Slides
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Investor Presentation | Q2 & H1 FY27
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Safe Harbour Statement CEIGALL INDIA LIMITED | INVESTOR PRESENTATION This presentation and the accompanying slides (the “Presentation”) have been prepared by Ceigall India Limited (the “Company”) solely for informational purposes. They do not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities, and shall not form the basis of or be relied upon in connection with any contract or binding commitment whatsoever. No offering of securities by the Company will be made except through a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data it considers reliable. However, the Company makes no representation or warranty, express or implied, and no reliance should be placed on the truth, accuracy, completeness, fairness, or reasonableness of its contents. The Presentation may not be all-inclusive and may not contain all the information you may consider material. Any liability arising from the contents of, or any omission in, this Presentation is expressly disclaimed. This Presentation contains certain forward-looking statements regarding the Company’s future business prospects and profitability. These are subject to a number of risks and uncertainties, and actual results could materially differ from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, fluctuations in earnings, the ability to manage growth, domestic and international competition, economic conditions in India and abroad, the ability to attract and retain skilled professionals, time and cost overruns on contracts, management of international operations, government policies and regulatory actions, interest rates, and other fiscal factors prevailing in the economy. The Company does not undertake to announce any changes to forward-looking statements should they become materially incorrect in the future, nor to update any forward-looking statements made from time to time by or on behalf of the Company.
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TABLE OF CONTENTS Quarterly Highlights Key Highlights Historical Financials Business Overview Strategies 01 02 03 04 05 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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KEY HIGHLIGHTS CEIGALL INDIA LIMITED | INVESTOR PRESENTATIONRanjangaon Deshmukh, Maharashtra Project
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Mr. Ramneek Sehgal The second quarter of FY27 marked a strong period for Ceigall India, with healthy growth in revenue and profitability, supported by sustained execution across our core infrastructure business. Our continued focus on operational efficiency, strategic diversification and disciplined capital allocation has enabled us to strengthen our position as a diversified infrastructure company. During Q2 FY27, we delivered a strong financial performance with consolidated revenue of INR 10,225 million, growing 26.8% year-on-year, while EBITDA increased by 53.2% to INR 1,740 million, with EBITDA margins improving to 17.0%. PAT grew by 64.1% to INR 922 million. For H1 FY27, consolidated revenue stood at INR 19,921 million, registering a growth of 21.1% year-on-year. Our order book stood at INR 2,26,811 million as on September 30, 2026, providing strong revenue visibility across our diversified infrastructure portfolio. During the quarter, we further strengthened our order book with significant project wins, including multiple EPC packages for the Frontier Highway in Arunachal Pradesh and a major power transmission project in Gujarat & Maharashtra. These developments reinforce our growing presence across geographies and our strategic focus on high-potential infrastructure segments. We also achieved important execution milestones during the quarter, including the receipt of appointed dates for three HAM projects aggregating approximately INR 40,500 million. Additionally, we continued to make progress on our HAM asset monetisation strategy, aimed at unlocking capital from mature assets and supporting future growth opportunities. Looking ahead, we remain focused on accelerating execution across our project portfolio, strengthening our presence in renewable energy and power transmission, and maintaining a disciplined approach to capital allocation. Backed by our robust order book, execution capabilities and increasingly diversified business portfolio, we remain confident in delivering sustainable long-term growth and creating value for all our stakeholders.” Chairman & Managing Director Management Commentary – Q2 & H1 FY27 “ “ CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Q2 & H1 FY27 Performance Highlights (Standalone) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Q2 FY27 7,870 9,745 Q2 FY26 Q2 FY27 23.8% Revenue From Operations 918 1,305 Q2 FY26 Q2 FY27 11.7% EBITDA & EBITDA Margin (%) 13.4% 559 820 Q2 FY26 Q2 FY27 7.1% PAT & PAT Margin (%) 8.4% (In INR Million) H1 FY27 16,053 18,760 H1FY26 H1FY27 16.9% Revenue From Operations 1,853 2,516 H1FY26 H1FY27 11.5% EBITDA & EBITDA Margin (%) 13.4% 1,118 1573 H1FY26 H1FY27 7.0% PAT & PAT Margin (%) 8.4% (In INR Million)
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8,066 10,225 Q2 FY26 Q2 FY27 26.8% 1,136 1,740 Q2 FY26 Q2 FY27 14.1% 17.0% 562 922 Q2 FY26 Q2 FY27 7.0% 9.0% Q2 & H1 FY27 Performance Highlights (Consolidated) Q2 FY27 Revenue From Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million) (In INR Million) H1 FY27 16,447 19,921 H1FY26 H1FY27 21.1% Revenue From Operations 2,227 3,174 H1FY26 H1FY27 13.5% EBITDA & EBITDA Margin (%) 15.9% 1,075 1559 H1FY26 H1FY27 6.5% PAT & PAT Margin (%) 7.8%
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BUSINESS OVERVIEW CEIGALL INDIA LIMITED | INVESTOR PRESENTATIONRamban-Banihal Highway Project
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One of the leading players in India’s infrastructure sector, renowned for its expertise in Engineering, Procurement, & Construction (EPC) projects, with a track record of executing complex projects, including highways, expressways, bridges, flyovers and urban transportation systems. Ceigall at a Glance CEIGALL INDIA LIMITED | INVESTOR PRESENTATION 24+ Years Legacy of Expertise & Excellence Wide Geographical footprint Proven Execution Capabilities Diversified Projects Operational Excellence Long term Visibility Visionary Board of Directors Expanding Geographical Footprint Well Recognized Execution Capabilities Diversifying Across Projects Committed to Operational Excellence Growth Visibility * As on 30th September 2026 • Professionally managed, merit- based organization, led by independent professionals • Execution capabilities across 14 major states with humble beginning in Punjab • Expanding Globally through Singapore and Dubai subsidiaries • 41 Project Completed* • 4,382+ Lane Kms Constructed* • 3,501+ Lane Kms O&M Projects Completed* • Elevated Road • Highways • Flyovers & Bridges • Rail over bridges • Tunnels • Airports • Metro • Renewables • T&D • Wind Turbine • Industrial Infra • Consistently invest in advance technologies, modern construction methods, and comprehensive training programs • INR 2,26,811 Million Order Book* • 39 Ongoing Projects*
