Current Infraprojects Ltd — Q4 FY26
Current Infraprojects reported a stellar FY26 with revenue surging 76% YoY to ₹160cr and EBITDA up 58% to ₹23cr, driven by a 4x jump in solar EPC revenue to ₹96cr and strong exe...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Why RESCO revenue is 2.9K vs 6 cr annual run rate?
Asked by Sha Sharma
Management explained the variance due to partial year commissioning and gave timeline for full run rate.
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Question
you reported inaugural um 2.9 K of realized revenue from your RESCO plans. So, um but you mentioned uh these um four commission plants secure more than six crores in annual uh levelized revenue. Can you explain this variance
Management
the last financial year 25th 26th was the year in which these all four plants was commissioned. One was in the April, one was in the September and onwards. So the last year was the uh partial year of getting revenues from these all four plants. So in the future year 26 27 you will see the complete revenues in your books.
Partial answer
High priority
Why operating cash flow negative despite revenue and profit growth?
Asked by Aran Amera
Management gave generic reasons but did not quantify the impact or provide specific breakdown.
no quantification of receivables or retention moneyno specific numbers on working capital movement
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Question
despite reporting healthy growth in revenue and profitability during uh financial year 2026 operating cash uh cash flow remained negative. Sir sir, could management elaborate on key reason behind the weak cash flow conversion and negative CFO particularly in terms of uh revenue uh uh receivables, retention money and working capital movement.
Management
in the contracting field uh our payment cycle are around 45 to 60 days and around 1 to two month stock are in the site. So our working cable requirement also increase due to delay of payment from the client and who stock at the site and all those impact are result in the or case fl negative.
Answered
High priority
How will IPO proceeds be deployed? BESS or working capital?
Asked by Sahil Gupta
Management clearly stated the deployment as per IPO mandate and clarified no BESS allocation.
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Question
you have the significantly healthy balance sheet and fresh capital. How exactly do you intend to deploy these proceeds? Are we going to see a capital intensive push into asset ownership like uh Bess you said or will this primarily act as an working capital to bid for a larger utility tickets?
Management
we have clearly mentioned that 30 crores will be used in the working capital cycle and 5.85 crores will be used as an investment in the subsidiaries and remaining amount will be for the general corporate purposes. So according to that we have already submitted a certificate of consumptions also.
Answered
Medium priority
Details on Kerala projects, counterparties, and execution risk.
Asked by Nidhi Matu
Management provided project types, client names, and explained centralized execution system.
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Question
you mentioned that recently Kerala has emerged as your second largest territory commanding over 36% of your book. Could you give us some color on what kind of projects you are executing in Kerala? Who the counterparties are and how you are managing execution risk in a state so far from your headquarters?
Management
we have three four kind of works uh in that. One is the electricality shifting. Second one is the water shifting. Third one is the highway lighting works and a small project of toll plaza building construction. ... client name one is a shala construction company limited another one is a KCC.
Answered
Medium priority
Why revenue heavily backloaded in H2? Will seasonality continue?
Asked by Priyanka, TIC
Management explained the seasonality due to year-end capitalization and confirmed it is typical.
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Question
if we look at your revenue for uh this year, it stands at about uh 160 crores. Uh however, if we just bifocate into the first half and the second half of the year, uh the major portion of this revenue comes from the second half of the year. ... why is the revenue so heavily backloaded in the second half of the year and should we expect this kind of seasonality to continue in the next year also.
Management
every work which is under progress needs to be capitalized on 31st March till the quantum of work completed. However during the year generally the capitalization is done on the uh basis of milestones. So 31st March is generally a time where we can capitalize the work completed till that date.
Partial answer
High priority
Why electrical contracts share jumped back to 54%? Has solar growth peaked?
Asked by Priyanchu Gupta
Management did not explain the reversal but provided pipeline details to suggest solar growth not peaked.
did not directly address why electrical share jumpedno explanation of reversal
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Question
I see that 4x growth in in solar EPS revenue for Api 26 making it nearly 60% of total top lines. How looking at your active project pipeline electrical infrastructure utilities I have suddenly jump back up to command a dominating 54% share. Why are we seeing this reversal back in electrical contract and does it mean for explosive growth in solar has peaked?
