Current Infra guides ₹250 cr revenue for FY27, up 55% on a ₹328 cr order book
Solar EPC shifts to 10-30 MW project sizes and wraps its entire FY27 portfolio in government contracts with price escalation clauses.
What's new
- FY27 revenue guidance set at ₹250 crore, a 55% increase over FY26's ₹161.50 crore.
- Order book stands at ₹328-330 crore, anchored by a ₹100 crore electrical EPC order from JVVNL/JDVVNL.
- Project scaling moves to 10-30 MW from the current 2-6 MW range.
Themes from the call
Growth
FY27 guidance of ₹250 crore is anchored by the ₹100 crore JVVNL/JDVVNL order and a ₹328-330 crore order book.
Margins
Fixed establishment costs stay roughly the same while work volume at a single site expands, which should lift margins.
Risk
The ₹100 crore Jaipur Vidyut order represents 36-38% of FY27 guidance; execution delays would directly hit the target.
Guidance watch
- FY27 revenue target is ₹250 crore, supported by the ₹328-330 crore order book and 100% government portfolio.
- One to two additional RESCO plants planned over three to five years, contingent on tariff and client quality.
Risk flags
- The ₹100 crore order from JVVNL/JDVVNL is 36-38% of FY27 guidance; any execution or payment delay materially affects the target.
- Solar EPC market faces intense competition; management relies on geographic and qualification niches for tender wins.
Key quotes
-
"We are looking to execute larger scale projects such as 10 megawatt, 20 megawatt, 30 megawatt at a single location - margins can improve naturally."
— Management -
"EPC will always remain primary sector and RESCO will remain secondary."
— Devrat Singh, Whole-time Director
The brief
Current Infra's guidance is sprinting. The company guided ₹250 crore in revenue for FY27, a 55% jump from the ₹161.50 crore reported in FY26. The anchor is a ₹100 crore electrical EPC order from JVVNL and JDVVNL for feeder segregation and house connections, of which only ₹5-6 crore was recognized in FY26. The rest is due in FY27.
The guidance is backed by a ₹328-330 crore order book. Management also plans to shift its solar EPC project size to 10-30 MW from the current 2-6 MW range. The logic: fixed establishment costs stay roughly the same while the work quantum expands, which should lift margins. The company also noted that 100% of its FY27 project portfolio is government contracts with price variation clauses indexed to IEEMA, providing protection against commodity cost inflation.
The risk is concentration. That single ₹100 crore order from Jaipur Vidyut represents 36-38% of the annual guidance. A delay in execution or payment would directly hit the target. The company also faces intense competition in the solar EPC market. Its defense is geographic depth and qualification credentials across multiple Indian states.
Management's tone was confident, pointing to cost discipline from centralized, ERP-driven procurement and the shift in project sizes. They also clarified that the RESCO business will remain secondary to EPC, signaling a focus on asset-light growth. The numbers are straightforward, and the visibility is real, but the FY27 execution is heavily tied to one government client's project timeline.
The guidance is ambitious and well-supported on paper; the FY27 outcome hinges on a single ₹100 crore order executing on time.