NSE: KPIGREEN · BSE: 542323
KPI GREEN ENERGY LIMITED
Generates electricity from renewable sources and executes turnkey solar, wind and hybrid power projects for utility and commercial customers. Revenue is overwhelmingly from Sales of Power & Solar Power Plant at ₹1,988.23 crore (99.9% of segment revenue), which combines long-duration power sales from its Independent Power Producer (IPP) portfolio with EPC-based execution of solar and hybrid plants. The IPP business operates solar, wind, hybrid and floating solar assets under long-tenor PPAs, while the Captive Power Project (CPP) / EPC arm builds grid-connected solar PV projects for state utilities and corporates on a turnkey basis — recent examples include a 200 MW (AC) / 269 MW (DC) project for Coal India at the GIPCL Solar Park in Khavda, Gujarat, and a 100 MW (AC) / 128 MW (DC) project for MAHAGENCO at Nagpur. Sales of Plot is a residual line at ₹1.27 crore (0.1%). Materials and EPC inputs are the largest cost, at 52.0% of FY26 revenue, with depreciation at 4.9% and capex at 112.6% reflecting the build-out of the IPP asset base. FY26 total assets reached ₹9,882.06 crore against revenue of ₹2,695.91 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sales of Power & Solar Power Plant (100%), Sales of Plot (0%). Asset-heavy, capex-intensive renewable energy IPP plus EPC contractor.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 230 | 644 | 1,024 | 1,735 | 2,696 |
| EBITDA (ex other income) | 109 | 208 | 337 | 561 | 960 |
| margin % | 47.3 | 32.3 | 32.9 | 32.3 | 35.6 |
| Owners' profit | 46 | 110 | 162 | 320 | 476 |
| EPS, as reported (₹) | 23.94 | 30.33 | 28.17 | 16.23 | 24.13 |
| ROE % · ROCE % | 28.1 · 16.2 | 42.5 · 21.3 | 19.3 · 19.7 | 12.4 · 13.0 | 15.6 · 11.1 |
| Debt / equity (x) | 2.19 | 2.02 | 1.00 | 0.43 | 1.38 |
| Cash from operations | 102 | 159 | (57) | 208 | 424 |
| Capex | (191) | (312) | (86) | (1,505) | (3,035) |
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 | 360 | 458 | 569 | 603 | 634 | 663 | 796 | 694 |
| Profit before tax | 97 | 115 | 139 | 149 | 158 | 170 | 214 | 131 |
| Net profit | 70 | 85 | 104 | 111 | 117 | 126 | 155 | 95 |
| EPS (₹) | 5.55 | 6.44 | 5.04 | 5.28 | 5.53 | 5.97 | 7.36 | 4.34 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sales of Power & Solar Power plant | 796 | 29.5 |
| Sales of Plot | 1 | 0.0 |
| Sales of Power and Solar Power Plant | 1,296 | 48.1 |
| Revenue from Sales of Power & Solar Power Plant | 603 | 22.4 |
| Revenue from Sales of Plot | 0 | 0.0 |
| Total, before eliminations | 2,696 | 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) | 12.3 | 19.1 | 7 of 22 | 71% |
| P/B | 1.7 | 1.4 | 16 of 26 | 40% |
| ROCE | 8.8 | 2.7 | 5 of 29 | 86% |
| ROE | 15.6 | 5.3 | 3 of 26 | 92% |
| Debt / Equity | 1.4 | 0.8 | 19 of 26 | 28% |
| EBITDA margin | 37.7 | 53.8 | 16 of 24 | 35% |
| Revenue growth | 15.1 | 10.0 | 10 of 24 | 61% |
| Profit growth | (15.0) | 4.2 | 18 of 25 | 29% |
| Market cap | 5651 | 3297 | 14 of 29 | 54% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · KPI Green Energy incorporates two step-down energy subsidiaries | strategic transactions | low | — | — |
| 17 Oct 2026 · Subsidiary Sun Drops Energia acquires 88.37 percent stake in DMGEL | strategic transactions | high | — | — |
| 13 Oct 2026 · Routine RTA compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · KPI Green incorporates wholly owned subsidiary KPGC Three Private Limited | strategic transactions | medium | — | — |
| 1 Oct 2026 · KPI Green Energy Group CEO Dr. Alok Das resigns effective October 1, 2026 | management changes | critical | — | — |
| 30 Sept 2026 · KPI Green Investor Day KP 3.0: 10 GWp IPP, 10 GWh BESS by FY32 | investor communications | medium | — | — |
| 30 Sept 2026 · KPI Green to acquire 507.9 MW wind capacity for 2410 crore | strategic transactions | high | — | — |
| 30 Sept 2026 · KPI Green to acquire 507.9 MW wind assets for Rs 2,410 Crores | strategic transactions | high | — | — |
| 29 Sept 2026 · 18th AGM: All 9 resolutions passed; final dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · KPI Green Energy holds 18th AGM; final dividend declared among 9 items | board shareholder meetings | low | — | — |
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.