Stock Jumps 6% After Green Energy Arm Secures ₹1,369 Cr Orders from Maharashtra Govt

SYNOPSIS: EPC company secures 337 MW solar EPC projects worth Rs. 1,369 crore in Maharashtra, strengthening renewable portfolio & order book visibility, and ensuring long-term revenue through 25-year power purchase agreements.

During Wednesday’s trading session, shares of one of the fastest-growing engineering, procurement and construction (EPC) companies surged nearly 6 percent on BSE, after the company’s green energy arms secured orders worth a total of around Rs. 1,369 crores from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).

With a market cap of Rs. 4,793 crores, shares of Ceigall India Limited are currently trading in the green at Rs. 275.15 on BSE, up by around 4 percent, compared to its previous closing price of Rs. 265. The stock has delivered positive returns of around 2 percent in one year, but has fallen by over 4 percent in the last one month.

News

According to the latest disclosure filed with the stock exchanges, Ceigall India Limited has executed two long-term Power Purchase Agreements (PPAs) through its wholly owned subsidiaries Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL). The agreements cover the development of solar photovoltaic (PV) power-generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).

The first project, with a capacity of 190 MW, will be developed across four districts of Maharashtra and amounts to an EPC cost of around Rs. 772 crores. The second project, with a capacity of 147 MW, will span two districts in the state and amounts to an EPC cost of nearly Rs. 597 crores. The combined EPC value of the projects stands at nearly Rs. 1,369 crore. The execution timeline for the projects is 18 months.

The scope includes engineering, procurement, and construction (EPC) of the solar photovoltaic power generating stations, followed by operations and maintenance, with a long-term commitment to supply power for 25 years under the PPA framework.

These developments mark a significant step in the company’s diversification into the renewable energy sector, complementing its established expertise in infrastructure EPC. The projects are expected to strengthen its order book while establishing a long-term presence in solar power generation.

Financials

Ceigall India reported a significant growth in revenue from operations, experiencing a year-on-year increase of over 19 percent, from Rs. 831 crores in Q3 FY25 to Rs. 991 crores in Q3 FY26. Likewise, its net profit increased during the same period from Rs. 71 crores to Rs. 72 crores, representing a marginal rise of nearly 1.4 percent YoY.

As of 31st December 2025, the company reported a total order book of Rs. 13,268 crores. A significant portion of the order book is concentrated in roads, highways, and flyover projects, which account for 64.2 percent of the total order book. This is followed by the renewable energy segment, contributing 23.9 percent, while industrial infrastructure projects make up 4.7 percent.

Other segments include transmission and distribution (2.9 percent), railways and metro projects (2.6 percent), bus terminals (1.1 percent), and tunnels (0.6 percent), with a negligible contribution from airport runway projects.

Ceigall India Limited is an infrastructure engineering, procurement, and construction (EPC) company engaged in the development of highways, expressways, bridges, flyovers, railway overbridges, tunnels, and runways. It executes projects under EPC as well as Hybrid Annuity Model (HAM) formats and has a strong track record of timely execution across multiple states in India.

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