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2002 Incorporated as Ceigall Builder Private Limited 2008 Completed 1st road Project from Punjab Public Works Department, awarded in 2006 2011 Conversion to a Public Limited Company and changed name to Ceigall India Limited 2013 Awarded projects from the Greater Mohali Area Development Authority 2018 • Awarded 5 EPC projects from NHAI • Awarded an outlay project by MoRTH 1, which was completed before scheduled completion date 2019 Awarded the Kartarpur Sahib Corridor Project 2021 Awarded the first project for construction of tunnel sector by NHAI in J&K 2022 Revenue Crossed INR 10,000 Million 2023 • Completed the first HAM project (Malout-Abohar Project) before scheduled time Revenue Crossed INR 20,000 Million 2024 • Listed on BSE & NSE • Revenue Crossed INR 30,000 Million • Acquired 50% stake in RK Infra 2025 Forayed into the Renewable Energy & T&D sectors 2026 • Expanded global footprint through subsidiaries in Singapore and UAE • Foray into the states of Arunachal Pradesh and Andhra Pradesh • Commenced solar power generation with 10 MW commissioned in Maharashtra • Received LOI from RECPDCL for a ₹5,700 crore (including taxes) power transmission project across Lakadia, Jam Khambhaliya and Jamnagar in Gujarat. Our Journey CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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KARTARPUR SAHIB 6 LANE HIGHWAY won special award DELHI- SAHRANPUR PKG II One of the longest six lane elevated Highway ISMAILABAD- DHAND PKG I Access controlled greenfield project RAMBAN-BANIHAL PKG II twin tube tunnel of 6 Km in J&K DANAPUR BAHITA PROJECT I India’s longest four-lane elevated corridor, spanning 19.87 kilometers KANPUR METRO construction of 5 elevated stations AGRA METRO Design and construction of 3 Agra stations AYODHYA BYPASS 4200 meter bridge over Saryu River UP’s Longest Landmark Projects CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Landmark Project: Lakadia-Jam-Khambhaliya- Jamnagar Transmission Project CEIGALL INDIA LIMITED | INVESTOR PRESENTATION LOI received from RECPDCL for development of the Common Transmission system for evacuation of power from Lakadia (Phase-II), Jam Khambhaliya (Phase-II) and Jamnagar (Phase-I) in Gujarat & Maharashtra Execution & Operations 36 months + 35-year operational Period Total Project Cost INR 57,000 Million (Including GST) Transmission Scope ~300 Km Lines System Type 765/400 kV AIS Substation • Marks Ceigall’s Strategic entry into Large-scale transmission infrastructure • Supports power evacuation from key renewable energy zones in Gujarat • Creates long-term revenue visibility through annual transmission charges of INR 6,087 Million
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Professionally Managed by Independent Professionals CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Anisha Motwani (Independent Director) • 26+ years of Experience • Expertise in Branding & Digital Transformation • Previously associated with Max Life, DDB Mudra, Tara Sinha McCann Erickson, Euro RSCG Advertising and General Motors India • B.Sc. and an MBA from the University of Rajasthan Arun Goyal (Independent Director) • Expertise in Accounting, Corporate Finance, and Auditing • Previously associated with Trident Group • B. Com. from Punjab University and Associate member of the ICAI Vishal Anand (Independent Director) • Previously associated with Anand Autocare Private Limited • B.A. (Panjab University) and PGDBM (Infinity Business School) Gurpreet Kaur (Independent Director) • Previously associated with Govt. College for Girls, Ludhiana, as an assistant professor • B. Com and M. Com. from Panjab University, Doctor of Philosophy in commerce and management studies from Himachal Pradesh University Ramneek Sehgal (Chairman & MD) • 23+ Years of Experience • Responsible for Expansion, Profitability, Overall Growth and Innovation, as well as Preparing and Implementing Business Plans, Managing Cost- effective Operations and Market Development Activities • Bachelor’s degree in commerce from Osmania University Ankit Kumar Agrawal (Independent Director) • Expertise in insurance distribution, fintech, digital platforms, and business strategy. • Co-founder and Chief Executive Officer of InsuranceDekho; previously associated with UBS, MoveInSync, and CarDekho. • Graduate from the Department of Financial Studies, University of Delhi. Dr. Pawan Kumar Saluja (Whole Time Director) • 30+ Years of Experience • He holds a PHD in Civil Engineering from IIT Roorkee • Expertise in Highways, Metro Rail, Airports, Industrial, and Urban Infrastructure projects Mr. A. Saravanan (Whole Time Director) • 32+ Years of Experience • Holds a degree in Mechanical engineering; Proven executive track record with leadership roles across major Indian infrastructure organizations. • Deep industry exposure spanning marquee groups such as GMR, TCE, Consulting Engineering, and SPL Infrastructure.
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Megha Kainth (Company Secretary & Compliance Officer) • 23+ Years of Experience • Responsible for Secretarial Compliance and Corporate Governance, she has deep expertise in Company Law, SEBI, and Stock Exchange regulations • Associate Member of ICSI Kapil Aggarwal (Chief Financial Officer) • 20+ Years of Experience • Extensive experience in investment management and loan induction, ensuring optimal capital utilization and compliance. • Responsible for tracking Cash Flow, Financial Planning & Analysing the Company’s Financial Strengths and Weaknesses and proposing Strategic Directions • An associate member of ICAI and B. Com. from Maharshi Dayanand University Leadership Team CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Veerendra Singh (Chief Operating Officer) • Brings 37 years of experience in the infrastructure sector with expertise in highways, bridges, and tunnels. • Previously held senior positions with the National Highways Authority of India (NHAI) and the Border Roads Organisation (BRO). • Holds an M.Tech in Transportation Engineering from IIT Roorkee. • Holds a B.Tech in Civil Engineering from the National Institute of Technology (NIT).
