KPI Green Energy Limited (KPIGREEN)
₹319.80 -0.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, KPI Green's revenue was ₹694 Cr (+13.0% year on year, -12.8% on the previous quarter), and net profit ₹94.6 Cr (-15.0% year on year); the operating margin was 35.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹694 | +13.0% | -12.8% |
| Operating profit | ₹246 | +13.2% | -15.6% |
| Net profit | ₹94.6 | -15.0% | -38.9% |
| EPS (₹) | 4.34 | -17.6% | -41.0% |
| Operating margin | 35.4% | — | — |
KPIGREEN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.0% of the KPIGREEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.72%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 50.7% · 60.4% · 29.1% · 41.6% · 31.0%
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
KPI Green Energy Limited has submitted its quarterly 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 Bigshare Services Private Limited confirms that share certificates received for dematerialization were processed, mutilated, and cancelled within the prescribed 15-day timeline. Depositories have been substituted as registered owners in the member register. This is a recurring regulatory compliance filing with no impact on business operations or financials.
- Compliance certificate submitted for the quarter ended September 30, 2026
- RTA Bigshare Services confirmed processing of all dematerialization requests within 15 days of receipt
- Filing submitted to stock exchanges on October 13, 2026
KPI Green Energy Limited has incorporated a new wholly owned subsidiary named KPGC Three Private Limited on October 05, 2026. The new entity has an authorized and subscribed share capital of ₹1,00,000 comprising 10,000 equity shares of ₹10 each, fully funded via cash consideration. The subsidiary is focused on the renewable energy sector, encompassing generation, transmission, storage, and supply across solar, wind, and energy storage systems. The initial investment is negligible relative to the company's TTM revenue of ₹2,787 crore and represents a procedural step for future project rollouts.
- Incorporated wholly owned subsidiary KPGC Three Private Limited on October 05, 2026
- Authorized and subscribed capital stands at ₹1,00,000 (10,000 shares at ₹10 each)
- Acquisition cost is ₹1,00,000 in 100% cash consideration
- Turnover of target entity is Nil as it has yet to commence business operations
KPI Green Energy Limited announced the resignation of Dr. Alok Das from the position of Group Chief Executive Officer, effective close of business hours on October 1, 2026. The resignation letter, dated September 23, 2026, cites personal reasons for his departure. The company is currently executing a 3.08+ GW order book with ambitions to reach 10+ GW capacity by 2030, making leadership continuity critical. No immediate successor was named in the regulatory filing.
- Dr. Alok Das resigned as Group Chief Executive Officer citing personal reasons.
- Resignation is effective from the close of business hours on October 1, 2026.
- Resignation letter was tendered earlier on September 23, 2026.
- Company is currently managing a pipeline of 3.08+ GW orders and Rs 5,280 Cr in debt.
KPI Green Energy Limited announced the resignation of Dr. Alok Das from the position of Group Chief Executive Officer, effective close of business hours on October 1, 2026. The resignation letter, dated September 23, 2026, cites personal reasons for his departure. The company is currently executing a 3.08+ GW order book with ambitions to reach 10+ GW capacity by 2030, making leadership continuity critical. No immediate successor was named in the regulatory filing.
- Dr. Alok Das resigned as Group Chief Executive Officer citing personal reasons.
- Resignation is effective from the close of business hours on October 1, 2026.
- Resignation letter was tendered earlier on September 23, 2026.
- Company is currently managing a pipeline of 3.08+ GW orders and Rs 5,280 Cr in debt.
KPI Green Energy hosted its 'KP 3.0 Unleashed' Investor Day, outlining long-term strategic plans including a 25% revenue CAGR guidance across group companies through FY32. To address market governance concerns, the group appointed BDO as statutory auditors for 5 years (FY27–FY32), capped royalty payments at 2% of revenue or ₹175 crore for KPI Green Energy, and stated SBI is slated to cancel promoter share pledges later this fiscal year. The company reported a 2.8 GW IPP portfolio and 6.4 GW EPC portfolio backed by 5.10 GW power evacuation capacity, targeting ≤4.0x D/E for KPI Green Energy up to FY32.
- Revenue CAGR guided at 25% across each group company up till FY32
- Royalty payments capped at 2% of revenue or ₹175 crore (whichever is lower) for KPI Green Energy
- BDO appointed as statutory auditor across all three listed group companies for 5 years (FY27–FY32)
- Consolidated IPP portfolio reached 2.8 GW, supported by 5.10 GW power evacuation capacity and 6.4 GW EPC portfolio
- Promoter pledge release process initiated with SBI approval expected later in FY27
KPI Green Energy has signed a binding offer to acquire 100% equity in Alfanar Energy and Netra Wind for an enterprise value of approximately ₹2,410 crore (~86% of TTM revenue). The acquired assets comprise 507.9 MW of operational wind capacity in Bhuj, Gujarat, with 25-year SECI PPAs and ~21 years of weighted remaining life. This transaction will increase the company's installed IPP capacity from 1.16 GW to ~1.67 GW without commissioning risk. The deal is slated to close by February 28, 2027, subject to lender and regulatory approvals.
