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KPI Green Energy Incorporates New WOS in GIFT City with Rs 2 Crore Capital
KPI Green Energy has incorporated a new wholly-owned subsidiary, KPGC Global Corporation IFSC Private Limited, at GIFT City, Gujarat. The subsidiary is established with an authorized and subscribed capital of Rs 2 crore, fully funded by the parent company. It will function as a Group Resource and Capital Treasury Centre (GRCTC) to centralize treasury and financial management services. This move aims to optimize the group's financial operations and leverage the tax and regulatory benefits of the IFSC zone.
Key Highlights
Incorporated KPGC Global Corporation IFSC Private Limited on April 23, 2026
Authorized and subscribed capital of Rs 2,00,00,000 (Rs 2 crore)
Located in GIFT City, Gujarat, focusing on financial services and treasury management
100% shareholding held by KPI Green Energy Limited
Aims to centralize treasury and financial management services for the group
๐ผ Action for Investors
This is a strategic move to improve capital efficiency and treasury management. Investors should monitor how this centralization impacts the company's borrowing costs and tax efficiency over the long term.
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KPI Green Secures CERC Inter-State Power Trading Licence for Pan-India Operations
KPI Green Energy has been granted a Category IV Inter-State Power Trading Licence by the Central Electricity Regulatory Commission (CERC). This milestone allows the company to trade electricity across state boundaries, complementing its existing intra-state licence in Gujarat. The move enables KPI Green to establish a pan-India power trading platform, allowing for better price discovery and dynamic power allocation based on regional demand. This strategic expansion into national power markets is expected to enhance the value of its growing renewable energy portfolio.
Key Highlights
Granted Category IV Inter-State Power Trading Licence by CERC for national market participation.
Enables pan-India power trading, building upon the existing intra-state licence from GERC (Gujarat).
Allows participation in exchange-led and short-term markets to complement long-term contracts.
Provides access to a wider spectrum of industrial and utility buyers across multiple states.
Facilitates dynamic allocation of power to improve realisations through better timing and location of sales.
๐ผ Action for Investors
Investors should view this as a significant scale-up move that transforms KPI Green into a more integrated energy player with national reach. Monitor the company's ability to leverage this licence to improve margins through efficient power trading and market-responsive sales.
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ICRA Reaffirms KPI Green Energy Ratings; Outlook Revised to Stable for Rs 5,775 Cr Facilities
ICRA Limited has reaffirmed the credit ratings for KPI Green Energy Limited's bank facilities and Non-Convertible Debentures (NCDs). The long-term rating for bank facilities totaling Rs. 5,775 crore is maintained at [ICRA]A, though the outlook has been revised from Positive to Stable. Short-term facilities were reaffirmed at [ICRA]A2+, and NCDs worth Rs. 643.20 crore retained their [ICRA]AA+ (CE) rating. The revision to a Stable outlook comes as ratings were assigned to significantly enhanced bank facility limits.
Key Highlights
ICRA reaffirmed [ICRA]A (Stable) rating for long-term bank facilities totaling Rs. 5,775 crore.
Outlook on long-term ratings revised from Positive to Stable following the assignment to enhanced limits.
Short-term ratings for working capital demand loans and bank guarantees reaffirmed at [ICRA]A2+.
Non-Convertible Debentures (NCDs) of Rs. 643.20 crore reaffirmed at [ICRA]AA+ (CE) with a Stable outlook.
The rating without explicit credit enhancement for the NCDs stands at [ICRA]A.
๐ผ Action for Investors
Investors should note the reaffirmation as a sign of credit stability despite the company's expanding debt profile. While the outlook revision from Positive to Stable suggests a moderation in immediate upgrade potential, the high CE rating on NCDs remains a positive indicator of structured debt safety.
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KP Group Surpasses 1 GW Energised IPP Capacity Milestone; 18x Growth Since FY21
KPI Green Energy's parent group has reached a significant operational milestone by energising 1 GW of Independent Power Producer (IPP) capacity, out of a total 2.3 GW IPP portfolio. This represents a massive 18x growth in capacity over the last five years, up from just 58 MW in FY21. The company reports that it is currently ahead of schedule to meet its ambitious target of 10 GW total capacity by 2030. Additionally, the group has successfully achieved financial closure for its active IPP pipeline with institutional lenders, ensuring future project funding.