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STRATEGIES CEIGALL INDIA LIMITED | INVESTOR PRESENTATIONHalwara Runway Project
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22 3 1 1 2Ongoing Projects 6 2 2 Focusing on leveraging expertise in roads, highways, expressways, flyovers, bridges, tunnels, to diversify into high -growth high-potential sectors like Airport Runways, Renewables & others Diversification Paves The Way Already made a Strong Presence in Further Diversifying Into Roads/ Highways/ Flyovers Railways / Metros Tunnels Bus Terminals Wind Turbine Renewable Energy Transmission & Distribution Industrial Infrastructure CEIGALL INDIA LIMITED | INVESTOR PRESENTATION 69% 85% 31% 15% FY26 FY24 Road order book Other Order book
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Accelerating Presence in High-Potential Sectors Industrial Infrastruture • Received LOA for construction of Internal Roads in Aerotropolis S.A.S Nagar • LOA received for Development of Bulk Drug Park at Una Distt. • Cumulative Value: INR 6,036 Million • Item Rate model • Expanding into specialised industries with high growth potential Renewables • PPA executed for supply of 337 MW Solar Power to MSEDCL • Selected by PSPCL for setting up 150 MW of standalone BESS projects in Punjab, with an aggregate project value of INR 3,750 Million. • PPA executed for supply by Solar PV based power plant (SPP) for 130 MW under Surya Mitra Krishi Feeders Scheme • Purchase power agreement signed for establishing Solar PV project at Morena Solar Park, MP • Cumulative Value: INR 36,840 Million • Diversification into niche & high-potential sectors • Building Long-Term Asset Value Through Subsidiary Expertise Transmission & Distribution • Establishment of the 400/220 kV Velgaon Substation (GIS) • Received LoI from RECPDCL for the Jam Khambhaliya–Jamnagar Power Transmission Project in Gujarat, with a total project cost of INR 45,000 Million. • Project Value: INR 49,068 Million • Tariff-Based Competitive Bidding (TBCB) model • Diversification into niche & high-potential sectors • Building Long-Term Asset Value Through Subsidiary Expertise CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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EPC HAM O&M DFBOT Tariff Based Ceigall’s Capabilities • Project management • Design & Engineering • Construction & Maintenance • Risk Management • Compliance & Safety • Partial Financing • Operations & Maintenance • Risk & Compliance Management • Asset Maintenance • Road & Property Management • Incident Management • Compliance • Project Planning • Stakeholder engagement • Risk Management • Regulatory Approvals • Revenue Predictability • Cost Recovery Projects Executed 20 + 12 (Item Rate) 3 6 - - Ongoing Projects 18 10 - 1 10 While the company’s primary focus is on development and execution of EPC and HAM projects involving specialized structures, C eigall further intends to diversify into other models like TOT, BOT, and PPP, while also targeting standalone O&M opportunities Diversifying Projects CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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92,257 108,062 185,543 226,811 FY24 FY25 FY26 H1 FY27 35,835 50,593 113,320 52,047 FY24 FY25 FY26 H1 FY27 3.1 3.2 4.8 FY24 FY25 FY26 Order Book Order inflow Book to Bill Ratio (x) Robust Order book Ceigall is actively exploring avenues to expand our footprint in Build -Operate-Transfer (BOT) projects, T&D, Renewables pursue standalo ne O&M opportunities, and engage in strategic collaborations within specialised EPC markets; to drive future growth CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million)
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Sr. No. Project Authority State Type Kms / Lanes Total Project Cost (INR Million) % Completion Balance Order Book as on 30.09.2026 (INR Million) 1 Construction of Four Laning of part of Ramban to Banihal (Package-III) in the UT of Jammu & Kashmir on EPC mode NHAI J & K EPC 21 3,690 58.4% 1,536 2 Construction of 4 Laning of part of Ramban to Banihal IC of twin tube tunnel (PKG-II) in UT of JK on EPC Mode NHAI J & K EPC 24 8,460 98.8% 98 3 Devolpment of Six-Lane of access controlled in Uttar Pradesh portion of Delhi Saharanpur Highway Border NHAI UP EPC 101 13,235 99.0% 128 4 Construction of four-lane Greenfield Delhi-Amritsar-Katra Expressway from Junction with Patiala-Bathinda road NHAI Punjab EPC 148 8,810 98.0% 173 5 Construction of Four/Six Lane Greenfield Ludhiana-Rupnagar IRCON Punjab EPC 173 10,382 93.4% 686 6 Improvement/Upgradation, Widening and strenthering of Mansi-fungo Halt, Bakhtiyarpur Bihar Bihar EPC 56 7,817 89.6% 811 7 Construction of Four Lane Elevated Corridor and at-grade improvements from Design Ch:0+000 to Design Ch: 19+870 of Danapur – Bihta Section NHAI Bihar EPC 100 19,694 69.5% 6,012 8 Design and Construction of elevated viaduct and 3 Nos. elevated stations UPMRC UP Item Rate 2,669 92.8% 192 9 Design and Construction of elevated viaduct and 5 Nos. elevated stations on Corridor-2 of Kanpur MRTS Project at Kanpur, Uttar Pradesh, India.” UPMRC UP