Ceigall India’s wholly owned subsidiary, Ceigall Infra Projects Private Limited, has been revealed as the L1 bidder for a ₹2,160 crore National Highways Authority of India (NHAI) tender to four-lane a highway in the state of Bihar. The venture will take place in the Hybrid Annuity Mode (HAM) manner for a stretch of 78.942 km in NH-139W. The announcement comes after the company won a contract of ₹918.04 crore in the Jaipur Metro bid recently. The stock saw trading activity after the announcement was made.
Infrastructure Sector Expansion with Major NHAI Contract:
Ceigall India Limited made a public announcement on the 22nd of January, 2026, about its wholly-owned subsidiary company, Ceigall Infra Projects Private Limited, being declared the lowest (L1) tenderer in a major infrastructure project tender called for by the National Highways Authority of India (NHAI). The project is related to four laneing of the Sahebganj-Areraj-Bettiah section of NH-139W in the state of Bihar, which measures 78.942 kilometers in total length . The tender cost of the project is ₹2,160 crore.
The construction of the highway will be done on Hybrid Annuity Mode, one of the most favorable public-private partnerships in the development of infrastructure. The work will be done in two parts: Section one, between Sahebganj to Areraj of 38.362 km, and Section two, between Areraj to Bettiah of 40.580 km. The construction of the highway will take a period of 730 days, with the remaining 15 years used in the operational and maintenance stage, thus providing long-term revenue stream generation. The date of opening the financial bids for the NHAI project was January 21, 2026.
Enriching the Order Book with Diverse Projects:
This large award from NHAI increases Ceigall India’s project portfolio and comes hot on the heels of a major contract win. On January 16, 2026, the company reported that it had been declared an “L1 bidder†in an Engineering, Procurement, and Construction (EPC) proposal worth ₹918.04 crore from Jaipur Metro Rail Corporation. This project includes design and construction work in respect of an elevated viaduct and ten elevated stations for Jaipur Metro Phase-II, and will be implemented in 34 months. The company’s two successive wins reflect its growing strength in different sectors of infrastructure, including highways and metro rail infrastructure projects.
Market Performance And Financial Highlights:
Ceigall India’s stock also witnessed trading activities after the public announcement of the bid by the NHAI. As of January 22, 2026, the stock was moving in the positive region with aopped hike of approximately1% to over 3% during the trading hours, reaching a level of around ₹272 at the BSE. Market-wise, it can be seen that the stock has appreciated by a margin of approximately10% in the past month, although it has managed a relatively meager hike of a bout 2-5% in the past three months and less than 1% in the past six months. The stock has also recorded negative returns in the past year .
As of January 21-22, 2026, Ceigall India Limited’s Market Capitalization stands in the range of around ₹4,700-4,800 crore. The Price to Earnings ratio for Ceigall India for the trailing twelve months (TTM) stands around 16-18. As of the quarter-ended September 2025, Ceigall India’s consolidated revenue stands around ₹807 crore, which increased compared to the previous year, but the net profit declined by around 15% in the current year compared to the previous year. The order book as of September 2025 stands around ₹12,598 crore, of which the main category belongs to the roads and highways sector.
Sectoral Context:
The inclusion of the NHAI project is in line with the plans to improve connectivity with regard to the road network in the state of Bihar. The Hybrid Annuity Model is being increasingly relied upon by NHAI in its infrastructure projects, where NHAI bears the equity portion of the cost and the remaining expense is split equally between debt and external equity. Ceigall India is operating in the sector as an EPC company, mainly concentrating on highways, structural, etc. projects, in most cases adopting the ‘asset light’ approach that relies only on leasing equipment.
