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Shares of Ceigall India closed Wednesday’s session, March 25, higher by 4% at ₹275 apiece, as investor sentiment improved after the company executed two long-term Power Purchase Agreements (PPAs).

In a regulatory filing today, the company said it has signed two PPAs through its wholly owned subsidiaries — Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited — with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).

The agreements involve the development of solar photovoltaic power generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).

The combined EPC value of the projects stands at approximately ₹1,369 crore. The company said both projects are expected to be completed within 18 months, followed by operations, maintenance, and power supply for 25 years under long-term PPAs at a quoted tariff ranging between ₹2.72 and ₹2.86 per unit.

The infrastructure company has been in the headlines for securing back-to-back orders in March; however, its shares have remained muted amid ongoing uncertainty. On Tuesday, the company received two EPC orders from Purvah Green Power Private Limited, to be executed in Andhra Pradesh, with a combined value of ₹300 crore.

Last week, the company said its subsidiary, Ceigall Infra Projects Private Limited, secured an order worth ₹603 crore from the National Highways Authority of India for the construction of a 10.30 km stretch under NH(O) in Punjab on a hybrid annuity mode.

The project is expected to be completed within 18 months, followed by operations and maintenance for 15 years. During the same week, the company also secured a similar order worth ₹274 crore from the Ministry of Road Transport and Highways, with a construction period of 48 months and a maintenance period of five years.

The company’s shares have remained highly volatile since listing, losing over 25% of their value. The stock debuted in August 2024 at a discount to its issue price of ₹401 apiece, and weak momentum persisted over the following seven months, resulting in a cumulative decline of 34%.

The stock showed some recovery after the sharp sell-off, but the gains proved short-lived, as it still trades 31.3% below its IPO price of ₹401 apiece. On a yearly basis, the stock ended the previous year down 21%.

According to Trendlyne shareholding data, promoters held a majority stake of 82.1% in the company as of the December-ended quarter, while public shareholders owned around 10%.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.

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