💰 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.