KPIGREEN - KPI Green Energy Limited Share Price

Power

₹380.90-0.55(-0.14%)

Market Closed as of May 2, 2025, 15:30 IST

What does KPI Green Energy Limited do?

Power Generation•Power•Small Cap

KPI Green Energy Limited generates and supplies solar power under Solarism brand name in India. The company develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer; and sells land parcels to third parties, including industrial plots. It also offers operation and maintenance, and hybrid energy solutions. The company was formerly known as K.P.I. Global Infrastructure Limited and changed its name to KPI Green Energy Limited in April 2022. KPI Green Energy Limited was incorporated in 2008 and is based in Surat, India.

Industry Group:Power

Employees:238

Website:kpigreenenergy.com

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Category	KPIGREEN	Power
PE	28.43	19.39
PS	5.11	2.84
Growth	59.4 %	5.6 %

Summary of Latest Earnings Report from KPI Green Energy

Summary of KPI Green Energy's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook:
KPI Green Energy anticipates robust growth, driven by India's renewable energy push targeting 500 GW by 2030. The company aims to expand its 5.2+ GW portfolio (1.4 GW operational, 3.8+ GW order book) through solar, wind, and hybrid projects. Plans include entering new markets (Rajasthan, Odisha, Maharashtra) and leveraging government initiatives like PLI schemes and green corridors.

Key Highlights:

Financial Performance: Record Q3 revenue (Rs.466.1 Cr, +40.6% YoY) and 9-month revenue (Rs.1,177.35 Cr, +59.5% YoY). PAT surged 86% YoY.
Order Book: Secured major contracts (e.g., 300 MW AC solar for Coal India, 240 MW DC Khavda project ahead of schedule).
Expansion: Land bank of 4,180+ acres; focus on IPP (7"“8-year payback) and CPP segments. Margins stable (20%+ for CPP, ~60% EBITDA for IPP).
Technology & Innovation: Investing in trackers (higher PLF vs. fixed panels), green hydrogen, and battery storage.
Risks Mitigated: Supply chain stability via advance planning, clauses in PPAs to offset module price fluctuations.
Policy Tailwinds: Budget emphasis on renewables, grid infrastructure, and export opportunities.

Targeting 50"“70% annual growth, KPI aims to scale capacity, maintain execution efficiency, and explore international markets.

Q&A Session

Last updated: Feb 25

Question 1: "In our IPP segment, installed capacity and order-in-hand numbers are similar to last quarter. Are we facing challenges in this segment?"
Answer: The flat IPP growth is strategic, prioritizing execution of existing projects (e.g., 1.3 GW GUVNL orders) and managing leverage. New IPP additions will resume once current projects progress, ensuring financial stability and operational efficiency.

Question 2: "What is the blended realization per unit for IPP projects, and how will GUVNL's INR 3/unit rates impact future profitability?"
Answer: Current blended realization is ~~INR 6/unit (net). GUVNL's lower rates (INR 3/unit) will dilute blended realization but improve IRR due to lower project costs. Older debt-free IPPs (~~INR 6/unit) will offset margin pressures.

Question 3: "How are supply chain risks (e.g., anti-dumping duties on solar glass) managed for CPP and IPP segments?"
Answer: CPP risks are mitigated via back-to-back supplier agreements. IPP contracts include clauses adjusting tariffs for input cost changes, ensuring margin protection despite price volatility.

Question 4: "Why did EBITDA margins dip QoQ in Q3?"
Answer: Margin fluctuation is seasonal: Q2 billing includes higher-margin services (e.g., land acquisition), while Q3 involves material procurement. Annual margins remain stable (e.g., 30"“34% EBITDA historically).

Question 5: "What is the roadmap for reducing share pledging and improving operating cash flow?"
Answer: Pledging (21"“22% of shares) is collateral for legacy loans, not new fundraising. SBI plans gradual release as loans are repaid. Operating cash flow will turn positive post-Q4 as projects ramp up.