- Enterprise value of approximately ₹2,410 crore to acquire 100% equity in AEPL and NWPL
- Acquisition of 507.9 MW operational wind capacity (301.4 MW AEPL and 206.5 MW NWPL)
- Increases operational IPP capacity from 1.16 GW to approximately 1.67 GW
- Assets backed by 25-year SECI PPAs with ~21 years remaining contracted life
- Transaction scheduled to close by February 28, 2027
KPI Green Energy has entered into a binding offer to acquire 100% of Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) for an Enterprise Value of ₹2,410 crore in cash. The targets hold operational wind power capacities of 301.4 MW and 206.5 MW respectively (totalling 507.9 MW) located in Bhuj, Gujarat. Relative to KPI Green's TTM revenue of ₹2,787 crore and market cap of ₹7,874 crore, the deal value is substantial at ~86% of TTM revenue. The transaction is slated for completion on or before February 28, 2027, subject to definitive documents and lender/regulatory approvals.
- 100% acquisition of AEPL and NWPL at an Enterprise Value of ₹2,410 Crores in all-cash consideration
- Adds 507.9 MW of operational wind capacity in Bhuj, Gujarat (AEPL: 301.4 MW, NWPL: 206.5 MW)
- Target FY25 combined revenue stands at ₹277.45 Cr (AEPL ₹168.47 Cr, NWPL ₹108.98 Cr)
- Expected completion date on or before February 28, 2027, subject to regulatory and lender approvals
KPI Green Energy Limited has received a major turnkey Solar EPC work order valued at approximately ₹2,025 crore (inclusive of taxes) from NACOF Oorja Private Limited. The order covers the turnkey execution of a 500 MW / 550 MWp solar plant at Bikaner, Rajasthan, scheduled for completion within 12 months from site handover. This single order represents approximately 72.7% of the company's TTM revenue of ₹2,787 crore, offering substantial revenue visibility. The contract is non-related party and awarded by a domestic entity.
- Received turnkey EPC work order valued at approx. ₹2,025 crore from NACOF Oorja Private Limited
- Project capacity is 500 MW / 550 MWp (AC), part of a 5,000 MW solar park in Bikaner, Rajasthan
- Execution timeline is within 12 months from handing over of the project site
- Order value constitutes ~72.7% of KPI Green's TTM revenue of ₹2,787 crore
KPI Green Energy Limited has incorporated a new wholly owned subsidiary named 'KPGC Two Private Limited' on September 26, 2026. The new entity has an authorized and subscribed share capital of ₹1,00,000 comprising 10,000 equity shares of ₹10 each, fully funded in cash. The subsidiary is formed to undertake renewable energy activities including solar, wind, power plants, and energy storage systems. The initial financial outlay is negligible relative to the company's TTM revenue of ₹2,787 crore and market capitalization of ₹7,206 crore.
- Incorporated new wholly owned subsidiary KPGC Two Private Limited on September 26, 2026
- Subscribed and authorized capital stands at ₹1,00,000 (10,000 equity shares of ₹10 each)
- Acquisition cost is ₹1,00,000 paid as 100% cash consideration
- Target entity currently has nil turnover and has yet to commence operations
KPI Green Energy Limited has incorporated a new wholly owned subsidiary named 'KPGC Two Private Limited' on September 26, 2026. The new entity has an authorized and subscribed share capital of ₹1,00,000 comprising 10,000 equity shares of ₹10 each, fully funded in cash. The subsidiary is formed to undertake renewable energy activities including solar, wind, power plants, and energy storage systems. The initial financial outlay is negligible relative to the company's TTM revenue of ₹2,787 crore and market capitalization of ₹7,206 crore.
- Incorporated new wholly owned subsidiary KPGC Two Private Limited on September 26, 2026
- Subscribed and authorized capital stands at ₹1,00,000 (10,000 equity shares of ₹10 each)
- Acquisition cost is ₹1,00,000 paid as 100% cash consideration
- Target entity currently has nil turnover and has yet to commence operations
KPI Green Energy Limited has declared the voting results of its Postal Ballot concluded on September 24, 2026. The ordinary resolution approving material related party transactions with Sun Drops Energia Limited was passed with 64.16% of polled votes in favor. Notably, institutional investors showed significant pushback, with 84.45% of institutional votes polled cast against the resolution, whereas non-institutional public shareholders backed it with 99.76% approval. Promoter entities held 97.66 million shares but did not vote as an interested party.