Item Rate 4,271 60.2% 1,699 10 Construction of Internal Road of Pocket B, C & D of Aerotropolis S.A.S Nagar (Civil, Public Health and Elect. Works). GMADA Punjab Item Rate 4,314 2.3% 4,214 11 Development of Bulk Drug Park at Una Distt. Una (H.P .) SH Formation cutting, c/o internal roads, storm water drains, bridge and boundary fencing PH-I. HPSIDC Himachal Pradesh Item Rate 1,907 4.4% 1,823 12 Design and Construction of Elevated Viaduct and ten Elevated Stations (excl Architectural finishing) from Ch (-) 600 m to 11400 m incl spur line towards Depot of Jaipur Metro Phase-II MRTS JMRC Rajasthan EPC 7,780 4.9% 7,397 Order Book Details – EPC (1/2) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Sr. No. Project Authority State Type Kms / Lanes Total Project Cost (INR Million) % Completion Balance Order Book as on 30.09.2026 (INR Million) 13 Construction of road from km 0.000 to km 55.725 of Huri-Taliha section of NH- 913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh]. MORTH Arunachal Pradesh EPC 55.725 5,210 0.0% 5,210 14 Construction of road from km 0.000 to km 78.38 of Sarli-Huri section of NH- 913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh. MORTH Arunachal Pradesh EPC 78.38 6,111 0.0% 6,111 15 Construction of road from km 160.75 to km 209.90 of Huri-Taliha section of NH-913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh MORTH Arunachal Pradesh EPC 49.15 4,925 0.0% 4,925 16 Construction of road from km 55.725 to km 113.25 of Huri-Taliha section of NH-913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh MORTH Arunachal Pradesh EPC 57.525 5,250 0.0% 5,250 17 Construction of road from km 17.812 to km 55.377 (Package-2) of Bile- Migging section (km 0.00 at Migging end) of NH-913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh". MORTH Arunachal Pradesh EPC 37.565 2,741 0.0% 2,741 18 Construction of road from km 85.60 to km 168.00 of Lada-Sarli section of NH- 913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh MORTH Arunachal Pradesh EPC 82.4 7,047 0.0% 7,047 Order Book - EPC 56,051 Order Book Details – EPC (2/2) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Sr. No. Project % Stake Authority State Kms/Lane Status Total Project Cost (INR Million) Invested Equity as on Sept 2026 (INR Million) Total Debt Sanctioned (INR Million) Debt as on Sept 2026 (INR Million) % Completion Balance Order Book as on Sept 2026 (INR Million) 1 Construction of 4-Lane Greenfield Jalbehra - Shahbad 100% NHAI Haryana 91.4 Ongoing 5,400 852 2,920 2,754 98.00% 108 2 Development of 6-lane access controlled Ludhiana- Bathinda Greenfield highway 100% NHAI Punjab 271.46 Ongoing 8,800 946 5,093 1,370 46.45% 4,712 3 Construction of 6-lane Greenfield Varanasi-Ranchi- Kolkata Highway 100% NHAI Jharkhand 198 Ongoing 11,510 84 6,313 0 7.73% 10,621 4 Construction of 6-lane Greenfield Varanasi-Ranchi- Kolkata Highway 100% NHAI Jharkhand 221.4 Ongoing 15,000 85 8,390 0 1.01% 14,849 5 Construction of 4/6 Lane Northern Ayodhya Bypass 100% NHAI Uttar Pradesh 147.1 Ongoing 11,100 1,191 6,806 1,860 43.53% 6,268 6 Construction of 4/6 lane Southern Ayodhya Bypass 100% NHAI Uttar Pradesh 134 Ongoing 12,060 1,392 7,405 2,150 48.47% 6,214 7 Development of 6-lane Greenfield Southern Ludhiana Bypass 100% NHAI Punjab 151.44 Ongoing 8,550 435 5,236 475 15.69% 7,208 8 Construction of Indore–Ujjain Greenfield (Access Control) 4-lane with paved shoulder project highway 100% MPRDCL Madhya Pradesh 192.4 Ongoing 9,800 309 5,855 1,200 13.11% 8,515 9 Construction of 4 laning of Sahebganj Areraj Bettiah of NH-139W (Total length 78.942 km) in the State of Bihar on Hybrid Annuity Mode comprising; (i) Section 1: - Sahebganj to Areraj (38.362 km) and (ii) Section 2: - Areraj to Bettiah (40.580 km). NHAI Bihar 315.768 Ongoing 20,100 23 12,378 0 0.00% 20,100 10 Const. of 6L AC Spur connectivity start. Ch. 15.100 of Ambala Chandigarh sec of NH-205 A and terminating at Ch. 2+500 of Zirakpur Bypass TL 10.300 Km under NH(O) in Punjab on Hybrid Annuity Mode". NHAI Punjab 61.8 Ongoing 5,500 3 0 0 0.00% 5,500 Order Book – HAM 84,095 Order Book Details - HAM CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Sr. No. Project Authority State Type Total Project Cost (INR Million) % Completion Balance Order Book as on 30.09.2026 (INR Million) 1 Development of Kanpur Central bus terminal, Uttar Pradesh on Design Build Finance Operate and Transfer (DBFOT) basis UPSRTC Uttar Pradesh DBFOT 1,430 0.00% 1,430 2 Transmission Service Provider through tariff based competitive bidding process for “Establishment of 400/220 kV Velgaon Substation (GIS). REC Maharashtra Tariff Based 4,068 19.80% 3,262 3 Solar Power under Mukhyamantri Saur Krushi Vahini Yojana 2.0 for 147 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) MSEDCL Maharashtra Tariff Based 5,659 7.08% 5,258 4 Solar Power under Mukhyamantri Saur Krushi Vahini Yojana 2.0 For 190 MW from Maharashtra State Electricity Distribution Co. Limited (MSEDCL), MSEDCL Maharashtra Tariff Based 7,314 17.83% 6,010 5 DEVELOPMENT OF 600 MWAC GRID-CONNECTED GROUND MOUNTED SOLAR PHOTO VOLTAIC PROJECT WITH BATTERY ENERGY STORAGE