Question 6: "How will expansion into Rajasthan and Odisha address land acquisition challenges?"
Answer: Expertise in land aggregation (4,180+ acres banked) and partnerships with local stakeholders mitigate risks. MOUs with state governments ensure access to leased land and evacuation infrastructure.

Question 7: "What is the payback period and IRR for IPP projects, given module degradation?"
Answer: Payback is 7"“8 years; IRR remains robust due to lower capex (~INR 3.25"“3.95 Cr/MW). Degradation is linear (tracker PLF: 23"“24%, fixed: 18%), with panels warrantied for 20"“25 years.

Question 8: "Are margins sustainable with rising competition and potential policy risks?"
Answer: Margins are defended via execution efficiency, hybrid projects (higher PLF), and technology adoption (e.g., robotic O&M). Policy tailwinds (e.g., green corridors, PLI schemes) support long-term growth.

Question 9: "What is the growth outlook given the 2.86 GW order book and 10 GW target by 2030?"
Answer: Order book (72% CPP, 28% IPP) and 59.5% revenue growth YTD signal strong execution. Focus on hybrid projects, O&M revenue (INR 5 lakh/MW/year), and new states/MOUs will drive 50"“60% annual growth.

Question 10: "How will KPI Green enter green hydrogen and battery storage markets?"
Answer: Green hydrogen plans (via KP Group) leverage captive renewable power. Battery storage is in early-stage exploration, with prototypes expected soon. Updates will follow finalized strategies.

Shareholder Name	Holding %
IRFANAHMED SHAHABUDDIN MOMBASAWALA	1.72%
DHIMANTRAI CHANDRASHANKER JOSHI	1.39%
V JOSHI IMPEX PRIVATE LIMITED	1.26%
KUTIR NAVINCHANDRA PATEL	1.01%
GULAMMAHMAD ALIBHAI PATEL	0.03%
RASHIDA GULAM PATEL	0.03%

Description	Share	Value
Revenue from Sales of Power & Solar Power Plantt	100.0%	458.2 Cr
Total		458.2 Cr

Balance Sheet for KPI Green Energy

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	204.8%	65	22	6.61	9.91	19	4.14
Loans, current	492.8%	3.71	0.31	6.9	0.51	0.2	0
Total current financial assets	8.4%	465	429	221	98	75	54
Inventories	1.4%	296	292	88	132	107	82
Total current assets	0.4%	1,106	1,102	382	290	305	210
Property, plant and equipment	14.9%	809	704	730	672	427	403
Capital work-in-progress	54.5%	120	78	0.93	0.25	2.39	0.35
Non-current investments	90.1%	406	214	64	67	76	66
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	89.1%	417	221	69	72	78	68
Total non-current assets	34.1%	1,346	1,004	801	745	508	471
Total assets	16.4%	2,451	2,106	1,183	1,035	813	682
Borrowings, non-current	-99.4%	3.24	378	392	344	293	218
Total non-current financial liabilities	-48.4%	295	571	568	497	421	326
Provisions, non-current	36.4%	0.72	0.56	0.37	0.37	0.32	0.49
Total non-current liabilities	-42.3%	369	639	631	549	463	365
Borrowings, current	-83.3%	69	407	203	104	29	26
Total current financial liabilities	-70.6%	205	695	275	240	70	70
Provisions, current	0%	0.07	0.07	0.04	0.04	0	0.03
Current tax liabilities	118.2%	25	12	0	1.52	11	0
Total current liabilities	-65%	252	718	287	258	157	162
Total liabilities	-54.4%	620	1,357	918	807	620	526
Equity share capital	10.2%	66	60	36	36	18	18
Total equity	145%	1,831	748	264	228	193	155
Total equity and liabilities	16.4%	2,451	2,106	1,183	1,035	813	682

