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KPIGREEN - KPI Green Energy

📊 NSE: KPIGREEN 🏢 Construction 📅 Last Updated: 12/14/2025 9:02

📢 Recent Corporate Announcements

KPI Green Energises 35 MWp; Total Operational IPP Capacity Reaches 589 MWp

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 12 Mar 2026, 11:43 PM

KPI Green Energy has successfully energised an additional 35 MWp of solar capacity, bringing its total operational Independent Power Producer (IPP) capacity to 589 MWp. The company is currently executing a massive pipeline of 1,582 MWp, aiming to reach a total IPP portfolio of 2.17 GWp in the near term. These projects are largely backed by long-term Power Purchase Agreements (PPAs), many spanning 25 years, ensuring stable and predictable annuity revenue. Notable progress includes the early synchronisation of a 92.15 MWp hybrid project and entry into the battery storage market with a 445 MW / 890 MWh BESS agreement.

Total operational IPP capacity increased to 589 MWp following the addition of 35 MWp.
Targeting a total IPP portfolio of 2.17 GWp with 1,582 MWp currently under active execution.
92.15 MWp Hybrid Renewable project synchronised ahead of its July 2026 commercial operation date.
Secured a Battery Energy Storage Purchase Agreement (BESPA) for 445 MW / 890 MWh with GUVNL.
Significant 240 MWp Khavda Solar IPP project already operational and injecting power as of January 2026.

💡 Investors should take note of the company's strong execution track record and the transition toward a high-margin IPP model with long-term revenue visibility. The stock remains a key play in the Indian renewable energy sector given its massive 2.17 GWp pipeline.

KPI Green Commissions Additional 24.2 MW AC Solar Capacity in GUVNL Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 10:16 AM

KPI Green Energy has successfully commissioned an additional 24.2 MW AC (35.01 MW DC) capacity for its ongoing solar IPP project with Gujarat Urja Vikas Nigam Limited (GUVNL). This brings the total commissioned capacity for this specific 250 MW AC project to 48.4 MW AC (69.41 MW DC). The project is being developed in a phased manner following a competitive bidding process. The company remains on track to complete the full 250 MW AC capacity by the October 2026 deadline.

Successfully commissioned 24.2 MW AC / 35.01 MW DC additional capacity.
Total commissioned capacity for the GUVNL project now stands at 48.4 MW AC / 69.41 MW DC.
The project is part of a larger 250 MW AC / 350 MW DC grid-connected solar IPP award.
The company is targeting full project completion by October 2026.

💡 Investors should view this as a positive sign of execution capability and revenue visibility. Monitor the company's ability to maintain this pace to meet the October 2026 deadline for the full 250 MW capacity.

KPI Green Signs BESPA with GUVNL for 445 MW / 890 MWh Battery Storage Projects

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 07 Mar 2026, 10:40 PM

KPI Green Energy's subsidiary, Sun Drops Energia Limited, has executed a formal Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL). This follows a Letter of Intent received in January 2026 for the development of 445 MW / 890 MWh standalone Battery Energy Storage System (BESS) projects. The projects will be developed under the Independent Power Producer (IPP) model across multiple locations in Gujarat. The initiative is supported by Viability Gap Funding (VGF), which enhances the financial viability of this large-scale energy storage venture.

Execution of BESPA for a massive 445 MW / 890 MWh standalone BESS capacity.
Project awarded through GUVNL's Phase-VII tariff-based competitive bidding process.
Financial feasibility supported by Viability Gap Funding (VGF) via the Power System Development Fund.
Marks the Group's first utility-scale IPP Battery Energy Storage System project.
Long-term agreement ensures steady revenue visibility from contracted storage capacity.

💡 Investors should view this as a significant strategic expansion into the energy storage segment, which is critical for grid stability. Monitor the execution progress and the impact of VGF on the project's overall internal rate of return.

KPI Green Energy to Participate in Arihant Capital Investor Conference on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Mar 2026, 05:45 PM

KPI Green Energy Limited has announced its participation in the 'Arihant Capital - Bharat Connect Conference: Rising Stars' scheduled for March 11, 2026. The virtual group meeting will take place from 10:00 AM to 11:00 AM to interact with analysts and institutional investors. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This is a routine disclosure as per SEBI Listing Obligations and Disclosure Requirements.

Meeting scheduled for Wednesday, March 11, 2026, from 10:00 AM to 11:00 AM
Participation in the Arihant Capital - Bharat Connect Conference: Rising Stars
The interaction will be conducted via a virtual group meeting format
Discussions will be strictly based on publicly available documents and information

💡 Investors should monitor the company's website for any post-meeting presentations or transcripts that may offer insights into the management's outlook. No immediate trading action is necessary based on this routine scheduling announcement.

