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KPI Green Energy Ltd

₹ 476-3.17%
06 Jan – close price
🔗kpigreenenergy.com•BSE: 542323•NSE: KPIGREEN
Market Cap₹ 9,384 Cr.
Current Price₹ 476
High / Low₹ 563
Stock P/E28.4
Book Value₹ 110
Dividend Yield0.14 %
ROCE15.7 %
ROE18.5 %
Face Value₹ 5.00
Sales₹ 1,858 Cr.
OPM31.9 %
Mar Cap₹ 9,384 Cr.

ABOUT

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 LimitedKP Green Engineering Private LimitedKPF Green Hydrogen & Ammonia Technology Private LimitedKP Human Development Foundation

KEY POINTS

Business VerticalsThe company develops solar and hybrid power plants under the brand name'Solarismand offers power solutions through 2 verticals:[1]

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersExcellent ResultsExcellent ResultsRevenue GuidanceRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsLarge Order ReceiptsJv Partnerships AcquisitionsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.NTPC350.8014.32340159.052.385225.30-3.9444785.820.189.95186754.3128.6423751.115066.781.774.261.33
2.Adani Green1019.4076.64167913.140.00644.00102.553008.000.108.7012221.0081.162190.88658.148.602.324.52
3.JSW Energy514.8544.4789983.860.39824.27-17.415177.4259.916.4915949.0649.552023.68704.683.092.462.37
4.NHPC Ltd83.5326.4683906.182.291219.2813.493365.2610.277.4211212.7652.983171.331021.442.033.431.09
5.NTPC Green Ene.93.95130.4479165.370.0086.38130.26612.2921.524.892419.8587.48606.9087.594.221.311.16
6.NLC India274.1014.5538007.711.09724.80-27.064178.4114.2510.5116251.4826.032612.76665.121.904.681.22
7.SJVN84.3659.5133151.751.73307.80-30.201032.400.604.913125.2472.70557.11307.912.271.922.03
8.KPI Green Energy475.5028.389383.570.1495.18154.02500.6661.4415.671857.8631.86330.6195.184.318.161.22
–Median: 25 Co.128.4428.07740.960.086.380.0612.2913.217.421857.8631.76187.780.072.22.320.89

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
14027548311031038695168488136171310501
Expenses
92189361682032387210335491117228314
Operating Profit
4786122421071482365135455482187
Other Income
01711102350116
Profit before tax
3458105177197935114323051128
Tax %
19%29%27%23%26%26%9%27%25%41%21%28%26%
Net Profit
2841771353729268619243795
EPS in Rs
1.692.253.910.822.913.660.531.434.361.161.461.874.82

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
0027263234591022194887241,5921,858
Expenses
00138131932381133344771,1461,266
Operating Profit
00151719152764106154247446592
Other Income
0000-06001351428
Interest
0012348253637766897
Depreciation
0032847161419355278
Profit before tax
001214813122358101141340444
Net Profit
0088796154578104252330
EPS in Rs
0.000.002.421.630.630.550.400.892.744.825.7412.8216.75
Dividend Payout %
––0%0%0%0%0%0%4%13%4%6%–

Compounded Profit Growth

10 Years:%
5 Years:108%
3 Years:78%
TTM:110%

Compounded Sales Growth

10 Years:%
5 Years:93%
3 Years:94%
TTM:75%

Return on Equity

10 Years:%
5 Years:22%
3 Years:21%
Last Year:18%

Stock Price CAGR

10 Years:%
5 Years:134%
3 Years:69%
1 Year:-4%

Balance Sheet

Standalone figures in ₹ crores

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
0.050.0546131818181836609899
Reserves
001026368180941371926881,8982,079
Borrowings
00143144401392863526009771,5122,649
Other Liabilities
112262014226151174207381603576
Total Liabilities
11254831071612984506821,0352,1064,1125,402
Fixed Assets
00315849842032974036737041,8981,912
Gross Block
0.000.0333.5758.6664.4994.80221.57331.20451.27740.01803.382,027.33–
Accumulated Depreciation
0.000.002.680.4815.4310.6818.1134.5848.4367.3399.29129.42–
CWIP
00183418130078163702
Investments
0000000226667214343317
Other Assets
11221172559941282132951,1101,7082,471
Total Assets
11254831071612984506821,0352,1064,1125,402

