Current Infraprojects
Book Building issueSMENSE₹41.80 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹41.80 Cr
1 lot at cut-off
₹1,28,000
Lot size
1,600shares
Open
26 Aug 2025
Close
29 Aug 2025
Allotment
01 Sep 2025
Listing
03 Sep 2025
Listing performance
Issue price
₹80
Listed at
₹152
Listing-day close
₹152.75
Latest price
₹89
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+11.25%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Aug 2025 – 29 Aug 2025
- Listing date
- 03 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹41.80 Cr
- Market cap at offer price
- ₹153 Cr
- Promoter holding
- 96.96% → 70.50% pre-issue → post-issue
- ISIN
- INE1CRQ01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- A-27, Basant Vihar, Vaishali Marg, (West), Panchyawala, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,52,800 | — | — |
| Market maker | 2,68,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
14,52,800
Anchor portion
₹11.62 Cr
at ₹80 per share
Valuation and performance
Valuation at offer price
₹80 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.79 | 4.94 |
| P/E (×) | 11.78 | 16.19 |
| Price to book (×) | 4.55 | — |
| Market cap | — | ₹153 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.84%
- ROCE
- 26.49%
- Debt / equity
- 1.29
- PAT margin
- 10.40%
- EBITDA margin
- 16.23%
- NAV per share
- ₹17.58
- Price to book
- 4.55
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Current Infraprojects
Current Infraprojects Limited was originally incorporated as a Private Limited Company on December 31, 2013, and converted to a Public Limited Company on March 6, 2025. The company is an infrastructure construction, development and management company with expertise across a wide range of services. It specializes in Engineering, Procurement, and Construction (EPC) services, offering comprehensive solutions in Solar EPC, Electrical EPC, Water EPC and Civil EPC contracts, which include interior and civil works, as well as road furniture, all on a fixed-sum turnkey basis. Additionally, it provides specialized Engineering Consulting Services in Mechanical, Electrical and Plumbing (MEP) systems, alongside Project Management Consulting (PMC) services. The company's experience spans a variety of sectors, including hospitals, commercial buildings, malls and hotels. For the fiscal year ended March 31, 2025, the company reported consolidated revenue from operations of ₹ 9,088.42 lakhs and profit after tax of ₹ 945.37 lakhs.
Company Analysis
from RHPCurrent Infraprojects Limited is an infrastructure construction, development and management company specializing in Engineering, Procurement, and Construction (EPC) services including Solar EPC, Electrical EPC, Water EPC, Civil EPC, MEP consulting, and Project Management Consulting services across hospitals, commercial buildings, malls and hotels.
Current Infraprojects Limited was originally incorporated as a Private Limited Company on December 31, 2013, and converted to a Public Limited Company on March 6, 2025. The company is an infrastructure construction, development and management company with expertise across a wide range of services. It specializes in Engineering, Procurement, and Construction (EPC) services, offering comprehensive solutions in Solar EPC, Electrical EPC, Water EPC and Civil EPC contracts, which include interior and civil works, as well as road furniture, all on a fixed-sum turnkey basis. Additionally, it provides specialized Engineering Consulting Services in Mechanical, Electrical and Plumbing (MEP) systems, alongside Project Management Consulting (PMC) services. The company's experience spans a variety of sectors, including hospitals, commercial buildings, malls and hotels. For the fiscal year ended March 31, 2025, the company reported consolidated revenue from operations of ₹ 9,088.42 lakhs and profit after tax of ₹ 945.37 lakhs.
Infrastructure ConstructionSolar Energy (EPC)Electrical EPCWater EPCCivil EPCEngineering Consulting (MEP)Project Management ConsultingHospital InfrastructureCommercial BuildingsHospitality
Objects of the Issue
- Investment in Equity of our wholly owned subsidiary, Current Infra Dhanbad Solar Private Limited for setting up 1800 KW solar plant under RESCO Model at Indian Institute of Technology (Indian School of Mines) IIT(ISM), Dhanbad, Jharkhand (Proposed Project) 585.00 lakhs p.26
- Funding the working capital requirement of our Company 3,000.00 lakhs p.26
- General corporate purposes p.26
- Investment in Equity of wholly owned subsidiary, Current Infra Dhanbad Solar Private Limited for setting up 1800 KW solar plant under RESCO Model at IIT(ISM), Dhanbad, Jharkhand ₹585.00 Lakhs p.118
- Funding working capital requirements of the Company ₹3,000.00 Lakhs p.118
- General corporate purposes p.118
- Investment in Equity of wholly owned subsidiary, Current Infra Dhanbad Solar Private Limited for setting up 1800 KW solar plant under RESCO Model at Indian Institute of Technology (Indian School of Mines) IIT(ISM), Dhanbad, Jharkhand ₹585.00 Lakhs p.120
- Funding the working capital requirement of our Company ₹3,000.00 Lakhs p.124
- General corporate purposes Up to [●] Lakhs (not to exceed 15% of Gross Proceeds or ₹10 crores whichever is less) p.128
- Funding capex for solar projects (installation of solar plants in subsidiaries) p.266
- Working capital requirements and general corporate purposes p.266
Issue Structure
- Total Issue
- Up to 52,25,600 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] lakhs
- Fresh Issue
- Up to 52,25,600 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue from EPC (Engineering, Procurement, and Construction) contracts on a fixed-sum turnkey basis across multiple segments: Solar EPC, Electrical EPC, Water EPC, Civil EPC (including interior and civil works and road furniture), MEP (Mechanical, Electrical and Plumbing) consulting services, and Project Management Consulting services. EPC revenues constituted 97.64% of total revenue for FY 2024-25. The company also derives revenue from consulting services. Projects are undertaken on a non-recurring basis requiring continuous bidding for new projects.
