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KPI Green Energy

KPIGREEN NSE
₹296.85 No trade today
P/E
12.80
View as Markdown
MCP
Close 4 Nov 2026 ₹296.85 −213.90 −41.9% 1Y
Start ₹510.75

Key Fundamentals

MicrocapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.70%
Debt to Equity
1.71
EPS (TTM)
₹23.19
Book Value
₹147.49
Market Cap
—
P/E (TTM)
12.80
P/B
2.01
ROE
16.90%
Dividend Yield
0.37%
EBITDA
₹1,003 Cr
52W High
₹529.20
52W Low
₹271.90
Volume
0

Peer Comparison

Utilities › Power › Power Generation

KPI Green Energy peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
KPI Green Energy (this company)
₹296.8512.80₹5,729 Cr2.010.37%16.90%13.70%₹2,787 Cr₹493 Cr
Median 8 companies₹309.4032.75₹74,846 Cr2.280.39%10.90%8.29%₹13,510 Cr₹2,355 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

41 Weak

Data confidence 100/100

pledge:45%

Category scores

Quality
53
Average
Returns, margins, earnings quality 22% weight
Valuation
53
Average
Cheap vs sector & own history 24% weight
Growth
79
Strong
Sales & profit trajectory 9% weight
Financial Health
36
Poor
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
26
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 83.8% CAGR over last 5 years
  • Company's working capital requirements have reduced from 97.5 days to 73.9 days

Weaknesses

3
  • Company might be capitalizing the interest cost
  • Promoters have pledged 44.7% of their holding.
  • Promoter holding has decreased over last 3 years: -5.42%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsBearish351
Moving AveragesStrong Bearish802

Key readings

RSI (14)
45.40
Neutral
MACD (12,26,9)
−10.11
Bearish
SMA (50)
311.15
Bearish
SMA (200)
379.11
Bearish

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+92.50%
3Y+61.17%
1Y+55.39%
TTM+40.05%

Net profit

Net profit growth by window
5Y+87.44%
3Y+66.64%
1Y+56.62%
TTM+33.24%

Operating cash flow

Operating cash flow growth by window
5YTurned positive
3Y+44.73%
1Y+100.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−21.33 pp
3Y+3.23 pp
1Y+3.20 pp
TTM+3.78 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹34.00 Cr
Mar 2020₹59.00 Cr
Mar 2021₹102 Cr
Mar 2022₹230 Cr
Mar 2023₹644 Cr
Mar 2024₹1,024 Cr
Mar 2025₹1,735 Cr
Mar 2026₹2,696 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹9.00 Cr
Mar 2020₹6.00 Cr
Mar 2021₹22.00 Cr
Mar 2022₹43.00 Cr
Mar 2023₹110 Cr
Mar 2024₹162 Cr
Mar 2025₹325 Cr
Mar 2026₹509 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

KPI Green Energy Ltd is a solar power company with a market cap of ₹7,623 Cr, trading at a PE of 14.9x. The company has demonstrated strong revenue growth (61% CAGR over 3 years) and profit growth (63% CAGR over 3 years), but faces concerns around high promoter pledge at 44.7% and a 25% stock price decline over the past year.

Bull Case 7
  • Exceptional 5-year compounded sales growth of 92% CAGR indicates rapid business scaling in the renewable energy sector
  • Compounded profit growth of 85% CAGR over 5 years demonstrates strong operating leverage and execution capability
  • PE ratio of 14.9x is relatively modest for a high-growth power company, with TTM sales growth at 55% and TTM profit growth at 48%
  • 3-year ROE of 20% and 5-year ROE of 21% reflect consistent and healthy return generation on shareholder equity
  • Price-to-book ratio of 2.5x is reasonable given the high growth trajectory and double-digit ROE profile
  • 3-year revenue CAGR of 61% suggests the company is successfully scaling capacity and securing offtake agreements
  • Stock price CAGR of 91% over 5 years and 28% over 3 years reflects long-term value creation despite near-term correction
Bear Case 8
  • Promoters have pledged 44.7% of their holding, creating significant risk of forced selling or margin calls in a market downturn
  • Stock has declined 25% over the past 1 year, indicating significant near-term sentiment deterioration or valuation correction
  • Promoter holding has decreased by 5.41% over the last 3 years, signaling potential dilution or reduced promoter confidence
  • Company might be capitalizing interest costs, which could overstate reported profitability and asset quality
  • Last year ROE declined to 17% from the 3-year average of 20%, suggesting potential margin compression or rising equity base without proportional returns
  • Debt-to-equity ratio is not disclosed clearly, which in a capital-intensive power sector with high promoter pledge raises transparency concerns
  • Dividend yield of only 0.17% indicates minimal cash return to shareholders despite reported profitability, raising questions about free cash flow generation
  • No 10-year track record data available for sales, profit, or ROE, limiting visibility into long-term business cycle resilience

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: KPI Green Energy is executing well on its project pipeline, commissioning 269 MW for Coal India and securing approval for a 100 MW MAHAGENCO project in the same week. Corporate governance actions received strong shareholder backing. No visible headwinds emerged in the period. The trend is positive with continued capacity additions suggesting healthy order execution momentum heading into H2 FY25.

Positives 3
  • 269 MW solar plant commissioned Jul 20

    KPI Green Energy commissioned 200 MW (AC) / 269 MW (DC) solar capacity for Coal India at Khavda, Gujarat, part of a larger 405 MW (DC) EPC contract.