KPI Green Energy Allots 1.01 Cr Warrants to Promoter Group to Raise ₹475 Crore

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 18 Feb 2026, 12:31 PM

KPI Green Energy has approved the allotment of 1.01 crore fully convertible equity warrants to Quyosh Energia Private Limited, a promoter group entity. The warrants are priced at ₹470.30 each, representing a total fundraise of approximately ₹475 crore. The company has received 25% of the total consideration upfront, with the remaining 75% payable upon conversion within 18 months. This move will increase the promoter entity's potential stake from 0.81% to 5.64%, signaling strong internal confidence in the company's long-term growth.

Allotment of 1,01,00,000 fully convertible warrants at an exercise price of ₹470.30 per share
Total aggregate fundraise value of ₹475.00 crore through the preferential issue
25% of the warrant price (approx. ₹118.75 crore) paid upfront by the promoter group entity
Warrants are convertible into equity shares of ₹5 face value within a maximum period of 18 months
Promoter entity Quyosh Energia's stake to rise significantly from 0.81% to 5.64% post-conversion

💡 Investors should view this as a positive signal of promoter commitment and capital availability for future expansion. Monitor the company's upcoming project execution and how the newly raised capital is deployed in the renewable energy segment.

KPI Green Wins 300 MWac Solar Project Order from Adani Group

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Feb 2026, 02:34 PM

KPI Green Energy has secured a significant domestic order for a 300 MWac / 405 MWdc solar project from Adani Group entities at the Khavda Hybrid Renewable Power Project in Gujarat. The contract involves comprehensive electrical and civil works, including pile foundations and module mounting structures. This new win brings the company's total cumulative orders from the Adani Group for the Khavda site to 834 MWac (1,131 MWdc). This repeat business from a major utility player highlights KPI Green's strengthening position and execution capabilities in the large-scale renewable energy sector.

New order for 300 MWac / 405 MWdc solar project capacity at Khavda, Gujarat
Total aggregate orders from Adani Group for Khavda projects now reach 834 MWac
Scope includes electrical AC-DC works, civil foundations, and robotic cleaning system structures
The order follows a previous 534 MWac contract announced on January 16, 2026
Execution to be carried out in a phased manner as per stipulated timelines

💡 This order significantly strengthens the company's order book and provides high revenue visibility. Investors should monitor the company's ability to maintain margins while executing these large-scale utility projects for major clients like Adani.

KPI Green Secures 300 MWac Solar Project Order from Adani Group at Khavda

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Feb 2026, 10:42 AM

KPI Green Energy has secured a significant new order for a 300 MWac / 405 MWdc solar project from Adani Group entities at the Khavda Hybrid Renewable Power Project in Gujarat. This new contract brings the total aggregate orders from Adani Group for the Khavda site to 834 MWac / 1,131 MWdc, following a previous large order in January 2026. The scope involves comprehensive electrical and civil works, including the installation of robotic cleaning systems and IDT stations. This repeat business from a major utility player reinforces KPI Green's position as a leading execution partner in the renewable energy sector.

New order for 300 MWac / 405 MWdc project execution at Khavda, Gujarat from Adani Group entities.
Aggregate orders from Adani Group for Khavda projects now stand at 834 MWac / 1,131 MWdc.
Scope includes electrical AC-DC works, civil works, and supply of electrical DC/AC & HT equipment.
Project includes advanced components like robotic cleaning system structures and IDT stations.
Execution will be carried out in a phased manner according to stipulated contract timelines.

💡 Investors should take this as a positive sign of the company's growing order book and strong relationship with major developers like Adani Green. The stock remains a key play in the Indian solar EPC and IPP space with high revenue visibility.

KPI Green Q3 FY26 Revenue up 45% to ₹676 Cr; PAT grows 48% to ₹126 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 03:24 PM

KPI Green Energy reported a strong Q3 FY26 with revenue growing 45% YoY to ₹676 crores and PAT increasing 48% to ₹126 crores. The company's 9-month revenue of ₹1,931 crores has already surpassed the entire previous financial year's performance of ₹1,752 crores. The current order book stands at a robust ₹6,000 crores, supported by significant utility-scale projects and a new 5 GW MOU with the Government of Botswana. Management highlighted the commissioning of 24.2 MW of the 250 MW GUVNL project ahead of schedule and an LOI for a large-scale BESS project.

