“We are a nearly 23-year-old company, and if I had to define Ceigall, its simple—what comes on the road, we build it,” said Ramneek Sehgal, Managing Director of Ceigall India, which is known for its ability to deliver complex projects on time, such as successful completion of the Katra Expressway, adding, “Ceigall is making its mark in India's construction landscape. From highways, expressways, elevated roads, railways, metro railways, runways and tunnels—you name it, we do it. Beyond roads, we’re also into utilities and solar energy projects. We've already installed three solar plants for various projects and moving forward, we aim to utilise only green energy.” He also spoke to R Srinivasan about the infrastructure engineering, procurement and construction (EPC) company’s journey, growth, its recent IPO, significant infrastructure projects and strategic vision. Excerpts: 1) Please share details about Ceigall’s letter of acceptance (LOA) for Ayodhya bypass construction, in Uttar Pradesh, worth Rs 24.18 billion from National Highway Authority of India (NHAI). There are two parts to this project worth Rs 25 billion - the Northern and Southern Ayodhya Bypass, both under the hybrid annuity model (HAM). The total length is close to 67 km and there are two major bridges spanning over 6,000 metres. This project will be a game-changer for us and we’re aiming to start as soon as possible. B) What is the expected turnover from these projects and the expected completion timeline? The EPC cost would be around Rs 22 billion, and we’re targeting to complete the project ahead of the schedule through optimum and proper coordination and utilisation of resources. Both these are hybrid annuity model (HAM) projects and the company has been able to get it in line with its envisaged Ebitda margins Both these are hybrid annuity model (HAM) projects and the company has been able to get it in line with its envisaged Ebitda margins.What is Ceigall India’s order book distribution between hybrid annuity model (HAM) and engineering, procurement and construction (EPC) projects? Also please share your views on the build-operate-transfer (BOT) model.We are conservative about the BOT model. The government's shift towards geo-tagging tolls through satellites introduces uncertainties in revenue collection. While this is still unclear, we expect revenues to increase as toll collection becomes more accurate. For now, we maintain a 40 -60 percent split between HAM and EPC models and have sustained this for the past four years. The company’s consolidated net profit from operations jumped in Q1 FY25 over Q1 FY24. What factors would you attribute to your stellar performance? Our growth is evident. Our success was recognised in our Red Herring Prospectus (RHP) with CARE Ratings mentioning that we are the fastest-growing EPC company in the country with a turnover of about Rs 10 billion. We already have eight projects under our PPP-HAM-BOT subsidiary. We are present in over 13 states, operating across 11 verticals and last year we achieved Rs 30 billion in revenue. What is the significance of the Bhubaneswar Metro and Kanpur Central Bus Terminal projects for Ceigall India’s portfolio? The Bhubaneswar Metro includes a 10 km viaduct, one of the longest in India, with stations. Metro and railway projects are a key focus for us and we've already built a strong vertical. The company's order book for metro and railway projects stands at Rs 17 billion and they are bidding for additional projects worth Rs 120 billion. We want to grow this vertical significantly over the next year, moving away from the highly competitive highway sector. What latest technologies does the company implement for rapid execution of projects? We are leveraging AI, IoT and GPS for project monitoring, machinery management and stock tracking, which not only ensures efficiency but also aligns with our sustainability goals. How does the company ensure sustainability in its projects? Compared to other EPC firms, based on a lean operation model, we operate with just 20 percent of the machinery, renting equipment to complete projects on time and within budget, which reduces costs and enhances productivity. We are also committed to using the best available technology including AI, GPS and drone-based monitoring. Ceigall is also focused on environmental sustainability, integrating green energy and reducing its carbon footprint through the adoption of efficient machinery and sustainable construction practices.” What are your views on skill shortage in the industry and what measures do you adopt to overcome it? The Company offers a professional ecosystem to all its workforce across all levels and constantly takes strategic initiatives towards upliftment of employee motivation and intellectual growth. On an overall basis on account of aforementioned balances human resource ecosystem, the company has been able to hire and engage quality workforce for its various projects as and when need arises Since Ceigall is hopeful of a healthy order pipeline over the next two quarters, which will support the existing order book in the long term, what are your expansion and growth plans going forward? Our order book value is strong and close to Rs 140 billion, giving us clear visibility for the next 3.5 years. We don’t need to push ourselves out of the box—our team and management are in sync and work is coming in. As for geographical expansion, the company is actively bidding for projects nationwide and maintaining a profit margin of around 9 percent. We have over 20 projects in execution with new ones in the pipeline. Our focus remains on generating strong returns on equity and delivering sustainable growth. The journey post-IPO is just beginning—Ceigall 2.0 has begun and the journey ahead looks promising.