Key Highlights
Surpassed 1 GW of energised IPP capacity within a total IPP portfolio of 2.3 GW
Achieved ~18x capacity growth in five years, rising from 58 MW in FY21 to 1 GW in FY26
On track to achieve a long-term vision of 10 GW total capacity (IPP and CPP) by 2030
Successfully secured financial closure for the active IPP pipeline with leading institutional lenders
Reported strong execution momentum with multiple projects commissioned ahead of schedule in FY26
๐ผ Action for Investors
The milestone confirms strong execution capabilities and a clear path toward the 2030 target, making the stock a robust play in the renewable energy sector. Investors should monitor the conversion of the remaining 1.3 GW pipeline into energised capacity as a key performance indicator.
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KPI Green Energises 965 MWp of 2.17 GWp IPP Portfolio; Strengthens Annuity Revenue
KPI Green Energy has successfully energised 965 MWp of its total 2.17 GWp Independent Power Producer (IPP) portfolio, marking a significant milestone in its transition to an asset-backed annuity model. The company recently added 376 MWp across solar and hybrid projects, with several components commissioned ahead of schedule. Most projects are backed by 25-year Power Purchase Agreements (PPAs) with GUVNL, ensuring long-term revenue visibility. The remaining 1.2 GWp capacity is currently under active execution with phased commissioning targets through 2027.
Key Highlights
Total energised IPP capacity reached 965 MWp, nearly 45% of the total 2.17 GWp portfolio.
Recently energised 376 MWp including 182 MWp solar and 30 MWp wind capacity across GUVNL projects.
92 MWp hybrid project commissioned ahead of its July 2026 scheduled commercial operation date.
Achieved financial closure for the 150 MW Wind IPP project with a commissioning target of October 2027.
Diversified into energy storage with a 445 MW / 890 MWh BESS agreement signed with GUVNL.
๐ผ Action for Investors
Investors should take confidence in the company's strong execution track record and its shift toward a high-margin IPP model. The stock remains a key play in the renewable energy sector with visible growth through 2027.
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KPI Green Energy Secures โน979 Crore Loan for 150 MW Wind Project
KPI Green Energy has secured a โน979 crore financial sanction from Canara Bank, comprising a โน931 crore term loan and a โน48 crore bank guarantee. The funds will develop a 150 MW wind power project in Gujarat, which is backed by a 25-year Power Purchase Agreement (PPA) with GUVNL. The total project cost is estimated at โน1,241.68 crore, with a debt-equity ratio of 75:25. This long-term financing, spanning over 20 years, supports the company's transition toward its 10 GW capacity target by 2030.
Key Highlights
Secured โน979 crore total sanction from Canara Bank for its 150 MW GUVNL wind project.
Total project cost estimated at โน1,241.68 crore with a 75:25 debt-to-equity funding structure.
Project includes a 25-year long-term PPA with Gujarat Urja Vikas Nigam Limited (GUVNL).
Loan facility has a door-to-door tenor of 20 years and 1 month, including a 16-month implementation period.
The project is a key component of the company's Independent Power Producer (IPP) portfolio expansion.
๐ผ Action for Investors
Investors should take note of this successful financial closure as it validates the company's ability to leverage large-scale debt for growth. The long-term PPA ensures revenue visibility, making this a positive development for long-term holders.
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KPI Green Energises 35 MWp; Total Operational IPP Capacity Reaches 589 MWp
KPI Green Energy has successfully energised an additional 35 MWp of solar capacity, bringing its total operational Independent Power Producer (IPP) capacity to 589 MWp. The company is currently executing a massive pipeline of 1,582 MWp, aiming to reach a total IPP portfolio of 2.17 GWp in the near term. These projects are largely backed by long-term Power Purchase Agreements (PPAs), many spanning 25 years, ensuring stable and predictable annuity revenue. Notable progress includes the early synchronisation of a 92.15 MWp hybrid project and entry into the battery storage market with a 445 MW / 890 MWh BESS agreement.
Key Highlights
Total operational IPP capacity increased to 589 MWp following the addition of 35 MWp.
Targeting a total IPP portfolio of 2.17 GWp with 1,582 MWp currently under active execution.
