Rating Rationale
August 05, 2024 | Mumbai
Ceigall India Limited
Ratings Reaffirmed; Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.1827 Crore (Enhanced from Rs.1067 Crore)
Long Term RatingCRISIL A+/Stable (Reaffirmed)
Short Term RatingCRISIL A1 (Reaffirmed)
 
Rs.100 Crore Commercial PaperCRISIL A1 (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its ratings on the bank facilities and commercial paper of Ceigall India Ltd (CIL) at ‘CRISIL A+/Stable/CRISIL A1’.

 

Operating income has increased at compound annual growth rate (CAGR) of 47% over the three fiscals through 2024 to Rs 2,955 crore for the current fiscal. The growth is supported by the company’s strong execution ability resulting in completion of multiple projects ahead of schedule as well as improving technical capabilities with the company being eligible to bid for higher value projects now. While the operating margin has tapered from 16-18% over the past few fiscals, it was healthy at 14.8% in fiscal 2024 and is expected to remain at 15-16% over the medium term. The business risk profile is healthy, as indicated by order book of Rs 8,610 crore as on June 30, 2024, translating to order book to revenue ratio of 2.91 times (on operating income of fiscal 2024), which provides revenue visibility. The company has also diversified its order book with Punjab, Bihar and Jharkhand constituting more than 25% each. Earlier, Punjab contributed more than 50% to the order book. Furthermore, the company has also received Rs 694 crore worth of orders for metro projects, which also adds to order book diversification.

 

Supported by strong operating performance, CIL’s financial risk profile continues to remain comfortable, even with increasing contribution towards hybrid annuity model (HAM) projects. While debt has increased to Rs 630 crore as on June 30, 2024, from Rs 467 crore as on March 31, 2023, it is on account of replacement of interest-bearing mobilisation advances with mobilisation advance term loans. The capital structure is remains comfortable with gearing and total outside liabilities to tangible net worth (TOL/TNW) ratio of below 0.5 time and 1 time, respectively, over the medium term. Liquidity position is healthy, as reflected in cash and cash equivalent of Rs 233 crore as of June 2024, healthy cash accrual expected over the medium term and moderate utilisation of fund-based limits (~50%) for the 12 months through January 2024.

 

As on date, CIL has five HAM projects, of which one received provisional commercial operation date (PCOD) on June 6, 2023, while two HAM projects are expected to be completed in fiscal 2025. The remaining two projects are expected to receive appointed date (AD) by the third quarter of fiscal 2025. Consequently, the company is expected to have equity funding requirement of Rs 530-540 crore for existing projects over the next two fiscals. While part of these commitments are expected to be met through proceeds from the planned initial public offer (IPO) or through monetisation of the operational and under construction HAM assets, the debt protection metrics will remain comfortable even in absence of the same. The company’s IPO opened on August 1, 2024 and in addition to funding equity commitments towards HAM projects, the proceeds are also expected to be utilised towards reduction of external debt. CRISIL Ratings has also noted that two HAM projects were cancelled in fiscal 2024, while one more HAM project is yet to receive AD (awarded in fiscal 2022) due to unavailability of land. Timely execution of HAM projects will remain a key monitorable.

 

The ratings continue to reflect healthy business risk profile, backed by strong track record of execution, experience of the promoters in the construction industry and strong order book position providing revenue visibility. The financial risk profile is also comfortable, as reflected in strong capital structure and coverage indicators, expected to improve further post the IPO. These strengths are partially offset by timely execution of HAM projects, intense competition, and exposure to cyclicality inherent in the construction industry.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has moderately consolidated business and financial risk profiles of CIL and its special purpose vehicles (SPVs) for HAM projects where CIL has provided a shortfall undertaking (for one project Bhatinda-Dabwali corporate guarantee (CG) has been provided) to the extent of support required over the medium term. Bhatinda-Dabwali has not been fully consolidated as the CG is expected to fall off once the project achieves commercial operations date (COD). 

