New Delhi | September 29, 2025 — eBharat Markets Desk
Filed on Sep 29, 2025, 09:42 IST via NHAI/BSE.
Ceigall India Ltd has received a formal communication from the National Highways Authority of India (NHAI) regarding the Appointed Date for its ₹981 crore Hybrid Annuity Model (HAM) project on the Ludhiana–Bathinda stretch in Punjab. The filing was made under Regulation 30 of the SEBI LODR norms.
Project Snapshot
- Project Type: Four-laning under the Hybrid Annuity Model (HAM).
- Corridor: Ludhiana–Bathinda (Punjab).
- Cost: ~₹981 crore.
- Executing Agency: Ceigall India Ltd, a road EPC and HAM developer.
- Appointed Date: As confirmed by NHAI, enabling the commencement of construction and milestone-linked payments.
| Metric | Detail |
|---|---|
| Project Value | ₹981 crore |
| Model | Hybrid Annuity (HAM) |
| Location | Ludhiana–Bathinda, Punjab |
| Status | Appointed Date notified by NHAI |
| Executing Agency | Ceigall India Ltd |
Why It Matters
- Revenue visibility: The appointed date locks project timelines and ensures annuity-linked cash flows from NHAI.
- Execution ramp-up: Ceigall can now start construction work and book revenues over the concession period.
- Regional impact: The Ludhiana–Bathinda corridor is a critical agro-industrial belt, expected to benefit from faster connectivity.
Market Context
Ceigall has been active across NHAI tenders in Punjab and Haryana, with a focus on Hybrid Annuity projects. This package adds to its order book, estimated at over ₹10,000 crore across multiple highway corridors. Investors are likely to track execution pace and margin profile as work commences.
Outlook
With the Appointed Date in place, the Ludhiana–Bathinda HAM package enters the construction phase. Smooth land acquisition and timely mobilization of equipment will be key for Ceigall to deliver milestones and unlock annuity payments. The project strengthens Ceigall’s positioning in the road sector and adds visibility for the next 24–30 months.
