Shares of Ceigall India increased by 4% to ₹275 as the company announced two Power Purchase Agreements with MSEDCL for solar projects totaling 337 MW. The projects have an estimated value of ₹1,369 crore and are expected to be completed in 18 months.

Ceigall India stock ends 4% higher after securing ₹1,369 crore solar PPA projects; still down 31% from IPO price

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.

Ceigall India share price trend

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%.

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