BUSINESS OVERVIEW

Current Infraprojects is an infrastructure construction, development, operations, and maintenance company with diversified expertise across a wide spectrum of services. The company specializes in Engineering, Procurement, and Construction (EPC) solutions on a fixed-sum turnkey basis, covering Solar EPC, Electrical EPC, Water EPC, and Civil EPC projects. The Civil EPC segment also includes interior and civil works, sewage systems, and road infrastructure with road furniture such as guard rails and bus shelters.

In addition to EPC contracts, the company provides Engineering Consulting Services in Mechanical, Electrical, and Plumbing (MEP) systems and offers Project Management Consulting (PMC) services to ensure efficient project planning, budgeting, quality assurance, and risk management.

The company is also expanding into renewable energy through the RESCO model, delivering pay-per-use and long-term renewable energy solutions. These projects are executed through wholly owned subsidiaries structured as Special Purpose Vehicles (SPVs). Current Infraprojects is also a proud member of the Rajasthan Solar Association (RSA).

Experience and Sectoral Presence

The company has executed projects across diverse sectors, including hospitals, commercial buildings, malls, and hotels, with a strong commitment to providing high-quality, reliable, and efficient infrastructure solutions. Since its establishment in Rajasthan in 2013, operations have expanded to multiple states, including Haryana, Punjab, Jharkhand, Maharashtra, Uttar Pradesh, and Gujarat, and projects have been executed in 12 states across India. In the last three financial years, significant projects have been delivered in Tripura, West Bengal, Rajasthan, Uttar Pradesh, Maharashtra, Odisha, and Kerala, spanning solar infrastructure, road development, and civil construction.

As of July 31, 2025, projects worth ₹23,209.06 lakhs have been executed, reflecting a consistent scale-up in both the size and number of projects handled simultaneously.

In-House Quality Assurance Capabilities

The company operates a fully equipped Quality Assurance Laboratory in Jaipur, known as the MEC Test Lab, established in 2015. The lab enhances in-house testing capabilities aligned with technological advancements and environmental standards, enabling efficient quality testing, reduced dependency on external vendors, and improved R&D support.

The MEC Test Lab received NABL accreditation (ISO/IEC 17025:2017, Certificate No. TC-6481), valid until June 2024, and the renewal process has been completed following the final assessment audit. The lab conducts critical testing of transformers, electrical installations, equipment inspections, and verification of materials for compliance. Recently, testing services were executed for Maple Highways at the Eastern Peripheral Expressway.

Certifications and Accreditations

Current Infraprojects adheres to globally recognized quality and safety standards and holds the following certifications:

• ISO 9001:2015 – Quality Management System

• ISO 14001:2015 – Environment Management System

• ISO 45001:2018 – Health and Safety Management System

• ISO 50001:2018 – Energy Management System

Business Model

The company operates with a dual revenue model, driven by:

1. Government Tender Contracts – Participation in government bidding for large-scale EPC projects such as solar power systems, electrical grids, highways, water supply systems, and road furniture installations. These projects provide long-term, high-value contracts backed by regulatory compliance and financial security.

2. Private Contracts – Engagement with private businesses, industrial clients, and real estate developers for civil works, MEP services, and interior projects, ensuring a diversified portfolio and reduced dependency on public sector projects.

Project Execution Process

The structured project execution process includes:

• Tendering & Award of Work – Submission of proposals with technical and financial details.

• Project Design – Detailed engineering covering structural, electrical, mechanical, and plumbing systems.

• Approval of Bill of Quantities (BoQ) – Alignment of material, labor, and cost estimates with project scope.

• Procurement of Materials – Quality-compliant sourcing of equipment and materials.

• Appointment of PMC & Execution Team – Deployment of skilled engineers, supervisors, and specialists.

• Execution of Work – Stage-wise construction and installation adhering to safety and technical standards.

• Testing & Quality Assurance – Rigorous checks for regulatory compliance and operational efficiency.

• Billing & Handover – Milestone-based billing with government or client verification.

• Defect Liability Period – Commitment to address defects during the specified post-completion period.

Diversification into Hospitality

In addition to infrastructure, the company has diversified into hospitality services through the lease of YAHVI – The Farmhouse, located on the outskirts of Jaipur. This property offers kitchen access, terrace garden, dining facilities, parking space, and premium accommodations, creating a unique blend of comfort, food, and hospitality for travelers.

As on July 31, 2025 the company had 102 permanent employees. The Banker to the company is HDFC Bank Limited.

