Ceigall India Ltd announced on Friday, March 20, that its wholly-owned subsidiary, Ceigall Infra Projects Pvt Ltd (CIPPL), has emerged as the lowest (L1) bidder for a ₹603 crore National Highways Authority of India (NHAI) project. According to reports from CNBC TV18, the development follows the opening of financial bids for the tender dated March 20, 2026. The project involves constructing a six-lane access-controlled spur connectivity from the Ambala–Chandigarh section of NH-205A to the Zirakpur Bypass in Punjab, spanning a total length of 10.3 km. As per ScanXNews, the company secured the L1 position in the financial bid opening for Tender ID: 2025_NHAI_258699_1.
The contract will be executed under the hybrid annuity mode (HAM), a widely used model for highway development projects in India. As reported by CNBC TV18, the project has an 18-month construction timeline, followed by a 15-year operation and maintenance period. This structure provides the company with long-term revenue visibility in the road infrastructure segment. The specific nature of the contract involves the Construction of a 6-lane access-controlled Spur connectivity in the state of Punjab, connecting specific points on the Ambala-Chandigarh section of NH-205A and the Zirakpur Bypass. The company confirms that neither the promoter group nor related party transactions are involved in this award, ensuring the contract is conducted at an "arm's length" basis.
The order win is expected to strengthen Ceigall India's order book and further bolster its presence in the road infrastructure segment, according to the exchange filing reported by CNBC TV18. This strategic win demonstrates the company's competitive positioning in the highway construction sector and its ability to secure significant infrastructure projects from major government authorities. As per ScanXNews, this contract win reinforces CEIGALL India's strong positioning in India's highway infrastructure development sector, with the L1 bidder status demonstrating the company's competitive pricing and technical capabilities in securing substantial government infrastructure projects.
Earlier this week, Ceigall India had also announced that CIPPL emerged as the L1 bidder for two tenders floated by the Punjab Infrastructure Development Board, with financial bids opened on March 16, 2026, as per the state government's e-procurement portal. According to ScanXNews, CIPPL secured the lowest bids for two urban street development projects in Ludhiana under the Hybrid Annuity Model (HAM), with project values of ₹108 crore and ₹99 crore respectively. Both contracts have an eight-month construction timeline and a maintenance period of six years. The company confirmed that these contracts are with domestic entities and do not involve any related party transactions.
Shares of Ceigall India Ltd ended marginally lower on Friday, March 20, by 0.44% at ₹270.50 on the NSE, as reported by CNBC TV18. The modest decline suggests the market may have already factored in the positive news of the major project win, with investors focusing on the company's ability to execute these substantial infrastructure contracts successfully. Historical stock returns show mixed performance with gains of +6.37% over one year but declines of -30.06% over five years, as reported by ScanXNews.
