CEIGALL INDIA — ₹225 Crore Order Win

has secured a ₹225 crore work order from Himachal Pradesh State Industrial Development Corporation Ltd. (HPSIDC) for development of the Bulk Drug Park at Una, Himachal Pradesh. 1. Adds to strong order visibility: The ₹225 crore award further strengthens Ceigall’s already sizeable order book. As of June 30, 2026, the company had an order book of around ₹18,568 crore, with roads accounting for ~68% and renewables ~21%. 2. Diversification beyond highways: The Bulk Drug Park project expands Ceigall’s exposure to industrial infrastructure, supporting its strategy of becoming a diversified infrastructure EPC player rather than remaining predominantly dependent on road projects. 3. Industrial infrastructure opportunity: Development of bulk drug parks is part of India’s broader push to build domestic pharmaceutical manufacturing capacity and supporting infrastructure. This gives Ceigall an opportunity to build execution credentials in a growing infrastructure segment. 4. Positive revenue visibility: With an 18-month execution timeline, the order should contribute to revenues over FY27–FY28, subject to execution progress. The relatively short execution period also allows faster conversion of the order book into revenue. 5. Execution remains the key monitorable: The order is positive for the company, but investors should track execution pace, working-capital requirements and project-level margins, particularly because Ceigall is simultaneously executing large road, HAM, renewable and industrial projects.