K.P. Energy Limited (KPEL)
₹196.87 -2.49% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, K.P. Energy's revenue was ₹519 Cr (+136.7% year on year, -17.8% on the previous quarter), and net profit ₹26.1 Cr (+2.6% year on year); the operating margin was 11.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹519 | +136.7% | -17.8% |
| Operating profit | ₹60.5 | +24.8% | -53.8% |
| Net profit | ₹26.1 | +2.6% | -66.9% |
| EPS (₹) | 3.85 | +1.0% | -67.2% |
| Operating margin | 11.7% | — | — |
KPEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.45% of the KPEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.63%. That is close to its usual level.
Delivery in the last 5 sessions: 46.4% · 51.0% · 46.2% · 46.9% · 47.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
K.P. Energy Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Bigshare Services Private Limited, confirms that securities received for dematerialization were processed within 15 days. All received physical certificates were mutilated and cancelled, and depositories were updated in the register of members. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- RTA Bigshare Services Private Limited confirmed processing within 15 days of receipt
- Securities received for demat were verified, cancelled, and listed on exchanges
- Filing dated October 12, 2026, submitted to BSE and NSE
K.P. Energy Limited has announced the resignation of its Group Chief Executive Officer, Dr. Alok Das, effective from the close of business hours on October 1, 2026. The resignation letter, dated September 23, 2026, cited personal reasons for his departure. The company had reported TTM revenue of ₹1,797 Cr and PAT of ₹182 Cr, with a large order book execution pipeline of ₹3,086 Cr targeting 50-60% growth. No immediate successor was named in the disclosure.
- Dr. Alok Das resigned as Group Chief Executive Officer effective October 1, 2026
- Resignation letter submitted on September 23, 2026, citing personal reasons
- Company is managing execution across a ₹3,086 Cr order book with a targeted 50-60% growth rate
- KPEL market cap stands at ₹1,463 Cr with TTM revenue of ₹1,797 Cr
K.P. Energy Limited has announced the resignation of its Group Chief Executive Officer, Dr. Alok Das, effective from the close of business hours on October 1, 2026. The resignation letter, dated September 23, 2026, cited personal reasons for his departure. The company had reported TTM revenue of ₹1,797 Cr and PAT of ₹182 Cr, with a large order book execution pipeline of ₹3,086 Cr targeting 50-60% growth. No immediate successor was named in the disclosure.
- Dr. Alok Das resigned as Group Chief Executive Officer effective October 1, 2026
- Resignation letter submitted on September 23, 2026, citing personal reasons
- Company is managing execution across a ₹3,086 Cr order book with a targeted 50-60% growth rate
- KPEL market cap stands at ₹1,463 Cr with TTM revenue of ₹1,797 Cr
KP Group presented its 'KP 3.0 Unleashed' strategy, outlining a 25% revenue CAGR guidance across group companies through FY32. To address investor governance concerns, KP Energy has capped annual promoter royalty payments at 2% of revenue or ₹100 crore (whichever is lower) and transitioned its statutory auditor to BDO for a five-year term (FY27–FY32). The company also outlined leverage targets, aiming for a D/E ratio of ≤2.5x through FY28 (to support a 200 MW IPP rollout) and ≤2.0x by FY32.
- Revenue growth guided at 25% CAGR up till FY32 across group entities
- Royalty payment capped at 2% of revenue or ₹100 crore, whichever is lower
- Statutory auditor transitioned to BDO for five years (FY27–FY32)
- D/E ceiling targeted at ≤2.5x till FY28 (accommodating 200 MW IPP) and ≤2.0x till FY32
- FY26 reported figures highlighted: Revenue ₹1,506 Cr, EBITDA ₹328 Cr, and PAT ₹181 Cr
K.P. Energy Limited has announced a Non-Deal Roadshow scheduled for September 28 and September 29, 2026, in Mumbai. The company's management will conduct physical one-on-one meetings with analysts and institutional investors. The company stated that no unpublished price sensitive information (UPSI) will be disclosed during these interactions. With a current market cap of Rs 1,550 crore and TTM revenue of Rs 1,797 crore, this is a standard investor engagement exercise.
