KPI Green Energy (KPIGREEN) — Financial Results

Investor Takeaways

Revenue grew 16% YoY to INR710 crore in Q1 FY27

EBITDA increased 21% YoY to INR262 crore in Q1 FY27

Portfolio capacity expanded to 6.94 GW (+71% YoY) with 0.85 GW commissioned

INR670 crore green bond issued; debt-to-equity target set at 3:1 max

PAT margin guidance of 16-18% maintained for FY27

EBITDA margin remains strong at 37% despite temporary pressures

IPP revenue now constitutes 20% of total revenue

New CFO introduced; investor confidence emphasized

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹710 Cr	+16%
Net Profit	₹95 Cr	Not specified
EBITDA	₹262 Cr	+21%
EBITDA Margin	37%	Stable
OPM (Q1 FY27)	37%	Not directly stated, but implied from context
EPS	Not provided	N/A

What Changed

KPI Green Energy reported robust financial and operational progress in Q1 FY27, with total income rising 16% YoY to INR710 crore and EBITDA growing 21% YoY to INR262 crore. The company significantly expanded its renewable energy footprint, increasing portfolio capacity to 6.94 GW — a 71% YoY increase — and commissioning 0.85 GW of new capacity during the quarter. Management highlighted a strong balance sheet, reinforced by the recent issuance of a INR670 crore green bond, and reaffirmed its target of maintaining a debt-to-equity ratio of no more than 3:1. Despite temporary margin pressures from geopolitical disruptions affecting supply chains, EBITDA margins remain healthy at 37%, and IPP (Independent Power Producer) revenue now accounts for 20% of total revenue. PAT margin guidance of 16-18% for FY27 is maintained, with full recovery in profitability expected by FY28 as projects stabilize. The outgoing CFO was acknowledged, and Kapil Kriplani was appointed as the new CFO, underscoring continuity in leadership and strategic focus. These developments reflect a company actively scaling operations while managing financial discipline and long-term growth objectives.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)	D/E
KPI Green Energy Limited	31.43	Not provided	Not provided	8,300.17	Not provided
Adani Power Limited	32.89	19.76%	15.73%	4,26,828.15	0.82
NTPC Limited	15.85	13.13%	8.78%	3,83,260.73	1.34
Power Grid Corporation of India Limited	18.31	16.75%	12.15%	2,84,458.97	1.41

KPI Green Energy trades at a valuation comparable to Adani Power but with a lower debt ratio, though its ROE and ROCE are not currently disclosed. The company’s market capitalization is significantly smaller than the large-cap peers, reflecting its growth-stage profile.

Risks & Concerns

Temporary margin pressure due to geopolitical impacts on supply chains

Full revenue and profitability contingent on project stabilization in FY28

Execution risks associated with land acquisition and PPA signing for Botswana IPP project

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	458.36	85.15	29.86
Q2FY25	359.68	69.83	37.16
Q1FY25	348.01	66.11	37.96
Q4FY24	289.36	43.04	32.09

Note: Q1 FY27 data (₹710 Cr revenue, ₹262 Cr EBITDA) is reported separately as the latest quarterly result and not part of the historical quarterly trend series provided.

Key Metrics Comparison (Latest Available)

Metric	KPI Green Energy	Adani Power	NTPC	Power Grid
Revenue (₹ Cr)	710 (Q1 FY27)	39,125 (Q1 FY25)	1,28,775 (Q1 FY25)	34,897 (Q1 FY25)
EBITDA (₹ Cr)	262 (Q1 FY27)	14,878 (Q1 FY25)	48,215 (Q1 FY25)	12,705 (Q1 FY25)
EBITDA Margin	37%	38%	37%	36%
Debt-Equity Ratio	Target: 3:1 max	0.82	1.34	1.41
Market Cap (₹ Cr)	8,300.17	4,26,828.15	3,83,260.73	2,84,458.97

KPI Green Energy demonstrates strong margin performance and growth momentum, though at a smaller scale compared to established power sector giants. Its focus on renewable expansion and disciplined capital structure distinguishes its near-term strategy.

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About KPI Green Energy Limited (KPIGREEN)

Power · Power Generation & Distribution · Listed on NSE

Market Cap: ₹6,088.3 Cr P/E: 13.3 ROE: 20.3% ROCE: 25.3% Div Yield: 0.34%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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