Ceigall India Wins ₹1,309 Crore Solar EPC Orders from MSEDCL Under MSKVY 2.0 Scheme; Shares Surge 2.2%

Mumbai, October 6, 2025 – Ceigall India Limited (NSE: CEIGALL, BSE: 544223) closed with a 2.23% surge on Monday, after announcing two flagship Letters of Award (LOA) by Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0). Together, the projects total a cumulative 337 MW (AC) at a cumulative value of ₹1,309.16 crore, marking a milestone in Ceigall’s renewable energy expansion.

Project Highlights

Ceigall India Ltd received Letters of Award (LOAs) from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the installation of solar power projects with a cumulative 337 MW (AC) capacity under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0 scheme.

• The company, under LOA-1, shall undertake the commissioning of 147 MW (AC) capacity power plants at two districts of Maharashtra, at an EPC cost of ₹597 crore (including GST).
• Under LOА 2, Ceigall India shall construct a further 190 MW (АС) power plant spread over four districts, whose EPC cost is ₹712.16 crore.

The overall project cost is around ₹1,309.16 crore. The projects have been sanctioned under the Solar Power Developer (SPD) model for grid-connected solar photovoltaic plants, with a construction period of 18 months and a 25-year operational period under a long-term Power Purchase Agreement (PPA) with MSEDCL. The LOAs were formally awarded on October 2, 2025, which is a landmark occasion for Ceigall India’s renewable energy growth strategy.

Management Commentary

Ceigall India claimed that the awards complement its direction towards sustainable and diversified infrastructure, combining its engineering expertise with the deployment of renewable energy. The 25-year Power Purchase Agreements (PPA) ensure steady long-term revenues and strengthen the company’s market leadership position in the Indian green infrastructure market.

Stock Performance Snapshot

Ceigall India Limited closed at ₹266.40, a 2.23% rise on August 6, 2025. Ceigall India Ltd. opened at ₹270.95 and touched ₹264.70-₹273 intraday. Ceigall India Limited has a market cap of ₹4,640 crore, a P/E of 16.94. The stock has a 52-week high of ₹ 394.60 and a 52-week low of ₹235.95, indicating moderate volatility over the last several months.

Ceigall India Limited is a major engineering, procurement, and construction (EPC) company dealing with highways, bridges, and civil infrastructure. Recently, it has diversified into renewable energy and environmentally friendly EPC projects, thereby strengthening its green energy background. The company is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) and continues acquiring high-value orders from governments across India.

REF:https://nsearchives.nseindia.com/corporate/ceigall_03102025153434_LOA_03-10-2025_LOA_190MW.pdf

https://nsearchives.nseindia.com/corporate/ceigall_03102025153301_LOA_03-10-2025_LOA_147MW.pdf

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