- Non-Deal Roadshow scheduled for September 28, 2026, and September 29, 2026
- Format consists of physical one-on-one meetings with analysts and institutional investors in Mumbai
- Company confirmed no unpublished price sensitive information will be shared
- Filing submitted under Regulation 30 of SEBI LODR Regulations
K.P. Energy Limited has received a Letter of Intent (LOI) from Emmvee Energy Private Limited to develop a 42 MW hybrid project (21 MW wind and 21 MWp solar) under a group captive model in Karnataka. This marks KPEL's maiden project in Karnataka, aiding its stated objective to diversify away from 100% geographic concentration in Gujarat. The order value was not disclosed in the filing, and execution timelines remain subject to a definitive agreement. The client is a non-related party domestic entity, offering customer diversification outside its dominant group-captive exposure to KPIGEL.
- Received LOI for a 42 MW aggregate capacity Wind-Solar Hybrid Power Project
- Project comprises 21 MW Wind capacity and 21 MWp Solar capacity
- First entry and order win in the State of Karnataka
- Client is Emmvee Energy Private Limited; contract is domestic and non-related party
- Timeline to be determined under a definitive agreement; financial consideration not disclosed
K.P. Energy Limited has informed the exchanges regarding the dispatch of letters to shareholders without registered email addresses, providing access links for the FY 2025-26 Annual Report. The company's 17th Annual General Meeting (AGM) is scheduled to be held virtually on September 29, 2026, at 11:30 AM IST. The cut-off date for remote e-voting eligibility has been set as September 22, 2026. The remote e-voting window will remain open from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST).
- 17th Annual General Meeting scheduled for September 29, 2026, at 11:30 AM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for Tuesday, September 22, 2026
- Remote e-voting window runs from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
- Communication dispatched under SEBI Listing Regulation 36(1)(b) to shareholders without registered emails
K.P. Energy Limited has issued notice for its 17th Annual General Meeting (AGM) scheduled for September 29, 2026, via Video Conferencing. Key agenda items include adopting FY26 audited standalone and consolidated financial statements and approving a final dividend of ₹0.25 per share (5% on ₹5 face value), which follows ₹0.65 per share already paid as interim dividends. Additionally, shareholders will vote on appointing M S K C & Associates LLP as Statutory Auditors for a 5-year term (2026–2031) and the appointment of Prof. Sunil Kumar Maheshwari as Whole Time Director & Vice Chairman for 5 years.
- 17th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:30 a.m. IST via VC/OAVM
- Final dividend proposed at 5% (₹0.25 per equity share of ₹5 face value) for FY26
- Confirmation of FY26 interim dividends totaling 13% (₹0.65 per share) paid across three tranches
- Appointment of M S K C & Associates LLP as Statutory Auditors for a 5-year term from 2026 to 2031
- Shareholder approval sought for appointing Prof. Sunil Kumar Maheshwari as Vice Chairman & Whole Time Director for 5 years
K.P. Energy Limited has issued an informational communication to shareholders regarding Tax Deduction at Source (TDS) on its proposed final dividend of Re 0.25 (5%) per equity share of face value Rs 5 for FY 2025-26. The Board has established September 22, 2026, as the record date to determine eligible shareholders. The standard withholding tax rate is 10% for resident shareholders with a valid PAN and 20% for non-residents or accounts without a linked PAN. Shareholders seeking tax exemptions or lower withholding must submit valid declarations by September 21, 2026.