Business Segments
Engineering, Procurement and Construction services for solar power projects
Engineering, Procurement and Construction services for electrical infrastructure and systems
Engineering, Procurement and Construction services for water infrastructure projects
Engineering, Procurement and Construction services for civil works including interior works and road furniture on a fixed-sum turnkey basis
Specialized Engineering Consulting Services in Mechanical, Electrical and Plumbing systems
Project Management Consulting services
Undertakes Engineering, Procurement and Construction projects for infrastructure and renewable energy sectors
Provides engineering consultancy services to clients
Operates renewable energy facilities, specifically solar plants, under a service company model
Operates hospitality business activities
Design, procurement and execution of solar energy projects for solar-powered road and building projects
Shifting of utilities, installation of high-voltage transmission lines and highway lighting solutions
Large-scale water distribution projects including pipeline installation and hand-pump installations
Building construction, interior design, road infrastructure including guard rails and bus shelters, and sewage systems
MEP (Mechanical, Electrical and Plumbing) consulting services for commercial buildings, hospitals and hotels
Renewable energy solutions on a pay-per-use basis and through long-term agreements executed via wholly owned subsidiary special purpose vehicles
Quality assurance laboratory providing testing of transformers, electrical installations, equipment inspections and material verification
Hospitality services by leasing a farm house property (YAHVI The Farmhouse) offering accommodations and dining facilities
Provides solar solutions from designing, procurement and execution including lighting for toll plazas using solar panels, with engineers and designers considering clients' energy needs, budget and space limitations
Provides cost-effective and timely shifting of electrical utilities for infrastructure and road projects, and high-quality highway lighting solutions with end-to-end services including design, procurement, installation, and maintenance
Provides end-to-end services for water supply systems focusing on installation, transmission and distribution of domestic water utilities, including water utility shifting for highway construction and water pipeline laying
Provides services in building construction, interior and civil work, road furniture solutions, and sewage system design and construction
Includes MEP (Mechanical, Electrical, Plumbing) consulting providing sustainable solutions for hospitals, commercial buildings, industrial facilities, and PMC (Project Management Consultancy) services
Quality assurance laboratory accredited by NABL providing testing and calibration services for transformers and electrical installations
Operates Yahvi farmhouse located on the outskirts of Jaipur offering accommodations, kitchen access, terrace garden, dining area, and parking with installed solar plant
Operates as renewable energy service provider where company handles entire investment, procurement, installation, operation and maintenance of solar power plants through SPVs with long-term PPAs
Engineering, Procurement and Construction services for solar power plants and installations
Electrical engineering, procurement and construction works including shifting of electrical lines and connections
Water utility shifting and related engineering, procurement and construction services
Civil works including interior and civil works contracts
Mechanical, Electrical, Plumbing (MEP) systems design and Project Management Consulting (PMC) services for building projects
In-house NABL accredited electrical testing laboratory providing electrical testing equipment and services
Hospitality and restaurant/catering services
SWOT Analysis
Strengths
- • Diversified EPC service offerings across multiple sectors(p.25)
- • Established track record with 87 completed projects(p.34)
- • Strong financial performance with growing profitability(p.27)
- • Expanding revenue base from operations(p.27)
- • Significant order book indicating future revenue visibility(p.40)
- • Diverse EPC service portfolio across multiple sectors(p.173)
- • NABL-accredited quality assurance laboratory(p.174)
- • Strong execution track record with significant project portfolio(p.174)
- • Multiple quality management and environmental certifications(p.174)
- • Expansion into RESCO model for recurring revenue(p.173)
- • Geographic diversification across 12 states(p.174)
- • Focused EPC player with 11+ years experience across multiple infrastructure sectors(p.178)
- • NABL-accredited quality assurance laboratory(p.179)
- • Strong order book with repeat orders and long-standing client relationships(p.179)
- • Established relationships with prestigious government entities(p.178)
