Current Infraprojects Limited (CURRENT)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Current Infraprojects' revenue was ₹121 Cr (+120.0% year on year, +172.0% on the previous half-year), and net profit ₹10.0 Cr (+66.7% year on year); the operating margin was 11.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹121 | +120.0% | +172.0% |
| Operating profit | ₹14.0 | +55.6% | +86.3% |
| Net profit | ₹10.0 | +66.7% | +156.8% |
| EPS (₹) | 5.11 | +18.6% | +92.8% |
| Operating margin | 11.6% | — | — |
CURRENT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.0% of the CURRENT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 91.89%. That is lower than usual for this stock. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 100.0% · 80.0% · 50.0% · 50.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Current Infraprojects Limited has informed the exchange of the non-applicability of filing the quarterly Compliance Report on Corporate Governance under Regulation 27(2) of SEBI LODR Regulations, 2015 for the quarter and half-year ended September 30, 2026. The exemption applies because the company's specified securities are listed on the NSE SME Exchange. Under Regulation 15 of SEBI LODR, entities listed on SME exchanges or meeting specified capital and net worth thresholds are exempt from these governance filing requirements. The company confirmed it will comply within six months should the regulations become applicable in the future.
- Corporate Governance reporting under Regulation 27(2) is non-applicable for the quarter ended September 30, 2026
- Exemption claimed under Regulation 15 of SEBI LODR Regulations, 2015 due to listing on the NSE SME Exchange
- SEBI exemption applies to entities with paid-up capital up to Rs 10 crore and net worth up to Rs 25 crore, or SME-listed firms
- Company undertakes to comply within 6 months if the regulation becomes applicable at a later date
Current Infraprojects Limited has secured a Letter of Award (LoA) valued at ₹4.03 crore for an off-grid solar installation project from the Border Security Force (BSF) under FTR HQ BSF Gujarat. The project entails installing 25 kWp off-grid solar plants across 13 Border Outposts (BOPs) along with constructing RCC battery rooms. Execution starts on October 19, 2026, with an execution timeframe of 12 months. Relative to its reported Sep 2025 quarterly revenue of ₹44.0 crore, the order represents ~9.2% of a single quarter's sales.
- Received Letter of Award valued at ₹4.03 crore dated October 9, 2026
- Scope covers 25 kWp off-grid solar power plants across 13 BOPs of BSF
- Includes construction of RCC framed structures for battery rooms under FTR HQ BSF Gujarat
- Scheduled start date is October 19, 2026, with a completion period of 12 months
Current Infraprojects Limited has bagged a ₹44.76 Crore contract (inclusive of GST and freight) from Jaipur Vidyut Vitran Nigam Limited (JVVNL). The order involves design, engineering, supply, installation, testing, and commissioning of rooftop solar plants for 8,000 consumers (1.1 kWp each) under the PM-Surya Ghar: Muft Bijli Yojana. The EPC phase has an execution timeline of 6 months from the LOA date, followed by an initial 5-year O&M period with a provision for an additional 5 years. This contract adds ~20.4% to the company's previously reported order book of ₹219.59 Crore.
- Order value is ₹44.76 Crore (inclusive of GST, freight, and insurance)
- Covers 8,000 consumers with 1.1 kWp grid-connected rooftop solar installations each
- EPC completion timeline is tight at 6 months from the date of LOA
- Includes Operation & Maintenance (O&M) for 5 years plus an additional 5 years
- Order awarded under PM-Surya Ghar: Muft Bijli Yojana for LOT-6, JPDC North
Current Infraprojects Limited has received a Letter of Award (LoA) valued at Rs 4.89 crore from BSF Gujarat. The project involves providing, installing, testing, and commissioning 25 kWp off-grid solar power plants across 16 Border Outposts (BOPs), including battery room construction. The scheduled start date is October 8, 2026, with an execution timeframe of 12 months. This contract adds directly to the company's existing order book of Rs 219.59 crore.