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	64.2%	88	54	8.05	13	21	6.44
Current investments	-	0	0	0	0	1.5	0
Loans, current	492.8%	3.71	0.31	6.9	0.51	0.2	0
Total current financial assets	18.9%	711	598	298	201	107	64
Inventories	7.8%	360	334	122	165	130	107
Total current assets	9.1%	1,455	1,334	525	445	379	262
Property, plant and equipment	16.8%	1,049	898	859	800	546	481
Capital work-in-progress	87%	188	101	3.34	0.28	2.4	31
Non-current investments	-	5.98	0	1.5	1.5	0	0
Total non-current financial assets	110%	43	21	9.2	9.34	2.3	2.21
Total non-current assets	23.6%	1,362	1,102	872	810	552	515
Total assets	15.6%	2,817	2,436	1,397	1,255	931	777
Borrowings, non-current	-86.8%	56	417	437	409	363	289
Total non-current financial liabilities	-37%	392	622	616	564	493	399
Provisions, non-current	45.9%	0.8	0.63	0.37	0.37	0.32	0.49
Total non-current liabilities	-31.7%	482	705	691	627	542	441
Borrowings, current	-81.6%	77	415	223	112	53	48
Total current financial liabilities	-65.6%	296	858	362	348	105	96
Provisions, current	1.1%	0.08	0.07	0.04	0.04	0	0.03
Current tax liabilities	116.7%	40	19	4.52	3.07	11	0
Total current liabilities	-58.7%	370	895	381	370	196	183
Total liabilities	-46.7%	853	1,600	1,072	997	738	624
Equity share capital	10.2%	66	60	36	36	18	18
Total equity	135.1%	1,964	836	325	258	193	154
Total equity and liabilities	15.6%	2,817	2,436	1,397	1,255	931	777

Cash Flow for KPI Green Energy

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	-
Change in inventories	-186.4%
Depreciation	77.3%
Adjustments for interest income	193.3%
Net Cashflows from Operations	-123.3%
Income taxes paid (refund)	202.1%
Net Cashflows From Operating Activities	-137%
Proceeds from sales of PPE	-377.8%
Purchase of property, plant and equipment	-72.7%
Purchase of investment property	-300%
Purchase of other long-term assets	-
Interest received	193.3%
Other inflows (outflows) of cash	-
Net Cashflows From Investing Activities	-24.9%
Proceeds from issuing shares	-
Proceeds from borrowings	67.2%
Payments of lease liabilities	97.8%
Dividends paid	-81.2%
Interest paid	-102.2%
Other inflows (outflows) of cash	-
Net Cashflows from Financing Activities	218.8%
Net change in cash and cash eq.	350%

Standalone figures (in Rs. Crores) / View Consolidated Data

Finance costs	-
Change in inventories	-215.1%
Depreciation	88.9%
Adjustments for interest income	226%
Net Cashflows from Operations	-214.8%
Income taxes paid (refund)	12.2%
Net Cashflows From Operating Activities	-228.4%
Cashflows used in obtaining control of subsidiaries	6351.6%
Proceeds from sales of PPE	-1566.7%
Purchase of property, plant and equipment	-77.9%
Purchase of other long-term assets	-
Interest received	226%
Net Cashflows From Investing Activities	-29.5%
Proceeds from issuing shares	-
Proceeds from borrowings	65.8%
Payments of lease liabilities	8.8%
Dividends paid	-81.2%
Interest paid	-102.8%
Other inflows (outflows) of cash	-
Net Cashflows from Financing Activities	187.8%
Net change in cash and cash eq.	252.2%

