NSE: KPEL · BSE: 539686
K.P. ENERGY LIMITED
Provides wind energy infrastructure services — primarily Balance of Plant (BOP) and Engineering, Procurement and Construction (EPC) work — that make up 97.6% of FY26 segment revenue at ₹1,451.73 cr, with the balance 2.4% (₹35.82 cr) from sale of power generated by its own independent power producer (IPP) wind assets. The order book stood at ~2 GW worth approximately ₹3,000 cr, with management guiding that the majority will convert to revenue in FY27, and the company also runs an Operation & Maintenance Services line visible across quarterly disclosures. It operates a 48.5 MW wind IPP portfolio with 200 MW in development at ~₹1,700 cr project cost and an O&M portfolio of 646 MW. It commissioned a 50.4 MW wind project at Vanki, Kutch with 16 Suzlon 3.15 MW turbines for NTPC Renewable Energy in July 2026, and won a 100 MW PPA with GUVNL at ₹3.435 per unit for 25 years. Materials are the dominant cost at 69% of revenue, with capex at 14.5% of revenue. Customers include utility-scale renewable energy developers such as NTPC Renewable Energy, group entities (about 50% of the order book), and state utilities like GUVNL. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infrastructure Development (98%), Sale of Power (2%), Operation & Maintenance Services. Project-driven wind energy infrastructure (BOP/EPC) provider and wind IPP operator with a growing O&M book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 250 | 438 | 473 | 939 | 1,497 |
| EBITDA (ex other income) | 34 | 70 | 86 | 176 | 320 |
| margin % | 13.6 | 16.0 | 18.2 | 18.8 | 21.4 |
| Owners' profit | 0 | 44 | 58 | 115 | 181 |
| EPS, as reported (₹) | 17.64 | 19.73 | 8.74 | 17.29 | 27.07 |
| ROE % · ROCE % | 16.9 · 16.2 | 34.5 · 32.8 | 31.6 · 28.5 | 37.0 · 28.6 | 34.7 · 32.8 |
| Debt / equity (x) | 0.26 | 0.32 | 0.54 | 0.73 | 0.74 |
| Cash from operations | 22 | 28 | 33 | 162 | 123 |
| Capex | (9) | (5) | (32) | (258) | (218) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 199 | 212 | 401 | 219 | 301 | 345 | 632 | 519 |
| Profit before tax | 33 | 34 | 65 | 35 | 54 | 57 | 108 | 37 |
| Net profit | 25 | 26 | 46 | 25 | 36 | 41 | 79 | 26 |
| EPS (₹) | 3.74 | 3.96 | 6.87 | 3.81 | 5.36 | 6.18 | 11.74 | 3.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Infrastructure Development | 1,452 | 97.0 |
| Sale of Power | 26 | 1.7 |
| Operation & Maintenance Services | 10 | 0.7 |
| from Sale of Power | 10 | 0.7 |
| Total, before eliminations | 1,497 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,92,646 | 10.5 | 1.39 | 9.6 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,12,298 | 87.7 | 7.11 | 27.3 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 86,061 | 41.9 | 2.56 | 14.4 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 73,530 | 19.4 | 1.52 | 19.6 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 70,242 | 117.4 | 3.66 | 37.5 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,990 | 9.6 | 1.27 | 9.0 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 29,643 | 42.9 | 5.86 | 20.5 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,081 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 19.1 | 2 of 22 | 95% |
| P/B | 2.2 | 1.4 | 18 of 26 | 32% |
| ROCE | 27.8 | 2.7 | 1 of 29 | 100% |
| ROE | 34.7 | 5.3 | 1 of 26 | 100% |
| Debt / Equity | 0.7 | 0.8 | 13 of 26 | 52% |
| EBITDA margin | 11.9 | 53.8 | 23 of 24 | 4% |
| Revenue growth | 136.7 | 10.0 | 3 of 24 | 91% |
| Profit growth | 2.6 | 4.2 | 14 of 25 | 46% |
| Market cap | 1139 | 3297 | 18 of 29 | 39% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialization filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · K.P. Energy Group CEO Dr. Alok Das resigns effective October 1, 2026 | management changes | high | — | — |
| 30 Sept 2026 · KP Energy files Investor Presentation for KP 3.0 Unleashed Investor Day | investor communications | medium | — | — |
| 29 Sept 2026 · K.P. Energy 17th AGM: All 11 resolutions passed including final dividend | compliance | minimal | — | — |
| 29 Sept 2026 · K.P. Energy 17th AGM held on Sep 29, 2026; 11 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · KP Energy to host Investor Day 'KP 3.0 Unleashed' on Sep 30 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Non-Deal Roadshow with analysts and institutional investors on Sep 28-29 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · K.P. Energy receives LOI for 42 MW Karnataka wind-solar project | business updates | high | — | — |
| 7 Sept 2026 · K.P. Energy informs exchange about 17th AGM newspaper publication notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.