- Received Letter of Award (LoA) with a contract price of Rs 4.89 crore
- Installation and commissioning of 25 kWp off-grid solar plants across 16 BOPs
- Project includes civil construction of RCC framed structure for battery rooms
- Execution timeline is 12 months from LoA date, starting on October 8, 2026
Current Infraprojects Limited has submitted its voting results and Scrutinizer Report for the 13th Annual General Meeting held on September 24, 2026. All 8 resolutions were approved with 100% votes polled in favour across remote e-voting channels. Key approvals include the adoption of FY26 financial statements, appointment of whole-time directors, approval of material related party transactions, and maintaining borrowing and investment limits under Sections 180(1)(c), 185, and 186 of the Companies Act, 2013. A total of 14,999,200 votes were polled out of 19,148,000 outstanding shares, representing 78.33% total voting participation.
- All 8 resolutions passed unanimously with 100% of votes cast in favour
- Overall shareholder voting participation reached 78.33% (14,999,200 out of 19,148,000 shares)
- Promoter participation stood at 100% with 13,515,000 shares voted
- Special resolutions approved for borrowing limits (Section 180(1)(c)) and Material Related Party Transactions with 14,919,200 votes in favour
- Resolutions included appointments of Mr. Shailender Singh Naruka and Mr. Chetan Dadhich as Whole-time Directors
Current Infraprojects Limited has received a Notification of Award (NoA) valued at ₹10.42 crore from Bank Note Press (BNP), Dewas, Madhya Pradesh. The project entails developing a 3 MW Grid-connected Rooftop Solar Power Project in Behind the Meter mode, along with 5 years of Operation & Maintenance (O&M). The execution period is 240 days from the award date (starting September 16, 2026). This win adds to the company's existing reported order book pipeline of ₹219.59 crore.
- Received Notification of Award worth ₹10.42 crore from Bank Note Press, Dewas
- Scope covers development of a 3 MW Grid-connected Rooftop Solar Project plus 5-year O&M
- Project execution timeline set at 240 days from award date (start date: September 16, 2026)
- Contract awarded under Bid Document No. NVVN/C&M/2025-26/Re-485 dated 17.02.2026
Current Infraprojects Limited has issued an intimation regarding the dispatch of web-links for its 13th Annual General Meeting (AGM) Notice and FY 2025-26 Annual Report to shareholders without registered email addresses. The 13th AGM is scheduled to be held virtually on September 24, 2026, at 11:00 AM IST. The cut-off date to determine e-voting entitlement is set for September 18, 2026, with remote e-voting running from September 21 to September 23, 2026.
- 13th AGM scheduled for September 24, 2026, at 11:00 AM IST via Video Conferencing
- Cut-off date for determining e-voting eligibility is Friday, September 18, 2026
- E-voting period starts on September 21, 2026 (9:00 AM IST) and ends on September 23, 2026 (5:00 PM IST)
- Notice sent under Regulation 36(1)(b) for shareholders with unverified emails as of August 28, 2026
Current Infraprojects Limited has confirmed the electronic dispatch of its Notice and Annual Report for the Financial Year 2025-26. The emails were sent to all eligible shareholders registered as of the cutoff date of August 28, 2026. The company's 13th Annual General Meeting (AGM) is scheduled to be held on Thursday, September 24, 2026, at 11:00 AM IST via Video Conferencing/Other Audio-Visual Means. This is a routine regulatory intimation under SEBI LODR Regulations.
- 13th Annual General Meeting scheduled for Thursday, September 24, 2026, at 11:00 AM IST via VC/OAVM
- Notice and Annual Report for FY 2025-26 dispatched electronically to shareholders
- Shareholder eligibility cutoff date for email dispatch was August 28, 2026
Current Infraprojects Limited has released its Annual Report for FY2025-26 and convened its 13th Annual General Meeting (AGM) for September 24, 2026. The company reported FY26 revenue from operations of ₹160.4 crore, marking a 76% YoY growth, alongside a 49% increase in Profit After Tax to ₹14.1 crore (EPS of ₹8.31). Its executable order book stood at ₹305 crore as of March 31, 2026, representing approximately 1.9x FY26 revenue. Additionally, Solar EPC revenue scaled to ₹96.2 crore (up ~4x YoY) with 9.4 MW of owned RESCO solar capacity commissioned during the year.
