KPI Green Energy
KPI Green Energy
PowerKey Fundamentals
MicrocapPower GenerationPowerTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 84.8% CAGR over last 5 years
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: -5.40%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoKPI 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.
- 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
- 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
anthropic claude-opus-4.6 42d ago- 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.
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.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 0 | 1 | 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 in Rs | 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
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 34 | 59 | 102 | 230 | 644 | 1,024 | 1,735 | 2,696 | 2,787 |
| Expenses | 19 | 32 | 44 | 121 | 435 | 687 | 1,172 | 1,738 | 1,789 |
| Operating Profit | 15 | 27 | 58 | 109 | 208 | 337 | 564 | 958 | 998 |
| OPM % | 45% | 46% | 57% | 47% | 32% | 33% | 32% | 36% | 36% |
| Other Income | 6 | 0 | 0 | 1 | 3 | 7 | 17 | 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 in Rs | 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
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | -17 | 40 | -27 | 102 | 159 | -57 | 208 | 424 |
| Investing | -15 | -119 | -63 | -189 | -309 | -387 | -1,587 | -4,071 |
| Financing | 33 | 87 | 101 | 91 | 177 | 562 | 1,807 | 3,643 |
| Net Cash Flow | 1 | 8 | 11 | 4 | 27 | 118 | 427 | -4 |
| Free Cash Flow | -32 | -79 | -90 | -88 | -151 | -244 | -1,297 | -2,608 |
| CFO/OP | -101 | 154 | -43 | 95 | 80 | -11 | 48 | 48 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 143 | 175 | 178 | 58 | 83 | 152 | 122 | 100 |
| Inventory Days | — | — | — | — | — | — | — | 374 |
| Days Payable | — | — | — | — | — | — | — | 118 |
| Cash Conversion Cycle | 143 | 175 | 178 | 58 | 83 | 152 | 122 | 356 |
| Working Capital Days | 388 | -24 | 232 | 85 | 13 | 96 | 168 | 101 |
| ROCE % | — | 11% | 16% | 20% | 25% | 22% | 18% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY14–FY26.
Documents
Frequently Asked Questions about KPI Green Energy
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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. [1] Group Companies: [2] KP Energy Limited KP Green Engineering Private Limited KPF Green Hydrogen & Ammonia Technology Private Limited KP Human Development Foundation
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