- Final dividend of Re 0.25 (5%) per equity share of face value Rs 5 declared for FY 2025-26
- Record date fixed as September 22, 2026, to determine eligible beneficiaries
- Cut-off date for submitting tax exemption forms (Form 121 / 15G / 15H equivalents) is September 21, 2026
- No tax deducted for resident individuals if total dividend is up to Rs 10,000 (holding up to 40,000 shares)
K.P. Energy Limited has fixed Tuesday, September 22, 2026, as the record date to determine eligibility for a final dividend of Re 0.25 per equity share (face value Rs 5) for FY 2025-26. The proposed dividend is subject to approval by shareholders at the upcoming Annual General Meeting. Against the current share price of Rs 247.3, the dividend represents a modest yield of approximately 0.10%.
- Record date fixed as Tuesday, September 22, 2026
- Final dividend of Re 0.25 per equity share for FY 2025-26
- Applicable on equity shares of face value Rs 5 each
- Payout subject to shareholder approval at the ensuing AGM
K.P. Energy Limited has submitted an updated list of authorized Key Managerial Personnel (KMP) to determine materiality and make disclosures to stock exchanges pursuant to SEBI LODR Regulation 30(5). The authorization is effective from September 3, 2026, and includes Managing Director Dr. Faruk G. Patel, Whole Time Director Mr. Affan Faruk Patel, CFO Ms. Shabana Ahmed Belim, and Company Secretary Ms. Nisha Agarwal. This is a routine administrative filing with no operational or financial impact on the company.
- Authorization effective date: September 3, 2026
- List of 4 authorized KMPs includes the Managing Director, Whole Time Director, CFO, and Company Secretary
- Filing submitted under Regulation 30(5) of SEBI Listing Regulations
- Contact phone number provided: +91 261 2234757
K.P. Energy Limited has appointed Ms. Nisha Agarwal as Company Secretary and Compliance Officer (Key Managerial Personnel) with effect from September 3, 2026. The former CS, Mr. Karmit Sheth, is stepping down from the secretarial role to transition to a full-time role as Head Legal across the group. Additionally, the Board approved amendments to the Articles of Association (AoA) to enable asset disposal/mortgage powers and general statutory authorities, subject to shareholder approval at the upcoming AGM. The Board meeting concluded on September 2, 2026, lasting 36 minutes.
- Appointment of Ms. Nisha Agarwal as CS and Compliance Officer effective September 3, 2026
- Mr. Karmit Sheth transitions to Head Legal after serving as Company Secretary since 2016
- Proposed amendment to Article 64(ii) of AoA empowering the Board to mortgage, lease, or dispose of assets, subject to AGM approval
- Board meeting conducted on September 2, 2026, from 5:00 p.m. to 5:36 p.m.
K.P. Energy Limited announced that its Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) has resigned from statutory secretarial positions with effect from September 3, 2026. The executive is transitioning internally to a dedicated legal leadership role as Head Legal across the KP Group after a 12-year association. The company noted that a structured transition will take place to ensure continuity in secretarial and compliance functions.
- Resignation effective from September 3, 2026
- Executive transitions internally to Head Legal across KP Group after joining in 2014
- Company Secretary role held since 2016 at K.P. Energy Limited
- No governance dispute indicated; smooth handover planned for compliance functions
K.P. Energy Limited held a board meeting on September 2, 2026, approving proposed alterations to its Articles of Association (AOA), including powers related to asset leasing, mortgaging, and disposal, subject to shareholder approval at the AGM. The company appointed Ms. Nisha Agarwal as Company Secretary and Compliance Officer (KMP) effective September 3, 2026. She succeeds Mr. Karmit Sheth, who stepped down to transition exclusively into the role of Head Legal. The board also amended its fair disclosure code under SEBI PIT Regulations.