Income Statement for KPI Green Energy

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	59.1%	1,024	644	230	104	59	-
Other Income	163.1%	6.92	3.25	1.58	0.44	0.27	-
Total Income	59.4%	1,031	647	232	-	-	-
Cost of Materials	40%	533	381	91	23	16	-
Purchases of stock-in-trade	-2.7%	3.19	3.25	3.39	2.72	2.52	-
Employee Expense	83.9%	14	8.07	4.26	1.77	1.62	-
Finance costs	84.8%	86	47	37	16	7.84	-
Depreciation and Amortization	77.3%	40	23	14	-	-	-
Other expenses	209.1%	137	45	23	19	13	-
Total Expenses	61.1%	813	505	172	74	48	-
Profit Before exceptional items and Tax	53.2%	217	142	59	-	-	-
Exceptional items before tax	12.1%	-0.31	-0.49	-0.11	-	-	-
Total profit before tax	53.2%	217	142	59	30	12	-
Current tax	288.9%	36	10	0	0	0	-
Deferred tax	-9.5%	20	22	16	8.13	5.48	-
Total tax	74.2%	55	32	16	8.13	5.48	-
Total profit (loss) for period	47.7%	162	110	43	22	6.44	-
Other comp. income net of taxes	5.1%	0.06	0.01	-0.01	-	-	-
Total Comprehensive Income	47.7%	162	110	43	-	-	-
Earnings Per Share, Basic	46.2%	9.39	6.74	2.66	1.34811111	0.39555556	-
Earnings Per Share, Diluted	46.2%	9.39	6.74	2.66	1.34811111	0.39555556	-

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	27.3%	458	360	348	289	330	215
Other Income	823.3%	7.74	1.73	1.84	3.61	1.21	0.88
Total Income	29.2%	466	361	350	293	331	216
Cost of Materials	50.9%	256	170	168	143	178	118
Purchases of stock-in-trade	15.9%	0.47	0.37	0.47	0.84	0.32	1.66
Employee Expense	9.1%	13	12	11	4.77	4.33	2.28
Finance costs	-36.4%	15	23	28	25	23	18
Depreciation and Amortization	0%	15	15	14	11	9.95	9.7
Other expenses	21.4%	52	43	36	48	43	23
Total Expenses	33.1%	351	264	258	233	260	172
Profit Before exceptional items and Tax	17.5%	115	98	92	60	72	44
Exceptional items before tax	45.9%	-0.06	-0.96	-1.5	-0.31	0	0
Total profit before tax	18.8%	115	97	91	60	72	44
Current tax	13%	27	24	20	16	15	4.52
Deferred tax	-23.9%	2.34	2.76	4.47	1.33	5.75	4.62
Total tax	11.5%	30	27	25	17	21	9.14
Total profit (loss) for period	21.7%	85	70	66	43	51	35
Other comp. income net of taxes	2.9%	0	-0.03	0	0.06	0	0
Total Comprehensive Income	21.7%	85	70	66	43	51	35
Earnings Per Share, Basic	22%	4.29333333	3.7	3.65666667	2.38333333	3.05111111	2.13777778
Earnings Per Share, Diluted	22%	4.25333333	3.66666667	3.65666667	2.38333333	3.05111111	2.13777778

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	48.5%	724	488	219	104	59	35
Other Income	114.8%	5.79	3.23	1.48	0.43	0.27	0.11
Total Income	48.8%	730	491	220	-	-	-
Cost of Materials	24.7%	359	288	84	23	16	10
Purchases of stock-in-trade	-2.7%	3.19	3.25	3.39	2.72	2.52	4.24
Employee Expense	73.7%	13	7.91	4.16	1.77	1.62	0.86
Finance costs	108.3%	76	37	36	16	7.84	3.87
Depreciation and Amortization	88.9%	35	19	14	-	-	-
Other expenses	188.6%	102	36	22	19	13	7.64
Total Expenses	51.2%	589	390	163	74	47	28
Profit Before exceptional items and Tax	40%	141	101	58	-	-	-
Exceptional items before tax	10.3%	-0.31	-0.46	-0.11	-	-	-
Total profit before tax	40%	141	101	58	30	12	13
Current tax	173.2%	21	8.32	0	0	0	0
Deferred tax	15.4%	16	14	13	8.13	5.5	3.92
Total tax	71.4%	37	22	13	8.13	5.5	3.92
Total profit (loss) for period	33.8%	104	78	45	22	6.5	8.9
Other comp. income net of taxes	5.1%	0.06	0.01	-0.01	-	-	-
Total Comprehensive Income	33.8%	104	78	45	-	-	-
Earnings Per Share, Basic	31.6%	6.02666667	4.82	2.74444444	1.35988889	0.4	0.70555556
Earnings Per Share, Diluted	31.6%	6.02666667	4.82	2.74444444	1.35988889	0.4	0.70555556
Debt equity ratio	-	-	-	-	0	0	033
Debt service coverage ratio	-	-	-	-	0	0	0.0189
Interest service coverage ratio	-	-	-	-	0	0	0.0501

