Rs 13,268.10 Crore Order Book: Road EPC Company Incorporates a New Subsidiary, Ceigall Sahebganj Bettiah Highway Ltd

Ceigall India Limited has formally announced the incorporation of a new wholly-owned subsidiary, Ceigall Sahebganj Bettiah Highway Limited, effective February 17, 2026. This Special Purpose Vehicle (SPV) was established in India with an initial cash subscription of Rs 1 lakh to execute a significant infrastructure project awarded by the National Highways Authority of India (NHAI). The project involves the four-laning of a 78.942 km stretch of NH 139W in Bihar, specifically connecting Sahebganj, Areraj, and Bettiah under the Hybrid Annuity Mode (HAM). As a direct subsidiary, the entity will focus exclusively on the Construction and development of this critical highway corridor, furthering the parent company’s footprint in the infrastructure sector.

In a simultaneous operational update, the company reported substantial progress on the Jalbehra Shahbad Greenfield Highway project in Haryana. As of February 18, 2026, the Independent Engineer has verified that the project—executed through the subsidiary Ceigall Jalbehra Shahbad Greenfield Highway Private Limited—has reached a physical progress milestone of 90.03 per cent. This advancement triggers Payment Milestone 10 for the 22.850 km section of NH 152G. Originally awarded under the Bharatmala Pariyojana Phase I with a bid cost of ₹6,840 million, the project remains on track within its 730-day construction schedule, supported by a mix of NHAI contributions, promoter equity, and term loans from Union Bank.

About the Company

Ceigall India Limited is an infrastructure engineering, procurement and construction (EPC) company engaged in the development of highways, expressways, bridges, flyovers, Railway overbridges, tunnels and runways. The Company executes projects under EPC as well as Hybrid Annuity Model (HAM) formats and has a strong track record of timely execution across multiple states in India. With a growing Order Book and diversified project portfolio, Ceigall India continues to play a key role in India’s infrastructure development journey.

The company has a market cap of over Rs 5,000 crore and the order book stands at Rs 13,268.10 crore. The shares of the company have a PE of 45x, an ROE of 26 per cent and an ROCE of 22 per cent. The stock is up by 31 per cent from its 52-week low of Rs 223 per share and down 5 per cent from its 52-week high of Rs 308.30 per share.

Disclaimer: The article is for informational purposes only and not investment advice.