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
001497-173019122107-135450
Cash from Investing Activity
00-25-36-29-15-109-130-153-288-373-1,545
Cash from Financing Activity
001425233387122292065911,442
Net Cash Flow
003-201811-32482347

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
––30171501431751785740153101
Inventory Days
–––203––––––––
Days Payable
–––208––––––––
Cash Conversion Cycle
––30121501431751785740153101
Working Capital Days
––8938104388-3015150-8130113
ROCE %
0%0%–35%14%9%11%15%21%21%17%16%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
54.81%54.81%54.81%54.83%53.08%53.08%53.09%48.77%48.78%48.78%48.67%48.67%
FIIs
2.50%2.54%3.48%4.24%5.96%5.60%6.05%9.95%8.78%8.05%8.26%9.16%
DIIs
0.00%0.00%0.06%0.00%2.09%0.63%0.33%1.50%1.87%1.64%0.81%0.77%
Public
42.69%42.64%41.66%40.91%38.86%40.69%40.51%39.80%40.54%41.52%42.26%41.39%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

KPI Green Energy Partners Delhi Capitals for IPL Sponsorship 2026-2028

5th April 2026, 12:02 am

KPI Green Energy Updates Authorized Personnel for Disclosures

3rd April 2026, 1:22 am

KPI Green Energy Appoints New Company Secretary & Compliance Officer

2nd April 2026, 10:09 pm

KPI Green Energy Announces Trading Window Closure for Financial Results

27th March 2026, 8:05 pm

KPI Green Energy's Credit Ratings Reaffirmed by ICRA

26th March 2026, 2:23 am

Published by Other Websites

External media mentions & references

KPI Green Energy Hits 965 MWp Energised Capacity Milestone

24th March 2026, 2:50 pm

KPI Green Energy Secures ₹979 Crore Bank Loan for Gujarat Wind Project

17th March 2026, 5:09 pm

Renewable Stocks Cool as Market Dips: Solex, Borosil Lead Losses

13th March 2026, 12:41 pm

KPI Green Energy Expands Solar Capacity by 35 MWp, Eyes 2 GW Portfolio

13th March 2026, 8:45 am

Global Tensions Spark Sell-off; Indian Stocks Eye Sectoral Gains

13th March 2026, 7:43 am

News Articles

Editorial & research coverage

India's Solar Ambitions Soar: Budget 2026 Fuels Homes & Farms
India's Solar Ambitions Soar: Budget 2026 Fuels Homes & Farms

1st February 2026, 3:27 pm

KPI Green Energy Energizes 200 MW Solar Project in Gujarat
KPI Green Energy Energizes 200 MW Solar Project in Gujarat

29th January 2026, 3:58 pm

IIFL Dividend Signals NBFC Sector Confidence
IIFL Dividend Signals NBFC Sector Confidence

28th January 2026, 8:02 am

Nine Indian Firms Go Ex-Dividend: Dividend Payouts Signal Investor Opportunities
Nine Indian Firms Go Ex-Dividend: Dividend Payouts Signal Investor Opportunities

27th January 2026, 7:47 am

Q3 Earnings Surge: KPI Green Soars, Dr Reddy's & Eternal in Focus
Q3 Earnings Surge: KPI Green Soars, Dr Reddy's & Eternal in Focus

21st January 2026, 10:38 am

Documents

Announcements

Receipt Of Letter Of Intent For Development Of 445 MW/890 Mwh IPP Standalone Battery Energy Storage System (BESS) Projects From GUVNL

