1. At a Glance
Current Infraprojects isn’t just an EPC contractor — it’s a curious cocktail of solar, civil, electrical, water projects, and… wait for it… a leased-out farmhouse calledYahvi. Because nothing says “infra specialist” like mixing IIT Dhanbad solar projects with wedding lawns. The IPO is 100% fresh issue — no promoters cashing out, just you funding their solar dreams and working capital cravings. Promoter holding drops from99.99% to 96.96%, which is still tighter than your landlord’s deposit refund policy.
2. Introduction
Launched in 2013, Jaipur-based Current Infraprojects (CIPL) is your typical mid-sized EPC contractor with ambitions larger than its balance sheet. They build roads, interiors, water infra, and solar farms, mostly turnkey contracts. As of July 2025, they boast completed projects worth ₹2,321 crore (yes, in lakhs), which sounds like they’ve constructed half of Rajasthan already.
But what’s funnier? Their diversification. On one hand, they’re NABL-accredited, providing mechanical-electrical-plumbing consulting. On the other, they run a farmhouse side-business (Yahvi – The Farmhouse), doubling as a hospitality arm. Imagine pitching to IIT Dhanbad for a 1.8 MW solar project while also booking sangeet nights for Delhi weddings. That’s the balance sheet equivalent of wearing a hard hat with a sherwani.
The IPO size? ~0.52 crore shares, price band not yet fixed. Retail investors must brace for SME-style jumbo lot sizes — usually ₹2.5–3 lakh minimum entry, ensuring that “dabbling” is for HNIs, not your college roommate.
3. Business Model (WTF Do They Even Do?)
CIPL’s bread and butter isEPC contracts:
- Solar(renewable EPC, turnkey solar plant installs).
- Electrical(distribution, cabling, sub-stations).
- Water infra(pumping stations, pipelines).
- Civil(construction, interiors, road furniture — yes, that’s a thing).
Secondary business:Consultingin MEP + PMC (Project Management Consulting).Side hustle: Leasing a farmhouse for hospitality.
The infra business is cyclical, lumpy, and often at mercy of government contracts. But CIPL is betting on the “India infra + solar boom” to keep order books fat. With repeat clients and NABL-accredited lab for QA, they’re pitching “quality EPC player” vibes — instead of “fly-by-night subcontractor.”
4. Financials Overview
Let’s slice their FY25 vs FY24:
| Metric | FY25 (₹ Cr) | FY24 (₹ Cr) | YoY % |
|---|---|---|---|
| Revenue | 91.33 | 77.73 | 17.5% |
| EBITDA | 14.75 | 8.31 | 77.5% |
| PAT | 9.45 | 5.09 | 85.6% |
| EPS (₹) | 7.00 | 3.77 | 85.7% |
Post-issue EPS falls
to₹5.05. With no price band yet, we can’t fix a P/E, but expect SME issuers to price it between 15–22x earnings.
Auditor’s comment: “PAT doubled, margins expanded, but let’s not forget EPC = feast one year, famine the next.”
5. Valuation (Fair Value Range Only)
Since price band missing, let’s project:
- P/E MethodPost-issue EPS = ₹5.05.Assigning industry multiple = 14–20x.FV range = ₹71 – ₹101.
- EV/EBITDAEV ≈ Debt (₹31 Cr) + assumed MCap (if priced 18x EPS, ~₹170 Cr) = ~₹201 Cr.EV/EBITDA = 13.6x.Peers average 10–14x.FV = ₹65 – ₹95.
- DCF (Discounted Farmhouse Cash)Revenue CAGR 15%, PAT margin ~10%, discount 12%.FV = ₹70 – ₹100.
Overall FV Range = ₹70 – ₹100.This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- IIT Dhanbad Solar Project:IPO funds partly going into a1.8 MW solar plantat IIT (ISM), Dhanbad. That’s like installing a green energy sticker on their CV.
- Working Capital ₹30 Cr:Because EPC receivables are slower than Indian Railways’ refund process.
- Strong Order Book:Completed projects worth ₹2,321 Cr (cumulative). Backlog data not disclosed, but they hint at “repeat clients.”
- Promoter Hold:Still ~97% post-issue, tighter than a
