Ceigall Executes 15 Solar PPAs in Madhya Pradesh; Shares Fall 0.67%

Mumbai, April 2: Ceigall India Limited has moved a step deeper into renewable energy, executing 15 Power Purchase Agreements for 130 MW of solar capacity with Madhya Pradesh Power Management Company Limited.

The agreements have been signed through its wholly owned subsidiary, Ceigall Green Energy MP Limited, under the Surya Mitra Krishi Feeder Yojana, according to an exchange filing.

Under these contracts, the company will build, operate and maintain solar power plants, supplying electricity for 25 years. The tariff is locked in at ₹2.85 per unit, providing a predictable revenue stream once operations begin.

Execution is expected within 12 months. The engineering, procurement and construction cost stands at approximately ₹572 crore, including GST. The company has clarified that the contracts are domestic in nature and do not involve related party transactions.

Stock Market Snapshot

Ceigall India share price traded lower during the session on April 2, 2026. As of 2:54 pm IST, the stock stood at ₹276.05, down ₹1.85 or 0.67% for the day, according to exchange data.

The stock moved in a band between ₹270.35 and ₹281.05. There was no sharp spike or sell-off, indicating that the development did not materially alter near-term market expectations.

Such muted movement is not unusual. Long-gestation infrastructure and energy contracts often take time before their financial impact becomes visible in earnings.

Renewable Energy Push Gains Momentum

Ceigall has traditionally been known for its EPC and infrastructure execution capabilities. Over time, it has been steadily widening its footprint.

This move into solar is not just diversification. It reflects a shift toward annuity-style income streams, where assets generate stable cash flows over long durations.

The Surya Mitra Krishi Feeder Yojana itself is aimed at improving power reliability for agriculture while increasing solar adoption. Participation in such programmes aligns the company with policy priorities and energy transition goals.

Focus Now Shifts To Execution And Delivery

With agreements now in place, attention turns to execution. Timely construction and efficient plant performance will be critical.

The 25-year tenure offers strong revenue visibility, but only if milestones are met as planned. Any delays or cost overruns could affect returns.

For now, the announcement strengthens the order book and reinforces long-term positioning. The immediate movement in Ceigall India share price remains modest, but the real impact is likely to unfold over the coming years as these assets become operational.

Source:

• https://www.nseindia.com/get-quote/equity/CEIGALL/Ceigall-India-Limited
• https://nsearchives.nseindia.com/corporate/ceigall_02042026130836_Intimation_Power_Purchase_Agreement_02042026.pdf