Order Win
Ceigall India Emerges as L1 Bidder for ₹704.70 Crore MoRTH EPC Road Project
NSE
CEIGALL
BSE
544223
Ceigall India Limited has announced that its 74:26 joint venture with Sushee Infra & Mining Limited has emerged as the L1 (lowest) bidder for a ₹704.70 crore (excluding GST) Engineering, Procurement and Construction (EPC) road project awarded by the Ministry of Road Transport and Highways (MoRTH). The project involves construction of a key section of the Frontier Highway in Arunachal Pradesh.
PRICE-SENSITIVE TRIGGER
Event: Multiple order wins across business verticals.
Type: Order Win
Impact: Positive
Immediate Effect: The development strengthens Ceigall India’s order pipeline and enhances long-term revenue visibility. However, the order will become effective only after the issuance of the formal Letter of Award and execution of the contract.
Financials:
Order Metrics:
- Order Value: ₹704.70 crore (excluding GST)
- Awarding Authority: Ministry of Road Transport and Highways (MoRTH)
- Joint Venture Shareholding:
- Ceigall India Limited – 74%
- Sushee Infra & Mining Limited – 26%
- Construction Period: 48 months
- Maintenance Period: 5 years
Highlight:
- Ceigall India-led JV emerged as the L1 bidder for a ₹704.70 crore EPC highway project in Arunachal Pradesh.
What Happened ?
Ceigall India Limited informed the stock exchanges that its joint venture with Sushee Infra & Mining Limited has emerged as the L1 bidder during the financial bid opening for a road construction project floated by the Ministry of Road Transport and Highways (MoRTH).
The project will be executed under the Engineering, Procurement and Construction (EPC) model and covers construction of the Lada–Sarli section of NH-913 (Frontier Highway) in Arunachal Pradesh.
Key Details
Order Breakdown:
- Ceigall India holds 74% in the joint venture, while Sushee Infra & Mining Limited holds 26%.
- Client: Ministry of Road Transport and Highways (MoRTH).
- Project involves construction of the Lada–Sarli section of NH-913 (Frontier Highway) from Km 85.60 to Km 168.00.
- Project execution model: Engineering, Procurement and Construction (EPC).
- Location: Arunachal Pradesh.
- Awarded project cost: ₹704.70 crore (excluding GST).
- Construction period: 48 months.
- Maintenance obligation: 5 years.
- The project is a domestic contract.
- The company confirmed that:
- No promoter or promoter group has any interest in the awarding authority.
- The transaction is not a related-party transaction.
Note:
- The disclosure confirms only the company’s L1 bidder status. Receipt of the formal Letter of Award and execution of the contract remain the next milestones.
Risk Analysis
Summary:
- The announcement is a positive order pipeline update, but realization of revenue depends on successful conversion of the L1 status into a formal contract and timely project execution.
Key Risks:
- L1 status does not constitute the final award of the contract.
- Delay in issuance of the Letter of Award could postpone project commencement.
- EPC projects remain exposed to execution, cost escalation and regulatory risks during implementation.
Worst Case:
- If the tender process is modified or the contract is not ultimately awarded, the expected order may not translate into revenue despite Ceigall India being the lowest bidder.
Risk Level: Medium
Company Commentary
- Ceigall India, along with Sushee Infra & Mining Limited, has emerged as the L1 bidder for the MoRTH project.
- The project will be executed under the EPC model in Arunachal Pradesh.
- The total awarded project value is ₹704.70 crore (excluding GST).
- The company confirmed there is no promoter interest or related-party transaction associated with the project.
Official Exchange Filing: Ceigall India Limited