 

Interest-bearing mobilisation advances have been considered as debt.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Strong execution track record and experience of the promoters in the construction industry: CIL has a strong track record in executing road projects at a rapid pace and before scheduled completion timelines. Consequently, revenue has increased at healthy CAGR of 47% during the three fiscals through 2024. The promoters' experience of over three decades in executing several projects and their strong understanding of local market dynamics and healthy relationships with suppliers and customers should continue to support the business risk profile. Since its inception, CIL has executed several projects with the Public Works Department (PWD) in Punjab, National Highways Authority of India (NHAI; ‘CRISIL AAA/Stable’), and the Ministry of Road Transport and Highways (MoRTH) by bidding for tenders.

 

  • Healthy order book provides revenue visibility over the medium term: The company had an order book of Rs 8,610 crore as on June 30, 2024 (order book–to-revenue ratio of 2.91 times), which ensures medium-term revenue visibility. Of this, more than 80% of orders are from NHAI. HAM and EPC (engineering, procurement and construction) orders account for around 35% and 65%, respectively, in the current order book. 

 

Two HAM projects of Rs 1,535 crore were cancelled in fiscal 2024, while one more HAM project (of Rs 862 crore) is yet to receive AD (awarded in fiscal 2022) due to unavailability of land. Nevertheless, the company won two large HAM projects (~Rs 2,650 crore order value) during the last fiscal and AD is expected by second or third quarter of fiscal 2025. Timely traction on these projects will be monitorable. Order book of Rs 8,610 crore as on June 30, 2024, translates to an order book to revenue ratio of 2.91 times (on operating income of fiscal 2024). In addition to four HAM projects, the company also has 3-4 large EPC orders (includes multiple packages for certain projects) worth Rs 4,500 crore. Few of these large-ticket projects are yet to start or are in nascent stages of execution. With execution of ongoing HAM projects and large EPC projects in the near-to-medium term, CIL’s revenue is expected to grow significantly in fiscal 2025. Timely completion of these projects within the budgeted cost remains a rating sensitivity factor.

 

  • Comfortable financial risk profile: While the company has scaled up its revenue to Rs 2,955 crore in fiscal 2024 from Rs 874 crore in fiscal 2021, its reliance on debt continues to be low, as the growth has been largely funded through internal accrual. Continued healthy accretion to reserves has resulted in net worth of Rs 878 crore as on March 31, 2024. Supported by strong net worth and low debt, gearing is expected to remain below 0.5 time over the medium term. The TOL/TNW ratio is expected to remain healthy at below 1.0 time over the medium term. 

 

Proceeds from the ongoing IPO should keep debt level in check, even with increasing requirements for working capital, cost overruns and equity commitments towards HAM projects and capita; expenditure (capex). Healthy profitability margin will also keep coverage ratios comfortable.

 

Any significant increase in debt on account of large debt-funded capex, significant cost overruns in existing HAM projects or substantial exposure to new projects, necessitating sizeable equity investment, will remain key rating sensitivity factors.

 

Weaknesses:

  • Limited diversity in revenue profile: CIL’s operations continue to be focused on road projects, which contribute to the bulk of the company’s revenue. The operating performance remains susceptible to concentration arising from focus on road projects; awarding in the road sector slowed in last fiscal and almost no new awarding has been done till date in the current fiscal. While the company has started taking higher value orders, such as construction of tunnels and bridges, as well as diversifying to geographies including the Jharkhand-Bihar belt, the company’s ability to enter new regions while maintaining profitability remains to be seen. In the past, focus on Punjab and nearby regions had resulted in strong operating efficiencies due to established supplier relationships and promoter’s established position in the region.

 

  • Exposure to intense competition inherent in the construction industry: Most of the company’s projects are tender-based and face intense competition, thus requiring the company to bid competitively to get contracts, which restricts the operating margin to a moderate level. Also, given the cyclicality inherent in the construction industry, the company’s ability to maintain profitability margin through operating efficiency becomes critical.

Liquidity: Strong

Liquidity is supported by healthy cash accrual, unutilised bank lines, and adequate cash and cash equivalent. Net cash accrual is expected to remain at Rs 400-500 crore per annum and should be sufficient to service scheduled debt obligation of Rs 50-200 crore annually, incremental equity commitments and working capital requirement. Fund-based bank limit utilisation was moderate at ~50% on average for the 12 months through January 2024. Furthermore, cash and cash equivalents were Rs 233 crore (including encumbered cash and cash equivalents) as on June 30, 2024.