- • Total order book of ₹28,050.64 Lakhs as of July 31, 2025(p.179)
- • End-to-end project management and execution capabilities(p.181)
- • Geographic diversification across multiple Indian states(p.190)
- • Established track record in EPC contracting across multiple sectors(p.284)
- • In-house NABL accredited electrical testing laboratory providing competitive advantage(p.256)
- • Strong revenue growth trajectory with 17.17% YoY increase in FY25(p.293)
- • Improved profitability with net profit growth of 85.76% in FY25(p.295)
- • Expanded service portfolio including MEP consulting and PMC services(p.284)
Weaknesses
- • Extreme customer concentration with top customer representing 26.65% of revenue(p.37)
- • Heavy dependence on top 10 suppliers for 40.36% of total purchases(p.39)
- • High employee attrition rate of 57.69% in FY 2024-25, well above industry average(p.43)
- • Significant pending tax proceedings with ₹209.18 lakhs in demands(p.39)
- • Contingent liabilities of ₹2,797.54 lakhs not provided for in financial statements(p.42)
- • Reliance on related party leased premises for registered office and farmhouse(p.42)
- • History of regulatory non-compliance including delayed statutory filings(p.50)
- • Negative cash flow from operating and investing activities over past three years(p.45)
- • Delayed statutory filings with regulatory authorities(p.60)
- • High debt burden with restrictive covenants limiting operational flexibility(p.61)
- • Lender-imposed restrictions on capital structure and business operations(p.61)
- • Dependence on related party transactions with potential for unfavorable terms(p.62)
- • Large fixed workforce creating cost burden during revenue fluctuations(p.62)
- • No formal technical support agreements for equipment maintenance(p.64)
- • Dependence on key promoter with 32 years experience creating key person risk(p.64)
- • Leased office premises creating occupancy risk(p.66)
- • Significant insurance gaps and potential under-coverage(p.68)
- • Limited diversification with expansion into non-core RESCO and hospitality segments(p.75)
- • Small customer base with high concentration risk(p.136)
- • Negative operating cash flows(p.136)
- • Declining cash conversion despite revenue growth(p.136)
- • Rising working capital gap relative to sales(p.126)
- • High trade receivable holding period(p.125)
- • High concentration of revenue from top customers(p.192)
- • High employee attrition rate of 57.69% in FY 24-25(p.198)
- • Limited permanent workforce of 102 employees as of July 31, 2025(p.197)
- • Dependence on Rajasthan for 46.27% of order book(p.191)
- • High dependency on limited number of customers for majority of revenue(p.292)
- • Significant reliance on limited supplier base creating procurement vulnerability(p.292)
- • Weak operating cash generation with negative cash flow from operations(p.255)
- • High leverage with debt-to-equity ratio of 1.29(p.279)
- • Material contingent liabilities of ₹2,797.54 lakhs limiting financial flexibility(p.281)
- • Significant tax proceedings and contingent liabilities(p.314)
- • High-cost unsecured borrowings with non-bank lenders(p.306)
- • Restrictive covenants limiting operational flexibility(p.307)
- • Multiple outstanding litigation and receivables recovery challenges(p.311)
- • Outstanding trade payables to MSMEs and creditors(p.315)
- • Licenses in subsidiary company name not yet transferred(p.316)
Opportunities
- • Expansion into renewable solar energy sector with 27.04% of FY2025 revenue(p.48)
- • Proposed 1800 KW solar plant investment at IIT(ISM) Dhanbad under RESCO model(p.26)
- • Large global infrastructure construction market expanding with ₹14.4 trillion expected growth 2020-2030(p.25)
- • Emerging markets urbanization driving infrastructure demand, particularly in Asia(p.25)
- • Diversification potential across water EPC, electrical EPC, and civil works segments(p.25)
- • Expansion into renewable energy sector through RESCO model(p.65)
- • Geographical diversification across Indian states(p.64)
- • Enhanced project execution capabilities and operational efficiency(p.65)
- • Leverage core competencies with enhanced in-house integration(p.65)
- • India's massive renewable energy capacity expansion target(p.166)
- • Large government capital expenditure allocation for infrastructure(p.161)
- • Accelerated National Highways expansion program(p.163)
- • Growth in India's infrastructure sector(p.160)
- • Expanding order book for execution(p.125)
- • Expansion into renewable energy sector through RESCO model with long-term contracts(p.181)
- • Government focus on renewable energy and solar initiatives(p.181)
- • RESCO model provides long-term stable cash flows with 25-year PPA tenure(p.186)
- • Dual revenue model from both public and private sector projects(p.178)
- • Opportunities in diversified sectors including building, roads, railways, water, and energy(p.181)
