KPI Green Energy

Listed IPP — per-stock model.

As of 21 Aug 2026

IPP—

CMP ₹313NSE: KPIGREEN

Latest concall

Q4 FY26 · 12 May 2026

FY26 rev ₹2,742cr +56%, PAT ₹509cr +57%; Q4 PAT ₹155cr, EBITDA margin ~37%.
Installed 1.62 GW, work-in-progress 4.64 GW; total portfolio ~6.26 GW.
Energized 447 MW in Q4; 376 MW Khavda GUVNL IPP hit by evacuation delays.
Consolidated debt ~₹4,532cr, D/E jumped to 1.49 on debt-funded expansion.

Order-book execution

4.64 GW work-in-progress commissioning in phases across FY27-28, subject to evacuation approvals.

Management guidance

Reaffirmed 40-50% annual growth target across CPP and IPP segments.
BESS capacity to be fully operational by FY27; revenue from FY28.
IPP cash flows to strengthen FY27-28, easing interest burden over time.

KPI Green Q4 FY26 concall, May 12 2026; ScanX, InvestyWise, Whalesbook, SolarQuarter

UC + pipeline

4.64GW

own capacity, not an order book

Revenue FY26E

2,696₹ cr

EBITDA margin

36%

P/E

13.5×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY19	34	15	45.0%	9	—	—	—	—	—	0.6	—
FY20	59	27	46.0%	6	—	—	—	—	—	0.4	—
FY21	102	58	57.0%	22	—	—	—	—	—	1.4	—
FY22	230	109	47.0%	43	—	—	—	—	—	2.7	—
FY23	644	208	32.0%	110	—	—	—	—	—	6.7	—
FY24	1,024	337	33.0%	162	—	—	—	—	—	8.9	—
FY25	1,735	564	32.0%	325	—	—	—	—	—	16.2	—
FY26	2,696	958	36.0%	509	—	—	—	—	—	24.1	—

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

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

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

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	182	54	30.0%	32	17.6%
Q1FY24	189	69	37.0%	33	17.5%
Q2FY24	215	71	33.0%	35	16.3%
Q3FY24	330	104	31.0%	51	15.4%
Q4FY24	289	93	32.0%	43	14.9%
Q1FY25	348	132	38.0%	66	19.0%
Q2FY25	360	134	37.0%	70	19.4%
Q3FY25	458	137	30.0%	85	18.6%
Q4FY25	569	161	28.0%	104	18.3%
Q1FY26	603	206	34.0%	111	18.4%
Q2FY26	634	226	36.0%	117	18.4%
Q3FY26	663	236	36.0%	126	19.0%
Q4FY26	796	291	37.0%	155	19.5%

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

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

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

Valuation

As of 21 Aug 2026

P/E

13.5×

EV / EBITDA

11.4×

P/B

2.0×

Operating metrics

What the rest of the dashboard tracks for KPI Green Energy — capacity, auctions, offtake, manufacturing and returns.

1.7%

Greenfield IRR · IPP

at its 36% margin

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
GUVNL Khavda 250 MW solar IPP	0.25 GW	Q3 FY27	Q3 FY27	—	on track
GUVNL 445 MW / 890 MWh BESS	0.89 GWh	Q4 FY27	Q4 FY27	—	on track
GUVNL Khavda 370 MW hybrid IPP ~6-7 month push-out: the GSECL government substation (GSS)/evacuation infra ran late; GUVNL agreed to extend PPA start, hybrid balance slips into FY28.	0.37 GW	Q3 FY27	Q1 FY28	+2Q	delayed
GUVNL 150 MW wind IPP	0.15 GW	Q3 FY28	Q3 FY28	—	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

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