Kp Green Engineering Ltd

BSE: 544150

₹ 265-0.04%refreshed 26 Oct, 10:02 am ISTMarket cap: ₹ 1,325 crWebsite: www.kpgreenengineering.comUpdated: 23 Oct 2026

About

KP Green Engineering Ltd is the flagship manufacturing entity of KP Group (founded 1994), fabricating and hot-dip galvanising 23 categories of engineered steel structures - from transmission towers and solar module mounting structures to pre-engineered buildings and crash barriers - at two facilities in Gujarat. In FY26 the company recorded consolidated total income of ₹1,250 crore, up 78% year-on-year, with total installed manufacturing capacity of 4,00,500 MTPA. It is empanelled across 16+ states for power and transmission work and became the first company in India to clear all three NATRAX crash tests for both W-beam and Thrie-beam barriers in one go.^[1][2]

Products and portfolio

The company manufactures 23 product categories, including module mounting structures (fixed tilt and solar tracker), windmill lattice towers, transmission line towers and monopoles, telecom towers, pre-engineered buildings, data centre buildings, railway and highway bridges, high masts, cable trays, switchgear, and torque tubes, as of FY26.^[1]
Revenue mix in FY25: solar MMS structures ~30%, pooling/substation structures ~20%, transmission towers ~20%, with the remaining ~30% in crash barriers, heavy engineering, bridges and other mixed products.^[3]
Two new product verticals launched in FY26: Pre-Engineered Building & Heavy Engineering (including a Chennai Metro Bridge order) and Monopole & High Mast (wind tunnel testing completed).^[4]

Manufacturing capacity and facilities

Total installed capacity is 4,00,500 MTPA across two Gujarat facilities - Dabhasa (Vadodara) and Matar (Bharuch) - comprising 3,10,500 MTPA fabrication and 90,000 MTPA galvanizing, as of FY26.^[1]
The Matar facility spans ~55 acres in Bharuch and houses Asia's largest hot-dip galvanizing kettle: 15 MT single-dip capacity, 90,000 MT/PA annual capacity, imported from Germany (14m × 3m × 3.8m), commissioned March 2026.^[1][5]
Capacity utilisation was approximately 31% in FY26, the first full-capacity year, leaving substantial headroom for growth.^[1]
Fixed assets more than doubled to ₹556 crore in FY26 from ₹219 crore in FY25 (+154% YoY), reflecting completion of the Matar facility capex cycle.^[6]
A 1 MW green hydrogen plant is operational at Matar (current output 432 kg/day), operated by group entity KPI Green Hydrogen & Ammonia Private Limited; the company plans to transition galvanizing kettle heating to green hydrogen targeting net-zero fabrication.^[1][5]

Order book and inflows

Order book stood at ₹1,831 crore as of 31 March 2026, representing approximately 1.5x FY26 revenue.^[6][1]
Two further orders worth ₹239.61 crore (July 2026) and ₹258.02 crore (August 2026) were disclosed to the BSE, bringing H1 FY27 order inflows to ₹497.63 crore.^[5]
The landmark BSNL order of over ₹819 crore is the largest in the company's history and marks a strategic re-entry into telecommunications, with long-term annuity income through operations and maintenance.^[1]

Key operating metrics

Revenue from operations reached ₹1,246 crore in FY26, up 79% YoY from ₹695 crore in FY25, following a near-doubling to ₹702 crore in FY25 from ₹352 crore in FY24.^[6][3]
EBITDA rose 117% YoY to ₹249 crore in FY26; EBITDA margin expanded to 20% from 16% in FY25.^[6]
Debt-to-equity ratio fell from 0.29 in FY24 to 0.14 in FY26; return on equity expanded from 13.19% in FY24 to 31.62% in FY26.^[5]
Interest coverage ratio declined to 5.44x in FY26 from 12.43x in FY25, reflecting significantly higher finance costs as new capacity was funded; current ratio fell to 0.94x from 1.24x.^[1]
Cash flow from operating activities improved 709% YoY to ₹155 crore in FY26 from ₹19 crore in FY25.^[6]

Customers and distribution

Top 10 customers contributed 79% of revenue from operations in FY26.^[1]
PSU empanelments as of FY26 - Power & Transmission: GETCO, RVPN, CSPTCL, MSPTCL, AP-TRANSCO, PSPCL, PSTCL, MPPTCL, NTPL; Telecom: BSNL; Roads: NHAI and multiple state PWDs; Railways: Western Railways and RDSO.^[1]
Solar structures approved by global tracker OEMs Nextracker and GameChange Solar; transmission vertical empanelled across 16+ states; RDSO approval secured for railway heavy engineering, as of FY26.^[1]
First export consignment delivered to GameChange Solar Corp in the United States; the company is the designated group entity for export engineering solutions, with Saudi Arabia, Botswana, Zambia and Tanzania identified as target markets.^[1][5]

Expansion and future product lines

Eight new product lines are under development: Onshore Tubular Tower, Offshore Tubular Tower, Hot Rolling Mill (backward integration), Container Manufacturing (including battery containers), Cable & Conductors, Aluminium Extrusion, Magni-Coated Fasteners, and Defence.^[5][1]
The company is applying for vendor approvals from DRDO and Mazagaon Dock for defence sector entry, with RDSO and Power Grid approvals already in process.^[3]
Management has guided 25% revenue CAGR for KP Green Engineering through FY32, with a D/E ceiling of ≤2.5x through FY28 to accommodate manufacturing capex.^[5]

Recent developments

Asia's largest galvanizing kettle (15 MT single-dip, 90,000 MT/PA) went live at the Matar facility in March 2026, completing the KP 2.0 manufacturing scale-up.^[5][6]
KP Green Engineering received its first credit rating from ICRA at A- Stable in FY26.^[6]
The company became the first in India to clear all three NATRAX crash tests (car, bus and truck) for both W-beam and Thrie-beam crash barriers in one go, as of FY26.^[1]
State utility empanelments expanded in FY26 to include Rajasthan, Punjab and Chhattisgarh; Bihar and Karnataka approvals were pending as of H1 FY26.^[4]

Market Cap

₹1,325 Cr

High / Low

₹627 / 246

Stock P/E

10.6

Price / Book

4.5

Book Value

₹92

EPS

₹27.1

No. of Shares

5 Cr

ROCE

36.7%

ROE

34.7%

OPM

18.1%

Debt / Equity

0.57

Sales

₹1,246 Cr

Net Profit

₹136 Cr

Promoter holding

66.6%

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