92.15 MWp Hybrid Renewable project synchronised ahead of its July 2026 commercial operation date.
Secured a Battery Energy Storage Purchase Agreement (BESPA) for 445 MW / 890 MWh with GUVNL.
Significant 240 MWp Khavda Solar IPP project already operational and injecting power as of January 2026.
๐ผ Action for Investors
Investors should take note of the company's strong execution track record and the transition toward a high-margin IPP model with long-term revenue visibility. The stock remains a key play in the Indian renewable energy sector given its massive 2.17 GWp pipeline.
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KPI Green Commissions Additional 24.2 MW AC Solar Capacity in GUVNL Project
KPI Green Energy has successfully commissioned an additional 24.2 MW AC (35.01 MW DC) capacity for its ongoing solar IPP project with Gujarat Urja Vikas Nigam Limited (GUVNL). This brings the total commissioned capacity for this specific 250 MW AC project to 48.4 MW AC (69.41 MW DC). The project is being developed in a phased manner following a competitive bidding process. The company remains on track to complete the full 250 MW AC capacity by the October 2026 deadline.
Key Highlights
Successfully commissioned 24.2 MW AC / 35.01 MW DC additional capacity.
Total commissioned capacity for the GUVNL project now stands at 48.4 MW AC / 69.41 MW DC.
The project is part of a larger 250 MW AC / 350 MW DC grid-connected solar IPP award.
The company is targeting full project completion by October 2026.
๐ผ Action for Investors
Investors should view this as a positive sign of execution capability and revenue visibility. Monitor the company's ability to maintain this pace to meet the October 2026 deadline for the full 250 MW capacity.
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KPI Green Signs BESPA with GUVNL for 445 MW / 890 MWh Battery Storage Projects
KPI Green Energy's subsidiary, Sun Drops Energia Limited, has executed a formal Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL). This follows a Letter of Intent received in January 2026 for the development of 445 MW / 890 MWh standalone Battery Energy Storage System (BESS) projects. The projects will be developed under the Independent Power Producer (IPP) model across multiple locations in Gujarat. The initiative is supported by Viability Gap Funding (VGF), which enhances the financial viability of this large-scale energy storage venture.
Key Highlights
Execution of BESPA for a massive 445 MW / 890 MWh standalone BESS capacity.
Project awarded through GUVNL's Phase-VII tariff-based competitive bidding process.
Financial feasibility supported by Viability Gap Funding (VGF) via the Power System Development Fund.
Marks the Group's first utility-scale IPP Battery Energy Storage System project.
Long-term agreement ensures steady revenue visibility from contracted storage capacity.
๐ผ Action for Investors
Investors should view this as a significant strategic expansion into the energy storage segment, which is critical for grid stability. Monitor the execution progress and the impact of VGF on the project's overall internal rate of return.
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KPI Green Energy Allots 1.01 Cr Warrants to Promoter Group to Raise โน475 Crore
KPI Green Energy has approved the allotment of 1.01 crore fully convertible equity warrants to Quyosh Energia Private Limited, a promoter group entity. The warrants are priced at โน470.30 each, representing a total fundraise of approximately โน475 crore. The company has received 25% of the total consideration upfront, with the remaining 75% payable upon conversion within 18 months. This move will increase the promoter entity's potential stake from 0.81% to 5.64%, signaling strong internal confidence in the company's long-term growth.
Key Highlights
Allotment of 1,01,00,000 fully convertible warrants at an exercise price of โน470.30 per share
Total aggregate fundraise value of โน475.00 crore through the preferential issue
25% of the warrant price (approx. โน118.75 crore) paid upfront by the promoter group entity
Warrants are convertible into equity shares of โน5 face value within a maximum period of 18 months
Promoter entity Quyosh Energia's stake to rise significantly from 0.81% to 5.64% post-conversion
๐ผ Action for Investors
Investors should view this as a positive signal of promoter commitment and capital availability for future expansion. Monitor the company's upcoming project execution and how the newly raised capital is deployed in the renewable energy segment.