Q3 FY26 Revenue grew 45% YoY to ₹676 crores; EBITDA rose 73% to ₹251 crores.
9-month PAT reached ₹354 crores, a 60% increase compared to the previous year.
Order book remains strong at ₹6,000 crores with a new 5 GW MOU signed in Botswana for renewable energy.
Commissioned 24.2 MW AC of the 250 MW GUVNL solar project ahead of schedule.
Secured LOI for 445 MW/890 MW BESS project with an expected investment of ₹1,000-1,100 crores.

💡 Investors should monitor the company's rapid execution of its ₹6,000 crore order book and its entry into high-margin international markets. The early commissioning of projects and expansion into Battery Energy Storage Systems (BESS) provide strong catalysts for future growth.

KPI Green Commissions 16.16 MWdc Solar Projects under PM-KUSUM Scheme

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Feb 2026, 02:34 PM

KPI Green Energy Limited has successfully commissioned 16.16 MWdc of solar power projects under its Independent Power Producer (IPP) business segment. These projects are part of the PM-KUSUM Scheme, a government initiative focused on providing decentralized solar power for the agricultural sector. The company has achieved the highest installed capacity under this scheme within the DGVCL operational area in a short timeframe. This commissioning marks the commencement of renewable energy supply for agricultural needs, enhancing the company's operational IPP portfolio.

Commissioned 16.16 MWdc solar power projects under the IPP business segment.
Projects implemented under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme.
Achieved the highest installed capacity under the scheme within the DGVCL operational area.
Commenced supply of renewable energy for agricultural pumping requirements.
Demonstrates strong execution capabilities and early-mover advantage in government-led solar initiatives.

💡 Investors should take note of the company's efficient project execution and its growing footprint in the IPP segment, which provides long-term revenue visibility. The successful commissioning under a government flagship scheme strengthens the company's ESG profile and operational track record.

KPI Green Commences Power Supply from 240 MW DC Solar Project in Khavda

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 29 Jan 2026, 02:41 PM

KPI Green Energy has successfully commenced power generation and supply from its 200 MW AC / 240 MW DC solar project in Khavda, Gujarat. Awarded by GUVNL, the project operates under a long-term Power Purchase Agreement (PPA), ensuring stable and predictable cash flows. This project is estimated to generate approximately 47.3 crore kWh annually, significantly boosting the company's Independent Power Producer (IPP) portfolio. The commissioning marks a major milestone in the 1.8 GW GSECL Solar Park, providing immediate revenue visibility.

Successfully synchronized 200 MW AC / 240 MW DC solar project with the state grid
Estimated annual generation of ~47.3 crore kWh under a long-term PPA with GUVNL
Deployment of 550 IoT-powered robots for waterless cleaning, achieving 98% efficiency
Projected to save ~3.4 lakh metric tonnes of CO2 and electrify 1.3 lakh houses annually
Strategic location in Khavda with high solar irradiation of 2,060 kWh/m2

💡 This commissioning is a significant operational milestone that will provide immediate and sustained revenue growth. Investors should monitor the impact on upcoming quarterly earnings as the project begins contributing to the IPP segment's top line.

KPI Green Energy Releases Q3FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 28 Jan 2026, 07:03 PM

KPI Green Energy Limited has made the audio recording of its Q3FY26 earnings conference call available to the public. The call, held on January 28, 2026, discussed the company's financial performance for the quarter and nine months ended December 31, 2025. This disclosure follows SEBI's Regulation 30 requirements for transparency. Investors can now access management's verbal commentary on the company's website, with a written transcript expected to follow shortly.

Audio recording of the Q3FY26 earnings call is now available on the company's website.
The conference call was conducted on January 28, 2026, following the quarterly results.
Covers financial and operational performance for the nine-month period ending December 31, 2025.
Company confirmed that a written transcript of the proceedings will be submitted in due course.

💡 Investors should listen to the recording to understand management's perspective on project execution and the current order book. This is a routine disclosure and does not change the fundamental outlook unless specific new guidance was provided during the call.

KPI Green Commissions 24.2 MW AC Solar Capacity Ahead of Schedule for GUVNL Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Jan 2026, 10:00 AM

KPI Green Energy has successfully commissioned the first 24.2 MW AC (34.4 MW DC) of its large-scale 250 MW AC (350 MW DC) solar project for GUVNL. This milestone was achieved well ahead of the overall contractual deadline of October 2026, showcasing the company's strong project management and execution capabilities. The project was originally awarded through a competitive bidding process under GUVNL Phase-XXIV. Early commissioning of this tranche allows for faster revenue generation and reinforces the company's track record in the renewable energy sector.