SYSTEMS (BESS) ASSURING 440 MW OF PEAK POWER SUPPLY, TO BE SET UP IN MORENA SOLAR PARK AT MORENA, MADHYA PRADESH. RUMSL Madhya Pradesh Tariff Based 14,875 0.00% 14,875 6 Grid connected Solar PV based Power Plants (SPP) under Surya Mitra Krishi Feeders Scheme, with feeder solarization component of PM KUSUM-C scheme for sale of power to MPPMCL” -reg. MPUVNL Madhya Pradesh Tariff Based 5,243 2.48% 5,113 7 Civil BOP works for the Ralla Project PURVAH GREEN Andhra Pradesh Tariff Based 1,508 37.05% 949 8 220kV transmission line works for the Ralla Project PURVAH GREEN Andhra Pradesh Tariff Based 1,017 0.00% 1,017 9 Setting up of 100 MW Standalone Battery Energy Storage Systems (BESS) in Punjab Punjab State Power Corp Ltd. PUNJAB Tariff Based 2,500 0.00% 2,500 10 Setting up of 50 MW Standalone Battery Energy Storage Systems (BESS) in Punjab Punjab State Power Corp Ltd. PUNJAB Tariff Based 1,250 0.00% 1,250 11 Jam Khambhaliya jamnagar Transmission Project CTU Gujarat/Maharashtra Tariff Based 45,000 0.00% 45,000 Order Book – DBFOT & Tariff Based 86,664 Order Book – DBFOT & Tariff Based CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Sr. No Project Status Progress Equity Invested* Key Highlights 1 Malout – Abohar (Punjab) Deal Concluded 100% Completed 992 • Sale Completed: 100% Stake divestment to Neo Asset Management. • COD Achieved: Dec 2025 (PCOD June 2023). 2 Bathinda – Dabwali (Punjab) BO Signed 100% Completed 841 • Status: Pre-COD received in Dec-25, Binding Offer Signed. • Strategy: Asset is now fully mature; monetization process initiated. 3 Jalbehra – Shahbad (Haryana) NBO Signed – Due Diligence in process 100% Completed 852 • Status: Pre-COD received in Aug-26. • Strategy: Asset is now fully mature; monetization process initiated. *(INR Million) Objective Ceigall has initiated a strategic program to monetise its portfolio of completed and near-complete Hybrid Annuity Mode (HAM) assets. The Approach Divest 100% equity in mature assets to long-term investors (InvITs/Infrastructure Funds) to recycle capital. Future Roadmap This transaction marks the start of a sustained monetization cycle. The Company intends to monetize the remaining HAM assets as they achieve COD/maturity. Monetize Recycle Execute Funding Growth : De-leveraging Balance sheet • Monetization proceeds to fund equity requirements of ongoing & upcoming HAM projects • Reduces dependence on incremental borrowing for HAM equity infusion De-leveraging & Capital Efficiency • Monetization proceeds to support repayment / prepayment of standalone debt • Improves consolidated leverage metrics & ROE • Releases capital locked in long-tenor annuity assets Monetizing of Mature HAM Assets Strategic Rationale CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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With humble beginnings in Punjab, Ceigall now possesses execution capabilities across 13 major states in India Ongoing Projects Completed Projects Punjab, 49.3% J&K, 14.0% UP, 23.8% Haryana, 9.5% Other, 3.4% Others include J&K, HP & Maharashtra FY24 Revenue Mix FY24 Bihar, 30.75% J&K, 8.23% Punjab, 24.41% Uttar Pradesh, 31.91% Maharashtra, 3.28% Others, 1.42% FY26 Revenue Mix Others include Jharkhand, HP , Odisha & Maharashtra FY26 Presence Across Key Markets Presence Across 14 States Bihar03 01 Punjab08 29 Haryana01 06 Himachal Pradesh01 01 Jammu & Kashmir02 01 Jharkhand02 Maharashtra03 01 Madhya Pradesh03 Rajasthan01 Uttar Pradesh06 01 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Andhra Pradesh02 Arunachal Pradesh02 Gujarat/ Maharashtra01 Punjab & Himachal01
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Stable & Diverse Client Base Roads, Highways, Expressways, Flyover, Bridges, Tunnels and Industrial Infrastructure Metro & Railways T&D and Renewables CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Optimizing Operational Efficiencies Strategic Bidding Mechanism • Careful identification of projects and cost optimisation • Technical surveys, feasibility studies and cost analysis Asset Light Model • Rental equipment and equipment buyback model minimises capex and reduces raw material cost • Rental equipment is approx. 14% of total equipment cost In-house Engineering & Design Team • In-house team with necessary skills and expertise • 100+ experienced professionals for complex projects and quality Integrated Inventory Management • Efficient inventory management and resource mobilisation • Pre-bid surveys and site studies to fine-tune estimates, budgets and mobilisation plans Internal Audit & Risk Management • Grant Thornton appointed as Internal Auditor • Regular audits and certifications strengthen compliance, risk management and process efficiency Independent Project Monitoring • Ernst & Young (EY) partnered as Project Monitoring Agency • Ensures milestone compliance, financial discipline and boosts stakeholder confidence Technology and AI Implementation • AI and data-driven tools across BD, procurement, finance and HR • Efficiency across bidding and project monitoring Established Connect with Bankers • Credit Rating: IND AA-/Stable (Long-term) & IND A1+ (Short-term) from India Ratings • Long-standing lender relationships enable timely financing at competitive terms
