. Otherwise, our order book is robust in India. We want to grow internationally but, again, very conservatively. Thank you.

Speaker #4: Okay, sir, last question from my end. So, consolidated ROE has fallen sharply to 14 percent in FY26, even though ROC has been comparatively more stable, somewhere around 19 to 20 percent over the same period. Is this decline in ROE purely a function of the equity base expanding post-IPO and post-QIP type capital raises?

Yash Parker: Okay. Sir, last question from my end. Consolidated ROE has fallen sharply to 14% in FY26. Even though ROC has been comparatively more stable, somewhere around 19% and 20% over the same period. Is this decline in ROE purely a function of the equity-based expanding post-IPO and post-QIP type capital raises, or is there a genuine decline in return on the incremental capital deployed that we should be concerned about?

Speaker #4: Or is there a genuine decline in return on the incremental capital deployed that we should be concerned about?

Speaker #3: This was primarily on account of rising equity share capital only. So, if you look at it, we were close to ₹2,098 crore equity share capital.

Kapil Aggarwal: This was primarily on account of rise in equity share capital only. If you look at, we were close to INR 2,098 crore equity share capital at the end of February 2026. My base has increased, which has reduced my ROE.

Speaker #3: At the end of FY26, so my base has increased, which has reduced my ROE.

Speaker #4: Okay, that's it from my end. Thank you so much for answering my questions.

Yash Parker: Okay. That's it from my end. Thank you so much for answering my questions.

Speaker #1: Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to Mr. Aramnik Sagal for the closing remarks.

Operator: Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to Mr. Ramneek Sehgal for the closing remarks.

Speaker #3: Thank you very much, everyone. I would once again like to thank all the participants for joining us today and for making this an engaging and insightful discussion.

Ramneek Sehgal: Thank you very much, everyone. I would once again like to thank all the participants for joining us today and making this an engaging and insightful discussion. We appreciate your continued interest and confidence in Ceigall India Limited. As we move forward, we remain committed to disciplined execution, prudent capital allocation, creating sustainable long-term value for all our stakeholders. We hope we have been able to address all your queries. In case you have any further questions, please feel free to connect with our investor relation teams at Adfactors PR. Thank you once again. Have a good day, guys. Thank you.

Speaker #3: We appreciate your continued interest and confidence in Ceigall India Limited. As we move forward, we remain committed to disciplined execution, prudent capital allocation, and creating sustainable long-term value for all our stakeholders.

Speaker #3: We hope we have been able to address all your queries. In case you have any further questions, please feel free to connect with our investor relations team at Affactor.

Speaker #3: Thank you once again. Have a good day, guys. Thank you.

Speaker #1: Thank you, sir. Ladies and gentlemen on behalf of SEAGAL India Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you, sir. Ladies and gentlemen, on behalf of Ceigall India Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

Browse all earnings call transcripts

Q1 2027 Ceigall India Ltd Earnings Call

Request TrialDemo

Ceigall India

Earnings