Current Infraprojects Ltd(CURRENT)

NSE: CURRENT

₹ 89.4+0.45%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 171 crUpdated: 27 Oct 2026

About

Current Infraprojects Ltd is an EPC contractor working in electrical infrastructure, solar and water utility projects. It also owns RESCO solar plants that sell power under long-term PPAs. Reported revenue was 160.39 crore in FY26. The order book reached a record ₹305 crore at 31 March 2026, which is 1.9x FY26 revenue.^[1][2][3]

Business segments

Solar EPC revenue rose from INR 25 Cr in FY25 to INR 96 Cr in FY26, making up about 60% of FY26 revenue.^[3]
Electrical EPC revenue fell from INR 51.4 Cr in FY25 to INR 32.7 Cr in FY26. Management attributes the fall to project timing.^[3]
Four RESCO solar plants were commissioned: three of 2.52 MW in Phalodi/Jodhpur and one of 1.85 MW at IIT Dhanbad. They brought in INR 2.90 Cr in FY26, a partial year.^[3]
The RESCO plants have locked in more than INR 6 Crores of levelized annual revenue under 25-year PPAs, which carry a five-year extension option.^[3][2]

Order book

The order book was a record ₹305 crore at 31 March 2026, 1.9x FY26 revenue, compared with INR 237 Cr in FY23.^[2][3]
Order book by segment at FY26 end: Electrical EPC 54%, Solar EPC 28%, Water EPC 16%.^[2]
Order book by state at FY26 end: Rajasthan 52%, Kerala 36%, other states 12%.^[2]
Order book by customer type at FY26 end: 65% B2B and 35% B2G.^[2]
Management put the order book at INR 328-330 Cr as of June 2026.^[3]
The largest ongoing order is ₹38.25 crore for LT and HT feeder segregation under RDSS at Kotputli, Rajasthan, for JVVNL.^[2]
Other RDSS orders are the Kotputli to Behror feeders for JVVNL (₹19.25 crore) and Phalodi household electrification for JdVVNL (₹31.27 crore).^[2]

Key operating numbers

In FY26 the company won about INR 100 Cr of RDSS orders from the Jaipur and Jodhpur DISCOMs. Only INR 5-6 Cr was booked in FY26; about INR 90-94 Cr is expected in FY27.^[3]
Net working capital days were 123 in FY26, compared with 133 in FY25.^[3]
Revenue was weighted to the second half: about INR 44 Cr in H1 FY26 against about INR 116 Cr in H2 FY26.^[3]
The company has commissioned a cumulative 50+ MW of Solar EPC capacity.^[2]

Customers and geography

In FY26, B2B customers made up 86% of revenue and B2G 14%.^[2]
Rajasthan's share of revenue rose from 48% in FY25 to 78% in FY26.^[2]
Named clients include JVVNL, JdVVNL, Indian Railways, THDC, IIT (ISM) Dhanbad, GR Infra, Ashoka Buildcon, HG Infra and L&T.^[2]
The company has installed 3 MW+ of solar plants at railway stations in Rajasthan, Maharashtra, Uttar Pradesh and Karnataka.^[2]

Operations and capabilities

The company runs an in-house NABL-accredited MEC Test Lab with a 48 to 72 hour testing turnaround.^[2]
It has 45+ certified engineers, owns 80%+ of its equipment, and holds ISO 9001, 14001, 45001 and 50001 certifications.^[2]

Plans and expansion

Management's FY27 revenue target is about INR 250 Cr, with INR 50-80 Cr of solar execution expected from a bid pipeline of about INR 200 Cr.^[3]
The company plans to add 1-2 more RESCO plants over the next 3-5 years and is bidding for a RESCO-BESS project of about INR 15-16 Cr.^[3]
It is targeting international markets in Africa, the Middle East and Central Asia for solar and electrical EPC over the next 9-12 months.^[3]
From the IPO proceeds, INR 30 Cr went to working capital and INR 5.85 Cr to the subsidiary for the IIT Dhanbad RESCO plant.^[3]

Recent developments

11 May 2026: the company received a ₹10.30 crore order from JVVNL. It is included in the order book.^[2]
01 Oct 2026: the company won a Rs 4.89 crore contract for 25 kWp off-grid solar plants at 16 BSF border outposts in Gujarat, to be completed within 12 months.^[4]
03 Oct 2026: the company won a ₹44.76 crore JVVNL order for 8,000 rooftop solar units of 1.1 kWp each in Jaipur under PM-Surya Ghar, to be completed within 6 months.^[5]

Market Cap

₹171 Cr

High / Low

₹163 / 68

Stock P/E

12.3

Price / Book

2.5

Book Value

₹42

EPS

₹7.3

No. of Shares

1.91 Cr

ROCE

20.0%

ROE

17.6%

OPM

14.0%

Debt / Equity

0.41

Sales

₹160 Cr

Net Profit

₹14 Cr

Promoter holding

70.6%

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