KPI Green Energy Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,732 Cr
- P/E
- 12.57
- ROE
- 16.93%
- PEG
- 0.21
- Price to sales
- 2.05
- Debt to equity
- 1.71
- 52W high / low
- ₹539 / ₹276
- Sales growth (5Y)
- 92.39%
- EBITDA margin
- 35.80%
- Net profit margin
- 18.33%
- Promoter holding
- 49.41%
- Sales (last year)
- ₹2,787 Cr
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]
Guidance scorecard · Q1 FY27 call
What KPI Green Energy Ltd's management guided
and where it ranks in Power
Power
RevenueQ1 FY27 call
20–40%- Management projects a conservative revenue growth of around 30% for FY27, considering current geopolitical challenges.
- Earlier targets included 40%-50% CAGR, which may be achieved if geopolitical conditions improve.
- Revenue for FY27 is expected to reach approximately INR3,500 crores based on 30% growth guidance.
- Growth for the coming quarters, especially Q3 and Q4, is anticipated to be stronger after a slow rainy season in Q2.
- Order book for the CPP segment stands at over INR5,000 crores, supporting sustained revenue growth.
- The IPP segment is expected to show an upward trajectory as plants stabilize, with peak capacity utilization likely in Q3 or Q4.
2 more points from KPI Green Energy Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
Down 0–2%See what KPI Green Energy Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- KPI Green Energy is actively executing a large 500 MW IPP project in Botswana, with land acquisition (500 hectares) completed and PPAs being signed; revenue expected in upcoming years, not in the current year.
- Total investments in the IPP segment are expected to rise to around INR 5,000-6,000 crore by FY ’27-’28, being capitalized in a phased manner.
- The company is adding battery energy storage systems and battery energy manufacturing capacity at Sun Drops, which is also preparing for an IPO and expects top-line to cross INR1,500 crore this year.
- New projects of 250 MW and 370 MW are under debt-financed execution to be completed by September, driving revenues ahead.
2 more points from KPI Green Energy Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
PlannedSee what KPI Green Energy Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- KPI Green Energy has an order book of approximately INR 5,000+ crore for its Captive Power Plants (CPP) segment.
- The IPP (Independent Power Producer) segment has energized substantial portions of existing projects and is expected to show strong growth going forward.
- The company has ongoing projects including a 565 MW/1,130 MWh Battery Energy Storage System (BESPA), a 142 MW floating solar EPC order at Kadana Dam, Gujarat, and a 150 MW wind project for GUVNL with signed PPA and financial closure.
- A 300 MW wind project backed by SJVN is under PPA signing process.
- Internationally, KPI is progressing a 5 GW renewable energy MOU with Botswana, with the first 500 MW phase under planning and advanced stages of PPA signings.
2 more points from KPI Green Energy Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Power companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,624 Cr | 8.3 | |
| 2 | 40%+ | Flat | ₹28,982 Cr | 48.7 | |
| 3 | 40%+ | Flat | ₹15,130 Cr | 573.5 | |
| 4 | 40%+ | Flat | ₹15,007 Cr | 95.7 | |
| 5 | 20–40% | Flat | ₹3.78L Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1.95L Cr | 100.7 |
Sign up free to see every company in the sector ranking and track KPI Green Energy Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Power rankingKPI Green Energy Ltd announcements
All announcements →- Acquisition / mergerNotableKPI Green Energy’s subsidiary Sun Drops Energia acquires 88.37% stake in DMGEL
- Acquisition / mergerNotableKPI Green Energy signs binding offer to acquire 507.9 MW wind capacity in Gujarat
- Acquisition / mergerNotableKPI Green Energy to acquire 100% equity of Alfanar Energy and Netra Wind Pvt Ltd
- Order winNotableKPI Green Energy receives ₹2,025 crore EPC order from NACOF Oorja for 500 MW solar project
- Acquisition / mergerNotableKPI Green Energy's subsidiary SDEL acquires 62.91% stake in DMGEL
Financials of KPI Green Energy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of KPI Green Energy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 182 | 189 | 215 | 330 | 289 | 348 | 360 | 458 | 569 | 603 | 634 | 663 | 796 |
| Expenses + | 128 | 120 | 144 | 227 | 196 | 216 | 226 | 322 | 408 | 397 | 409 | 427 | 505 |
| Operating Profit | 54 | 69 | 71 | 104 | 93 | 132 | 134 | 137 | 161 | 206 | 226 | 236 | 291 |
| OPM % | 30% | 37% | 33% | 31% | 32% | 38% | 37% | 30% | 28% | 34% | 36% | 36% | 37% |