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KPI Green Wins 300 MWac Solar Project Order from Adani Group
KPI Green Energy has secured a significant domestic order for a 300 MWac / 405 MWdc solar project from Adani Group entities at the Khavda Hybrid Renewable Power Project in Gujarat. The contract involves comprehensive electrical and civil works, including pile foundations and module mounting structures. This new win brings the company's total cumulative orders from the Adani Group for the Khavda site to 834 MWac (1,131 MWdc). This repeat business from a major utility player highlights KPI Green's strengthening position and execution capabilities in the large-scale renewable energy sector.
Key Highlights
New order for 300 MWac / 405 MWdc solar project capacity at Khavda, Gujarat
Total aggregate orders from Adani Group for Khavda projects now reach 834 MWac
Scope includes electrical AC-DC works, civil foundations, and robotic cleaning system structures
The order follows a previous 534 MWac contract announced on January 16, 2026
Execution to be carried out in a phased manner as per stipulated timelines
๐ผ Action for Investors
This order significantly strengthens the company's order book and provides high revenue visibility. Investors should monitor the company's ability to maintain margins while executing these large-scale utility projects for major clients like Adani.
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KPI Green Secures 300 MWac Solar Project Order from Adani Group at Khavda
KPI Green Energy has secured a significant new order for a 300 MWac / 405 MWdc solar project from Adani Group entities at the Khavda Hybrid Renewable Power Project in Gujarat. This new contract brings the total aggregate orders from Adani Group for the Khavda site to 834 MWac / 1,131 MWdc, following a previous large order in January 2026. The scope involves comprehensive electrical and civil works, including the installation of robotic cleaning systems and IDT stations. This repeat business from a major utility player reinforces KPI Green's position as a leading execution partner in the renewable energy sector.
Key Highlights
New order for 300 MWac / 405 MWdc project execution at Khavda, Gujarat from Adani Group entities.
Aggregate orders from Adani Group for Khavda projects now stand at 834 MWac / 1,131 MWdc.
Scope includes electrical AC-DC works, civil works, and supply of electrical DC/AC & HT equipment.
Project includes advanced components like robotic cleaning system structures and IDT stations.
Execution will be carried out in a phased manner according to stipulated contract timelines.
๐ผ Action for Investors
Investors should take this as a positive sign of the company's growing order book and strong relationship with major developers like Adani Green. The stock remains a key play in the Indian solar EPC and IPP space with high revenue visibility.
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KPI Green Q3 FY26 Revenue up 45% to โน676 Cr; PAT grows 48% to โน126 Cr
KPI Green Energy reported a strong Q3 FY26 with revenue growing 45% YoY to โน676 crores and PAT increasing 48% to โน126 crores. The company's 9-month revenue of โน1,931 crores has already surpassed the entire previous financial year's performance of โน1,752 crores. The current order book stands at a robust โน6,000 crores, supported by significant utility-scale projects and a new 5 GW MOU with the Government of Botswana. Management highlighted the commissioning of 24.2 MW of the 250 MW GUVNL project ahead of schedule and an LOI for a large-scale BESS project.
Key Highlights
Q3 FY26 Revenue grew 45% YoY to โน676 crores; EBITDA rose 73% to โน251 crores.
9-month PAT reached โน354 crores, a 60% increase compared to the previous year.
Order book remains strong at โน6,000 crores with a new 5 GW MOU signed in Botswana for renewable energy.
Commissioned 24.2 MW AC of the 250 MW GUVNL solar project ahead of schedule.
Secured LOI for 445 MW/890 MW BESS project with an expected investment of โน1,000-1,100 crores.
๐ผ Action for Investors
Investors should monitor the company's rapid execution of its โน6,000 crore order book and its entry into high-margin international markets. The early commissioning of projects and expansion into Battery Energy Storage Systems (BESS) provide strong catalysts for future growth.
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KPI Green Commissions 16.16 MWdc Solar Projects under PM-KUSUM Scheme
KPI Green Energy Limited has successfully commissioned 16.16 MWdc of solar power projects under its Independent Power Producer (IPP) business segment. These projects are part of the PM-KUSUM Scheme, a government initiative focused on providing decentralized solar power for the agricultural sector. The company has achieved the highest installed capacity under this scheme within the DGVCL operational area in a short timeframe. This commissioning marks the commencement of renewable energy supply for agricultural needs, enhancing the company's operational IPP portfolio.
Key Highlights
Commissioned 16.16 MWdc solar power projects under the IPP business segment.
