Ceigall India subsidiaries bag orders aggregating to ₹1,369 crore in Maharashtra; shares soar 6%

The combined EPC value of the two projects stands at approximately ₹1,369 crore (inclusive of GST). The execution timeline for the projects is 18 months, it stated.

In a regulatory filing on Wednesday, the company stated that its wholly owned subsidiaries executed a power purchase agreement (PPA) on March 24, for contract capacities of 190 MW and 147 MW respectively, aggregating to a total capacity of 337 MW.

Both the orders fall under Mukhyamantri Saur Krushi Vahini Yojana 2.0, it stated, adding that the scope includes engineering, procurement, and construction (EPC) of the solar photovoltaic power generating stations, followed by operations and maintenance, with a long-term commitment to supply power for 25 years under the PPA framework.

The first order, received by Ceigall Green Energy MH1, worth ₹772 crore (including GST), will include development of a capacity of 190 MW across four districts in Maharashtra.

Under the long term PPA, the firm will focus on the operation, maintenance and supply at a quoted tariff of ₹2.72 to ₹2.84 per unit.

Furthermore, the second order, bagged by Ceigall Green Energy MH2, valued at ₹597 crore (including GST), will involve development of a capacity of 147 MW, and will span two districts in the state.

The firm will operate, maintain and supply power at a quoted tariff of ₹2.86 per unit.

Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said: “We are building Ceigall into a scaled renewable platform with the ambition to be among the most credible infrastructure players in India’s energy transition. These PPAs mark a decisive step in building a scaled, long-duration renewable energy platform for us.”

Seghal noted that the company is prioritising assets and opportunities that combine execution visibility with long-term annuity-style returns.

“As India accelerates its clean energy transition, we are positioning ourselves not just as an EPC player, but as a credible developer operator with the capability to deliver, own, and manage large renewable assets over decades,” he added.

This comes on top of the company bagging two orders from Purvah Green Power Pvt, aggregating to ₹297.89 crore, to be executed in Andhra Pradesh.

Both the engineering procurement and construction (EPC) work orders received by the company on March 23 have a 10-month construction period, it said in a regulatory filing on Tuesday.

Ceigall India stock performance

Shares of Ceigall India advanced as much as 5.66% to hit an intraday high of ₹280.20 crore on the National Stock Exchange (NSE) on Wednesday.

The scrip was trading 4.22% higher at ₹276.40 per equity share at around 3:19 pm.

The stock has lost 1% in the past week and about 5% over the month. On a year-to-date basis, it has advanced more than 1%.

Ceigall India has a total market capitalisation of ₹4,792.38 crore, as of March 25, 2026, according to data on the NSE.