KPI Green Energy Ltd(KPIGREEN)

NSE: KPIGREENBSE: 542323

₹ 289.5-2.10%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,723 crWebsite: www.kpigreenenergy.comUpdated: 24 Oct 2026

About

KPI Green Energy Limited is a Gujarat-based renewable energy company that owns solar, wind and hybrid plants as an Independent Power Producer (IPP) and builds plants for other customers under EPC and captive power contracts. In FY26 it reported revenue of ₹2,695.91 Cr. Within the KP Group it is the IPP platform, and it also carries out solar EPC orders above 50 MW. Its IPP portfolio reached 2.57 GWp by Jun-26, up from 1.72 GWp in Jun-25.^[1][2]

Business segments

In FY26 the company reported a single segment, 'Sales of Power & Solar Power plant', with revenue of 2,694.64 Cr (100% of the total).^[3]
The IPP business owns utility-scale renewable assets and sells power under long-term PPAs. It made up 9% of revenue in FY26 and 17% in Q1 FY27, with segment EBITDA margins of 85-90%.^[4]
Group realignment (Q2 FY27): KPI Green is the IPP platform and handles solar EPC orders above 50 MW. Subsidiary Sun Drops handles BESS, EPC up to 50 MW and group captive. KP Energy handles wind.^[2]

Installed and under-construction capacity

The total portfolio as of Q1 FY27 was 6.94 GW, up 71% YoY from 4.06 GW. Of this, 1.87 GW was installed and 5.07 GW was under construction.^[5]
IPP portfolio: 2.57 GWp in Jun-26 vs 1.72 GWp in Jun-25 (+49%). The call also cites 1.01 GWp commissioned and 1.81 GWp under execution, for a 2.82 GWp total.^[2]
EPC portfolio: 4.37 GWp in Jun-26, up 87%.^[2]
A 1 MW green hydrogen facility was commissioned at Matar, Bharuch in FY26. It is the company's first entry into green hydrogen.^[4]

Key operating numbers

IPP generation was 27.9 Cr kWh in Q1 FY27. That is already 68% of full-year FY26 generation of 41.0 Cr kWh.^[2]
Hybrid CUF (AC basis) was 48.7% in Q3 FY26.^[6]
CPP order book: about ₹5,000+ Cr as of Q1 FY27, vs ₹5,246 Cr as of Q4 FY26.^[5]
As of Q1 FY27, power evacuation capacity was 5.10 GW (+55% YoY) and the strategic land bank was 8,657 acres (+38% YoY).^[5]
The company had 133 project sites as of Q1 FY27, up from 108 a year earlier.^[5]

Operations and licences

Operations are mainly in Gujarat. As of Q4 FY26, expansion was underway into Rajasthan, Karnataka, Odisha, Madhya Pradesh and Maharashtra.^[4]
The company holds an inter-state trading licence from CERC and an intra-state Category A trading licence from GERC. Together these allow it to trade power on exchanges and bilaterally across India.^[4]

Customers

IPP power is sold under long-term PPAs, mainly to GUVNL. The IPP portfolio includes 250 MW of solar and 370 MW of hybrid projects financed by a ₹3,200 Cr SBI term loan.^[7]
Major CPP customers include SJVN (300 MW wind + 250 MW solar), Adani Group (1.13 GW balance-of-systems), Aditya Birla Renewables (96 MW) and GSECL (142 MW floating solar).^[4]
Rajasthan EPC orders include 650 MWp of solar balance-of-systems for NTPC REL and a 550 MWp solar EPC order for NACOF Oorja.^[2]

Expansion and capex

Sun Drops plans a 10 GWh integrated BESS and cell campus in Gujarat. A 5 GWh/yr BESS line is on order, with production starting Apr 2027. A 5 GWh cell line is targeted for FY2028-29, and the campus scales to 10 GWh by Apr 2031.^[2]
Making cells in-house is expected to lift BESS gross margin from 14% to 22% at an unchanged sale price.^[2]
Botswana: Phase 1 is 500 MW under a BOO model on 500 Ha of allocated land. Capex is estimated at ₹1,500-1,700 Cr, with commissioning committed by December 2027.^[2][5]
A 142 MWp floating solar EPC order at Kadana Dam, Gujarat was in progress as of Q2 FY27.^[2]
Rajasthan: a ₹2,025 crore work order from NACOF Oorja for a 500 MW / 550 MWp solar PV plant at Dantoor, Bikaner, with a 12-month execution timeline.^[8]
Group targets for FY32: 10 GWp of owned IPP generation and 10 GWp of third-party EPC.^[2]
UAE: Sun Drops Energia is executing a solar-plus-BESS project to power a containerised data centre.^[5]

Recent developments

17 Oct 2026: Sun Drops Energia bought a further 43,49,560 shares of DEK and Mavericks Green Energy Limited, raising its stake to 88.37%. Its holding now totals 1,50,97,320 shares.^[9]
1 Oct 2026: Dr. Alok Das resigned as Group CEO for personal reasons.^[10]
30 Sep 2026: binding offer signed to acquire 100% of Alfanar Energy (301.4 MW wind) and Netra Wind (206.5 MW wind) in Gujarat for ₹2,410 crore. The deal is expected to close by 28 February 2027.^[11]
29 Sep 2026: won a ₹2,025 crore EPC order from NACOF Oorja Private Limited for a 500 MW / 550 MWp solar plant at Bikaner, Rajasthan.^[8]
The promoter pledge is targeted for full release by March 2027 through cancellation of the SBI arrangement.^[2]
FY26: issued a ₹670 Cr green bond (5-year tenor, 8.50%) described as India's first externally credit-enhanced green bond. It is rated AA+(CE) by CRISIL and ICRA and backed by a 65% partial guarantee from GuarantCo.^[4]

Market Cap

₹5,723 Cr

High / Low

₹542 / 272

Stock P/E

12.5

Price / Book

1.9

Book Value

₹154

EPS

₹24.1

No. of Shares

19.73 Cr

ROCE

13.9%

ROE

16.9%

OPM

31.8%

Debt / Equity

1.49

Sales

₹2,696 Cr

Net Profit

₹509 Cr

Promoter holding

49.4%

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KPI Green Energy Ltd(KPIGREEN)

About

Business segments

Installed and under-construction capacity

Key operating numbers

Operations and licences

Customers

Expansion and capex

Recent developments

Signal history

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