- Proposed alteration of AOA Clause 64 empowering board to sell, lease, mortgage, or create charges on company assets
- Insertion of General Power Clause 92 in the Articles of Association, subject to shareholder approval
- Appointment of Ms. Nisha Agarwal as Company Secretary and Compliance Officer effective September 3, 2026
- Mr. Karmit Sheth stepped down as CS/KMP to transition to a dedicated role as Head Legal
K.P. Energy Limited (KPEL) announced key outcomes from its Board meeting held on September 2, 2026. The Board approved the appointment of Ms. Nisha Agarwal as Company Secretary and Compliance Officer (KMP) effective September 3, 2026, replacing Mr. Karmit Sheth, who transitions to Head Legal. Additionally, the Board approved proposed alterations to the Articles of Association (AOA) to expand borrowing/asset hypothecation powers, subject to shareholder approval at the AGM, and revised its UPSI disclosure code.
- Ms. Nisha Agarwal appointed as Company Secretary and Compliance Officer (KMP) effective September 3, 2026.
- Mr. Karmit Sheth stepped down as CS to focus exclusively on his role as Head Legal across the group.
- Proposed amendment to AOA Clause 64 and insertion of Clause 92 regarding asset hypothecation and general powers, subject to shareholder approval.
- Board meeting conducted on September 2, 2026, from 5:00 p.m. to 5:36 p.m.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew by 98% in FY25 to INR 926.57 Cr from INR 469.50 Cr in FY24, driven primarily by higher EPC income. H1 FY26 revenue from operations reached INR 520 Cr, a 60% increase compared to INR 326 Cr in H1 FY25, while Q2 FY26 revenue grew 51% YoY to INR 301 Cr.
Geographic Revenue Split
100% of the current order book is concentrated in Gujarat. While this exposes the company to state-specific policy risks, it leverages Gujarat's position as the state with the second-highest installed wind capacity in India and financially healthy discoms.
Profitability Margins
PAT margin was 12.10% in FY25, a slight decline from 12.49% in FY24 due to higher interest costs of INR 18 Cr in H1 FY26 (up from INR 13 Cr). Q1 FY26 PAT margin stood at 11.65%. Margins are expected to improve as the IPP portfolio grows beyond the current 48.5 MW, benefiting from large-scale O&M efficiencies.
EBITDA Margin
PBILDT margin improved to 18.86% in FY25 from 18.16% in FY24. H1 FY26 EBITDA reached INR 118 Cr (up 59% YoY) with a margin of approximately 22.7%. Q1 FY26 PBILDT margin was 22.19%, driven by operational efficiencies and the use of in-house equipment like large cranes which reduce fixed mobilization costs.
Capital Expenditure
Fixed assets increased by 157% YoY to INR 514 Cr in H1 FY26 from INR 200 Cr in H1 FY25, reflecting significant investment in wind IPP projects and infrastructure. The company has repayment obligations of INR 25.32 Cr in FY26 and INR 23.46 Cr in FY27.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A-; Stable' for long-term bank facilities of INR 513.01 Cr and 'CARE A2+' for short-term facilities of INR 150.00 Cr. Interest costs rose 39% YoY in H1 FY26 to INR 18 Cr due to term loans availed for wind IPP projects.
Operational Drivers
Raw Materials
Structural steel requirements and renewable infrastructure solutions represent the primary material costs. The company saw a slight decline in the cost of material consumed in FY25 due to better sourcing and increased sales volume.
Import Sources
Sourced primarily from within Gujarat, specifically through group company linkages to ensure supply chain stability for EPC projects.
Key Suppliers
KP Green Engineering Limited (KPIGEL) is the primary supplier for structural requirements, creating strong operational linkages within the KP Group.
Capacity Expansion
The company holds an order book of 2.1 GW as of June 30, 2025, which is 3.33x the FY25 TOI. The IPP segment currently operates 48.5 MW with plans to scale this portfolio to improve long-term margins.
Raw Material Costs
Total operating expenses for H1 FY26 were INR 406 Cr, up 54% YoY from INR 263 Cr, tracking the 60% revenue growth. Procurement is streamlined through group entities to mitigate price volatility in steel and components.