- Revenue from operations rose 76% YoY to ₹160.4 crore in FY26, driven by Solar EPC expansion.
- PAT increased 49% YoY to ₹14.1 crore with EBITDA of ₹23.2 crore (14.5% EBITDA margin).
- Order book stood at ₹305 crore as of March 31, 2026, equivalent to 1.9x FY26 revenue.
- Commissioned 9.4 MW of owned RESCO solar assets yielding an estimated ₹6+ crore annual levelised revenue.
- 13th Annual General Meeting scheduled for September 24, 2026 via video conferencing.
Current Infraprojects Limited has submitted its Annual Report for FY 2025-26 and convened its 13th Annual General Meeting on September 24, 2026. For FY26, the company posted revenue from operations of ₹160.4 crore (up 76% YoY), EBITDA of ₹23.2 crore (up 58% YoY with a 14.5% margin), and PAT of ₹14.1 crore (up 49% YoY). The company closed the fiscal year with an order book of ₹305 crore (1.9x FY26 revenue), bolstered by strong Solar EPC expansion.
- FY26 Revenue from operations rose 76% YoY to ₹160.4 crore
- EBITDA increased 58% YoY to ₹23.2 crore with an EBITDA margin of 14.5%
- Net profit after tax grew 49% YoY to ₹14.1 crore with FY26 EPS of ₹8.31
- Order book stood at ₹305 crore as of March 31, 2026 (1.9x FY26 revenue)
- 13th Annual General Meeting scheduled for September 24, 2026 via VC/OAVM
Current Infraprojects Limited convened its Board of Directors meeting on August 31, 2026, to approve key administrative and statutory items. The Board approved convening the 13th Annual General Meeting (AGM) on September 24, 2026, via video conferencing. Key resolutions proposed for shareholder approval include fixing limits for borrowings (Section 180(1)(c)), inter-corporate loans and investments (Sections 185 and 186), and Material Related Party Transactions valid up to the 2027 AGM. The Board also approved the annual Board's Report along with annexures for FY 2025-26.
- 13th Annual General Meeting scheduled for Thursday, September 24, 2026, at 11:00 AM via VC/OAVM
- Approved maintenance of borrowing limits under Section 180(1)(c) of the Companies Act, subject to AGM approval
- Approved Material Related Party Transactions for execution up to the 2027 AGM, pending shareholder nod
- Approved investment, loan, and guarantee limits under Section 185 and Section 186
- Board's Report for the Financial Year 2025-26 considered and approved
Financial Performance
Revenue Growth by Segment
The company achieved an overall revenue growth of 28.54% in FY2025, reaching INR 99.71 Cr compared to INR 77.57 Cr in FY2024. Revenue is diversified across Electrical EPC, Solar EPC, and Water EPC segments, with a healthy order book of INR 219.59 Cr as of September 2025 providing a revenue-to-order-book ratio of 2.2 times.
Geographic Revenue Split
Geographic concentration is high, with 81% of FY2025 revenue derived from just three states: Rajasthan, Kerala, and Uttar Pradesh. This concentration makes the company vulnerable to regional economic slowdowns or policy changes in these specific areas.
Profitability Margins
Net Profit Margin (PAT) improved significantly from 6.51% in FY2024 to 9.78% in FY2025. This 327 basis point improvement reflects better operating efficiency and the execution of higher-margin contracts within the EPC segments.
EBITDA Margin
While specific EBITDA figures were not disclosed, the reported Profit After Tax (PAT) grew by 93.27% YoY, reaching INR 9.76 Cr in FY2025. Interest coverage is strong at 9.32 times, indicating robust core profitability relative to debt obligations.
Capital Expenditure
The company is undertaking Solar Independent Power Production (IPP) plants through four Special Purpose Vehicles (SPVs). While specific INR Cr for total CapEx is not disclosed, the company maintains liquid funds of INR 2-3 Cr and projected annual cash accruals of over INR 19 Cr to support these commitments.
