Infrastructure Contract / EPC + HAM Model
Ceigall India Wins ₹603 Cr NHAI Highway Contract in Punjab
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BSE
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Ceigall India (via subsidiary CIPPPL) has secured a ₹603 Cr highway project from NHAI under the Hybrid Annuity Mode (HAM).
PRICE-SENSITIVE TRIGGER
Event: Letter of Award (LOA) from NHAI
Type: Infrastructure Contract / EPC + HAM Model
Impact: Positive
Immediate Effect: Boosts order book strength and ensures long-term revenue visibility (including O&M phase).
Execution period
18 Months Constructions
O&M Period
15 Years
Order Value
₹603 Cr
Project Type
6-Lane Highway Spur
What Happened ?
Ceigall India’s wholly owned subsidiary CIPPPL has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI).
Project details include:
- Construction of 6-lane access-controlled spur connectivity
- Stretch: Abmala-Chandigarh section → Zirakpur Bypass
- Total length: ~10.3 km
Executed under Hybrid Annuity Model (HAM), combining EPC + annuity income.
Detailed breakdwon
Awarding Authority
- National Highways Authority of India (NHAI)
Project Scope
- 6-lane highway construction
- Access-controlled spur connectivity
Contract Structure
- Hybrid Annuity Model (HAM)
- Part EPC
- Part annuity-based returns
Timeline
- Construction: 18 months
- O&M: 15 years
Additional Notes
- Domestic project
- No promoter interest
- Not a related party transaction
Management commentary
- Order secured under standard HAM structure
- Strong infrastructure execution pipeline
- Reinforces position in highway development
Risk Analysis
Key Risks
- Execution delays in infrastructure projects
- Cost overruns
- Working capital intensity under HAM model
Worst Case Scenario
Delays → impact on annuity inflows and margins
Risk Level: Medium
Reason:
- Strong order, but HAM model execution & funding risk exists
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