  • 100 MW MAHAGENCO project approved Jul 20

    Received CEIG charging permission for a 100 MW solar project for MAHAGENCO located in Nagpur, Maharashtra.

  • Key director appointments cleared Jul 27

    Shareholders approved appointment of Rajesh Shrivastava as Whole Time Director and re-appointment of Venu Birappa via postal ballot with over 95% support.

Quarterly Results

₹ Cr
KPIGREEN quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
189
215
330
289
348
360
458
569
603
634
663
796
694
Expenses
120
144
227
196
216
226
322
408
397
409
427
505
448
Operating Profit
69
71
104
93
132
134
137
161
206
226
236
291
246
OPM %
37%
33%
31%
32%
38%
37%
30%
28%
34%
36%
36%
37%
35%
Other Income
1
1
1
3.61
0
1.73
8
8
11
7
16
14
16
Interest
20
18
23
25
28
23
15
14
38
43
48
53
80
Depreciation
9
10
10
11
14
15
15
16
30
32
33
39
51
PBT
41
44
72
60
91
97
115
139
149
158
170
214
131
Tax %
19%
21%
29%
28%
27%
28%
26%
25%
25%
26%
26%
27%
28%
Net Profit
33
35
51
43
66
70
85
104
111
117
126
155
95
EPS (₹)
2.05
2.14
2.8
2.38
3.66
3.55
4.29
5.04
5.27
5.53
5.97
7.36
4.33

Profit & Loss

₹ Cr
KPIGREEN profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
34
59
102
230
644
1,024
1,735
2,696
2,787
Expenses
19
32
44
121
435
687
1,174
1,738
1,789
Operating Profit
15
27
58
109
208
337
561
958
998
OPM %
45%
46%
57%
47%
32%
33%
32%
36%
36%
Other Income
6
0
0
1
3
7
20
48
53
Interest
4
8
16
37
47
86
79
182
224
Depreciation
4
7
13
14
23
40
61
133
154
PBT
13
12
30
59
142
217
441
691
673
Tax %
31%
46%
27%
27%
23%
26%
26%
26%
—
Net Profit
9
6
22
43
110
162
325
509
493
EPS (₹)
0.55
0.4
1.35
2.66
6.74
8.94
16.23
24.13
23.19
Div. Payout %
0%
0%
0%
4%
9%
3%
5%
4%
—

Balance Sheet

₹ Cr
KPIGREEN balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
18
18
18
18
36
60
98
99
Reserves
81
80
102
136
222
775
2,325
2,935
Borrowings
40
139
240
446
676
1,036
1,475
5,197
Other Liabilities
22
61
49
177
322
564
894
1,651
Total Liabilities
161
298
409
777
1,255
2,436
4,792
9,882
Fixed Assets
84
213
244
482
801
979
2,361
4,508
CWIP
18
1
21
31
0
101
163
918
Investments
0
0
0
0
2
0
4
199
Other Assets
59
85
144
264
453
1,355
2,264
4,257
Total Assets
161
298
409
777
1,255
2,436
4,792
9,882

Cash Flow

₹ Cr
KPIGREEN cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−17
40
−27
102
159
−57
241
482
Investing
−15
−119
−63
−189
−309
−387
−2,098
−4,129
Financing
33
87
101
91
177
562
1,807
3,643
Net Cash Flow
1
8
11
4
27
118
−51
−4
Free Cash Flow
−32
−79
−90
−88
−151
−244
−1,264
−2,550
CFO/OP
−101
154
−43
95
80
−11
54
54

Ratios

KPIGREEN financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
143
175
178
58
83
152
122
100
Cash Conversion Cycle
143
175
178
58
83
152
122
100
Working Capital Days
388
−24
232
85
13
96
123
74
ROCE %
—
11%
16%
20%
25%
22%
17%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view KPI Green Energy insights

64 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 49.40%
  • Public 33.89%
  • Others 8.79%
  • FIIs 7.32%
  • DIIs 0.59%

44.74% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about KPI Green Energy

What does KPI Green Energy Ltd do?
Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the…
Where is KPI Green Energy Ltd (KPIGREEN) listed?
KPI Green Energy Ltd trades as KPIGREEN on the NSE and under code 542323 on the BSE.
Which sector does KPI Green Energy Ltd belong to?
KPI Green Energy Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of KPI Green Energy Ltd?
KPI Green Energy Ltd trades at a PE ratio of 12.80 as of 4 Nov 2026, on earnings per share of ₹23.19, against a book value of ₹147.49 per share.
What is the 52-week high and low of KPI Green Energy Ltd?
Over the last 52 weeks KPI Green Energy Ltd has traded between ₹271.9 and ₹529.2 as of 4 Nov 2026.
Does KPI Green Energy Ltd pay dividends?
KPI Green Energy Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of KPI Green Energy Ltd?
KPI Green Energy Ltd reported a return on equity of 16.90%. Its debt-to-equity ratio is 1.71.

Company Information

Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. Group Companies: KP Energy Limited KP Green Engineering Private Limited KPF Green Hydrogen & Ammonia Technology Private Limited KP Human Development Foundation

Website kpigreenenergy.com
CEO Dr. Farukbhai Gulambhai Patel
Listed 27 Jul 2021
Face Value ₹5

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