3 Jan - Subsidiary received LOI from GUVNL to develop 445MW/890MWh standalone BESS projects, awarded Jan 3, 2026.

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Announcement under Regulation 30 (LODR)-Press Release / Media Release

2 Jan - 92.15 MWp hybrid (75.2 MWp solar, 16.95 MW wind) GUVNL project began supplying power ahead of schedule.

Intimation Of Receipt Of Charging Approval For 32.40 MW Solar And Hybrid Solar Power Projects Under CPP Segment

1 Jan - Received charging approval (Jan 1, 2026) for 32.40 MW solar/hybrid CPP projects for clients, including Sun Drops.

Closure of Trading Window

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Credit Ratings

Rating update

16 Sep 2025 from icra

Rating update

15 Sep 2025 from crisil

Rating update

20 Aug 2025 from icra

Rating update

8 Aug 2025 from icra

Rating update

5 Aug 2025 from crisil

Rating update

29 Jul 2025 from icra

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Stock Analysis

Description

KPI Green Energy Limited, part of the KP Group, is a renewable energy company engaged in developing, building, owning, managing, and maintaining solar and wind-solar hybrid power facilities as an Independent Power Producer (IPP) and a service provider to Captive Power Producers (CPPs) under the 'Solarism' brand.

Key Growth Triggers

  1. Continued expansion in Independent Power Producer (IPP) and Captive Power Producer (CPP) segments.
  2. Diversification into new energy areas like Battery Energy Storage Systems (BESS), Green Hydrogen, and EV charging infrastructure.
  3. Securing large-scale EPC contracts from major players like SJVN and Adani Green Energy.
  4. International expansion initiatives, including a significant MoU with Botswana for renewable energy and transmission infrastructure development.
  5. Strategic partnerships and collaborations to enhance technological capabilities and market reach.
  6. Strong financial performance and access to capital through green bonds and project financing.

Order Book

Order Book: As of March 2025, the consolidated CPP/EPC order book stood at approximately ₹4,800 crore. Recent awards include a 200 MW solar project EPC and O&M contract from SJVN worth ₹696.50 Crore.

Key Red Flags

  1. Promoter holding has decreased over the last three years.
  2. Promoter holding is subject to encumbrance.
  3. Working capital days have increased significantly.
  4. Potential project execution risks for the Independent Power Producer (IPP) pipeline, increased capital expenditure, and high working capital intensity.

Key Dates To Watch

  1. January 21, 2026: Board Meeting to approve Q3 FY26 financial results and consider interim dividend.
  2. January 16, 2026: Extraordinary General Meeting (EGM) for shareholder approval of preferential issue.
  3. December 17, 2025: Board Meeting to consider fundraising options and interim dividend recommendation.

Corporate Announcements

4th Apr 26
Impact Rating: 6
KPI Green Energy Limited, through its group entities, will sponsor Delhi Capitals as Associate Sponsor for the Indian Premier League (IPL) seasons 2026-2028, leveraging cricket for brand promotion.
2nd Apr 26
Impact Rating: 6
Effective April 2, 2026, KPI Green Energy Limited has updated its authorized Key Managerial Personnel for determining event materiality and making necessary disclosures to the stock exchanges as per SEBI regulations.
2nd Apr 26
Impact Rating: 7
KPI Green Energy Limited announced the appointment of Mr. Krunal Bhatt as its new Company Secretary and Compliance Officer, effective April 2, 2026, following a Board meeting.
27th Mar 26
Impact Rating: 5
KPI Green Energy Limited will close its trading window from April 01, 2026, for designated persons. This is to facilitate the declaration of audited financial results for the quarter and year ending March 31, 2026.
25th Mar 26
Impact Rating: 7
KPI Green Energy's credit ratings for bank facilities totalling ₹5,775 crore and NCDs worth ₹643.20 crore have been reaffirmed by ICRA. The outlook for some facilities was revised from Positive to Stable.