INDUSTRY ANALYSIS

Infrastructure Domestic Market in India

India’s growth trajectory in 2023 and beyond is strongly tied to the progress of its infrastructure sector, which serves as one of the most critical enablers for economic transformation. With the country aiming to become a US$ 26 trillion economy, infrastructure development will play a central role in enhancing efficiency, reducing costs, and driving competitiveness across industries.

Prime Minister Narendra Modi has repeatedly emphasized that infrastructure is the foundation of good governance, with the government unveiling transformative initiatives like the US$ 1.3 trillion National Master Plan for Infrastructure – Gati Shakti, which has already delivered substantial reforms and efficiency gains. Similarly, the Smart Cities Mission and Housing for All programmes are reshaping urban India, while global partners like Saudi Arabia have expressed intent to invest up to US$ 100 billion in energy, petrochemicals, mining, and infrastructure.

The sector’s influence extends far beyond construction—it directly fuels growth in allied areas such as housing, townships, and industrial development projects, making it a true catalyst of India’s development journey. To achieve the government’s ambition of becoming a US$ 5 trillion economy by 2025, initiatives like the National Infrastructure Pipeline (NIP), Make in India, and the PLI scheme are being integrated to accelerate investment and execution. Historically, over 80% of infrastructure spending has been allocated to transportation, electricity, water, and irrigation, but evolving demographics and environmental concerns are broadening the focus to include housing, sanitation, and digital infrastructure.

Market Size and Investment Momentum

The Interim Budget 2024-25 increased the capital investment outlay by 11.1% to ₹11.11 lakh crore (US$ 133.86 billion), representing 3.4% of GDP. Railways remain a major focus, with a record allocation of ₹2.55 lakh crore (US$ 30.72 billion) in FY24, marking a 5.8% increase from the previous year. Under the NIP, more than 9,142 projects across 34 sub-sectors are being executed, with nearly half dedicated to transportation.

Infrastructure growth is also evident in logistics, where India’s market is expected to expand from US$ 317.26 billion in 2024 to US$ 484.43 billion by 2029, at a CAGR of 8.8%. At the same time, the government aims to reduce logistics costs from 14% to 8% of GDP, improving competitiveness and efficiency. In aviation, a capital outlay of ₹98,000 crore (US$ 11.8 billion) has been planned over five years for terminal expansion, runway upgrades, and new airport development. India’s metro rail network, already the fifth largest globally, is rapidly expanding and is poised to become the third largest after China and Japan.

Foreign investments remain strong, with FDI in construction development and infrastructure crossing US$ 60 billion between 2000–2024, while real estate investments alone attracted US$ 2.77 billion in Q2 2024.

Key Sectoral Growth Drivers

India boasts the world’s second-largest road network, spanning 66.71 lakh km, with National Highways carrying over 40% of traffic despite forming only 2% of total roads. Under the Bharatmala Pariyojana, projects such as the 1,386 km Delhi-Mumbai Expressway are revolutionizing connectivity. Road construction speed has improved dramatically, rising from 12 km/day in 2014-15 to 34 km/day in FY24, supported by PPP models, asset monetization, and private sector participation.

The Railway sector has seen a 77% increase in capital expenditure in five years, with major investments in doubling, electrification, and modern rolling stock. The launch of 51 Vande Bharat trains marks a shift towards high-speed, modern rail connectivity, with upcoming Vande Sleeper and Vande Metro trainsets set to redefine passenger experience.

India’s ports sector has doubled capacity since 2014, supported by the Sagarmala programme which has initiated 839 projects worth ₹5.8 lakh crore, aimed at modernization, connectivity, and industrialization. The nation’s ranking in the World Bank’s Logistics Performance Index – International Shipments improved to 22nd in 2023, reflecting higher efficiency.

In power, India operates one of the largest unified electricity grids globally, capable of transferring over 1,18,740 MW inter-regionally. With rising demand, renewable energy is becoming the game-changer. As of March 2024, India has 190.57 GW of renewable energy capacity installed, accounting for 43% of total power capacity. The government has set ambitious targets to reach 500 GW by 2030, backed by ₹30.5 lakh crore of expected investments in the sector by 2030.

Parallelly, the Swachh Bharat Mission has transformed sanitation across rural India, while solar energy initiatives under the National Solar Mission are harnessing India’s vast potential, with the country targeting 748 GW of solar capacity. Large-scale LED adoption under the Street Lighting National Programme has already installed 1.29 crore LED street lights, saving municipalities ₹6,101 crore annually in electricity bills while cutting carbon emissions.