| Other Income + | 2 | 1 | 1 | 1 | 3 | 0 | 1 | 8 | 8 | 11 | 7 | 16 | 14 |
| Interest | 13 | 20 | 18 | 23 | 25 | 28 | 23 | 15 | 14 | 38 | 43 | 48 | 53 |
| Depreciation | 6 | 9 | 10 | 10 | 11 | 14 | 15 | 15 | 16 | 30 | 32 | 33 | 39 |
| Profit before tax | 37 | 41 | 44 | 72 | 60 | 91 | 97 | 115 | 139 | 149 | 158 | 170 | 214 |
| Tax % | 14% | 19% | 21% | 29% | 28% | 27% | 28% | 26% | 25% | 25% | 26% | 26% | 27% |
| Net Profit + | 32 | 33 | 35 | 51 | 43 | 66 | 70 | 85 | 104 | 111 | 117 | 126 | 155 |
| EPS in Rs | 1.95 | 2.05 | 2.14 | 2.80 | 2.38 | 3.66 | 3.55 | 4.29 | 5.04 | 5.27 | 5.53 | 5.97 | 7.36 |
Financials of KPI Green Energy Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 34 | 59 | 102 | 230 | 644 | 1,024 | 1,735 | 2,696 |
| Expenses + | 19 | 32 | 44 | 121 | 435 | 687 | 1,172 | 1,738 |
| Operating Profit | 15 | 27 | 58 | 109 | 208 | 337 | 564 | 958 |
| OPM % | 45% | 46% | 57% | 47% | 32% | 33% | 32% | 36% |
| Other Income + | 6 | 0 | 0 | 1 | 3 | 7 | 17 | 48 |
| Interest | 4 | 8 | 16 | 37 | 47 | 86 | 79 | 182 |
| Depreciation | 4 | 7 | 13 | 14 | 23 | 40 | 61 | 133 |
| Profit before tax | 13 | 12 | 30 | 59 | 142 | 217 | 441 | 691 |
| Tax % | 31% | 46% | 27% | 27% | 23% | 26% | 26% | 26% |
| Net Profit + | 9 | 6 | 22 | 43 | 110 | 162 | 325 | 509 |
| EPS in Rs | 0.55 | 0.40 | 1.35 | 2.66 | 6.74 | 8.94 | 16.23 | 24.13 |
| Dividend Payout % | 0% | 0% | 0% | 4% | 9% | 3% | 5% | 4% |
Financials of KPI Green Energy Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 36 | 60 | 98 | 99 |
| Reserves | 81 | 80 | 102 | 136 | 222 | 775 | 2,325 | 2,935 |
| Borrowings + | 40 | 139 | 240 | 446 | 676 | 1,036 | 1,475 | 5,197 |
| Other Liabilities + | 22 | 61 | 49 | 177 | 322 | 564 | 894 | 1,651 |
| Total Liabilities | 161 | 298 | 409 | 777 | 1,255 | 2,436 | 4,792 | 9,882 |
| Fixed Assets + | 84 | 213 | 244 | 482 | 801 | 979 | 2,361 | 4,508 |
| CWIP | 18 | 1 | 21 | 31 | 0 | 101 | 163 | 918 |
| Investments | 0 | 0 | 0 | 0 | 2 | 0 | 4 | 199 |
| Other Assets + | 59 | 85 | 144 | 264 | 453 | 1,355 | 2,264 | 4,257 |
| Total Assets | 161 | 298 | 409 | 777 | 1,255 | 2,436 | 4,792 | 9,882 |
Financials of KPI Green Energy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -17 | 40 | -27 | 102 | 159 | -57 | 208 | 424 |
| Cash from Investing Activity + | -15 | -119 | -63 | -189 | -309 | -387 | -1,587 | -4,071 |
| Cash from Financing Activity + | 33 | 87 | 101 | 91 | 177 | 562 | 1,807 | 3,643 |
| Net Cash Flow | 1 | 8 | 11 | 4 | 27 | 118 | 427 | -4 |
| Free Cash Flow | -32 | -79 | -90 | -88 | -151 | -244 | -1,297 | -2,608 |
| CFO/OP | -101% | 154% | -43% | 95% | 80% | -11% | 48% | 48% |
Financials of KPI Green Energy Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 143 | 175 | 178 | 58 | 83 | 152 | 122 | 100 |
| Inventory Days | 374 | |||||||
| Days Payable | 118 | |||||||
| Cash Conversion Cycle | 143 | 175 | 178 | 58 | 83 | 152 | 122 | 356 |
| Working Capital Days | 388 | -24 | 232 | 85 | 13 | 96 | 168 | 101 |
| ROCE % | 11% | 16% | 20% | 25% | 22% | 18% | 14% |
Guidance history
How KPI Green Energy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Down 0–2% | Planned | Planned | Rising |
| Q4 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 40%+ | Up 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
3 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −45.4% | 7% |
| Last 6 months | −35.2% | 4% |
| Last 3 months | −24.4% | 8% |
The price is 59.1% below its all-time high of ₹709.33 (9 Aug 2024). Stocks more than 20% below their peak have their score halved, so 6 became 3.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For KPI Green Energy Ltd: 0.4 × 7 + 0.4 × 4 + 0.2 × 8 = 6, halved to 3 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What KPI Green Energy Ltd's management said in earlier quarters
Others in Power this season
- Vedanta Power (Q2 FY27)
Quarterly Revenue:** ₹2,908 crore, up 38% YoY (Page 22, 27, 9, 26) . Key investor presentation takeaways from Vedanta Power Ltd's Q2 FY27 investor presentation
- ACME Solar Holdings Ltd (Q2 FY27)
Q2 FY27 Revenue from operations (Standalone): INR 887 Cr vs. Key investor presentation takeaways from ACME Solar Holdings Ltd's Q2 FY27 investor presentation —
- Sustainable Energy Infra Trust (Q2 FY27)
EBITDA Margin for Q2 FY2027 is strong at 82.6%, indicating operational efficiency (Page 49). Key investor presentation takeaways from Sustainable Energy Infra T
- JSW Energy Ltd (Q2 FY27)
Total Revenue for Q2 FY27: ₹6,658 Cr, up 24% YoY from ₹5,361 Cr in Q2 FY26 (Page 12). Key investor presentation takeaways from JSW Energy Ltd's Q2 FY27 investor