Project Completion / Infrastructure Execution Update
Ceigall India Receives Completion Certificate for Delhi-Amritsar-Katra Expressway EPC Project
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Ceigall India Limited has received a Completion Certificate for its EPC highway project under the Delhi-Amritsar-Katra Expressway package in Punjab. The project, awarded under Bharatmala Pariyojna with a bid cost of ₹881 crore, covers a 35.15 km stretch and marks successful completion of major construction activities.
PRICE-SENSITIVE TRIGGER
Event: Receipt of Completion Certificate under Article 12 of EPC Contract Agreement
Type: Project Completion / Infrastructure Execution Update
Impact: Positive
Immediate Effect: The completion certification strengthens Ceigall India’s execution track record in national highway infrastructure projects and may support future order qualification and revenue recognition visibility
Key Metrics:
- Bid Project Cost: ₹881.00 Crore
- Project Stretch Length: 35.15 KM
- Date of Award: 20-07-2021
- Estimated Completion Date (Extended): 01-10-2025
- Actual Completion Date: 26-02-2026
- Project Model: EPC Mode under Bharatmala Pariyojna
Highlight:
- Completion Certificate received for ₹881 crore EPC highway project
What Happened ?
Ceigall India Limited informed the stock exchanges that it has received the Completion Certificate dated 05 May 2026 from the Authority’s Engineer for its EPC highway project forming part of the Delhi-Amritsar-Katra Expressway under Bharatmala Pariyojna.
The certificate confirms that all works related to the 35.15 km highway stretch were completed on 26 February 2026, except certain de-linking portions of the work. The project was executed under EPC mode in Punjab and had a bid project cost of ₹881 crore.
key highlights
Project Details:
- Project relates to construction of a four-lane Greenfield Delhi-Amritsar-Katra Expressway section.
- Stretch covers junction near Bhawanigarh to Bhogiwal village in Punjab.
- Project executed under Bharatmala Pariyojna on EPC basis.
- Total bid project cost stood at ₹881 crore.
- Project was awarded on 20 July 2021.
- Authority’s Engineer issued Completion Certificate on 05 May 2026.
- Construction works for 35.15 km stretch completed on 26 February 2026.
- Company clarified that de-linking part of the work remains excluded from completion scope.
Note:
- Completion of large EPC highway projects enhances execution credibility for infrastructure companies and can improve qualification strength for future NHAI and government tenders.
Risk Analysis
Key Risks
- Any delay in final settlements or receivables may impact working capital.
- Residual de-linking work may require additional execution timelines.
- Infrastructure EPC margins remain sensitive to input cost volatility.
- Future order inflows remain dependent on government infrastructure spending.
Worst Case Scenario
- Delayed payment realization or cost overruns in remaining linked activities could affect profitability and cash flows
Risk Level: Medium
Company Commentary
- Ceigall India received Completion Certificate pursuant to Article 12 of EPC Contract Agreement.
- Certificate issued by Authority’s Engineer dated 05 May 2026.
- All works for the project highway stretch have been completed.
- Project formed part of Delhi-Amritsar-Katra Expressway under Bharatmala Pariyojna.
- Disclosure made under Regulation 30 of SEBI LODR Regulations.
Official Exchange Filing: Ceigall India Limited