Infrastructure company Ceigall India Ltd announced on Monday (February 9) that it has received a Letter of Award (LOA) from Rewa Ultra Mega Solar Ltd for the development of Unit 1 at Morena Solar Park, Madhya Pradesh. According to reports from CNBC TV18, the project involves 220 MW capacity with both solar and Battery Energy Storage Systems (BESS) components, structured as a tariff-based arrangement with a quoted tariff of ₹2.70 per kWh. The approximate project value, including GST, stands at ₹1,700 crore. The project was awarded through a tariff-based competitive bidding mechanism, as confirmed by Ceigall India in its latest statement.
As reported by CNBC TV18, the Letter of Award was awarded by a domestic entity, with the project execution scheduled over a construction period of 24 months, followed by an operational period of 25 years. Ceigall India confirmed that the order does not involve any related party transactions and no promoter, promoter group, or group companies have any interest in the entity awarding the contract. The company emphasized that this represents a significant addition to its renewable energy portfolio. The project is expected to contribute significantly to Madhya Pradesh's renewable energy capacity and support India's broader clean energy transition goals.
According to CNBC TV18, Ceigall India reported strong quarterly results with net profit increasing 1.2% year-on-year to ₹74.1 crore, compared with ₹73.2 crore in the corresponding period last year. Revenue rose sharply by 19.3% to ₹991 crore from ₹830.5 crore, reflecting healthy execution across ongoing projects. EBITDA increased 12.8% year-on-year to ₹138.7 crore, though margins moderated to 14% from 14.8% a year ago, indicating some pressure on operating profitability despite higher revenues.
As reported by CNBC TV18, during the quarter, Ceigall India announced the appointment of A. Saravanan as Chief Executive Officer, effective February 10, strengthening its senior management team. The company's total order book stood at ₹13,295.1 crore as of December 31, 2025, providing strong revenue visibility. Ceigall India continues to expand beyond roads and highways, with a growing presence in renewables, transmission and distribution, and industrial infrastructure.
According to CNBC TV18, shares of Ceigall India Ltd ended at ₹284.10, down by ₹8.20, or 2.81% on the BSE following the announcement. However, recent trading data shows the stock has gained 5.69% over the last month and risen 18.39% over the last three months, indicating positive investor sentiment despite short-term volatility. The stock currently trades with a market capitalization of ₹5,078 crore and has a 52-week high of ₹308.30 and 52-week low of ₹223.00. The market reaction suggests investor focus on the company's expansion into renewable energy infrastructure despite the positive project win.