Credit Rating & Borrowing
The company holds a 'Crisil BBB-/Stable' long-term rating and 'Crisil A3' short-term rating. Borrowing costs are supported by a healthy capital structure with a low gearing of 0.85 times as of March 31, 2025. Interest coverage is projected to strengthen to 12-13 times in FY2026 following the September 2025 IPO.
Operational Drivers
Raw Materials
Specific raw materials include solar panels, electrical cables, transformers, and water pipes, though their individual percentage of total cost is not disclosed.
Capacity Expansion
The company currently manages an order book of INR 219.59 Cr to be executed over 12-18 months. Expansion is focused on the Solar IPP segment through SPVs like Current Infra Bolnada Solar and Current Infra Talabera Solar.
Raw Material Costs
Raw material costs are subject to volatile market pricing in a fragmented industry. Because the company operates on fixed-price tender contracts, any spike in material costs cannot be easily passed through to clients, leading to margin volatility.
Manufacturing Efficiency
Operating efficiency is critical due to the cyclical nature of the construction industry. The company maintains a moderate current ratio of 1.35 times to ensure liquidity for ongoing project execution.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by aggressive bidding for a current pipeline of INR 175 Cr in orders and geographic expansion into Tamil Nadu, Karnataka, and Lakshadweep. The transition to a public limited company and the 2025 IPO are intended to strengthen the financial profile to take on larger EPC contracts.
Products & Services
Solar EPC installations, Electrical EPC works, Water EPC infrastructure, Civil EPC contracts, and Solar Independent Power Production (IPP) services.
Brand Portfolio
Current Infraprojects Limited (CIPL), formerly Current Services Consultants.
New Products/Services
Expansion into Solar Independent Power Production (IPP) through SPVs is expected to provide long-term recurring revenue streams alongside traditional EPC services.
Market Expansion
Targeting expansion beyond the core three states into Southern India (Tamil Nadu, Karnataka) and Union Territories (Lakshadweep) to reduce geographic concentration.
Market Share & Ranking
Not disclosed; however, the industry is described as 'highly fragmented' with intense competition.
Strategic Alliances
The company operates through four consolidated SPVs: Current Infra Bolnada Solar, Current Infra Talabera Solar, Current Infra Ompura Solar, and Current Infra Dhanbad Solar.
External Factors
Industry Trends
The solar EPC industry is currently growing but remains highly fragmented. There is a strong shift toward renewable energy in India, but intense competition is forcing players to bid aggressively, leading to volatile margins.
Competitive Landscape
Faces intense competition from both large-scale EPC players and numerous small, unorganized local contractors in the solar and water segments.
Competitive Moat
The company's moat is built on the 30-year track record of its promoters and established relationships with government and private clients. This experience helps in navigating complex tender processes and managing project execution risks.
Macro Economic Sensitivity
Highly sensitive to the cyclicality of the construction and infrastructure industries. A slowdown in government spending on solar or water infrastructure would directly reduce the available tender pipeline.
Consumer Behavior
Shift in government and corporate demand toward sustainable energy solutions is driving the demand for solar EPC services.
Regulatory & Governance
Industry Regulations
Operations are governed by state and central government tender norms for EPC contracts and solar power generation regulations for the IPP segment.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 100% reliance on winning tenders. A 20% decline in revenue or margins dropping below 8% are identified as key downward rating triggers.
Geographic Concentration Risk
81% of revenue is concentrated in Rajasthan, Kerala, and Uttar Pradesh, creating significant risk if local government budgets for infrastructure are cut.
Third Party Dependencies
High dependency on government and central counterparties for contract awards and timely payments to maintain the working capital cycle.
Technology Obsolescence Risk
The solar segment faces risks from rapid changes in PV cell efficiency and technology, requiring constant adaptation in EPC designs.
Credit & Counterparty Risk
Exposure to state and central government entities generally implies lower default risk but potential for stretched receivables and working capital cycles.