- • Potential for geographic expansion into new states and markets(p.182)
- • Growing renewable energy sector with expanding solar EPC project pipeline(p.294)
- • Infrastructure development boom in India creating large project opportunities(p.294)
- • Expansion into higher-margin solar EPC segment with 26.32% gross margin(p.299)
- • Potential for geographic expansion and new market penetration(p.284)
- • Migration pathway to main board upon meeting capital thresholds(p.343)
- • Market making support for liquidity over 3-year period(p.344)
- • Access to capital markets via SME exchange listing(p.323)
Threats
- • Highly competitive EPC sector with pricing pressure from larger competitors(p.47)
- • Geographic concentration risk with 81.22% of revenue from three states(p.37)
- • Heavy exposure to EPC sector with 97.64% of revenue from this single sector(p.33)
- • Seasonal fluctuations from monsoon and weather conditions impacting project execution(p.39)
- • Vulnerability to input price volatility for materials and labor beyond management control(p.39)
- • Risk of project delays and cost overruns from unforeseen conditions and force majeure(p.34)
- • Fixed-price EPC contracts limit ability to pass on cost increases(p.69)
- • Volatility in construction materials, fuel, and labour costs(p.69)
- • Dependence on contract labour with wage inflation risk(p.71)
- • Project-based business model with competitive bidding and non-recurring clients(p.74)
- • Low barriers to entry in construction industry intensifying competition(p.74)
- • Slowdown in Indian economic growth affecting demand(p.82)
- • Changes in government regulations and GST implementation uncertainties(p.81)
- • Risk of accidents, mishaps and operational disruptions at construction sites(p.71)
- • Dependence on logistics providers without long-term contracts(p.72)
- • Risk of trademark infringement difficult and costly to enforce(p.61)
- • Global economic growth remains subdued(p.146)
- • Increased competition and material price volatility(p.159)
- • High real interest rates impacting borrowing costs(p.147)
- • Geopolitical and trade fragmentation risks(p.148)
- • Persistent inflation in services sector(p.152)
- • Dependence on government tender processes(p.176)
- • Highly competitive bidding environment where price is often the primary determining factor(p.197)
- • Dependence on government tenders and policy changes(p.196)
- • Risks associated with project execution timelines and cost management(p.212)
- • Volatility in raw material costs and supply chain(p.177)
- • Regulatory and infrastructure compliance requirements across multiple states(p.192)
- • Material cost inflation and commodity price volatility affecting project profitability(p.285)
- • Risk of project delays leading to penalties and reputational damage(p.285)
- • Fixed-price contract exposure creating earnings volatility from cost overruns(p.285)
- • Intense competition from organized and unorganized EPC contractors(p.304)
- • Key personnel retention challenges impacting project execution capability(p.285)
- • Exposure to Indian regulatory and compliance environment(p.326)
- • Foreign exchange and currency risk for non-resident investors(p.361)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sunil Singh Gangwar | Promoter | 0.00% | — |
| Sujata Gangwar | Promoter | 77.56% | — |
| Satyavrat Singh | Promoter | 9.70% | — |
| Devvrath Singh | Promoter | 9.70% | — |
| Sujata Gangwar | Promoter | 77.56% | — |
| Devvrath Singh | Promoter | 9.70% | — |
| Satyavrat Singh | Promoter | 9.70% | — |
| Sunil Singh Gangwar | Promoter | 0.00% | — |
| Sujata Gangwar | Promoter | — | — |
| Sunil Singh Gangwar | Promoter | — | — |
| Sunil Singh Gangwar | Promoter/Chairman and Managing Director | 0.00% | — |
| Devvrath Singh | Promoter/Whole Time Director | 9.70% | — |
| Satyavrat Singh | Promoter/Whole Time Director | 9.70% | — |
| Sujata Gangwar | Promoter/Non-Executive Director | 77.56% | — |
| Sunil Singh Gangwar | Promoter | 0.00% | — |
| Sujata Gangwar | Promoter | 77.56% | — |
| Satyavrat Singh | Promoter | 9.70% | — |
| Devvrath Singh | Promoter | 9.70% | — |
Leadership
Sunil Singh Gangwar · Chairman and Managing Director
Devvrath Singh · Whole-time Director
Satyavrat Singh · Whole-time Director
Sujata Gangwar · Non-Executive Director
CA Manish Kumar Sharma · Chief Financial Officer
CS Jai Shree Rathore · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Current Infraprojects IPO FAQs
What is the lot size of Current Infraprojects IPO?
The minimum lot size of Current Infraprojects IPO is 1,600 shares. One lot costs ₹1,28,000 at the cut-off price.
When does Current Infraprojects IPO open and close?
Current Infraprojects IPO opened for subscription on 26 Aug 2025 and closed on 29 Aug 2025.
What is the listing date of Current Infraprojects IPO?
Current Infraprojects IPO listed on 03 Sep 2025.