According to latest reports, Ceigall India Ltd. has secured two standalone Battery Energy Storage System (BESS) orders from Punjab State Power Corporation Limited (PSPCL), marking a significant expansion in the energy storage segment. The first contract involves setting up a 100 MW standalone battery energy storage system with a project cost of approximately ₹250 crore, while the second order covers a 50 MW BESS facility valued at approximately ₹125 crore. Both contracts were awarded through tariff-based global competitive bidding via e-reverse auction process, with the company receiving email confirmation on May 12.
The tariff structure varies between the two projects, with the 100 MW project carrying a monthly capacity tariff of ₹3,44,000 per MW per month, while the 50 MW project is priced at ₹2.99 per kWh. Under both contracts, Ceigall is required to complete construction within 18 months from the date of award, after which it will operate, maintain, and supply power under a long-term Battery Energy Storage Purchase Agreement (BESPA) for 12 years from the scheduled commercial operation date.
As of the latest trading session, Ceigall India shares were trading at ₹354 per share, representing a 1.14% increase from the previous closing price of ₹350. The company currently trades at a P/E ratio of 19.8 with a market capitalization of ₹6,186 crore. The stock has demonstrated strong performance with a 20% surge in the last month and more than 45% increase over the last six months, reflecting growing investor confidence in the company's energy transition capabilities.
The dual PSPCL contracts significantly strengthen Ceigall's energy storage portfolio, with the BESS-focused order book currently standing at ₹1,487.5 crore as of March 31, 2026. The company's overall order book remains robust at ₹18,554.3 crore, with these wins adding further depth to the energy storage pipeline and diversifying revenue beyond traditional highways and infrastructure business. The back-to-back wins from the same state utility suggest growing confidence in Ceigall's execution capability in the BESS space, positioning the company well for anticipated grid balancing requirements across Indian states.
