The SME IPO market in 2025 has been buzzing with activity, and one of the latest entrants is Current Infraprojects. This company, with over a decade of experience in infrastructure development, is coming out with a public issue worth INR 41.8 crore at a price band of INR 76–80 per share.
Current Infraprojects IPO review sheds light on the fundamentals of the business, its operating model, and revenue structure—key aspects any investor must weigh before taking a call on the IPO. Rather than focusing on short-term grey market movements, this IPO review aims to evaluate the company’s long-term positioning in India’s infrastructure and renewable energy landscape.
Current Infraprojects IPO Review: Company Overview
Founded in 2013, Current Infraprojects started with roots in Rajasthan but has steadily expanded into states such as Uttar Pradesh, Kerala, Maharashtra, Odisha, Tripura, and West Bengal. Notably, over 53% of its order book now comes from outside Rajasthan, indicating growing geographical diversification.
The promoter group includes Mr. Sunil Singh Gangwar and family, who continue to lead operations. The company employs 108 professionals, including engineers, designers, and management staff.
Interestingly, the business is not restricted to EPC alone. It also runs “Yahvi,” a farmhouse hospitality venture near Jaipur, and has entered the renewable power space through RESCO SPVs with long-term PPAs, giving it annuity-like income streams alongside project-based revenues.
Current Infraprojects IPO Review: Business Model Analysis
The core of Current Infraprojects’ business lies in multi-segment EPC contracting, supplemented by consulting and emerging ventures like RESCO-based renewable energy. Let’s break it down:
EPC Contracts – The Growth Engine
- Solar EPC: The company designs and installs solar power systems for toll plazas, commercial buildings, and public infrastructure. This is a high-growth vertical as India scales renewable energy capacity.
- Electrical EPC: Key services include utility shifting, electrical line relocations, and highway/street lighting. The company has executed large-scale works for major infra players such as Ashoka Buildcon, GR Infraprojects, and HG Infra.
- Water EPC: Focus on water supply and utility relocation for highway and urban projects. The company has laid 50,000+ meters of pipelines and installed 500+ hand pumps across rural and semi-urban regions.
- Civil EPC: Offers building construction, interiors, sewage systems, and road furniture (bus shelters, crash barriers, signage). This vertical has seen execution for retail outlets of Reliance Trends and FBB, showing diversification beyond government work.
Together, EPC remains the largest revenue contributor and the company’s core growth driver.
Consulting & PMC Services – Stability in Revenue
- MEP Consulting (Mechanical, Electrical, Plumbing): Provides design and consulting services for HVAC, electrical distribution, and plumbing systems across hospitals, hotels, malls, and industrial complexes.
- Project Management Consulting (PMC): Involves cost control, scheduling, risk management, and vendor coordination for large-scale MEP projects. This helps clients reduce execution risk while giving Current Infra an asset-light, margin-accretive income stream.
This vertical adds recurring consulting revenues, helping balance the project-based volatility of EPC work.
MEC Test Lab – Quality Assurance Advantage
Current Infra operates its own NABL-accredited testing laboratory, enabling it to provide in-house quality checks. This not only adds a separate revenue stream but also strengthens credibility with clients by offering certified assurance services.
RESCO Model – Renewable Energy Play
The company has entered the Renewable Energy Service Company (RESCO) model, where it invests, builds, and operates solar projects under long-term PPAs.
- Four SPVs have been formed with projects ranging from 1.8 MW to 2.5 MW, backed by agreements with Rajasthan Urja Vikas Nigam (RUVITL) and IIT Dhanbad.
- These projects have tariffs between INR 3.35 to 4.00 per unit and 25-year tenures, effectively creating a long-term recurring revenue stream.
Hospitality Business – Yahvi Farmhouse
Through “Yahvi”, a farmhouse on the outskirts of Jaipur, Current Infra operates a small but steady hospitality business. While not a material contributor to revenue today, it highlights the company’s intent to experiment with alternative cash flow streams.
Current Infraprojects Revenue Streams & Order Book
Current Infraprojects revenue streams are still largely EPC-driven, but the seeds of diversification are visible.
For FY25, the approximate revenue mix is:
- EPC Projects: ~90%
- Consulting & PMC: ~5%
- RESCO, Testing & Hospitality: ~5%
The INR 280.5 crore order book as of July 2025 highlights not only scale but also diversification. While Rajasthan contributes 46.3%, other states such as Kerala (34.5%), Maharashtra (5.1%), and Karnataka (4.4%) have emerged as important growth centres.
