Ceigall India Share Price Rises on 337 MW Solar PPA in Maharashtra

Ceigall India share price moved higher after the company announced a major step into renewable energy, signing power purchase agreements (PPAs) for 337 MW of solar capacity in Maharashtra.

The agreements were executed through its subsidiaries, Ceigall Green Energy MH1 and MH2, with Maharashtra State Electricity Distribution Company Limited on March 24, 2026, according to a regulatory filing dated March 25, 2026.

The projects include a 190 MW solar installation spread across four districts and a 147 MW project across two districts. Both are part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, marking a strong push into long-term clean energy assets.

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This development is significant beyond capacity addition. These are 25-year PPAs, offering stable and predictable cash flows. Unlike traditional EPC contracts, this shifts Ceigall toward an annuity-based revenue model with long-term visibility. Tariffs are locked between Rs 2.72 and Rs 2.86 per unit, strengthening income certainty.

The Ceigall India share price rose 3.94% to Rs 275.65 as of 13:33 IST on March 25, 2026. The stock opened at Rs 272.00 and touched a high of Rs 280.20, indicating steady investor interest rather than aggressive buying.

The total EPC value of the projects stands at Rs 1,369 crore, with Rs 772 crore attributed to the larger project and Rs 597 crore to the second. Ceigall will also handle operations and maintenance, further boosting recurring revenue potential.

Execution now becomes critical, with a timeline of around 18 months for completion. Successful delivery could position Ceigall as a scalable renewable energy player.