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Karma Energy

Listed Wind — per-stock model.

As of 21 Aug 2026
Wind—
CMP ₹39NSE: KARMAENG

Latest concall

Q4 FY26
  • Very small legacy wind IPP; Q4 FY26 revenue ₹0.9 cr, net loss ₹0.8 cr
  • FY26 loss-making (ROCE ~-4.8%); market cap ~₹44 cr and highly illiquid
  • No analyst coverage or earnings call; minimal public disclosures
Order-book execution

No order book; operates modest legacy wind assets with no announced capacity additions.

Management guidance
  • No forward guidance issued; no concall held and no disclosed expansion

BSE / Screener Q4 FY26 (Mar 2026) result filing — no concall held

Revenue FY26E

32₹ cr

EBITDA margin

26.06%

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY11171060.9%1—————0.5—
FY12271761.8%0—————0.3—
FY13321753.0%-2—————-0.9—
FY14311443.2%-4—————-1.2—
FY1519631.4%-7—————-4.0—
FY1619735.3%-8—————-3.9—
FY17331340.6%-2—————-0.1—
FY18401229.6%-4—————-2.1—
FY1935618.0%-12—————-8.6—
FY20421331.0%0—————-0.2—
FY2125-1-5.0%-13—————-11.5—
FY2232826.1%-2—————-1.4—
Source Market data (mid-2026)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q4FY196-0-6.6%-5-79.2%
Q1FY209330.1%-1-5.9%
Q2FY2019736.7%316.3%
Q3FY208118.8%-1-18.0%
Q4FY206230.6%-1-15.5%
Q1FY21703.3%-3-39.7%
Q2FY2111220.4%-1-5.3%
Q3FY214-1-22.9%-3-67.1%
Q4FY212-3-115.6%-7-283.6%
Q1FY227110.5%-2-25.1%
Q2FY2212325.2%14.8%
Q3FY2210551.0%222.7%
Q4FY222-1-37.0%-3-133.0%
Source Market data (mid-2026)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

EV / EBITDA

7.7×

P/B

1.5×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2022

Shareholding pattern

%

Source Market data (mid-2026)· As of 21 Aug 2026