KPIGREEN

KPI Green Energy share price & financials

Price
₹409.6
Market cap
₹6.1k Cr
Sector
Power
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

KPI Green Energy Limited Q1 FY27

EBITDA ₹262 cr +21%EBITDA Margin 37% Profit After Tax ₹95 cr −14%Total Income ₹710 cr +16%

What went well

  • Total income grew 16% year-on-year to ₹710 crore in Q1 FY27.
  • EBITDA increased 21% year-on-year to ₹262 crore, with EBITDA margin improving to 37% from 35%.
  • Cash profit, a key measure of underlying cash generation, grew 6% year-on-year to ₹176 crore.

What to watch

  • Profit after tax (PAT) declined to ₹95 crore from ₹111 crore in Q1 FY26, primarily due to higher depreciation and finance costs.
  • Management noted that geopolitical conditions are impacting execution and costs, particularly for components like steel, cables, and logistics.
Read the full call →

What KPI Green Energy Limited does

KPI Green Energy Limited develops, owns and operates utility-scale solar, wind and hybrid renewable power projects across India, in-house designing, engineering, procuring and constructing (EPC) each plant. It runs two business models: Independent Power Producer (IPP), where it owns plants and sells electricity to businesses and government bodies under long-term Power Purchase Agreements and via power exchanges, and Captive Power Producer (CPP), where it develops, transfers, operates and maintains solar/hybrid plants that let industrial and commercial customers generate and consume their own power, cutting their DISCOM electricity bills, with separate O&M contracts. It is part of KP Group, whose other listed entities are KP Energy Limited (wind project development and Balance-of-Plant EPC) and KP Green Engineering (galvanized steel structures and pre-engineered buildings for renewable and transmission infrastructure).

Segments

  • Independent Power Producer (IPP)
  • Captive Power Producer (CPP)
Installed + upcoming renewable capacity
6.26 GW (2.57 GW IPP + 3.69 GW CPP) as of March 31, 2026
Number of project sites
128 sites (installed and under execution) as of Dec 31, 2025
Land bank
6,999+ acres as of Dec 31, 2025
Power evacuation capacity tied up
3,575 MW as of Dec 31, 2025
Orders in hand
3.61+ GW as of Q3 FY26
Total manpower
670+ employees, including 322+ engineers and 135+ postgraduate professionals, as of Dec 31, 2025
Founded 2008Employees 670 (2025-12-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 1 delivered 1 missed 11 open
  • Debt to Equity Ratio delivered said Q1 FY26 Promised: With the NCD and upcoming project also, we will not cross 2:1. Q1 FY27: No new D/E ratio reported. Management has now guided for a higher long-term ceiling of 3:1, effectively retiring this older, lower ceiling promise.
  • Installed IPP Capacity went quiet said Q1 FY26 Promised: 1.7 GW by FY26 end Q1 FY27: The FY26 target remains unaddressed and missed. Management focus is on the new FY27 capacity targets.
  • Revenue Growth YoY revised down said Q4 FY25 Promised: 60% to 70% growth year-on-year Q1 FY27: Management revised growth guidance down again, now committing to '30% to 40% year-on-year', compared to the 40-50% guided in Q4 FY26.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 30.1%, net profit down 6.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue310 483 488 386 501 +62%511 +6%592 +21%502 +30%
EBITDA82 122 135 148 187 +128%197 +61%246 +82%201 +36%
Net profit37 77 86 72 95 +157%99 +29%127 +48%67 −7%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −41.5% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹481.75 on 10 Sept 2025 → ₹281.7. High ₹538.8 (3 Nov 2025), low ₹281.7 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−3.9%
12 Aug
Q4 FY26
−5.9%
12 May
Q3 FY26
−0.7%
28 Jan
Q2 FY26
+0.4%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 45.7% a year over 3 years, FY23 to FY26. Operating margin widened to 39.1%.

