The project, awarded under a tariff-based contract, involves the development of a common transmission system for evacuation of power from Lakadia Phase-II (7.5 GW), Jam Khambhaliya Phase-II (5.5 GW) and Jamnagar Phase-I (1 GW) — Part-B.
The scope includes a 765/400 kV air-insulated substation (AIS) and around 300 km of transmission lines. Ceigall India will have 36 months for work execution, followed by an operational period of 35 years. The project carries annual transmission charges of ₹608.67 crore for 35 years, according to the company’s regulatory filing.
Following the announcement, Ceigall India shares touched an intraday high of ₹357.50 on the NSE, up 5.91% from the day’s low of ₹337.55.
The LoI follows the company emerging as the lowest bidder (L-1) last week for the inter-state transmission project awarded by RECDCL.
The latest win adds to Ceigall India’s growing order pipeline as the Ludhiana-based road construction and infrastructure company looks to diversify beyond its traditional road-focused business.
Earlier in August, Chairman and Managing Director Ramneek Sehgal said the company expects revenue to grow by at least 15% this financial year, raising its target from the 10–15% growth range it had guided for over the previous two years.
“When we IPOed, our company was around ₹2,900 crore, and last year we did ₹4,000 crore. We grew almost 30%. So this year, I am saying our minimum revenue growth would be minimum 15%,” Sehgal said.The company’s confidence is underpinned by an order book of nearly ₹18,000 crore, which Sehgal said was close to five times last year’s revenue.
Ceigall India is targeting ₹6,000 crore of fresh orders this year, with around ₹600 crore already secured in the first quarter. The company has also bid for projects worth more than ₹25,000 crore so far this year.
The company has maintained its EBITDA margin guidance of 11–12.5%, saying it had already exceeded this range in the first quarter.
Last week, Ceigall India received a ₹704.70-crore road construction order from the Ministry of Road Transport & Highways (MoRTH) for an 82.4-km stretch of the Frontier Highway in Arunachal Pradesh.
The project involves construction of the Lada-Sarli section of NH-913, from km 85.60 to km 168.00, on an engineering, procurement and construction (EPC) basis. Ceigall India will execute the project through a joint venture with Sushee Infra & Mining Ltd, in which it will hold a 74% stake, with Sushee Infra holding the remaining 26%.
