Current Infraprojects reports record order book but stumbles on call
Revenue jumped 76% to ₹160 cr, yet management contradictions regarding working capital and inventory have surfaced governance concerns.
What's new
- Revenue reached ₹160 cr in FY26, a 76% increase.
- Management gave conflicting accounts of working capital and inflation during the call.
- The CFO admitted to payment delays and elevated inventory levels.
Why this matters
A record order book is only as good as the company's ability to execute without cash-flow friction. When management contradicts itself on core working capital metrics, it signals a lack of internal alignment that investors should treat with caution.
What we're watching
- Whether the company secures the solar and BESS tenders needed to hit FY27 guidance.
- Evidence of inventory liquidation in the next quarterly report.
- Resolution of the payment delays acknowledged by the CFO.
The full read
Current Infraprojects posted ₹160 crore in revenue for FY26, a 76% gain that management attributes to a ₹305 crore order book. While the headline growth and the ₹6 crore annual annuity from its RESCO platform look clean, the conference call itself was messy. Management offered conflicting views on raw material inflation and working capital, forcing the CFO to eventually admit to payment delays and high inventory levels.
Internal consistency is missing.
For FY27, the firm targets ₹200-250 crore in revenue, but that goal hinges entirely on winning upcoming solar and BESS tenders. Investors are left with a company that has the contracts but is struggling to manage the underlying cash cycle.
Questions answered
- What is the primary driver of the company's order book?
- The record ₹305 crore order book is anchored by solar EPC projects and government RDSS contracts, which account for ₹100 crore of the total.
- What did the CFO admit regarding the company's financials?
- Despite earlier contradictory statements from management, the CFO confirmed that the company is facing payment delays and currently holds elevated inventory.
- What is the revenue guidance for FY27?
- Management targets revenue between ₹200 crore and ₹250 crore, though this remains dependent on the company winning pending solar and BESS tenders.
- What is the status of the RESCO annuity platform?
- The platform has secured a long-term revenue stream of ₹6 crore annually for the next 25 years.
An independent reading of the company's own disclosure — the primary filing above is the final word.