Construction Progress Update
Ceigall India Achieves 35% Physical Progress in Ayodhya Bypass HAM Project Ahead of Schedule
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BSE
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Ceigall India Limited announced that its Ayodhya Bypass HAM project in Uttar Pradesh has achieved 35% physical progress as of May 7, 2026. The company stated that Project Milestone II has been completed 92 days ahead of the scheduled timeline.
PRICE-SENSITIVE TRIGGER
Event: Project Milestone Achievement
Type: Construction Progress Update
Impact: Neutral
Immediate Effect: The early completion of a key milestone reflects strong execution capability and may improve project efficiency and cash flow visibility
What Happened ?
Ceigall India Limited informed stock exchanges that the project titled:
“Construction of 4/6 Lane Southern Ayodhya Bypass from Km. 5.000 to Km. 37.172 under NHDP Phase-VII in Uttar Pradesh”
has achieved 35% physical progress.
The project is being executed through Ceigall Ayodhya Bypass Private Limited, a subsidiary of the company, on a Hybrid Annuity Model (HAM) basis.
The Independent Engineer (IE), through a letter dated May 12, 2026, verified the progress status as on May 7, 2026.
The company further stated that Project Milestone II under Schedule G of the Concession Agreement has been completed 92 days ahead of the scheduled deadline.
key highlights
Project Information:
- Project involves construction of a 4/6 lane Southern Ayodhya Bypass.
- Total project length is 32.172 km.
- Project stretches from Km 5.000 to Km 37.172 of NH-27.
- Executed under Hybrid Annuity Model (HAM).
- Project located in Uttar Pradesh.
- Implemented through subsidiary Ceigall Ayodhya Bypass Private Limited.
- Independent Engineer certified 35% physical progress.
- Milestone II achieved 92 days before scheduled completion date.
Note:
- Early milestone achievement may strengthen the company’s execution credibility in road infrastructure projects and improve future order prospects.
Risk Analysis
Key Risks
- Large road EPC and HAM projects remain exposed to land acquisition and approval delays.
- Cost inflation in materials and labor could impact margins.
- Timely receivables from authorities remain critical for working capital management.
- Weather disruptions and construction delays can affect execution schedules.
Worst Case Scenario
- Any major delay in subsequent project milestones, escalation in costs, or delayed authority payments may impact profitability and project returns.
Risk Level: Medium
Company Commentary
- Ceigall India stated that the project has achieved 35% physical progress as verified by the Independent Engineer.
- The company highlighted that Milestone II has been completed 92 days ahead of schedule.
- Management confirmed that the update has also been made available on the company’s website.
Official Exchange Filing: Ceigall India Limited