Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
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.
₹90
-1.50 · -1.64%
Market cap ₹175 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:53 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 +1.6% / mo · MACD − · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 31
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
CURRENTD candles · FIT view-29.1%Latest close ₹90.00 on 2026-10-19
Bar
+0.0%
RSI
46
MACD hist
-0.03
52W pos
23%
2026-10-19O ₹90.00H ₹90.00L ₹90.00C ₹90.00Vol 1,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CURRENTNifty InfraNifty 500
- CURRENT
- -15.1%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -9.5 pp
Chart stats
19 Oct 2026- From 52W high
- -44.8%
- 52W range position
- 23%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.33x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹81.3 - ₹105
₹163
₹68 - ₹163
₹3.1
Latest completed session
20-session average
49.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+46.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹116 Cr | NDF | +163.6% |
| EBITDA | ₹16 Cr | NDF | +100.0% |
| Operating margin | 14.0% | NDF | -300 bps |
| PAT | ₹10 Cr | NDF | +150.0% |
| PAT margin | 8.6% | NDF | -47 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.50
- P/B
- 2.20
- EV/EBITDA
- 8.32
- Market Cap
- 175.00Cr
Profitability
- ROE
- 27.20%
- ROCE
- 27.20%
- 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
- 3.87
- 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
- 25%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 160+75.8% vs prev
Net Profit
₹ CrLatest: 14.0+55.6% vs prev
Return on Equity
%Latest: 17.5-53.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 rising (~1.6% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 45% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 4 Downtrend
1M return
+10.6%
3M return
-15.8%
6M return
-18.9%
1Y return
-
RS 1D
+3
RS 20D
+29
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 18.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -5.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
207 observations
19 Oct 2026Value 62.06-0.61%
RS vs Nifty 50062
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation16/30
Growth21/25
Quality16/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 46.9%.
- 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.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
12.5
PB
2.2
EV/EBITDA
8.3
ROE
27.2%
ROCE
27.2%
FCF Yield
—
Debt/Equity
0.4
MoS
+46.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+46.9%
Previous: +49.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹82.89
-8.6% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹169.55
+46.9% MoS
PEG
0.22
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WINSOL
SME
Winsol Engineers Ltd.
Construction & Engineering
match 90
66
8.2
25.5%
+66%
UNDERVALUED
MRIL
SME
Mahendra Realtors & Infrastructure Ltd.
Construction & Engineering
match 90
76
7.1
18.3%
+69%
DEEP VALUE
INTEGRITY
SME
Integrity Infrabuild Developers Ltd.
Construction & Engineering
match 88
63
12.6
41.8%
+45%
UNDERVALUED
K2INFRA
SME
K2 Infragen Ltd.
Construction & Engineering
match 87
56
4.0
16.0%
+84%
FAIR VALUE
MAYASHEEL
SME
Mayasheel Ventures Ltd.
Construction & Engineering
match 86
78
4.4
35.4%
+73%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-01T10:19:43.995Z
Management commentary snapshot
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.
Current business mix
Active Project Pipeline by Geography
Latest issuer-disclosed distribution across 3 reported categories.
Rajasthan52.0%
Kerala36.0%
Other States (Karnataka, Maharashtra, Tamil Nadu)12.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%).
Management forward view
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.
Thesis monitor
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.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 65th percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Infra: 65th pctile, median 64 · SME: 77th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
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.
Continue researching Current Infraprojects Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 30 June 2026 - Company held virtual investor conclave on 30 June 2026; no presentation or UPSI shared.
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 9 June 2026 - Submitted FY26 earnings call transcript; revenue rose 77% to Rs161.35 crore, PAT Rs14.05 crore.
Source: Nse
Investor presentationMay 2026
May 2026 · Investor Presentation 27 May 2026 - Current Infraprojects shared FY26 investor presentation: revenue Rs160 crore, EBITDA Rs23 crore, PAT Rs14 crore, order book Rs305 crore.
Source: Nse
Credit ratingApr 2026
Apr 2026 · Updates 25 April 2026 - Current Infraprojects says corporate governance report is not applicable for quarter ended March 31, 2026.
Source: Nse
Credit ratingApr 2026
Apr 2026 · Credit Rating 27 April 2026 - Crisil assigned Current Infraprojects BBB-/Stable long-term and A3 short-term ratings.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Updates 1 Sep - 13th AGM on 24 Sep 2026; annual report sent, e-voting 21-23 Sep 2026.
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 31 Aug - FY26 annual report submitted; 13th AGM on 24 September 2026 via VC/OAVM.
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 31 Aug - FY26 annual report submitted; 13th AGM scheduled for 24 September 2026 via VC/OAVM.
Source: Nse
Annual reportMar 2026
Sep 2026 · Updates 1 Sep - Annual report and AGM notice for FY2025-26 sent by email; AGM on September 24, 2026.
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.