Ceigall India, one of India’s leading infrastructure development companies, informed investors in its earnings filing today that it had received Letters of Acceptance (LoAs) from the Ministry of Road Transport & Highways (MoRTH) for the construction of a key section of the Lada-Sarli stretch of NH-913, or the Frontier Highway, in Arunachal Pradesh.
The order, worth ₹704.70 crore, will be executed jointly with Sushee Infra & Mining Limited (SIML), with Ceigall India holding a 74% share and SIML holding the remaining 26% stake in the joint venture.
The project forms part of the development of the Frontier Highway network in Arunachal Pradesh and supports the expansion of critical road connectivity in the region.
According to the company, the project involves the construction of the road from km 85.60 to km 168.00 of the Lada-Sarli section of NH-913 (Frontier Highway) to intermediate lane standards and will be undertaken in Engineering, Procurement, and Construction (EPC) mode.
The project has a construction period of 48 months, followed by a five-year maintenance period. The company said the order further strengthens its growing portfolio of road infrastructure projects and reinforces its capabilities in executing large-scale highway projects across challenging geographies.
Ceigall India said it remains focused on leveraging its EPC capabilities to undertake projects that contribute to the development of robust and reliable transport infrastructure across India.
Commenting on the development, Ramneek Sehgal, managing director of Ceigall India Limited, said, “We are pleased to receive this Letter of Acceptance from the Ministry of Road Transport & Highways for this important section of the Frontier Highway in Arunachal Pradesh. This project further strengthens our presence in the region and reflects our continued focus on expanding our portfolio of strategically important road infrastructure projects.”
The company has been securing back-to-back orders, keeping its shares on investors’ radar. Last week, it received a Letter of Acceptance (LoA) worth ₹274.08 crore for Package-2 of the Bile-Migging section of NH-913.
This marks the fifth LoA received by the company for projects on NH-913, taking its cumulative order wins on the corridor to ₹2,423.70 crore.
Shares remain volatile
Despite securing multiple orders, the company’s shares have remained volatile on the exchanges. After staging a sharp rebound, the stock turned volatile, losing a cumulative 20% in less than two months and falling to ₹313.65 apiece. However, its year-to-date returns remain strong at 17%, supported by a sharp rebound between December 2025 and June 2026.
The rally marked a sharp turnaround from last year’s 21% decline, although the stock is still down 22% from its issue price. 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 before the stock started gaining momentum.
According to Trendlyne’s shareholding data, promoters held a majority stake of 82.1% in the company as of the June-ended quarter, while public shareholders owned around 10%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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