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Delivering Results through Operational Efficiencies CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Project Early Completion Days Bonus Amount (INR Million) Khemkaran – Amritsar Project 170 70.0 Ismailabad-Dhand PKG I Project 54 104.8 Malout Abohar 214 171.0 Early Completion Bonus Earned in 3 Projects 7 Projects completion ahead of schedule KHEMKARAN TOWN TO AMRITSAR BYPASS 1 KARNAL-PEHOWA 2 RAMDAS TO GURDASPUR 3 PHAGWARA CITY 4 KARNAL-PEHOWA 5 LUDHIANA-TALWANDI BHAI 6 MALOUT ABOHAR 7 Experience and Expertise ▪ Specialised in construction in high-traffic and high- density areas ▪ Construction of specialised structures such as tunnels in hilly terrain Project Development and Execution ▪ In-house Engineering and Design Team ▪ Focus on completing projects in a timely manner while maintaining high quality construction ▪ Continue focusing on enhancing execution efficiency Internal Controls and Processes ▪ Modern equipment to deliver quality projects ▪ Adopting industry-best practices ▪ Communication technology infrastructure ▪ The scale of our operations provides us with a significant advantage in reducing costs and sustaining our cost advantage
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Received LETTER OF APPRECIATION for showcasing unwavering dedication during runway resurfacing project at Air Force Station Halwara, during Operation Sindoor, 2025 Won SPECIAL AWARD FOR OUTSTANDING WORK in Challenging Conditions at National Highways Excellence Awards, 2021 organized by the Ministry of Road Transport and Highways (MoRTH) Won GOLD AWARD FOR EXCELLENCE in Project Management – EPC at National Highways Excellence Awards, 2020 organized by the Ministry of Road Transport and Highways (MoRTH) Awards & Accords CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Won Award for Fastest Growing Construction Company Award Received for Fastest growing construction company medium category, 2025
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QUARTERLY HIGHLIGHTS Jalbhera-Shahbad CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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Standalone Particulars Consolidated Q2FY27 Q2FY26 Y-o-Y (%) Q2FY27 Q2FY26 Y-o-Y (%) 9,745 7,870 23.8% Revenue from Operations 10,225 8,066 26.8% 1,712 1,935 Cost of Material Consumed 1,712 1,935 6,348 4,648 Cost of Construction 6,305 4,598 1,685 1,287 30.9% Gross Profit 2,208 1,532 44.1% 17.3% 16.4% 94 Bps Gross Profit Margin (%) 21.6% 19.0% 260 Bps 108 89 Employee Expenses 120 92 271 281 Other Expenses 347 304 1,305 918 42.3% EBITDA 1,740 1,136 53.2% 13.4% 11.7% 173 Bps EBITDA Margin (%) 17.0% 14.1% 293 Bps 77 164 Other Income 57 167 96 129 Depreciation 128 158 1,286 952 35.1% EBIT 1,669 1,145 45.8% 190 208 Finance Cost 428 373 - 0 Exceptional Items/Share from Associates - 0 1,097 745 47.3% Profit Before Tax (PBT) 1,241 772 60.7% 277 186 Tax Expense 319 211 820 559 46.7% Profit After Tax (PAT) 922 562 64.1% 8.4% 7.1% 131 Bps PAT Margin (%) 9.0% 7.0% 205 Bps Profit & Loss Statement (Quarterly) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million)
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Standalone Particulars Consolidated H1FY27 H1FY26 Y-o-Y (%) H1FY27 H1FY26 Y-o-Y (%) 18,760 16,053 16.9% Revenue from Operations 19,921 16,447 21.1% 4,073 4,186 Cost of Material Consumed 4,073 4,186 11,392 9,322 Cost of Construction 11,765 9,266 3,296 2,545 29.5% Gross Profit 4,083 2,995 36.3% 17.6% 15.9% 172 Bps Gross Profit Margin (%) 20.5% 18.2% 229 Bps 212 183 Employee Expenses 230 187 568 510 Other Expenses 679 580 2,516 1,853 35.8% EBITDA 3,174 2,227 42.5% 13.4% 11.5% 187 Bps EBITDA Margin (%) 15.9% 13.5% 239 Bps 172 316 Other Income 171 311 191 257 Depreciation 258 299 2,497 1,911 30.7% EBIT 3,087 2,239 37.8% 371 424 Finance Cost 867 793 -19 - Exceptional Items/Share from Associates -25 - 2,107 1,487 41.7% Profit Before Tax (PBT) 2,195 1,447 51.7% 535 370 Tax Expense 635 372 1,572 1,118 40.6% Profit After Tax (PAT) 1,560 1,075 45.1% 8.4% 7.0% 142 Bps PAT Margin (%) 7.8% 6.5% 133 Bps Profit & Loss Statement (Half Yearly) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million)
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Sr. No Project Authority State Type Segment Total Project Cost (INR Million) 1 Construction of road from km 85.60 to km 168.00 of Lada-Sarli section of NH-913 (Frontier Highway) to Intermediate Lane on EPC mode in the State of Arunachal Pradesh MORTH Arunachal Pradesh EPC Road 7,047 2 Jam Khambhaliya jamnagar Transmission Project CTU Gujarat/Maharashtra Tariff Based Renewable 45,000 Q2 FY27 Business Development INR 52,047 Million Order Inflow during Q2 FY27 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Other Highlights • Solar Commissioning: Successfully commissioned 10 MW of capacity under the 147 MW MSKVY 2.0 solar project in Maharashtra, ahead of schedule. • HAM Project Execution: Received appointed dates for three HAM projects aggregating approximately ₹4,050 Cr, enabling commencement of project execution. • Industrial Infrastructure: Secured a ₹225 Cr order for the development of Bulk Drug Park at Una, Himachal Pradesh, diversifying the project portfolio. • Geographical Expansion: Strengthened presence in Northeast India with five EPC contracts aggregating approximately ₹2,423 Cr for the NH-913 Frontier Highway in Arunachal Pradesh. • Achieved Provisional Commercial Operation Date (PCOD) for the Jalbhera project in August 2026 and the Delhi–Saharanpur Highway project in September 2026. (In INR Million)
