Current Infraprojects' CFO walks back concall on working capital
A 76% revenue jump and a Rs 305 cr order book came with contradictory management commentary. The CFO later admitted payment delays and elevated inventory.
What's new
- FY26 revenue jumped 76% to Rs 160 cr; order book is at a record Rs 305 cr.
- The RESCO annuity platform has locked in Rs 6 cr of annual revenue for 25 years.
- The CFO later contradicted management, admitting payment delays and elevated inventory.
Why this matters
The headline numbers are strong. But the concall's value is in the contradictions. Management's initial bullish take on working capital was directly contradicted by the CFO, who later admitted payment delays and inventory bloat. That kind of internal inconsistency on a post-results call is a red flag for governance and transparency, overshadowing the growth story.
What we're watching
- Whether pending solar and BESS tender awards materialise to support the Rs 200-250 cr FY27 guidance.
- The next quarter's working capital metrics to see if the CFO's admission translates to a cash crunch.
- Any follow-up or clarification from the company on the contradictory concall statements.
The full read
Current Infraprojects delivered 76% revenue growth in FY26, hitting ₹160 crore, and has a record ₹305 crore order book. The numbers are solid. The concall is where the story gets murky. Management initially gave a bullish read on working capital and input costs. The CFO then contradicted them, admitting payment delays and elevated inventory. This isn't a minor slip. For a company at this scale, internal contradictions on a post-results call about the balance sheet are a governance concern. The ₹6 crore RESCO annuity platform is a neat long-term asset, but the ₹200-250 crore FY27 guidance hinges entirely on pending solar and BESS tender awards. The growth is there. The credibility on how it's being funded and managed is now an open question.
Questions answered
- What was the main contradiction on the concall?
- Management initially presented a positive view of working capital and raw material costs. The CFO later contradicted this by admitting to payment delays and elevated inventory levels.
- How much of the FY27 revenue guidance is already contracted?
- The Rs 6 cr annual RESCO annuity is locked in for 25 years, providing a small but long-term baseline. The bulk of the Rs 200-250 cr guidance hinges on pending solar and BESS tender awards.
- What is driving the record order book?
- The Rs 305 cr order book is led by solar EPC projects and Rs 100 cr in government RDSS (Revamped Distribution Sector Scheme) mandates.
- Why is the concall commentary significant?
- It revealed internal inconsistency on key financial metrics. While the top-line growth is real, the CFO's admission of payment delays and inventory issues on the same call undermines the initial positive narrative.