- Resolution on material related party transaction passed with 64.16% votes in favour (16,761,630 votes) versus 35.84% against (9,362,655 votes)
- Public institutions heavily opposed the resolution, casting 84.45% (9,325,882 votes) against and only 15.55% in favour
- Public non-institutions overwhelmingly supported it, with 99.76% (15,043,916 votes) cast in favour
- Promoter and promoter group abstained from voting on the resolution as interested parties
ICRA has reaffirmed KPI Green Energy Limited's long-term bank facilities rating at [ICRA]A (Stable) and short-term facilities at [ICRA]A2+, while enhancing the total rated facility amount from ₹6,418.20 crore to ₹7,644.63 crore. The credit enhancement rating on its NCDs was also reaffirmed at [ICRA]AA+(CE) (Stable) on an outstanding ₹594.63 crore. The ratings affirm execution across its ~₹4,700 crore EPC order book as of June 2026, alongside robust revenue growth to ₹2,695.9 crore in FY2026. However, ICRA noted that leverage will remain elevated to fund its ~1.2 GW utility IPP and BESS project pipeline.
- Total rated bank facilities and NCDs enhanced from ₹6,418.20 crore to ₹7,644.63 crore.
- Long-term bank facilities reaffirmed at [ICRA]A (Stable) with enhanced term loan limits of ₹4,937.61 crore.
- Consolidated CPP/EPC order book stood at ~₹4,700 crore as of June 2026, providing near-term execution visibility.
- Credit metrics constrained by capex for under-development utility scale IPP projects of ~1.2 GW installed capacity.
KPI Green Energy Limited responded to an NSE query on September 22, 2026, regarding a significant increase in trading volume. The company confirmed that it is fully compliant with Regulation 30 of the SEBI LODR Regulations, 2015. It clarified that there is no undisclosed price-sensitive information or pending announcements. The volume movement in the stock is purely market-driven according to the management.
- Clarification issued on September 22, 2026, in response to exchange inquiry on volume spurt
- Confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015
- Zero pending price-sensitive announcements or disclosures reported by management
- Company attributed trading volume movement entirely to prevailing market conditions
CRISIL Ratings has reaffirmed its 'Crisil AA+ (CE)/Stable' credit rating on KPI Green Energy's ₹670 crore Non-Convertible Debentures (NCDs). Following scheduled quarterly repayments, the outstanding principal on these debentures stands reduced to ₹572.85 crore as of September 2026 payouts. The rating structure is supported by an unconditional guarantee from GuarantCo Ltd, covering 76% of the outstanding principal, along with a ₹100 crore security deposit and a rolling Debt Service Reserve Account (DSRA).
- CRISIL reaffirmed 'Crisil AA+ (CE) /Stable' rating on ₹670.00 crore NCDs
- Outstanding principal on NCDs stands reduced to ₹572.85 crore post-September 2026 amortisation
- GuarantCo Ltd partial guarantee coverage increased from 65% of issue size to 76% of principal outstanding
- Debentures backed by ₹100 crore security deposit FD and 1-quarter rolling DSRA
- Company orderbook stands at more than 5.07 GW as of August 11, 2026
KPI Green Energy Limited has issued an intimation providing the web-link and navigation path for its FY 2025-26 Annual Report to shareholders whose email addresses are not registered. The 18th Annual General Meeting (AGM) will be conducted via Video Conferencing on September 29, 2026, at 10:00 a.m. IST. The cut-off date to determine eligibility for remote e-voting is set for September 22, 2026, with the voting window open from September 26 to September 28, 2026.
- 18th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 10:00 a.m. IST via Video Conferencing
- Cut-off date for remote e-voting eligibility set for Tuesday, September 22, 2026
- Remote e-voting window active from Saturday, September 26, 2026 (9:00 a.m. IST) to Monday, September 28, 2026 (5:00 p.m. IST)
- Annual Report and AGM notice made accessible via company website and stock exchange portals under Regulation 36(1)(b)
Financial Performance
Revenue Growth by Segment
Total revenue grew 76.5% YoY to INR 1,255.26 Cr in H1 FY26. The IPP segment provides high-margin annuity inflows with 90% EBITDA, while the CPP segment operates at 18-20% EBITDA margins.
Geographic Revenue Split
Revenue is primarily concentrated in Gujarat, India, with major solar sites in Bhalod, Bharuch, Sudi, Vilayat, and Jarsad. A significant MOU of INR 8,000 Cr was signed with the Government of Gujarat.
Profitability Margins
Profit After Tax (PAT) grew 67.7% YoY to INR 228 Cr in H1 FY26. Management expects PAT margins to potentially cross 20% as the high-margin IPP segment expands.