Outlook: Stable

The company will benefit from its improving market position in the road EPC sector with large order book and operating efficiencies. The financial risk profile will be supported by proceeds from the IPO, in addition to steady cash generation over the medium term.

Rating Sensitivity factors

Upward factors

  • Significant increase in revenue and operating profitability leading to accrual above Rs 500 crore on sustained basis
  • Track record of geographical and sectoral diversification in the order book
  • Significant improvement in the working capital cycle and liquidity position

 

Downward factors

  • Decline in operating income or profitability resulting in accrual below Rs 250 crore
  • Deterioration in financial risk profile of the company due to large borrowing on account of higher-than-expected outflows towards BOT (build-operate-transfer) projects or capex
  • Stretch in the working capital cycle leading to weakening of liquidity

About the Company

Incorporated in 2002, by Ludhiana-based Sehgal family, CIL is an EPC player focusing on infrastructure projects such as roads, highways, flyovers and bridges for NHAI, MoRTH and PWD Punjab. Currently, Mr Ramneek Sehgal manages the daily operations of the company. CIL was initially operating as a sub-contractor for other private EPC players and started to bid for projects as a principal contractor from fiscal 2014. After the accumulation of requisite performance and financial qualifications, it started to bid for large-sized orders from fiscal 2019. At present, the company focuses on executing road projects primarily for the NHAI.

Key Financial Indicators*

Particulars

Unit

2024

2023

Revenue from operations

Rs crore

2,955

2,067

Profit after tax (PAT)

Rs crore

277

184

PAT margin

%

9.4

8.9

Adjusted gearing

Times

0.58

0.76

Interest coverage

Times

7.74

9.72

*CRISIL Ratings-adjusted numbers

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs Cr) Complexity Levels Rating Assigned with Outlook
NA Bank guarantee NA NA NA 75 NA CRISIL A1
NA Bank guarantee NA NA NA 75 NA CRISIL A1
NA Bank guarantee^ NA NA NA 100 NA CRISIL A1
NA Bank guarantee NA NA NA 100 NA CRISIL A1
NA Bank guarantee NA NA NA 45 NA CRISIL A1
NA Bank guarantee NA NA NA 70 NA CRISIL A1
NA Bank guarantee NA NA NA 50 NA CRISIL A1
NA Bank guarantee NA NA NA 195 NA CRISIL A1
NA Bank guarantee NA NA NA 60 NA CRISIL A1
NA Bank guarantee* NA NA NA 75 NA CRISIL A1
NA Bank guarantee NA NA NA 70 NA CRISIL A1
NA Bank guarantee# NA NA NA 150 NA CRISIL A1
NA Bank guarantee@ NA NA NA 180 NA CRISIL A1
NA Bank guarantee NA NA NA 140 NA CRISIL A1
NA Cash credit NA NA NA 10 NA CRISIL A+/Stable 
NA Cash credit NA NA NA 10 NA CRISIL A+/Stable
NA Cash credit NA NA NA 5 NA CRISIL A+/Stable
NA Cash credit NA NA NA 25 NA CRISIL A+/Stable
NA Cash credit NA NA NA 20 NA CRISIL A+/Stable
NA Cash credit NA NA NA 2 NA CRISIL A+/Stable
NA Cash credit NA NA NA 30 NA CRISIL A+/Stable
NA Cash credit NA NA NA 20 NA CRISIL A+/Stable
NA Cash credit% NA NA NA 80 NA CRISIL A+/Stable
NA Term loan NA NA Apr-2026 100 NA CRISIL A+/Stable
NA Term loan NA NA Oct-2024 70 NA CRISIL A+/Stable
NA Term loan NA NA Jan-2026 70 NA CRISIL A+/Stable
NA Commercial Paper NA NA 7-365 days 100 Simple CRISIL A1

^Sublimit of Rs.2 crore for CC/WCTL facility

*Sublimit of Rs.50 Crore for CC/WCTL facility

#Sublimit of Rs.150 crore for CC/WCTL facility

@Sublimit of Rs.180 crore for CC/WCTL facility

% Sublimit of Rs.30 crore for bank guarantee 

Annexure – List of entities consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