Management
we have currently we have a lot of orders in the pipeline like we have bidded for a lot of tenders in solar sector which are yet to be materialized ... we have bidded uh very aggressively in those and I think there are around around 200 cr worth of solar tenders plus best tenders which we have already bidded for and we are awaiting the results of them.
Evasive
High priority
Quantify commodity pressure impact on margins and steps to insulate.
Asked by Neha
Management did not quantify the impact and gave vague mitigation steps.
no quantification of impactgeneric response about fixed contracts and price variation
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Question
your operating ebita growth trailed uh slightly behind at 58% yearonear causing further causing the margins to settle at 14 uh%. And even the press release mentions the raw material price increase due to geol geopolitical conditions. So can you quantify the impact of these commodity pressure pressures and what internal steps are you taking to insulate margins in for FI27
Management
the war scenarios or the geopolitical conditions was uh there from December Jan January, February onwards the major impact is for that period only. ... maximum things was covered under uh the fixed rate contracts uh basis. However, for the impact on the increased price, we are looking forward for the price variations from the government on the government projects
Answered
High priority
Milestones for 100 cr Jaipur/Jodhpur discom mandates and payment risk.
Asked by Shrea Singh
Management explained the funding source and payment cycle, addressing the risk directly.
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Question
you announced capturing approximately 100 crores in new government mandates from Jaipur and Jpur discoms primarily hitting your revenue realization and financial year 2027. Now what specific milestones do these projects entail? And given that state discoms are historically known for slower payment cycles, what gives you confidence that these mandates won't stretch your collection timelines?
Management
these are the RDSS contracts and these has been funded by the central governments. So the risk of getting payments the delayed payments from the state governments is not here and in RDSS if you will see the payment cycle and getting payment within 7 days after raising the bills.
Partial answer
Medium priority
Bifurcation of revenue between B2B and B2G and gross margins.
Asked by Ojasi Ma
Management gave revenue split but did not address gross margins as asked.
no gross margin breakdown providedconfusing numbers (15% B2B and 85% B2G?)
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Question
Ojasi has the question related to bifocation of the revenue between B2B and B2G and the gross margins. So she wants to get some color on that.
Management
In the FI26 our B2B revenue are around 15% and remaining are B2C B2 B2G are 15% and B2B are 85% of around
Partial answer
Medium priority
Order book execution timeline and repeat customer percentage.
Asked by Ojasi Ma
Management gave execution timeline but did not answer repeat customer percentage.
no repeat customer percentage givenvague timeline
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Question
order book stands at rupes 280 crores can management share the execution timeline and expected revenue continue conversion over FI26 to FI27. Also, what percentages from the repeat customers?
Management
the maximum uh turnover will be captured in this financial year only because uh these projects are having completion period of another 12 months. So we are expecting a maximum revenue from these uh all all these projects within this financial trans one day.
Partial answer
Medium priority
When and how much price variation will be realized for government projects?
Asked by Neha
Management gave percentage ranges but did not specify when the variation will be realized.
no specific timing givenrange provided but not exact
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Question
when and how much uh you know the gap is going to be realized for the price variation uh that you had mentioned for the government projects there is a uh scientific calculation for getting price variations.
Management
for aluminium and copper we are expecting to get a PV of around uh 15 to 25% depending on the time because every month the immens will change and for the uh MS material maybe around 5 to 10%
Partial answer
High priority
Guidance for FY27 topline and operating margins, and BESS project status.
Asked by Aniket Madwani
Management gave a wide revenue guidance range and said margins will be similar, but no specifics on BESS execution.
guidance range wide (200-250 cr)no specific margin numberBESS only in pipeline
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Question
Can we have the guidance for topline and the operating margins for FI27 and secondly any project executed in RCO base?
Management
the top line what we are expecting is around 200 or 250 K for this initially 27 and again the operating margins will be almost same. ... best projects are under pipeline for us
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue for FY26 is around 160 crores | ₹160 cr | ₹116 cr | Overstated vs filing |
| First half revenue 44 crores | ₹44 cr | ₹116 cr | Understated vs filing |
| Revenue growth 76% YoY | 76% | 76% | Matches filing |
| EBITDA growth 58% YoY | 58% | 23% | Overstated vs filing |
| EBITDA margin 14% | 14% | 14% | Matches filing |
| Revenue guidance FY27 200-250 crores | ₹225 cr | ₹116 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.