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Roads 55% Renewables 16% Metro 4% T&D 21% Industrial Infra 3% HAM 37% EPC 25% Tariff Based 37% Madhya Pradesh 13% Bihar 12% Jharkhand 11% Punjab 11% Arunachal Pradesh 14% Uttar Pradesh 7%Maharashtra 26% Order book Composition INR 2,26,811 Million Order book as on 30.09.2026 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION Sector-wise Breakup Revenue Model- Breakup Geographical Split
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Standalone Debt Mar 26 Sept 26 Term Loan - Equipment Term Loan 125 125 - Term Loan 1,568 778 Working Capital Loan 2,430 3,456 Total Debt 4,123 4,358 Consolidated Debt Mar 26 Sept 26 Term Loan - Equipment Term Loan 697 459 - Term Loan 1,868 1,028 HAM Term Loan - Malout Abohar Sadhuwali (Final COD achieved on 05/12/25)* 2,623 - - Bathinda Dabwali (Pre-COD received on 22nd Dec, 2025) 1,826 1,786 - Jalbehra Shahbad (Pre-COD received on 24nd Aug, 2026) 2,738 2,738 - Ayodhya Bypass (physical progress achieved: (48.5%) 1,496 2,145 - Northern Ayodhya Bypass (physical progress achieved: (43.5%) 1,247 1,856 - Ludhiana Bathinda Greenfield (physical progress achieved: (46.5%) 798 1,367 - Southern Ludhiana Bypass (physical progress achieved: 15.7%) - 473 -Indore Ujjain (13%) - 1,197 -Velgaon (19.8%) - 800 Working Capital Loan 2,430 3,456 Total Debt (A) 15,723 17,303 Less: Cash & Cash Equipment (B) (4,342) (3,518) Net Debt (A-B-C) 11,381 13,518 Debt Positioning as on 30.09.2026 CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million) 0.7 0.4 0.4 0.6 FY24 FY25 FY26 H1 FY27 Consolidated Net Debt to Equity (x) *Loan of ₹2,623 million classified under liabilities held for sale as of March 2026. 0.1 0.0 0.2 FY24 FY25 FY26 H1 FY27 Standalone Net Debt to Equity (x)
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HISTORICAL FINANCIALS Panipat-Jalandhar CEIGALL INDIA LIMITED | INVESTOR PRESENTATION
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30,294 34,367 40,224 FY24 FY25 FY26 5,177 5,183 5,854 FY24 FY25 FY26 Revenue From Operations 3,043 2,864 3,089 FY24 FY25 FY26 EBITDA & EBITDA Margins PAT & PAT Margins 3.1 3.2 4.8 FY24 FY25 FY26 Bill to Book Ratio (x) Debt to Equity (x) 34.0% 16.0% 14.0% 32.0% 19.0% 20.0% FY24 FY25 FY26 ROE ROCE 1.2 0.8 0.6 FY24 FY25 FY26 ROE & ROCE (%) Key Financial Ratios (Consolidated) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million) 17.1% 15.1% 14.6% 10.0% 8.3% 7.7%
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Standalone Particulars Consolidated FY24 FY25 FY26 FY24 FY25 FY26 29,547 33,848 38,693 Revenue from Operations 30,294 34,367 40,224 9,721 9,883 9,688 Cost of Material Consumed 10,531 10,169 9,688 13,993 18,171 22,727 Cost of Construction 12,978 17,458 23,087 5,833 5,794 6,278 Gross Profit 6,785 6,740 7,449 19.7% 17.1% 16.2% Gross Profit Margin (%) 22.4% 19.6% 18.5% 572 383 386 Employee Expenses 620 399 400 876 1,088 1019 Other Expenses 988 1,158 1195 4,385 4,323 4,873 EBITDA* 5,177 5,183 5,854 14.8% 12.7% 12.6% EBITDA Margin (%)* 17.1% 15.1% 14.6% 370 532 554 Other Income 368 562 543 464 515 500 Depreciation 550 557 617 4,292 4,339 4,928 EBIT 4,995 5,188 5,780 612 724 819 Finance Cost 942 1,344 1,604 - - - Exceptional Items/Share from Associates - - - 3,679 3,616 4,108 Profit Before Tax (PBT) 4,053 3,844 4,176 911 913 1056 Tax Expense 1,010 980 1087 2,768 2,703 3,052 Profit After Tax (PAT) 3,043 2,864 3,089 9.4% 8.0% 7.9% PAT Margin (%) 10.1% 8.3% 7.7% Profit & Loss Statement (Annual) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million)
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Particulars (INR Million) FY25 FY26 H1FY27 ASSETS Non ‐ Current Assets Property, plant and equipment 3,141 2,540 2,303 Capital work‐in‐progress 101 21 288 Right of use assets 4 12 6 Intangible assets 3 1 1 Financial Assets (i) Investments 3,404 5,243 6,027 (ii) Loans & Advances 712 1,371 1,042 (ii) Other Financial Assets 243 532 313 Deferred Tax Assets 113 124 129 Other non‐current assets - 70 154 Total Non ‐ Current Assets 7,721 9,914 10,263 Current Assets Inventories 1,037 992 1,235 Contract Assets 8,717 14,126 15,664 Financial Assets (i) Investments - - - (ii) Trade receivables 9,579 10,682 11,811 (iii) Cash and cash equivalents 3,776 2,669 1,807 (iv) Bank balances other than (iii) above 1,630 959 1,066 (v) Loans & Advances 1 960 1012 (vi) Other financial assets 190 383 491 Current Tax Assets 96 23 0 Other Current Assets 1,834 1,505 1,479 Asset Classified as held for sale - 27 - Total Current Assets 26,859 32,326 34,565 