Year endingFY23FY24FY25FY26
Revenue₹643 Cr₹724 Cr₹1.6k Cr₹2.0k Cr
Operating profit₹209 Cr₹247 Cr₹446 Cr₹778 Cr
Operating margin32.5%34.1%28.0%39.1%
Interest₹47 Cr₹76 Cr₹67 Cr₹167 Cr
Depreciation₹23 Cr₹36 Cr₹53 Cr₹114 Cr
Net profit₹109 Cr₹104 Cr₹253 Cr₹393 Cr
Net margin17.0%14.4%15.9%19.7%
Cash from operations₹107 Cr₹-135 Cr₹450 Cr₹315 Cr
Free cash flow₹-182 Cr₹-283 Cr₹-882 Cr₹-2.7k Cr
ROCE21.0%17.0%16.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹18 Cr₹36 Cr₹60 Cr₹99 Cr₹99 Cr
Reserves₹94 Cr₹137 Cr₹192 Cr₹688 Cr₹2.6k Cr₹2.4k Cr
Borrowings₹286 Cr₹352 Cr₹600 Cr₹977 Cr₹2.5k Cr₹5.3k Cr
Other liabilities₹51 Cr₹174 Cr₹207 Cr₹381 Cr₹981 Cr₹1.2k Cr
Total liabilities₹450 Cr₹682 Cr₹1.0k Cr₹2.1k Cr₹6.2k Cr₹9.0k Cr
Fixed assets₹297 Cr₹403 Cr₹673 Cr₹704 Cr₹2.4k Cr₹4.0k Cr
Capital work in progress₹3 Cr₹0 Cr₹0 Cr₹78 Cr₹709 Cr₹916 Cr
Investments₹22 Cr₹66 Cr₹67 Cr₹214 Cr₹4 Cr₹500 Cr
Other assets₹128 Cr₹213 Cr₹295 Cr₹1.1k Cr₹3.1k Cr₹3.6k Cr
Total assets₹450 Cr₹682 Cr₹1.0k Cr₹2.1k Cr₹6.2k Cr₹9.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters added +0.74 pp while the public trimmed −0.51 pp. The shareholder count shrank 5% to 3,09,275.

Promoters
49.4%
FIIs
8.2%
DIIs
0.7%
Public
41.8%

Since Jun 2025

  • Promoters +0.74 pp
  • Public −0.51 pp
  • DIIs −0.14 pp

How it drifted, 12 quarters

Over this window promoters fell from 54.8% to 49.4% — −5.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.8%, FIIs 4.2%, Public 40.9%.Dec '23: Promoters 53.1%, FIIs 6.0%, DIIs 2.1%, Public 38.9%.Mar '24: Promoters 53.1%, FIIs 5.6%, DIIs 0.6%, Public 40.7%.Jun '24: Promoters 53.1%, FIIs 6.0%, DIIs 0.3%, Public 40.5%.Sep '24: Promoters 48.8%, FIIs 9.9%, DIIs 1.5%, Public 39.8%.Dec '24: Promoters 48.8%, FIIs 8.8%, DIIs 1.9%, Public 40.5%.Mar '25: Promoters 48.8%, FIIs 8.1%, DIIs 1.6%, Public 41.5%.Jun '25: Promoters 48.7%, FIIs 8.3%, DIIs 0.8%, Public 42.3%.Sep '25: Promoters 48.7%, FIIs 9.2%, DIIs 0.8%, Public 41.4%.Dec '25: Promoters 49.3%, FIIs 8.7%, DIIs 0.6%, Public 41.5%.Mar '26: Promoters 49.5%, FIIs 8.2%, DIIs 0.6%, Public 41.6%.Jun '26: Promoters 49.4%, FIIs 8.2%, DIIs 0.7%, Public 41.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of KPI Green Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Farukbhai Gulambhai Patel 48.54%−0.08 pp
Irfanahmed Shahabuddin Mombasawala 1.65%unchanged
Dhimantrai Chandrashanker Joshi 1.35%unchanged
Government Pension Fund Global Sovereign1.22%unchanged
V Joshi Impex Private Limited 1.07%unchanged
Kutir Navinchandra Patel 1.01%unchanged
Quyosh Energia Private Limited 0.81%unchanged
Rashida Gulam Patel 0.03%unchanged
Gulammahmad Alibhai Patel 0.03%unchanged
Affan Faruk Patel 0.00%unchanged
Aayesha Farukbhai Patel 0.00%unchanged
Vahidabanu Faruk Patel 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse KPI Green Energy Limited

Guides on how to read this kind of business and the numbers that matter.