Projects implemented under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme.
Achieved the highest installed capacity under the scheme within the DGVCL operational area.
Commenced supply of renewable energy for agricultural pumping requirements.
Demonstrates strong execution capabilities and early-mover advantage in government-led solar initiatives.
๐ผ Action for Investors
Investors should take note of the company's efficient project execution and its growing footprint in the IPP segment, which provides long-term revenue visibility. The successful commissioning under a government flagship scheme strengthens the company's ESG profile and operational track record.
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KPI Green Commences Power Supply from 240 MW DC Solar Project in Khavda
KPI Green Energy has successfully commenced power generation and supply from its 200 MW AC / 240 MW DC solar project in Khavda, Gujarat. Awarded by GUVNL, the project operates under a long-term Power Purchase Agreement (PPA), ensuring stable and predictable cash flows. This project is estimated to generate approximately 47.3 crore kWh annually, significantly boosting the company's Independent Power Producer (IPP) portfolio. The commissioning marks a major milestone in the 1.8 GW GSECL Solar Park, providing immediate revenue visibility.
Key Highlights
Successfully synchronized 200 MW AC / 240 MW DC solar project with the state grid
Estimated annual generation of ~47.3 crore kWh under a long-term PPA with GUVNL
Deployment of 550 IoT-powered robots for waterless cleaning, achieving 98% efficiency
Projected to save ~3.4 lakh metric tonnes of CO2 and electrify 1.3 lakh houses annually
Strategic location in Khavda with high solar irradiation of 2,060 kWh/m2
๐ผ Action for Investors
This commissioning is a significant operational milestone that will provide immediate and sustained revenue growth. Investors should monitor the impact on upcoming quarterly earnings as the project begins contributing to the IPP segment's top line.
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KPI Green Commissions 24.2 MW AC Solar Capacity Ahead of Schedule for GUVNL Project
KPI Green Energy has successfully commissioned the first 24.2 MW AC (34.4 MW DC) of its large-scale 250 MW AC (350 MW DC) solar project for GUVNL. This milestone was achieved well ahead of the overall contractual deadline of October 2026, showcasing the company's strong project management and execution capabilities. The project was originally awarded through a competitive bidding process under GUVNL Phase-XXIV. Early commissioning of this tranche allows for faster revenue generation and reinforces the company's track record in the renewable energy sector.
Key Highlights
Commissioned initial 24.2 MW AC / 34.4 MW DC capacity ahead of the contractual timeline
Part of a larger 250 MW AC / 350 MW DC grid-connected solar IPP project awarded by GUVNL
Overall project completion for the full 250 MW capacity is scheduled for October 2026
Project secured through competitive bidding under GUVNL Phase-XXIV RFS dated March 15, 2024
๐ผ Action for Investors
Investors should take confidence in the company's ability to execute large-scale projects ahead of schedule, which reduces cost overruns and accelerates cash flows. Maintain a positive outlook on the stock while monitoring the execution of the remaining 225 MW capacity.
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KPI Green Q3 Net Profit Jumps 48% YoY to โน125.8 Cr; Declares โน0.20 Dividend
KPI Green Energy reported a strong set of numbers for Q3 FY26, with consolidated revenue growing 44.6% YoY to โน662.85 crore. Net profit for the quarter rose significantly by 47.7% YoY to โน125.80 crore, driven by robust execution in solar projects. The company also declared its third interim dividend of โน0.20 per share for the financial year 2025-26. For the nine-month period ending December 2025, the company has already surpassed its previous full-year profit, reaching โน353.76 crore.
Key Highlights
Consolidated Revenue for Q3 FY26 increased by 44.6% YoY to โน662.85 crore from โน458.35 crore.
Net Profit after tax grew by 47.7% YoY to โน125.80 crore compared to โน85.15 crore in the same quarter last year.
Declared a third interim dividend of 4% (โน0.20 per equity share) with a record date of January 28, 2026.
9M FY26 Net Profit reached โน353.76 crore, a 60% increase over the 9M FY25 figure of โน221.10 crore.
Operating margins remained healthy at 35.95% for the quarter, reflecting strong operational efficiency.
๐ผ Action for Investors
The strong earnings growth and consistent dividend payouts reinforce the company's position as a high-growth player in the renewable energy sector. Investors may continue to hold as the company demonstrates massive YoY expansion and efficient project execution.