The Road Ahead

India’s infrastructure sector is entering a transformative phase, supported by rising capital expenditure (up 37% in FY24) and strong private sector participation. Over the next 15 years, India is expected to require US$ 840 billion in urban infrastructure investment, addressing housing, transport, ports, airports, and digital needs of its rapidly urbanizing population.

Tier-II and Tier-III cities are becoming the new engines of growth, with commercial real estate demand booming as IT, BFSI, and service industries expand beyond metros. The residential sector has also revived strongly, with sales in top cities exceeding 360,000 units in 2022. Civil aviation is on a rapid growth trajectory, with the government’s Vision 2040 targeting 190–200 airports, including multiple international hubs in Delhi and Mumbai.

Global partnerships, such as the India-Japan forum for Northeast development, are bringing in strategic investments. Meanwhile, the government’s policies on digitalization, renewable adoption, and logistics efficiency ensure that India’s infrastructure growth remains future-ready and sustainable.

With India projected to sustain 8% GDP growth over the next three years, the infrastructure sector stands as the cornerstone of economic expansion, ensuring improved competitiveness, higher quality of life, and positioning the nation as a global investment destination.

BUSINESS STRENGTHS

1. Focused EPC Expertise
With more than 11 years of experience in executing Engineering, Procurement, and Construction (EPC) projects, Current Infraprojects Ltd. has built a strong presence across diverse sectors including building construction, road infrastructure, structural works, civil construction, railway projects, and turnkey water supply systems. Since 2015, the company has successfully completed nearly 100 projects, demonstrating the ability to deliver large-scale and complex assignments.

2. NABL-Accredited Quality Assurance Laboratory
The company’s head office in Jaipur houses a fully equipped quality assurance laboratory designed to deliver reliable services in line with technological advancements and environmental requirements. The MEC Test Lab is accredited by the National Accreditation Board for Testing & Calibration Laboratories (NABL) as per ISO/IEC 17025:2017, certificate no. TC-6481, valid till June 2024. Renewal has been applied for and the final assessment audit is completed, with the updated certificate awaited. The lab is equipped with advanced testing facilities and staffed by qualified technicians, quality managers, testing engineers, chartered electrical safety engineers, and certified energy auditors. A recent example includes quality testing of transformers and electrical installations for Maple Highways on the Eastern Peripheral Expressway.

3. Robust Order Book with Repeat Clients
The company maintains long-standing relationships with a wide base of clients, built on consistent delivery of quality services and tailored solutions. Strong trust and loyalty have translated into repeat orders from esteemed clients, reinforcing the company’s reliability and reputation in the EPC sector.

4. Experienced Leadership and Management Team
Current Infraprojects Ltd. is guided by a leadership team with deep expertise in engineering, business development, operations, and strategic planning. The founder, Mrs. Sujata Gangwar, an M.Sc. graduate, has played a pivotal role in driving growth and establishing a reputation for quality and client satisfaction. The senior management and promoters bring decades of industry knowledge, ensuring effective decision-making and sustainable expansion.

5. Comprehensive Project Management and Execution Capabilities
The company possesses in-house engineering expertise covering both project design and execution, supported by industry-specific technical professionals. A diverse project portfolio spans construction, solar projects, electrical engineering, road and rail infrastructure, water supply, and civil works. Integrated construction solutions are tailored to client needs, combining design, engineering, and execution for optimal results. Focus remains on strengthening performance, enhancing project delivery efficiency, and optimizing operating margins while reducing overall project lifecycle timelines

BUSINESS STRATEGIES

1. Strengthening Focus on EPC Projects and Execution Efficiency
The company is committed to reinforcing its presence in the roads and highways sector by developing and executing Engineering, Procurement, and Construction (EPC) projects. Over the coming years, emphasis will be placed on the operation, maintenance, and development of existing projects, while simultaneously expanding the EPC portfolio. With extensive experience and proven expertise in project execution, EPC opportunities will be selectively pursued—both independently and in collaboration with strategic partners—to ensure sustainable growth and efficiency in project delivery.

2. Expansion into Renewable Energy through the RESCO Model
Growth in the renewable energy sector is being driven through the Renewable Energy Service Company (RESCO) model. With multiple ongoing projects under this framework, the company aims to scale operations across diverse states, positioning itself as a significant player in the distributed solar energy market. This strategic expansion is aligned with rising adoption of solar energy solutions, supported by government initiatives and growing demand for sustainable power generation.