Ceigall Bathinda Dabwali Highways Pvt. Ltd

Moderate

To the extent of support requirement

Ceigall Jalbhera Shahbad Greenfield Highways Pvt. Ltd

Moderate

To the extent of support requirement

Ceigall VRK 11 Pvt. Ltd*

Moderate

To the extent of support requirement

Ceigall VRK 12 Pvt. Ltd*

Moderate

To the extent of support requirement

*AD is expected by Q2/Q3 fiscal 2025

Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 442.0 CRISIL A+/Stable 04-06-24 CRISIL A+/Stable 02-08-23 CRISIL A/Stable 12-07-22 CRISIL A/Stable 30-06-21 Withdrawn CRISIL BBB+/Stable
      -- 23-04-24 CRISIL A+/Stable 12-07-23 CRISIL A/Stable 26-05-22 CRISIL A/Stable   -- --
      --   -- 11-04-23 CRISIL A/Stable 10-05-22 CRISIL A/Stable   -- --
Non-Fund Based Facilities ST 1385.0 CRISIL A1 04-06-24 CRISIL A1 02-08-23 CRISIL A1 12-07-22 CRISIL A1 30-06-21 Withdrawn CRISIL A2
      -- 23-04-24 CRISIL A1 12-07-23 CRISIL A1 26-05-22 CRISIL A1   -- --
      --   -- 11-04-23 CRISIL A1 10-05-22 CRISIL A1   -- --
Commercial Paper ST 100.0 CRISIL A1 04-06-24 CRISIL A1 02-08-23 CRISIL A1 12-07-22 CRISIL A1   -- --
      -- 23-04-24 CRISIL A1 12-07-23 CRISIL A1 26-05-22 CRISIL A1   -- --
      --   -- 11-04-23 CRISIL A1   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee& 100 Standard Chartered Bank Limited CRISIL A1
Bank Guarantee^ 150 IDFC FIRST Bank Limited CRISIL A1
Bank Guarantee 70 Bank of Baroda CRISIL A1
Bank Guarantee 100 IndusInd Bank Limited CRISIL A1
Bank Guarantee 75 AU Small Finance Bank Limited CRISIL A1
Bank Guarantee 75 HDFC Bank Limited CRISIL A1
Bank Guarantee 110 State Bank of India CRISIL A1
Bank Guarantee% 180 The Federal Bank Limited CRISIL A1
Bank Guarantee 140 Union Bank of India CRISIL A1
Bank Guarantee 50 Punjab and Sind Bank CRISIL A1
Bank Guarantee 85 State Bank of India CRISIL A1
Bank Guarantee 60 YES Bank Limited CRISIL A1
Bank Guarantee 45 Axis Bank Limited CRISIL A1
Bank Guarantee$ 75 RBL Bank Limited CRISIL A1
Bank Guarantee 70 The South Indian Bank Limited CRISIL A1
Cash Credit 20 Axis Bank Limited CRISIL A+/Stable
Cash Credit# 80 The Federal Bank Limited CRISIL A+/Stable
Cash Credit 5 State Bank of India CRISIL A+/Stable
Cash Credit 30 Bank of Baroda CRISIL A+/Stable
Cash Credit 10 Union Bank of India CRISIL A+/Stable
Cash Credit 20 IndusInd Bank Limited CRISIL A+/Stable
Cash Credit 2 The South Indian Bank Limited CRISIL A+/Stable
Cash Credit 25 HDFC Bank Limited CRISIL A+/Stable
Cash Credit 10 Punjab and Sind Bank CRISIL A+/Stable
Term Loan 70 The Federal Bank Limited CRISIL A+/Stable
Term Loan 170 HDFC Bank Limited CRISIL A+/Stable
& - Sublimit of Rs.2 crores for CC/WCTL facility
^ - Sublimit of Rs.150 crore for CC/WCTL facility
% - Sublimit of Rs.180 crore for CC/WCTL facility
$ - Sublimit of Rs.50 Crore for CC/WCTL facility
# - Sublimit of Rs.30 crores for bank guarantee
Criteria Details
Links to related criteria
Rating criteria for manufaturing and service sector companies
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
The Infrastructure Sector Its Unique Rating Drivers
Rating Criteria for Construction Industry
CRISILs criteria for rating annuity and HAM road projects
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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