Manufacturing Efficiency
Operational efficiency is driven by 'large-scale benefits' where mobilizing for larger megawatt orders from a single entity reduces fixed costs per unit of power capacity installed.
Logistics & Distribution
Distribution costs are managed by focusing on geographically clustered sites in Gujarat, which minimizes the movement of heavy equipment like cranes and turbines.
Strategic Growth
Expected Growth Rate
50-60%
Growth Strategy
The company plans to achieve this CAGR through the execution of its INR 3,086 Cr order book over the next three years. Strategy includes diversifying into offshore wind, expanding IPP capacity to capture higher margins, and entering new state markets like Maharashtra, Madhya Pradesh, and Rajasthan via signed MOUs.
Products & Services
Wind, solar, and hybrid Engineering, Procurement, Construction and Commissioning (EPCC) services; Independent Power Producer (IPP) electricity sales; Operations and Maintenance (O&M) services; and wind resource assessment.
Brand Portfolio
KP Energy, KP Group
New Products/Services
Expansion into offshore wind projects and hybrid (solar-wind) power solutions are the primary new growth avenues expected to contribute to the 50-60% growth guidance.
Market Expansion
Targeting Maharashtra, Madhya Pradesh, and Rajasthan to reduce the current 100% revenue dependency on Gujarat.
Market Share & Ranking
Not disclosed as a specific percentage, but identified as a leading player in the Gujarat wind infrastructure sector with a 2.1 GW pipeline.
Strategic Alliances
Strong internal JVs with KP Green Engineering Limited and KPI Green Energy Limited for project sourcing and infrastructure supply.
External Factors
Industry Trends
The renewable industry is growing rapidly but remains fragmented and competitive. The shift toward hybrid (wind-solar) projects and offshore wind represents the next technology frontier where KPEL is positioning itself.
Competitive Landscape
Operates in a fragmented industry with competition from both large national EPC players and specialized renewable energy firms.
Competitive Moat
Moat is built on 'backward integration' for infrastructure solutions and owning critical execution assets (cranes). This is sustainable because it allows for lower bid costs compared to competitors who must rent equipment.
Macro Economic Sensitivity
Highly sensitive to interest rate volatility as seen in the FY25 PAT margin compression following increased debt for IPP projects.
Consumer Behavior
Increasing demand from Corporate IPPs and Captive Power Producers (CPPs) for green energy to meet ESG goals is driving the 3.33x order book-to-sales ratio.
Geopolitical Risks
Minimal direct exposure as operations are domestic, but global supply chain disruptions in wind turbine components could delay project commissioning.
Regulatory & Governance
Industry Regulations
Subject to Gujarat state policies on wind-solar hybrids, land ceiling acts for project sites, and GEDA (Gujarat Energy Development Agency) regulations.
Environmental Compliance
As a renewable energy company, it benefits from carbon credit potential and green energy incentives, though specific compliance costs are not disclosed.
Taxation Policy Impact
Effective tax rate is not explicitly stated, but PBT to PAT conversion in H1 FY26 (INR 89 Cr to INR 61 Cr) suggests a standard corporate tax profile of approx 31%.
Risk Analysis
Key Uncertainties
Execution risk of the INR 3,086 Cr order book within the 3-year timeline; potential for 10-20% margin volatility if material costs for steel rise sharply.
Geographic Concentration Risk
100% of revenue and order book is currently tied to Gujarat, creating a high-impact risk from regional regulatory shifts.
Third Party Dependencies
74% revenue dependency on group entity KPIGEL for order flow, making KPEL's growth contingent on the group's overall financial health.
Technology Obsolescence Risk
Risk of wind turbine technology shifts; mitigated by the company's focus on EPCC and infrastructure rather than turbine manufacturing.
Credit & Counterparty Risk
Receivables quality is supported by a client base of reputed firms like NTPC and Aditya Birla, and management confirms funding for group orders is already secured.