3. Geographical Diversification of Projects
Diversification across multiple geographies forms a key pillar of the long-term growth strategy. By reducing reliance on specific regions, the company aims to capture growth opportunities across different states in India. This approach not only widens the revenue base but also mitigates risks associated with market volatility, regional economic fluctuations, and overdependence on a single geographic segment. Both expansion into new high-potential markets and further development of existing ones remain central to this strategy.

4. Leveraging Core Competencies through Enhanced In-House Integration
In-house integration has been a cornerstone of operational strength, and further enhancements are being prioritized in areas such as design and engineering, project management, and centralized procurement. Strengthening these core capabilities will allow greater control over project quality, cost efficiency, and timely execution, particularly for complex projects. This focus on integration ensures adaptability and competitiveness in bidding for diverse projects.

5. Enhancing Project Execution Capabilities
A continued focus on improving project execution capabilities is intended to deliver dual benefits—higher client satisfaction and improved operating margins. Advanced project management tools, efficient equipment utilization, and strong operating practices are being employed to maximize productivity and ensure timely completion of challenging assignments. Internal systems are also being strengthened to facilitate efficient, cost-effective decision-making, reinforcing the company’s reputation for reliable and high-quality execution.

6. Driving Operational Efficiency through IT Integration and System Consolidation
Technology integration remains central to achieving operational excellence. An Enterprise Resource Planning (ERP) system based on SAP has been implemented across operations to reduce manual intervention, enhance reliability, and improve efficiency. Continuous efforts are directed toward upgrading IT systems and consolidating internal processes to maintain low execution costs and strengthen competitiveness. By embedding technology-driven efficiencies, the company ensures sustained growth, improved performance, and a sharper competitive edge in a dynamic infrastructure landscape.

BUSINESS RISK FACTORS & CONCERNS

1. High Dependency on EPC Sector Performance
The company’s revenue is heavily reliant on the Engineering, Procurement, and Construction (EPC) sector, exposing it to significant risks from market volatility. Any downturn in infrastructure spending, global or domestic economic fluctuations, or disruptions in the EPC sector could substantially affect financial performance. Additionally, the intensely competitive nature of the EPC industry exerts pressure on pricing and profit margins, increasing challenges in securing contracts.

2. Risk of Delays, Cost Overruns, and Contract Terminations
Timely completion of projects is critical, as EPC contracts specify fixed commercial operation dates along with performance guarantees. Delays not covered by force majeure or client-attributed reasons can lead to liquidated damages, encashment of bank guarantees, or even termination of contracts. In certain cases, termination may result in only partial payments, which may fall short of estimated cash flows. Persistent delays or inability to secure extensions increase exposure to financial loss and reputational risk.

3. Dependence on Continuous Project Acquisition
The business model is dependent on securing new projects on a consistent basis, as most contracts are non-recurring. Failure to win new projects of similar or higher value could negatively impact revenue and profitability. Project cancellations or delays—arising from client-side financial constraints, adverse market conditions, or changes in customer priorities—may also create idle capacity, reduce profit margins, and lead to operational inefficiencies, especially when work has to be subcontracted to third parties.

4. Geographic Concentration of Revenue
A substantial portion of revenue is derived from projects in Rajasthan, Kerala, and Uttar Pradesh, accounting for 81.22%, 67.94%, and 54.96% of total operational revenue in FY 2025, FY 2024, and FY 2023 respectively. This geographic concentration heightens vulnerability to state-specific risks, including political or regulatory changes, economic downturns, natural disasters, or civil disruptions. Any adverse developments in these regions could materially affect financial performance and cash flows.

5. Reliance on Contractors and Sub-Contractors
A significant portion of project execution costs depends on third-party contractors, constituting 40.36%, 30.50%, and 38.36% of total cost of goods sold in FY 2025, FY 2024, and FY 2023 respectively. Project timelines, quality, and overall success are closely tied to the performance of these contractors. Any inefficiencies, delays, or disputes with contractors pose risks to timely delivery, operational continuity, and profitability.

Summary :
Current Infraprojects faces risks that primarily stem from its dependency on the EPC sector, geographic concentration of operations, project execution timelines, reliance on contractors, and the need for continuous project acquisition. External market conditions, competitive pressures, and unforeseen disruptions further intensify these risks, making strong project management, diversification, and operational control critical to sustained performance and financial stability.