Ceigall India Limited has announced a major milestone in its infrastructure business after receiving the official Completion Certificate for a significant highway project under the Bharatmala Pariyojna program.

The company disclosed the development through an exchange filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

According to the filing, the completion certificate was issued by the Authority’s Engineer on May 05, 2026, confirming that the project works forming part of the highway stretch were completed on February 26, 2026, except for the de-linking part of the work.

The project is one of the important highway infrastructure developments executed by the company under the Engineering Procurement and Construction (EPC) model.

Details of the Completed Project

The project relates to the:

Construction of four-lane Greenfield Delhi-Amritsar-Katra Expressway from Junction with Patiala-Bathinda Road (NH-07) near Bhawanigarh to Junction with Ludhiana-Malerkotla Road (SH-11) near Bhogiwal village in Punjab.

The project stretch covers:

35.15 Kilometers

The company executed the project under the Bharatmala Pariyojna initiative in the state of Punjab.

This package was identified as:

Package – 07 of the Delhi-Amritsar-Katra Project

Project Cost and Timeline

According to the company’s filing, the total project cost stood at:

₹881 Crore

Important project dates disclosed by the company include:

• Date of Award: July 20, 2021
• Estimated Completion Date with Authorized Extension: October 01, 2025
• Actual Completion Date: February 26, 2026

The completion certificate now formally confirms successful execution of the project works under the EPC contract agreement.

Completion Certificate Issued by Authority’s Engineer

The company informed stock exchanges that the completion certificate was issued pursuant to:

Article 12 of the EPC Contract Agreement

The certificate was granted by the Authority’s Engineer, who certified that all project works forming part of the highway stretch had been completed.

Such certificates are highly important in infrastructure and EPC projects because they officially validate the completion status of construction work.

The certificate also serves as a major operational milestone for project execution companies.

Importance of the Delhi-Amritsar-Katra Expressway

The Delhi-Amritsar-Katra Expressway is considered one of the important highway infrastructure projects aimed at improving connectivity in northern India.

The expressway is expected to improve travel and logistics connectivity between:

• Delhi
• Punjab
• Jammu region
• Katra

The project forms part of the larger Bharatmala Pariyojna, which is one of India’s major road and highway development initiatives.

The Bharatmala program focuses on:

• Economic corridor development
• Improved freight movement
• Better highway connectivity
• Faster transportation networks
• Regional infrastructure growth

Projects executed under Bharatmala are considered strategically important for India’s long-term infrastructure expansion.

What is EPC Mode?

The project was executed under the Engineering Procurement and Construction (EPC) model.

Under the EPC model:

• The contractor is responsible for engineering and design
• Procurement of materials and equipment is handled by the contractor
• Construction execution is also managed by the contractor

The EPC model is commonly used in large infrastructure projects because it enables streamlined project management and execution responsibility under a single entity.

For companies like Ceigall India, EPC projects form a key part of business operations and revenue generation.

Significance of Project Completion

Receiving a completion certificate is a major achievement for infrastructure companies because it indicates successful project execution.

The completion of the expressway stretch may provide several advantages for the company, including:

• Strengthening execution credentials
• Enhancing infrastructure portfolio
• Improving industry reputation
• Supporting future bidding opportunities
• Demonstrating project delivery capability

Large completed projects also help companies establish credibility for future government and highway contracts.

About Bharatmala Pariyojna

The Bharatmala Pariyojna is a flagship highway development initiative launched by the Government of India.

The program focuses on creating efficient road transportation networks across the country.

Key objectives include:

• Reducing logistics costs
• Enhancing highway connectivity
• Improving border and coastal roads
• Supporting industrial growth
• Boosting economic development

Multiple EPC contractors and infrastructure companies are participating in projects under the Bharatmala initiative.

The Delhi-Amritsar-Katra Expressway is one of the important components of this larger infrastructure push.

Ceigall India’s Growing Infrastructure Presence

Ceigall India Limited has been expanding its presence in India’s infrastructure and highway construction sector.

The company is involved in projects related to:

• Roads and highways
• Expressways
• EPC infrastructure development
• Civil engineering projects

Successful completion of large-scale highway projects strengthens the company’s operational track record and competitive position in the infrastructure industry.

Infrastructure execution capability remains one of the most important factors in securing future contracts.

Why Completion Certificates Matter for Investors

For investors, completion certificates are important because they indicate that a project has moved from the execution phase toward operational closure.

This can impact:

• Revenue recognition
• Project billing
• Financial reporting
• Release of retention payments
• Operational track record

Investors in infrastructure companies often track:

• Order inflows
• Execution timelines
• Project completion milestones
• Margins
• Government contract exposure

The successful completion of the ₹881 crore project may therefore be viewed as an operationally positive development.

Infrastructure Sector Momentum in India

India’s infrastructure sector continues to witness strong activity due to government spending on:

• Highways
• Expressways
• Railways
• Urban infrastructure
• Industrial corridors

Road infrastructure projects remain one of the key growth drivers for EPC and construction companies.

Large expressway projects like Delhi-Amritsar-Katra are expected to improve transportation efficiency and regional connectivity.

Such projects also generate economic activity by improving access to trade routes and reducing travel time.

Strategic Importance of Punjab Connectivity

Punjab remains an important agricultural, industrial, and logistics region in northern India.

Improved highway infrastructure in the state can contribute to:

• Better freight movement
• Faster passenger transportation
• Improved interstate connectivity
• Economic development
• Logistics efficiency

The completed project stretch is expected to play a role in strengthening regional transportation infrastructure.

Company Disclosure Under SEBI Regulations

The company made the disclosure under Regulation 30 of SEBI LODR Regulations, which requires listed entities to report material events and developments.

The filing was submitted to:

• BSE Limited
• National Stock Exchange of India Limited

The company’s shares are listed under:

• BSE Scrip Code: 544223
• NSE Symbol: CEIGALL

SEBI regulations ensure that investors receive timely and transparent information regarding important operational milestones and corporate developments.

Reference to Red Herring Prospectus

In the filing, the company also referred investors to pages 217 and 218 of its Red Herring Prospectus for additional details related to the project.

This reference indicates that the project had already been disclosed as part of the company’s broader infrastructure portfolio and ongoing project pipeline.

Infrastructure companies often include major ongoing projects in offer documents to provide investors with visibility into business operations and execution capabilities.

Impact on Future Opportunities

Successfully delivering large highway projects may improve the company’s chances of winning future government and infrastructure contracts.

Execution track record is one of the key evaluation factors in infrastructure bidding processes.

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