KPI Green Energy Ltd.
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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 GENERATEDPower
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| KPIGREEN | 281.55 | 12.16 | 5565.45 | 0.37 | 94.63 | -14.99 | 693.84 | 15.08 | 15.71 | 35.40 |
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:
- 84%
- 3 Years:
- 17%
- 1 Year:
- -41%
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 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - KPI Green Energy Limited has informed the Exchange about Copy of Newspaper Publication
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 - KPI Green Energy Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
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 - KPI Green Energy Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
2026-09-03 - KPI Green Energy Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - KPI Green Energy Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.
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 - 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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KPI Green Energy Ltd.
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