Current Infraprojects is an EPC (Engineering, Procurement, and Construction) company that builds the physical networks-solar plants, power lines, water pipes-that India’s infrastructure runs on, and it also owns a small fleet of solar power plants that sell electricity under 25-year contracts. It started in 2013 as a local electrical contractor in Rajasthan and has since grown into a national, multi-disciplinary platform by repeatedly applying a simple formula: win short-duration government contracts, execute them faster than competitors, and use the cash to enter the next adjacent infrastructure sector. That formula-execution speed, tight cost control, and diversification into whatever the government is spending on next-explains everything the company does. # Business segments The company operates as a single business segment, but its work falls into three natural verticals-an electrical infrastructure core that still anchors the pipeline, a fast-growing solar business that now generates both one-time EPC fees and recurring power-sale income, and a smaller water-infrastructure practice that extends the same EPC model to a different utility. ## 1. Electrical infrastructure: the original engine and still the anchor **More than half the company’s active project pipeline comes from high-voltage electrical work for state power utilities, where short execution timelines reward contractors who can mobilise fast.** - **Government discoms are the customer** - the company wins mandates under the central government’s RDSS (Revamped Reforms Based and Results linked Distribution Sector Scheme), including feeder segregation for Jaipur Discom and household electrification for Jodhpur Discom, with contract values of INR 22.86 crore and INR 32.03 crore and completion deadlines of 12-15 months. - **Speed is the differentiator** - on one INR 12.16 crore project in Baran Circle, the company moved from receiving the Letter of Intent to having teams on the ground in record time, which matters because most contracts are short-duration and execution-intensive. - **Rajasthan is home, Kerala is the second market** - 52% of the active pipeline sits in Rajasthan and 36% in Kerala, where the company handles electrical utility shifting, highway lighting, and toll-plaza construction for highway developers. Smaller footprints exist in Karnataka, Maharashtra, Tamil Nadu, Gujarat, Tripura, and Jammu & Kashmir, all managed centrally from Jaipur. - **Raw-material risk is hedged** - every government contract carries a price-variation clause tied to the IEEMA index, so aluminium and copper price swings are passed through; for critical components, the company locks in supplier prices on day one of a project award. - **Centralised procurement keeps costs tight** - a dedicated purchase team in Jaipur runs all buying through an ERP system that requires at least three vendor quotes before any material order, with a large, long-standing supplier bank built over the past two to three years. ## 2. Solar and renewable energy: the growth engine that also pays rent **The solar business has two faces-a fast-scaling EPC operation that quadrupled revenue year-on-year, and four captive power plants that sell electricity under 25-year government PPAs, creating a recurring-income stream with almost no maintenance burden.** - **EPC work is the volume driver** - the solar EPC business contributed INR 96 crore in FY26, roughly four times the INR 25 crore it delivered the year before, and the active solar pipeline stands at approximately INR 88 crore, or 28% of the company’s total. - **Four RESCO plants lock in annuity income** - three 2.52 MW plants in Phalodi, Jodhpur, sell power to Jodhpur Discom under PPAs signed in September 2024, together guaranteeing at least INR 4.23 crore per year; a fourth 1.85 MW plant at IIT (ISM) Dhanbad was awarded by SECI and sells to IIT (ISM) Dhanbad, adding roughly INR 85 lakh annually. All four PPAs run for 25 years with an option to extend by another five. - **The RESCO model is capital-light after construction** - once commissioned, these plants need exceptionally little upkeep, and the company uses robotic cleaning systems that boost efficiency by 10-15%. A typical RESCO project pays back its investment in about six years without financing costs, or eight to nine years including interest. - **The next bet is storage** - the company has already bid for roughly INR 200 crore worth of solar and BESS (Battery Energy Storage Systems) tenders and is positioning itself for integrated RESCO-BESS opportunities as the market evolves. ## 3. Water and utility infrastructure: the EPC model applied to a different pipe **A smaller but growing vertical that takes the same government-contract, fast-execution playbook and applies it to water distribution and utility shifting, contributing about 16% of the active pipeline.** - **Water EPC is scaling steadily** - the vertical delivered INR 15 crore in FY26 revenue, growing nearly 25%, with work concentrated in Kerala alongside the electrical utility-shifting business. - **It rides the same customer relationships** - in Kerala, the company already handles electrical shifting, highway lighting, and toll-plaza construction for clients like Shivalaya Construction and KCC; water utility shifting is a natural extension of that same contractor relationship. # Group structure and partners **The listed holding company controls four wholly-owned solar SPVs, each ring-fenced around a single power plant and its PPA, with bank debt secured against the subsidiary shares.** - Four subsidiaries-Current Infra Bolnada Solar, Talabera Solar, Ompura Solar, and Dhanbad Solar-each hold one solar plant and its associated PPA, with the holding company owning 99.00% to 99.99% of each. - Shares in the three Jodhpur-discom SPVs are pledged to State Bank of India as security for a term loan, covering 99.99% of each subsidiary’s share capital. - The company’s rated bank facilities total INR 50 crore, with a Crisil BBB-/Stable long-term and Crisil A3 short-term rating, and credit lines from YES Bank and IndusInd Bank-the latter recently enhanced from INR 34 crore to INR 36.69 crore for working capital.