New Delhi: Shares of Ceigall India moved sharply higher on Thursday after the company announced that its subsidiary Ceigall Infra Projects has received a Letter of Award from the Madhya Pradesh Road Development Corporation for the construction of a major four lane greenfield highway connecting Indore and Ujjain.
Following the announcement, Ceigall India stock gained nearly 4 percent, trading around Rs 270.20 in the morning session.
Project Details
The awarded project covers the development of a 48.10 kilometre access controlled highway, including the important Simhastha bypass, with a total project cost of approximately Rs 1,089 crore.
Construction is expected to be completed within 24 months from the date of appointment.
The highway will be developed under the Hybrid Annuity Model and is aimed at improving regional connectivity, reducing congestion, and providing safer and faster travel between two of Madhya Pradesh’s most important economic and religious centres.
Strengthening Order Book
This new project further strengthens Ceigall India’s already strong order book in the roads and highways segment and highlights the company’s growing presence in executing large scale infrastructure projects for state development authorities.
The company stated that the project aligns with its long term vision of contributing to India’s infrastructure growth through modern, sustainable and future ready transportation corridors.
Management Comment
Commenting on the development, Ramneek Sehgal, Chairman and Managing Director of Ceigall India, said the Indore Ujjain project is strategically important for the state of Madhya Pradesh and reaffirmed the company’s commitment to timely execution with high safety and quality standards.
Company Performance
Ceigall India operates as an engineering, procurement and construction company with expertise in highways, bridges, flyovers, tunnels, expressways, and airport runways.
Its business model includes both EPC projects and HAM projects.
On a consolidated basis, the company reported a 13.86 percent decline in net profit to Rs 57.99 crore for the quarter ended September 2025, while revenue increased 4.45 percent to Rs 806.57 crore compared to the same quarter last year.