Total Assets 34,580 42,240 44,828 Particulars (INR Million) FY25 FY26 H1FY27 Equity (a) Equity share capital 871 871 871 (b) Other equity 17,121 20,110 21,598 Total Equity 17,992 20,981 22,469 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 1,663 36 238 (ii) Lease liability 1 1 1 Non-Current Provisions 47 42 49 Total Non ‐ Current Liabilities 1,711 79 288 Current Liabilities Contract Liabilities 1,646 1,425 1,913 Financial liabilities (i) Borrowings 4,696 4,086 4,121 (ii) Lease liability 2 11 5 (iii) Trade payables (a) total outstanding dues of micro enterprises and small enterprises 406 1,039 1,351 (b) total outstanding dues of creditors other than micro enterprises and small enterprises 7,158 13,643 12,817 (iv) Other financial liabilities 9.85 5 90 (v) Financial Gaurantee Liabilities 3.01 - - Other current liabilities 949 969 1,695 Current provisions 7 2 38 Current tax liabilities (net) - - 41 Total Current Liabilities 14,877 21,180 22,071 Total Equity and Liabilities 34,580 42,239 44,828 Balance Sheet – Standalone
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Particulars (INR Million) FY25 FY26 H1FY27 ASSETS Non ‐ Current Assets Property, plant and equipment 3,384 3,390 3,349 Capital work‐in‐progress 232 36 1,902 Right of use assets 4 12 237 Intangible assets 3 9 9 Financial Assets (i) Investments 57 101 105 (ii) Other Financial Assets 288 575 357 (iii) Receivable Under Service Concessions Arrangements 10,236 14,300 19,017 Deferred Tax Assets (Net) 45 246 170 Other non‐current assets 154 310 442 Total Non ‐ Current Assets 14,403 18,979 25,588 Current Assets Inventories 1,037 992 1,235 Contract Assets 8,733 14,132 16,015 Financial Assets (i) Investments - - - (ii) Trade receivables 7,830 6,357 6,513 (iii) Cash and cash equivalents 4,396 2,803 2,004 (iv) Bank balances other than (iii) above 1,943 984 1,177 (v) Loans & Advances 1 500 500 (vi) Other financial assets 147 460 433 (vii) Receivable Under Service Concessions Arrangements 144 279 256 Current Tax Assets (Net) 186 93 - Other Current Assets 3,639 4,224 4,848 Asset Classified as held for sale - 5,431 - Total Current Assets 28,055 36,255 32,981 Total Assets 42,458 55,234 58,569 Particulars (INR Million) FY25 FY26 H1FY27 Equity (a) Equity share capital 871 871 871 (b) Other equity 17,455 20,510 21,948 Equity attributable to equity holders of the parent 18,326 21,381 22,819 Non‐controlling interests 112 83 119 Total Equity 18,438 21,464 22,938 Liabilities Non ‐ Current Liabilities Financial liabilities (i) Borrowings 8,513 8,140 12,627 (ii) Lease liability 1 1 218 Non-Current Provisions 47 43 50 Total Non ‐ Current Liabilities 8,561 8,184 12,895 Current Liabilities Contract Liabilities 1,380 1,425 1,909 Financial liabilities (i) Borrowings 5,454 4,960 4,676 (ii) Lease liability 2 11 5 (iii) Trade payables (a) Dues of micro enterprises and small enterprises 410 1,040 1,351 (b) Dues of creditors other than micro enterprises and small enterprises 7,127 13,673 12,818 (iv) Other financial liabilities 43 22 94 Other current liabilities 1,035 1,150 1,796 Current provisions 7 2 39 Current Tax Liabilities (Net) - - 48 Liabilities associated with assets classified as held for sale - 3,303 - Total Current Liabilities 15,459 22,586 22,736 Total Equity and Liabilities 42,459 55,234 58,569 Balance Sheet – Consolidated
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Standalone Particulars Consolidated FY25 FY26 H1FY27 FY25 FY26 H1FY27 3,616 4,108 2,108 Profit before Tax 3,846 4,176 2,220 (817) (865) 403 Adjustment for Non-Operating Items (1,443) (1,776) 968 4,432 4,974 2,511 Operating Profit before Working Capital Changes 5,289 5,952 3,188 (6,136) (650) -2,325 Changes in Working Capital (9,359) 5,626 -7,015 (1,703) 5,624 186 Cash Generated from Operations (4,070) 326 -3,827 (1,036) (1,054) -403 Less: Direct Taxes paid (1,126) 1,239 -475 (2,739) 4,569 -217 Net Cash from Operating Activities (5,196) (913) -4,302 (2,819) (2,531) -504 Cash Flow from Investing Activities (1,299) (439) -43 7,058 (3,145) -141 Cash Flow from Financing Activities 8,462 81 3,547 1,499 (1,107) -863 Net increase/ (decrease) in Cash & Cash Equivalents 1,967 (1,271) -798 2,277 3,776 2,669 Add: Cash and Cash Equivalents as at 1st April 2,429 4,396 2,802 3,776 2,669 1,807 Cash and Cash Equivalents as at 31st March 4,396 3,125 2,004 Cash Flow Statement CEIGALL INDIA LIMITED | INVESTOR PRESENTATION (In INR Million)
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Net Working Capital Days (Consolidated) CEIGALL INDIA LIMITED | INVESTOR PRESENTATION 17 15 11 FY24 FY25 FY26 45 64 64 FY24 FY25 FY26 37 60 98 FY24 FY25 FY26 55 72 124 FY24 FY25 FY26 45 67 49 FY24 FY25 FY26 Inventory Days Debtor Days WIP Days Creditor Days Net Working Capital Days
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THANK YOU Ceigall India Limited Mr. Kapil Aggarwal Chief Financial Officer cfo@ceigall.com/ ir@ceigall.com Investor Relations Advisors Adfactors PR Smit Patel/ Mohit Upadhyay /Tejaswee Gaonkar Smit.patel@adfactorspr.com/ Mohit.Upadhyay@adfactorspr.com/ Tejaswee.gaonkar@adfactorspr.com https://ceigall.com/ Agra Metro