KPI Green Energy Ltd.

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kpigreenenergy.comBSE: 542323NSE: KPIGREEN

Market Cap₹ 5,770 Cr.

Current Price

High / Low₹ 542 / 291

Stock P/E12.6

Book Value₹ 151

Price to Book2.40

Dividend Yield0.36 %

ROCE15.7 %

ROE19.3 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Solar Power & Plant: 100.0% • Solar Farm Plots: 0.0%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Company has delivered good profit growth of 104.2% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 23.0%
Company has a healthy return on capital (ROCE) of 20.1%
Company has delivered good sales growth of 91.9% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Promoter holding has decreased over last 2 years: -3.7pp
Free cash flow has been persistently negative
Total debt has risen sharply - up 302.7% year on year
Recurring exceptional / one-off items are inflating headline profit
Growth is decelerating - 3Y profit CAGR (66.9%) trails the 5Y trend (104.2%)
Inventory has been piling up - inventory days up from 84 to 130

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerInfrastructureEngineering - Construction

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3925.00	32.55	540027.44	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	207.00	47.98	43159.92	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1408.65	21.17	24055.87	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.07	24.14	23032.75	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1268.60	36.23	21792.97	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	273.15	19.58	15352.19	1.83	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	983.20	26.53	11434.57	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.45	35.43	10830.19	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	115.10	20.67	10825.34	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	392.85	18.89	10457.67	1.40	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	274.30	69.72	10088.33	0.73	303.00	120.52	26710.00	692.49	12.88	9.42
12.	KPIGREEN	291.90	12.60	5770.04	0.36	94.63	-14.99	693.84	15.08	15.71	35.40

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	189	215	330	289	348	360	458	569	603	634	663	796	6,938
	120	144	227	196	216	226	321	408	397	409	427	505	5,789
Operating Profit	69	71	104	93	132	134	137	161	206	226	236	291	1,149
OPM %	36.57%	33.09%	31.37%	32.09%	37.96%	37.17%	29.86%	28.30%	34.18%	35.56%	35.56%	36.56%	16.56%
	1	1	1	3	0	1	8	8	11	7	16	14	160
Interest	20	18	23	25	28	23	15	14	38	43	48	53	797
Depreciation	9	10	10	11	14	15	15	16	30	32	33	39	509
Profit before Tax	41	44	72	60	91	97	115	139	149	158	170	214	1,309
Tax %	19.47%	20.82%	29.50%	28.33%	27.10%	27.68%	25.92%	24.89%	25.39%	26.06%	25.99%	27.34%	27.69%
Net Profit	0	0	0	0	66	70	85	104	111	117	126	155	946
	6.14	3.21	4.58	2.38	3.66	3.70	4.29	5.04	5.28	5.53	5.97	7.36	4.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	35	59	104	230	644	1,024	1,735	2,696	2,787
	19	32	40	121	435	687	1,174	1,738	1,920
Operating Profit	15	27	64	109	208	337	561	958	867
OPM %	44.38%	45.48%	61.56%	47.36%	32.38%	32.90%	32.34%	35.53%	31.11%
	6	0	0	1	3	7	20	48	53
Interest	4	8	25	37	47	86	79	182	224
Depreciation	4	7	16	14	23	40	61	133	154
Profit before Tax	13	12	23	59	142	217	441	691	673
Tax %	30.59%	45.98%	36.22%	27.15%	22.73%	25.51%	26.23%	26.29%	26.77%
Net Profit	9	6	14	43	110	162	325	509	493
EPS	6.35	3.56	7.91	11.97	19.50	26.82	16.23	24.13	—
Dividend Payout %	0.00%	0.00%	0.00%	4.18%	9.39%	2.61%	4.93%	4.35%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 92%
3 Years:: 61%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 101%
3 Years:: 63%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 85%
3 Years:: 15%
1 Year:: -40%

RETURN ON EQUITY

10 Years:: —
5 Years:: 31%
3 Years:: 23%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Minority Interest	0	0	0	0	0	0	206	239
	81	80	94	136	222	775	2,303	2,786
	34	123	300	414	620	970	1,430	5,407
Trade Payables	7	42	22	47	227	417	420	458
	21	36	47	163	150	214	335	893
Total Liabilities	161	298	481	777	1,255	2,436	4,792	9,882
	84	213	315	482	801	979	2,361	4,508
Capital Work in Progress	18	1	21	31	0	101	163	918
	0	0	0	0	2	0	4	199
	15	35	40	107	165	334	466	1,449
	0	0	0	0	0	427	578	740
Cash & Bank	2	10	22	26	52	170	427	559
	41	39	83	132	235	424	792	1,508
Total Assets	161	298	481	777	1,255	2,436	4,792	9,882

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-16	41	-2	103	167	-57	241	482
Cash from Investing	-15	-119	-63	-189	-309	-387	-2,098	-4,129
Cash from Financing	33	87	77	91	177	562	1,807	3,643
	1	8	11	4	27	118	-51	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.09	48.77	48.78	48.78	48.67	48.67	49.25	49.49	49.40
	3.91	8.86	8.20	8.05	8.26	9.16	8.68	8.24	8.16
	0.33	1.50	1.82	1.59	0.76	0.77	0.63	0.62	0.65
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.51	39.79	40.62	41.58	42.31	41.39	41.44	41.65	41.79

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - KPI Green Energy Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-05

General Updates

2026-09-05 - KPI Green Energy Limited has informed the Exchange a letter providing the weblink, including the exact path, for accessing the Annual Report for FY 2025-26, which has been sent to those Members whose e-mail addresses are not registered. The disclosure is attached herewith.

2026-09-05

Shareholders meeting

2026-09-05 - KPI Green Energy Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026

2026-09-05

Updates

2026-09-05 - KPI Green Energy Limited has informed the Exchange regarding 'Communication in respect of deduction of tax at source on Final Dividend pay-out.'.

2026-09-05

Record Date

2026-09-05 - KPI Green Energy Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - KPI Green Energy Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Outcome of Board Meeting

2026-09-02 - KPI Green Energy Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.

2026-09-02

General Updates

2026-09-02 - KPI Green Energy Limited has informed the Exchange regarding change in Statutory Auditors of the Material Subsidiary Company. The disclosure is attached herewith.

2026-09-02

General Updates

2026-09-02 - KPI Green Energy Limited has informed the Exchange regarding update on Resignation of Chief Financial Officer. The Disclosure is attached herewith.

News

Recent coverage and analyst commentary for KPIGREEN

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