Current Infraprojects Ltd. (CURRENT)
SME CapInfra stocks · SME cap · NSE
Current Infraprojects Ltd. (CIPL) is transforming from a regional electrical contractor to a national, multi-disciplinary EPC platform. Capabilities span power distribution, railway electrification, utility shifting, and renewable energy solutions. The company completed its IPO in FY26, which was oversubscribed 380 times.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹116 Cr | NDF | +163.6% |
| EBITDA | ₹16 Cr | +100.0% | +100.0% |
| Operating margin | 14.0% | -400 bps | -300 bps |
| PAT | ₹10 Cr | NDF | +150.0% |
| PAT margin | 8.6% | -442 bps | -47 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
CIPL reported strong FY26 results with revenue up 76% YoY to INR 160 Cr and EBITDA up 58% to INR 23 Cr (14.5% margin). Order book reached INR 305 Cr. Solar EPC revenue quadrupled, while IPO was oversubscribed 380x, strengthening the balance sheet.
CIPL demonstrates robust growth and strategic diversification into high-margin segments like Solar EPC and RESCO, supported by significant government mandates. The IPO has bolstered liquidity. However, persistent negative operating cash flow and working capital challenges, despite management's focus, remain a critical area for investor scrutiny.
Active Project Pipeline by Geography
Latest issuer-disclosed distribution across 3 reported categories.
Sectoral Diversification
Transforming into a national, multi-disciplinary EPC platform with capabilities across power distribution, railway electrification, utility shifting, and renewable energy solutions.
High-Value Government Mandates
Secured approximately INR 100 Crores in high-value government projects from Jaipur Discom and Jodhpur Discom, with major revenue poised for FY27.
Renewable Energy Solutions
Push into high-margin renewable energy yielding success, with Solar EPC revenue scaling 4x to INR 96 Crores in FY26 and commissioning of 4 RESCO plants.
Geographical Expansion
Successfully expanded beyond traditional boundaries, with Kerala emerging as a powerhouse territory (36% of active pipeline) alongside Karnataka, Maharashtra, and Tamil Nadu.
RESCO Power Plants Commissioned
Successfully commissioned 4 RESCO power plants in FY25-26, securing over INR 6 Crores in levelized annual revenue for 25 years.
Internal Technical Ecosystem
Expanded engineering base to more than 45 certified engineers and developed an in-house NABL-accredited MEC Test House.
Resource Adequacy Framework
Implementation of the Resource Adequacy Framework makes grid strengthening and power infrastructure upgrades nationally mandated priorities, creating a multi-year opportunity pipeline.
Central Government Funding for RDSS
RDSS contracts are funded by central governments, reducing the risk of delayed payments from state DISCOMs, with payments received within seven days.
Geopolitical Raw Material Pressures
Geopolitical conditions impacted EBITDA margins, increased lead times for galvanized materials, and raised transportation and labor costs.
Competitive Execution Environment
EBITDA margins remained healthy at 14.5% despite a competitive execution environment.
Negative Operating Cash Flow
Operating cash flow remained negative due to payment cycles of 45-60 days, client payment delays, and huge stock at site.
Working Capital Management
Working capital requirement increases due to delay in client payments and huge stock at site, impacting cash flow.
Raw Material Price Volatility
Geopolitical tensions caused price hikes for materials like aluminum, copper, and MS, and increased lead times for galvanized products.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Revenue and profitability are compared YoY to assess overall growth. However, management noted significant H2FY26 outperformance due to year-end capitalization, making QoQ trends relevant for understanding execution momentum and seasonality.
Revenue from Operations
Revenue from operations for the year grew by 76% to INR 160 Crores in FY26 as compared to INR 91 Crores in FY25.
Operating EBITDA
Operating EBITDA for the year scaled by 58% to INR 23 Crores as against INR 14 Crores in FY25, with EBITDA margins remaining healthy at 14.5%.
PAT
Consolidated PAT Margins grew by 49% to INR 14 Crores in FY26 compared to INR 9.5 Crores in FY25.
Order Book
Our order book reached a record level of INR 305 Crores as of March 31, 2026, compared to INR 237 Crores in FY23 (3-year CAGR of approximately 9%).
Strategic Objective
Objective is to build a scalable EPC platform combining engineering capability, disciplined capital allocation, and execution excellence.
Operational Focus
Priority remains efficient execution of existing order pipeline, disciplined working capital management, and selective participation in larger central utility and railway infrastructure opportunities.
FY27 Outlook
Expecting top line of around INR 200-250 Crores for FY27, with operating margins almost the same as FY26.
RESCO-BESS Opportunities
Actively bidding for RESCO BESS projects, with one project currently in the pipeline valued at INR 15-16 Crores.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Cash Flow | Negative in FY26. | Improvement in cash conversion and working capital rotation in FY27. |
| RESCO Annual Revenue Run Rate | INR 2.90 Crores in FY26 (partial year). | Realization of the full INR 6 Crores annual levelized revenue from commissioned RESCO plants in FY27. |
| Order Book Execution | INR 305 Crores as of March 31, 2026, with maximum revenue expected in FY27. | Timely execution and revenue realization from the existing order pipeline, especially new government mandates. |
| Raw Material Price Variation Claims | Expecting 15-25% PV for aluminum/copper and 5-10% for MS on government projects. | Successful realization and impact of these price variation clauses on margins in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -6.4% / mo · MACD − · near 52W low · sector +2.3pp vs Nifty (3M)
Technical chart
CURRENTdaily · 1Y · AUTO-28.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 31.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 54.3%.
- Growth contributes 21/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 66th percentile within Infra. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 70.5%. Key concern: Operating cash flow is negative at ₹-9 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 66th pctile, median 64 · SME: 77th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70.5%.
- ▸Promoter pledge is zero.
- ▸ROCE is 27%.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-9 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.60
- P/B
- 2.04
- EV/EBITDA
- 7.84
- Market Cap
- 163.00Cr
Profitability
- ROE
- 27.20%
- ROCE
- 27.00%
- ROA
- 9.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 75.82%
- EPS 5Y
- 55.56%
- Revenue 3Y
- 75.82%
- EPS 3Y
- 55.56%
Balance Sheet
- Debt/Equity
- 0.41
- Interest Coverage
- 7.67×
- Altman Z
- 3.77
- Book Value
- 41.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -9.00 Cr
- EPS TTM
- 7.34
Shareholding
- Promoter Hold
- 70.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.