Ceigall India Limited IPO
They are a prominent infrastructure construction company with over 20 years of experience, specializing in structural projects such as elevated roads, flyovers, bridges, railway over-bridges, tunnels, highways, expressways, and runways. Recognized as one of the fastest-growing engineering, procurement, and construction (EPC) companies in terms of three-year revenue CAGR as of Fiscal 2024, we have demonstrated robust growth and significant expertise in our domain.
Project Portfolio and Capabilities
Their capabilities have expanded significantly since their inception in July 2002. Initially, they handled smaller projects, such as a road project for the Punjab Public Works Department, Ludhiana division, in 2006, which had an aggregate project cost of ₹ 62.94 million for 20.42 lane km. Over the years, they have undertaken more complex projects, including a four-lane highway EPC project from NHAI in 2014 and a recent four-lane elevated corridor EPC project awarded by NHAI with a project cost of ₹ 19,693.90 million.
As of now, they are eligible to bid for single NHAI EPC projects up to ₹ 57,000.00 million and single NHAI HAM projects up to ₹ 55,000.00 million. Additionally, they have been empanelled with the Delhi Metro Rail Corporation Limited for upcoming tenders and with a public sector undertaking for highways, bridges, and tunnel construction work in the northeastern states of India.
Completed and Ongoing Projects
Their company has completed over 34 projects, including 16 EPC, one HAM, five O&M, and 12 Item Rate Projects in the roads and highways sector. Currently, they are engaged in 18 ongoing projects, which encompass a diverse range of structures such as elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects, and multi-lane highways.
Order Book and Clientele
Their Order Book as of June 30, 2024, stood at ₹ 94,708.42 million, with a significant contribution from NHAI projects, accounting for 80.31% of their Order Book. Other key public sector clients include Indian Railway Construction International Limited (IRCON), Military Engineer Services (MES), and Bihar State Road Development Corporation Limited (BSRDCL).
Conclusion
Their journey from a small construction company to a leading EPC player showcases their growth, resilience, and commitment to excellence. With a robust financial standing, a diversified project portfolio, and a strategic focus on leveraging government infrastructure investments, they are poised for continued success and expansion in the infrastructure construction industry.
Objects of the Ceigall India Limited IPO:
Ceigall India Limited IPO Details:
Open Date: | Aug 01 2024 |
Close Date: | Aug 05 2024 |
Total Shares: | 31,238,480 |
Face Value: | ₹ 5 Per Equity Share |
Issue Size: | 1,252.66 Cr. |
Lot Size: | 37 Shares |
Issue Price: | ₹ 380 - 401 Per Equity Share |
Listing At: | NSE,BSE |
Listing Date: | Aug 08 2024 |
Promoters And Management:
Financials of Ceigall India Limited IPO:
Particulars ( In Crores ) |
2022 |
2023 |
2024 |
Revenue from Operations | 1,134 | 2,068 | 3,029 |
Other Income | 13 | 19 | 37 |
Total Revenue | 1,147 | 2,087 | 3,066 |
Cost of Material Consumed | 411 | 687 | 1,053 |
Cost of Construction | 460 | 987 | 1,298 |
Employees Benefit Expenses | 25 | 30 | 62 |
Other Expenses | 51 | 68 | 99 |
EBITDA | 199 | 315 | 555 |
OPM (%) | 17.32% | 15.07% | 18.08% |
Depreciation & Amortisation | 19 | 38 | 55 |
EBIT | 180 | 277 | 500 |
Finance Cost | 11 | 52 | 94 |
PBT | 169 | 225 | 405 |
Tax | 44 | 58 | 101 |
PAT | 126 | 167 | 304 |
NPM (%) | 10.98% | 8.01% | 9.92% |
No.of Shares | 15.95 | 15.95 | 15.95 |
EPS | 7.22 | 9.60 | 17.46 |
Comparison With Peers:
Name of the Company | Revenue (In Crore) | PAT (In Crore) | EPS ( in Rs) | P/E | CMP | Mcap (In Crore) |
Ceigall India Limited | 3,029 | 304 | 19.07 | 22.9 | 401 | 6,985 |
PNC Infratech Limited | 8,650 | 909 | 35.45 | 14.0 | 496 | 12,713 |
G R Infraprojects Limited | 8,980 | 1,323 | 136.90 | 15.8 | 1,775 | 17,162 |
H.G. Infra Engineering Limited | 5,378 | 539 | 82.64 | 19.6 | 1,586 | 10,337 |
KNR Constructions Limited | 4,429 | 752 | 27.64 | 14.6 | 392 | 11,027 |
ITD Cementation India Limited | 7,718 | 274 | 15.93 | 32.1 | 511 | 8,782 |
J Kumar Infraprojects Limited | 4,879 | 329 | 43.43 | 19.5 | 843 | 6,382 |
Recommendation on Ceigall India Limited IPO:
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