BSE: 544150
KP GREEN ENGINEERING LIMITED
Designs, fabricates and galvanizes steel infrastructure products for India's power, telecom and renewable-energy sectors. The business runs a single integrated fabrication and galvanizing platform at Matar, Gujarat, with a FY26 capacity of 4,00,500 MTPA, and sells products like solar module mounting structures, transmission towers, telecom towers, pre-engineered buildings (PEB), crash barriers, RSJ poles, monopoles, cable trays and isolators to state power utilities, telecom operators (including BSNL under an ₹819+ crore order), railway and road infrastructure authorities (NHAI, PWD, CPWD), and solar EPC contractors. A dedicated hot-dip galvanizing facility of 90,000 MTPA — described as Asia's largest — is now operational and is used both for captive consumption and likely third-party galvanizing. FY26 revenue was ₹1,245.57 crore with EBITDA margin of 20% and PAT of ₹135.74 crore, while the order book stood at ₹1,831 crore and the bidding pipeline at ₹3,000+ crore. Capacity utilization is currently around 30–34%, with management targeting 50–60% in FY27. Materials — primarily steel and galvanizing inputs — are the dominant cost at 69.8% of revenue, with capex running at 29.4% of revenue as the company invests in backward integration (rolling mill, cables, conductors). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar module mounting structures, Transmission towers & substation equipment, Telecom infrastructure, Crash barriers, Pre-Engineered Buildings (PEB), Galvanizing services, Other fabricated products. Asset-heavy, capacity-driven steel fabrication and galvanizing with project-based, order-book revenue.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 349 | 695 | 1,246 |
| EBITDA (ex other income) | — | 107 | 245 |
| margin % | — | 15.4 | 19.7 |
| Owners' profit | — | 73 | 136 |
| EPS, as reported (₹) | 9.70 | 14.70 | 27.15 |
| ROE % · ROCE % | — · 18.2 | 22.7 · 31.0 | 29.7 · 38.1 |
| Debt / equity (x) | — | 0.29 | 0.57 |
| Cash from operations | (42) | 16 | 155 |
| Capex | — | (197) | (366) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 245 | 262 | 432 | 532 | 713 |
| Profit before tax | 33 | 36 | 63 | 78 | 106 |
| Net profit | — | 27 | 46 | 58 | 77 |
| EPS (₹) | 6.52 | 5.50 | 9.20 | 11.66 | 15.49 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,39,247 | 57.2 | 5.33 | 46.4 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,38,795 | 46.5 | 14.86 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,576 | 86.1 | 16.05 | 71.6 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,642 | 110.0 | 24.47 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,18,886 | 36.3 | 8.58 | 33.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,01,908 | 78.1 | 37.88 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,243 | 68.0 | 21.04 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 50,776 | 16.2 | 5.37 | 15.7 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 36.3 | 2 of 34 | 97% |
| P/B | 2.9 | 5.4 | 10 of 33 | 72% |
| ROCE | 31.1 | 16.6 | 6 of 36 | 86% |
| ROE | 29.7 | 14.7 | 6 of 34 | 85% |
| Debt / Equity | 0.6 | 0.1 | 28 of 34 | 18% |
| EBITDA margin | 20.6 | 16.4 | 13 of 35 | 65% |
| Revenue growth | 191.1 | 17.7 | 1 of 33 | 100% |
| Market cap | 1306 | 6531 | 27 of 35 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 12 Oct 2026 · KP Green Engineering bags new orders worth Rs. 272.32 Crores | business updates | high | — | — |
| 1 Oct 2026 · Group CEO Dr Alok Das resigns effective Oct 1, 2026 | management changes | critical | — | — |
| 1 Oct 2026 · KP Green Engineering: All 8 resolutions passed at 25th AGM; final dividend approved | compliance | minimal | — | — |
| 30 Sept 2026 · KP Green submits investor presentation for KP 3.0 Unleashed investor day | investor communications | medium | — | — |
| 30 Sept 2026 · 25th AGM of KP Green Engineering held Sept 30, 2026; 8 resolutions tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hrs after H2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · KP Green Engineering to host Investor Day KP 3.0 Unleashed on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · KP Green Engineering to attend non-deal roadshow on Sep 28-29 in Mumbai | board shareholder meetings | low | — | — |
| 8 Sept 2026 · KP Green Engineering publishes 25th AGM notice in newspapers | 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.