Client concentration exists—82% of FY25 revenue came from the top 10 customers—but the names include industry heavyweights like GR Infra, Shivalaya Constructions, NHPC, Ministry of Railways, which significantly reduces execution and payment risks.
On the supply side, raw material sourcing is 100% domestic, with Rajasthan (42.6%), Gujarat (18.3%), and Kerala (10.4%) being key supplier bases. This localised procurement strategy helps mitigate logistics disruptions and ensures smoother project timelines.
Current Infraprojects IPO Review: Financial Performance
Current Infraprojects has demonstrated consistent revenue growth and a sharp improvement in profitability over the last three years. This reflects both scale expansion and margin improvement across EPC and consulting services.
| Particulars | FY 2023* | FY 2024* | FY 2025 |
|---|---|---|---|
| Revenue | 60.96 | 77.57 | 90.88 |
| Expenses | 59.01 | 70.86 | 78.57 |
| Net Profit | 1.49 | 5.09 | 9.45 |
| EPS (INR) | 1.11 | 3.77 | 7.00 |
| EBITDA Margin (%) | 5.43 | 10.72 | 16.23 |
| RONW (%) | 16.25 | 35.65 | 39.84 |
| ROCE (%) | 16.52 | 29.66 | 26.49 |
| Debt/Equity | 0.96 | 0.85 | 1.29 |
| NAV (INR) | 10.21 | 15.86 | 17.58 |
*FY23 and FY24 are standalone; FY25 is consolidated.
Key takeaways:
- Revenue CAGR of ~22% between FY23–FY25.
- Net profit expanded 6x in three years, showing operational leverage.
- Margins have expanded steadily, crossing 16% EBITDA in FY25.
- Debt levels remain elevated (D/E ratio >1x in FY25), which could pressure cash flows.
Valuation at IPO Price
At the IPO upper band of INR 80, the valuations stand as follows:
- PE Ratio: 11.4x (based on FY25 EPS of INR 7.0).
- Industry SME Infra PE Range: ~12–15x.
- Market Capitalisation (post IPO): ~₹146 crore.
This suggests Current Infraprojects is being offered at a reasonable valuation, slightly below peers, which may provide upside potential if earnings momentum sustains.
Current Infraprojects IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | 26 August 2025 |
| IPO Closing Date | 29 August 2025 |
| Issue Type | Fresh Issue (no OFS) |
| Total Issue Size | 52,25,600 shares (INR 39.71 – 41.80 crore) |
| Price Band | INR 76 – 80 per share |
| Face Value | INR 10 per share |
| Lot Size | 1,600 shares (INR 1.28 lakh) |
| Minimum Bid | 3,200 shares (INR 2,56,000) |
| Retail Allocation | 35% |
| Basis of Allotment | 1 September 2025 |
| Refunds/ Demat Credit | 2 September 2025 |
| Listing Date | 3 September 2025 |
| Exchange | NSE Emerge (SME platform) |
Risks and Challenges
While the fundamentals appear promising, investors should be mindful of certain risks:
- Client concentration: A significant portion of revenue comes from a handful of infra majors like GR Infraprojects, Shivalaya Construction, and Ashoka Buildcon. Dependence on limited clients increases vulnerability.
- Working capital intensity: EPC projects demand upfront investment in materials and labour, leading to stretched receivables. This ties up capital and pressures liquidity.
- Debt levels: Debt/Equity of 1.29x in FY25 indicates reliance on borrowings. Rising interest costs may squeeze margins.
- Infra sector risks: Execution delays, cost overruns, and regulatory hurdles are common in the sector. Any slowdown in government tendering could affect growth.
- Diversification challenges: Though RESCO and hospitality ventures add revenue streams, they are still nascent and may not contribute meaningfully in the near term.
Verdict
The Current Infraprojects IPO review suggests a fundamentally strong but moderately risky investment opportunity.
Positives:
- Diversified EPC business across solar, water, electrical, and civil segments.
- Expanding consulting and PMC verticals add stability.
- Strong growth in revenues and profits with improving margins.
- Valuations are reasonable compared to SME infra peers.
Concerns:
- High client concentration and debt dependence.
- Working capital-heavy nature of the infra EPC business.
- Execution challenges in government-driven projects.