Commissioned initial 24.2 MW AC / 34.4 MW DC capacity ahead of the contractual timeline
Part of a larger 250 MW AC / 350 MW DC grid-connected solar IPP project awarded by GUVNL
Overall project completion for the full 250 MW capacity is scheduled for October 2026
Project secured through competitive bidding under GUVNL Phase-XXIV RFS dated March 15, 2024

💡 Investors should take confidence in the company's ability to execute large-scale projects ahead of schedule, which reduces cost overruns and accelerates cash flows. Maintain a positive outlook on the stock while monitoring the execution of the remaining 225 MW capacity.

KPI Green Energy to Hold Q3FY26 Earnings Conference Call on January 28, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Jan 2026, 07:19 PM

KPI Green Energy Limited has scheduled its earnings conference call for Wednesday, January 28, 2026, at 2:00 PM IST. The management will discuss the unaudited financial results for the third quarter and nine months ended December 31, 2025. Key leadership, including the Group CEO and CFO, will be present to address analyst and investor queries. This call is a standard procedure following the release of quarterly financial performance.

Earnings conference call scheduled for January 28, 2026, at 2:00 PM IST.
Focus on unaudited financial results for Q3 and 9M ended December 31, 2025.
Management representation includes the Whole Time Director, Group CEO, and CFO.
Call hosted by Share India Securities Ltd with dial-in numbers +91 22 6280 1266 and +91 22 7115 8167.

💡 Investors should attend or review the transcript of the call to understand management's guidance on project execution and the current order book. This is a routine event but critical for assessing the company's growth trajectory in the renewable energy space.

KPI Green Q3 Net Profit Jumps 48% YoY to ₹125.8 Cr; Declares ₹0.20 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:09 AM

KPI Green Energy reported a strong set of numbers for Q3 FY26, with consolidated revenue growing 44.6% YoY to ₹662.85 crore. Net profit for the quarter rose significantly by 47.7% YoY to ₹125.80 crore, driven by robust execution in solar projects. The company also declared its third interim dividend of ₹0.20 per share for the financial year 2025-26. For the nine-month period ending December 2025, the company has already surpassed its previous full-year profit, reaching ₹353.76 crore.

Consolidated Revenue for Q3 FY26 increased by 44.6% YoY to ₹662.85 crore from ₹458.35 crore.
Net Profit after tax grew by 47.7% YoY to ₹125.80 crore compared to ₹85.15 crore in the same quarter last year.
Declared a third interim dividend of 4% (₹0.20 per equity share) with a record date of January 28, 2026.
9M FY26 Net Profit reached ₹353.76 crore, a 60% increase over the 9M FY25 figure of ₹221.10 crore.
Operating margins remained healthy at 35.95% for the quarter, reflecting strong operational efficiency.

💡 The strong earnings growth and consistent dividend payouts reinforce the company's position as a high-growth player in the renewable energy sector. Investors may continue to hold as the company demonstrates massive YoY expansion and efficient project execution.

KPI Green Q3 FY26: 9M Revenue up 64% to ₹1,931 Cr; Order Book reaches 3.61+ GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:05 AM

KPI Green Energy delivered a strong performance for 9M FY26, with revenue growing 64% YoY to ₹1,931 Cr and PAT rising 60% to ₹354 Cr. The company's total portfolio has expanded to 4.74+ GW, supported by a robust order book of 3.61+ GW as of Q3 FY26. Significant new wins include a 445 MW BESS project and a 142 MW floating solar project, diversifying their renewable energy mix. With a land bank of nearly 7,000 acres and a 10+ GW target by 2030, the company is positioned for aggressive scaling.

9M FY26 Revenue and PAT grew by 64% and 60% YoY to ₹1,931 Cr and ₹354 Cr respectively.
Total orders in hand stand at 3.61+ GW, with a total installed and upcoming portfolio of 4.74+ GW.
Secured a landmark 445 MW/890 MWh Standalone BESS project from GUVNL, the first of its kind for the company.
Land bank increased to 6,999+ acres with power evacuation capacity reaching 3.57+ GW.
Strategic MoUs signed with Senvion and Inox Solar for a combined 4.5 GW of wind and hybrid projects.

💡 Investors should focus on the company's successful diversification into BESS and Green Hydrogen which provides high-margin growth levers. The massive 3.61 GW order book provides strong revenue visibility for the next 2-3 years.

View All KPIGREEN Announcements on Live Market Tracking →

💰 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.