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	56%	483	310	310	168	275	171
Other Income	901.7%	6.81	1.58	1.55	2.9	1.05	0.75
Total Income	57.2%	490	312	312	171	276	172
Cost of Materials	62.8%	307	189	157	63	153	97
Purchases of stock-in-trade	15.9%	0.47	0.37	0.47	0.84	0.32	1.66
Employee Expense	10%	12	11	9.85	4.16	4.01	2.03
Finance costs	-44.4%	11	19	25	22	21	16
Depreciation and Amortization	0%	13	13	13	9.97	8.7	8.51
Other expenses	57.7%	42	27	36	35	32	18
Total Expenses	48.3%	385	260	241	135	219	142
Profit Before exceptional items and Tax	103.9%	105	52	71	36	58	30
Exceptional items before tax	46.6%	-0.01	-0.89	-0.72	-0.31	0	0
Total profit before tax	108%	105	51	71	35	58	30
Current tax	170%	28	11	16	8.84	12	0
Deferred tax	-164.6%	-0.06	2.64	2.36	0.67	4.81	6.46
Total tax	107.7%	28	14	18	9.52	17	6.46
Total profit (loss) for period	111.1%	77	37	53	26	41	24
Other comp. income net of taxes	2.9%	0	-0.03	0	0.06	0	0
Total Comprehensive Income	111.1%	77	37	53	26	41	24
Earnings Per Share, Basic	205.6%	3.91333333	1.95333333	2.90333333	1.43333333	2.45777778	1.46222222
Earnings Per Share, Diluted	208.6%	3.88	1.93333333	2.90333333	1.43333333	2.45777778	1.46222222

Investor Care
Dividend Yield	0.16%
Dividend/Share (TTM)	0.6
Shares Dilution (1Y)	8.87%
Diluted EPS (TTM)	13.96

Financial Health
Current Ratio	3.93
Debt/Equity	0.07
Debt/Cashflow	-0.07

Valuation
Market Cap	7.5 kCr
Price/Earnings (Trailing)	28.39
Price/Sales (Trailing)	5.1
EV/EBITDA	14.77
Price/Free Cashflow	-72.26
MarketCap/EBT	20.7

Fundamentals
Revenue (TTM)	1.47 kCr
Rev. Growth (Yr)	40.67%
Rev. Growth (Qtr)	28.97%
Earnings (TTM)	264.14 Cr
Earnings Growth (Yr)	68.26%
Earnings Growth (Qtr)	21.93%

Profitability
Operating Margin	24.83%
EBT Margin	24.64%
Return on Equity	13.45%
Return on Assets	9.38%
Free Cashflow Yield	-1.38%

KPIGREEN - KPI Green Energy Limited Share Price

What does KPI Green Energy Limited do?

Sector Comparison: KPIGREEN vs Power

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from KPI Green Energy

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Revenue Breakdown

Balance Sheet for KPI Green Energy

Cash Flow for KPI Green Energy

Income Statement for KPI Green Energy

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Is KPI Green Energy Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

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TATAPOWER	Tata Power Co.Integrated Power Utilities	1.22 LCr	66.01 kCr	+0.78%	-16.74%	26.98	1.85	+9.77%	+8.18%
SUZLON	SUZLON ENERGYHeavy Electrical Equipment	76.63 kCr	9.38 kCr	-2.14%	+34.65%	66.94	8.17	+54.71%	+57.63%
INOXWIND	Inox WindHeavy Electrical Equipment	21.55 kCr	2.95 kCr	+3.33%	+5.36%	74.59	7.31	+104.68%	+238.14%