Ceigall India witnessed a strong uptick of more than 2% in early trade after the company announced a major addition to its infrastructure portfolio. The company has received a Letter of Intent dated 23 November 2025 from REC Power Development and Consultancy Limited (RECPDCL) for a high-value transmission project awarded under the Tariff Based Competitive Bidding framework.

The latest update builds on Ceigall India’s earlier disclosure made on 18 July 2025 and has been issued in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The project focuses on the establishment of a 400/220 kV Gas-Insulated Substation (GIS) at Velgaon, marking another step in Ceigall India’s transition from road infrastructure towards deeper participation in the power transmission ecosystem.

The award comes from a domestic government-backed authority, reinforcing the company’s strong credentials in securing technically demanding projects. As part of the contract terms, Ceigall India must furnish a Contract Performance Guarantee of ₹9.35 crore within ten days from the issuance of the LOI. The substation project is designed on a competitive tariff structure, which highlights the company’s capability to execute long-duration, capital-intensive assets under commercially disciplined frameworks.

The Velgaon GIS project carries a construction timeline of twenty-four months from the effective date. Once commissioned, Ceigall India will manage the operation and maintenance of the facility for a long tenure of thirty-five years, significantly extending the project’s revenue visibility. The annual transmission charges have been fixed at ₹585 million, creating a steady and predictable cash flow stream for the company throughout the O&M period.

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