K.P. Energy Ltd(KPEL)

NSE: KPELBSE: 539686

₹ 158.5-2.70%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,075 crWebsite: www.kpenergy.inUpdated: 24 Oct 2026

About

K.P. Energy Ltd is Gujarat's prominent balance-of-plant solution provider for wind and wind-solar hybrid power projects, covering EPC execution from conceptualisation to commissioning. Within the KP Group it is the dedicated wind EPC platform, which includes wind-led hybrid, FDRE and RTC projects above 50 MW. It reported revenue of Rs 1,497.09 crore in FY26, and its EPC portfolio stood at 3.48 GWp at Jun-26.^[1][2][3]

Business segments

Infrastructure Development (EPC): 97.0% of FY26 segment revenue at Rs. 1,451.69 crore, EBIT margin 19.7%. The segment designs and builds balance-of-plant for wind and wind-solar hybrid projects.^[4]
Sale of Power (IPP): 2.4% of FY26 segment revenue at Rs. 35.65 crore, EBIT margin 33.7%. The segment generates and sells electricity from the company's own wind and solar assets.^[4]
Under the group realignment, KP Energy is the group's wind EPC platform. Its scope covers wind-led hybrid, FDRE and RTC projects above 50 MW, plus wind balance-of-plant work for all group IPP projects.^[2]

Products and services

Gujarat's prominent balance-of-plant solution provider in the renewable energy industry, covering wind and wind-solar hybrid power projects from conceptualisation through commissioning.^[1]
O&M services portfolio of 646 MW as of Q1 FY27, run from a 24x7 NOC with IBM Maximo-based AI alerts.^[5][2]
The group holds CERC and GERC power trading licences and plans to use them to sell surplus IPP generation in short-term and long-term power markets.^[2][6]

Installed and under-construction capacity

Operational IPP capacity was 48.5 MW in Q1 FY27: 37 MW wind and 11.5 MW solar.^[5][2]
The 50.4 MW Vanki Wind Project in Kutch was commissioned in July 2026, after the end of Q1 FY27.^[5]
200 MW of wind IPP is under development (100 MW GUVNL + 100 MW SECI). PPAs are signed and financial closure is under process. This will take total IPP capacity to 250 MW.^[2]
Total cost of the 200 MW IPP pipeline is approximately Rs. 1,700+ crore: about Rs. 450 crore equity, with the balance as project debt at an expected interest cost of 7.5 - 8.5%.^[6]

Key operating numbers

EPC portfolio of 3.48 GWp at Jun-26, up 8% YoY. Total portfolio of 3.73 GWp, up 15%.^[2]
EPC order book of 2.16 GW, valued at Rs. 2,250 crore, as of 30 June 2026 (Q1 FY27). This compares with about Rs. 3,000 crore at the prior quarter-end, after about Rs. 500 crore was executed in Q1 FY27.^[5]
IPP generation was 3.9 Cr kWh in Q1 FY27, against 9.5 Cr kWh for the whole of FY26.^[2]
Infrastructure Development revenue grew about 142% YoY to Rs. 504.75 crore in Q1 FY27.^[5]
EBITDA margin fell to 12% in Q1 FY27 from 23% in Q1 FY26. The causes given were higher logistics and labour costs from the West Asia/Hormuz disruption and higher right-of-way costs in Gujarat.^[5]

Customers and distribution

Related party KPI Green Energy accounted for about 50% of the order book by value as of Q1 FY27, down from about 70% in Q3 FY26.^[5]
In Q3 FY26, about Rs. 250 crore of Rs. 328 crore in EPC quarterly revenue came from KPI Green. The balance came from external PSU and corporate clients.^[7]
IPP power is sold under PPAs with government entities. The PPA for the first 100 MW SECI project carries a tariff of Rs. 3.67 per unit.^[6]

Expansion and plans

Group targets for FY32: 10 GWp owned generation, 10 GWp third-party EPC and 10 GWh BESS. Guidance is a 25% revenue CAGR to FY32 for each group company, including KP Energy.^[2]
KP Energy plans to keep debt/equity at or below 2.5x until FY28 because of the 200 MW IPP, and at or below 2.0x from FY28 through FY32.^[2]
A Karnataka IPP project is at an advanced stage: connectivity, land, EHV and PSS are tied up, and about 30% of preparatory work was complete as of Q1 FY27.^[5]
The company is exploring balance-of-plant participation in 1 - 2 GW of offshore/nearshore wind in Gujarat and Tamil Nadu, pending government policy clarity.^[6]
Group MOU with the Government of Botswana: a 500 MW first phase, with a target to reach 5 GW by 2030.^[7]

Recent developments

Dr. Alok Das resigned as Group Chief Executive Officer with effect from 1 October 2026.^[8]
Q2 FY27 call: the promoter royalty from KP Energy is capped at the lower of 2% of revenue or Rs 100 cr, and release of the promoter pledge in KPI Green is targeted by March 2027.^[2]
Q1 FY27: Prof. Sunil Maheshwari was appointed Vice Chairman, Mr. Kapil Kriplani is joining as incoming Group CFO, BDO was appointed Statutory Auditors, and Mr. Rajesh Shrivastava was appointed Executive Director.^[5]
In Q1 FY27, FY27 revenue growth guidance was revised to 30 - 40% YoY from 40 - 50%, citing on-ground execution risks and geopolitical uncertainty.^[5]
CARE Ratings upgraded the company's credit rating from BBB- (negative outlook) to A- (stable outlook) during FY26.^[6]
Order intake is being slowed to screen projects for right-of-way costs, grid availability and margin quality. New order additions were expected in 6 - 9 months from Q1 FY27.^[5]

Market Cap

₹1,075 Cr

High / Low

₹465 / 162

Stock P/E

6.0

Price / Book

2.1

Book Value

₹77

EPS

₹26.8

No. of Shares

6.76 Cr

ROCE

39.3%

ROE

43.4%

OPM

19.9%

Debt / Equity

0.74

Sales

₹1,497 Cr

Net Profit

₹181 Cr

Promoter holding

45.3%

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K.P. Energy Ltd(KPEL)

About

Business segments

Products and services

Installed and under-construction capacity

Key operating numbers

Customers and distribution

Expansion and plans

Recent developments

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