Ceigall India Limited has taken a significant step in diversifying its business portfolio by executing two Power Purchase Agreements (PPAs) on March 24, 2026. These agreements were signed by its wholly-owned subsidiaries, Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). The projects, part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, involve solar power capacities of 190 MW and 147 MW, respectively, totaling 337 MW. This move marks the company’s strategic entry into the renewable energy sector as a developer-operator, aiming to secure long-term annuity-style returns.

The execution of these PPAs represents a milestone for Ceigall India, shifting its role from a traditional Engineering, Procurement, and Construction (EPC) player to a credible developer of large-scale renewable assets. The company has already demonstrated its execution capability in the power sector by securing two EPC orders worth approximately ₹298 crore from Purvah Green Power Private Limited for projects in Andhra Pradesh. These include a ₹119.96 crore order for a 220 kV transmission line and a ₹177.93 crore order for balance-of-plant work for a 300.3 MW hybrid wind project. Both projects are slated for completion within a 10-month period.

Founded in 2002, Ceigall India Limited is a leading infrastructure company specialized in structural projects such as elevated roads, bridges, tunnels, and runways. In 2025, the company has aggressively expanded its order book, which stood at a robust ₹13,290 crore as of early 2026. Recent major wins include emerging as the L1 bidder for a ₹603 crore NHAI highway project in Punjab and securing various road projects from the Ministry of Road Transport and Highways (MoRTH). The company is also active in metro rail projects, having bagged a ₹899 crore contract for the Bhubaneswar Metro.

For the quarter ended December 31, 2025 (Q3 FY26), Ceigall India reported a consolidated revenue of ₹1,002.01 crore, reflecting a year-on-year (YoY) growth of 19.13% and a quarter-on-quarter (QoQ) jump of 21.72%. The consolidated net profit for the same period stood at ₹72.39 crore, showing a marginal YoY increase of 2.25% and a strong QoQ growth of 28.9%. Promoters continue to hold a dominant 82.06% stake in the company as of March 2026. Famous institutional investors and mutual funds associated with the company include HDFC Mutual Fund and ICICI Prudential Flexicap Fund.