Ceigall shares zoom over 5% on bagging ₹1,089 crore Indore–Ujjain highway project; all you need to know

This comes after it bagged a highway construction project worth ₹1,089 crore from the Madhya Pradesh Road Development Corporation Ltd (MPRDC).

The stock was trading 3.39% higher at ₹268.71 per equity share, as of 10:19 am.

The scrip has gained nearly 9% in the past week and approximately 11% over the month. On a year-to-date basis, however, it has declined by over 22%.

While the share reached a 52-week low of ₹222.61 on December 9, 2025, it touched a year’s high of ₹366 per unit on December 26, 2024.

The EPC firm received a Letter of Award (LoA) on December 27 for the construction of the Indore–Ujjain Greenfield (Access Control) four-lane highway with paved shoulders, which will be executed under the Hybrid Annuity Mode (HAM), Ceigall said in a regulatory filing.

The project, awarded to Ceigall’s wholly-owned subsidiary, Ceigall Infra Projects, at a bid project cost of ₹1,089 crore, will be executed over a period of 24 months from the date of appointment.

The project involves the development of a 48.10 km-long access-controlled greenfield highway, starting from Km 0.000 near Pitra Parvat and terminating at Km 48.100, including the Simhastha bypass (Km 2.600), it added.

Ceigall Infra Projects’ scope of work includes the construction of the highway infrastructure in accordance with HAM guidelines, and is aimed at improving regional connectivity between Indore and Ujjain.

The project is expected to play a critical role in easing traffic congestion and enhancing access to key economic and religious hubs in Madhya Pradesh, the company stated.

Commenting on the development, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said: “The Indore–Ujjain Greenfield Highway is a strategically important infrastructure project for Madhya Pradesh. Receiving this LOA from MPRDC reinforces our strong execution capabilities in complex HAM projects and our commitment to building high-quality road infrastructure.”

In a separate regulatory filing on December 26, the firm stated that its subsidiary, Ceigall Bathinda Dabwali Highways Private Ltd received a provisional certificate from the National Highways Authority of India (NHAI) for a bid project cost of ₹613.11 crore.

The project is for the development of the six-laning of Jodhpur Romana (Bathinda)-Mandi Dabwali (Punjab/Haryana Border) section of NH-54 from design Ch. 0.000 to design Ch. 27.400 (design length 27.40 km) in the state of Punjab on Hybrid Annuity Mode.

The provisional certificate was issued by an independent engineer and received by the company on December 26, 2025, declaring the project fit for entry into commercial operation with effect from December 22, 2025. Furthermore, the firm had been appointed on August 11, 2023, it stated.

Ceigall has a total market capitalisation of ₹4,665.73 crore, as of December 29, 2025, according to data on the NSE.