EBITDA Margin
Combined EBITDA margin stands at 32-33%. EBITDA increased 68% YoY to INR 449.3 Cr in H1 FY26, driven by operating leverage and disciplined cost control.
Capital Expenditure
Cash flow from investing activities was INR -1,017 Cr in H1 FY26, compared to INR -286 Cr in H1 FY25, reflecting aggressive asset ownership and project construction.
Credit Rating & Borrowing
ICRA reaffirmed an 'A (Positive)' rating for the company and 'AA+(CE)' for its Green Bond issue. Liquidity is considered adequate with cash and equivalents of INR 829 Cr as of Sept 30, 2025.
Operational Drivers
Raw Materials
Key raw materials include Solar Panels (purchased directly), MMS (Module Mounting Structures), PEB (Pre-Engineered Buildings), and galvanized steel structures.
Import Sources
Solar panels are purchased directly by the company, while steel structures are sourced from group flagship arm KP Green Engineering's upcoming plant at Matar, Gujarat.
Key Suppliers
KP Green Engineering (for structures), KP Energy (for windmill expertise and execution), and Bondada (subcontractor for specific execution orders).
Capacity Expansion
Current installed capacity is 1.07+ GW as of H1 FY26, with a planned expansion to 10+ GW by 2030. Orders in hand stand at 3.08+ GW.
Raw Material Costs
Raw material costs are managed through direct procurement of panels and arm's length transactions with group companies for structures to maintain 18-20% EBITDA in CPP.
Manufacturing Efficiency
The company operates 123 total sites and has a power evacuation capacity of 3.46+ GW, significantly exceeding current installed capacity to allow for rapid scaling.
Strategic Growth
Expected Growth Rate
76.50%
Growth Strategy
Growth will be achieved by scaling to 10+ GW by 2030, expanding the IPP segment for stable annuity inflows, and entering emerging sectors like BESS, Green Hydrogen, and Green Ammonia.
Products & Services
Solar power, Wind power, Hybrid renewable energy, and EPC (Engineering, Procurement, and Construction) services for captive power plants.
Brand Portfolio
KP Group, KPI Green Energy.
New Products/Services
New segments include BESS (Battery Energy Storage Systems), Green Hydrogen, and Green Ammonia, which are currently being incubated in separate private group companies.
Market Expansion
Expansion into emerging sectors such as data centers, AI, and life sciences, alongside geographic expansion within India supported by a 6,680+ acre land bank.
Strategic Alliances
MOU with the Government of Gujarat for INR 8,000 Cr and collaborations with marquee investors like BlackRock, Vanguard, and Goldman Sachs.
External Factors
Industry Trends
The industry is shifting toward Hybrid (Solar-Wind) projects and BESS. KPI is positioning itself with a 10+ GW target and entry into Green Hydrogen to lead this transition.
Competitive Landscape
Competes with large conglomerates like Adani and Reliance in the renewable energy space, utilizing a brand-led 'KP Group' strategy.
Competitive Moat
Moat includes a massive 6,680+ acre land bank, 3.46+ GW evacuation infrastructure, and the 'KP' brand trademark. These are sustainable due to high entry barriers in power evacuation and land aggregation.
Macro Economic Sensitivity
Highly sensitive to interest rate movements due to the capital-intensive nature of RE projects and fixed-tariff PPAs.
Consumer Behavior
Increasing corporate demand for 'Green' power to meet ESG goals is driving the 18-20% margin CPP segment.
Geopolitical Risks
Social risks manifest in land acquisition disagreements; environmental risks are low as the company produces clean power reducing greenhouse gases.
Regulatory & Governance
Industry Regulations
Operations are governed by long-tenor PPAs (Power Purchase Agreements) and renewable energy permits. Compliance with SEBI Listing Regulations is maintained.
Environmental Compliance
Operational units are compliant with all environmental regulations and statutory permits, exhibiting low environmental risk.
Taxation Policy Impact
Utilizes accelerated depreciation and tax efficiency strategies associated with renewable asset ownership to improve first-year cash flows.
Legal Contingencies
No specific pending court case values in INR are disclosed; however, the company maintains a comprehensive internal control framework audited for effectiveness.
Risk Analysis
Key Uncertainties
Related Party Transaction (RPT) concerns regarding revenue booking between KP Group companies and potential equity dilution affecting EPS growth.
Geographic Concentration Risk
High concentration in Gujarat, with major sites and MOUs centered in the state.
Third Party Dependencies
Dependency on KP Energy for wind execution and KP Green Engineering for structural components.
Technology Obsolescence Risk
Mitigated by exploring BESS and Green Hydrogen to stay ahead of standard solar/wind technology shifts.
Credit & Counterparty Risk
Receivables quality is supported by long-tenor PPAs with marquee clients like Tata Motors and SJVN.