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KPI Green Q3 FY26: 9M Revenue up 64% to โน1,931 Cr; Order Book reaches 3.61+ GW
KPI Green Energy delivered a strong performance for 9M FY26, with revenue growing 64% YoY to โน1,931 Cr and PAT rising 60% to โน354 Cr. The company's total portfolio has expanded to 4.74+ GW, supported by a robust order book of 3.61+ GW as of Q3 FY26. Significant new wins include a 445 MW BESS project and a 142 MW floating solar project, diversifying their renewable energy mix. With a land bank of nearly 7,000 acres and a 10+ GW target by 2030, the company is positioned for aggressive scaling.
Key Highlights
9M FY26 Revenue and PAT grew by 64% and 60% YoY to โน1,931 Cr and โน354 Cr respectively.
Total orders in hand stand at 3.61+ GW, with a total installed and upcoming portfolio of 4.74+ GW.
Secured a landmark 445 MW/890 MWh Standalone BESS project from GUVNL, the first of its kind for the company.
Land bank increased to 6,999+ acres with power evacuation capacity reaching 3.57+ GW.
Strategic MoUs signed with Senvion and Inox Solar for a combined 4.5 GW of wind and hybrid projects.
๐ผ Action for Investors
Investors should focus on the company's successful diversification into BESS and Green Hydrogen which provides high-margin growth levers. The massive 3.61 GW order book provides strong revenue visibility for the next 2-3 years.
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KPI Green Q3 Net Profit Jumps 47.7% YoY to โน125.8 Cr; Declares โน0.20 Interim Dividend
KPI Green Energy reported a robust performance for Q3 FY26, with consolidated revenue rising 44.6% YoY to โน662.85 crore. Net profit for the quarter grew by 47.7% YoY to โน125.80 crore, driven by strong execution in solar power projects. The company also declared its third interim dividend of โน0.20 per share for the fiscal year. Notably, the nine-month profit of โน353.76 crore has already surpassed the total profit recorded for the entire previous financial year.
Key Highlights
Consolidated Revenue from Operations grew 44.6% YoY to โน662.85 crore in Q3 FY26.
Net Profit after tax increased 47.7% YoY to โน125.80 crore from โน85.15 crore in Q3 FY25.
Declared a third interim dividend of โน0.20 per equity share (4% of face value) with a record date of January 28, 2026.
Nine-month (9M FY26) net profit reached โน353.76 crore, exceeding the full FY25 profit of โน325.28 crore.
Maintained a strong operating margin of 35.95% for the quarter ended December 31, 2025.
๐ผ Action for Investors
The company's ability to surpass previous annual profits within nine months signals exceptional growth momentum in the renewable energy sector. Investors should maintain a positive outlook given the strong execution pipeline and consistent dividend payouts.
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KPI Green Q3 PAT Jumps 48% YoY to โน125.8 Cr; Declares โน0.20 Interim Dividend
KPI Green Energy Limited reported a robust set of numbers for Q3 FY26, with consolidated revenue from operations rising 44.6% YoY to โน662.85 crore. Net profit for the quarter surged 47.7% YoY to โน125.80 crore, reflecting strong execution in its solar power projects. The company also declared its third interim dividend of โน0.20 per share (4% on face value) for FY 2025-26. For the nine-month period ended December 2025, the company has already surpassed its previous full-year profit, reaching โน353.76 crore.
Key Highlights
Consolidated Revenue from Operations grew 44.6% YoY to โน662.85 crore in Q3 FY26.
Net Profit (PAT) increased by 47.7% YoY to โน125.80 crore from โน85.15 crore in the previous year's quarter.
Operating Margin stood at a healthy 35.95% for the quarter ended December 31, 2025.
Declared a third interim dividend of โน0.20 per share with a record date of January 28, 2026.
9M FY26 PAT reached โน353.76 crore, a 60% increase compared to โน221.10 crore in 9M FY25.
๐ผ Action for Investors
The strong growth in both top-line and bottom-line confirms the company's successful scaling in the renewable energy sector. Investors may continue to hold as the company demonstrates high execution capabilities, though the debt-equity ratio of 1.50 warrants periodic monitoring.