KPIGREEN
Micro CapKPI Green Energy Limited
Power
KPI Green Energy Limited is an integrated renewable energy platform focused on developing, building, owning, and operating solar and wind power projects. The company operates across both Independent Power Producer (IPP) and Captive Power Producer (CPP) segments, aiming for long-term value creation through strong execution capabilities and technology-led operations.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +40% YoY · PAT +49% YoY · margin expansion · +20% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹796 Cr | +39.9% | +20.1% |
| EBITDA | ₹291 Cr | +80.7% | +23.3% |
| Operating margin | 37.0% | +900 bps | +100 bps |
| PAT | ₹155 Cr | +49.0% | +23.0% |
| PAT margin | 19.5% | +119 bps | +47 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 saw robust financial performance with total income up 56% YoY to INR2,742 crores and PAT increasing 57% YoY to INR509 crores. Q4 FY26 also demonstrated strong momentum, closing the year with INR810 crores in total income and INR155 crores in PAT.
KPIGREEN delivered strong FY26 results, maintaining high growth in revenue and PAT. While increased interest costs and a temporary dip in ROE/ROCE are noted due to significant IPP capex, management expects ROE to recover next year. Strategic moves into BESS, power trading, and international markets support the long-term growth thesis, despite execution challenges in some projects.
Expanding IPP Portfolio
Expanding IPP portfolio is expected to generate more than 390 crore units annually, strengthening the company's recurring revenue base and improving long-term visibility of earnings.
CPP Business Expansion
Strong order book of INR5,246 crores (approx. 2.7 GW) for the CPP segment, with management committed to 40-50% year-on-year growth.
Battery Energy Storage Systems (BESS)
The BESS segment has been dedicated to subsidiary Sundrops, with 2 major orders (440/890 MWh and 120/240 MWh) already secured.
Power Trading
Received both interstate and intrastate power trading licenses, enabling participation in Pan-India power market exchange and bilateral contracts.
Installed Capacity
As on March 31, 2026, our installed capacity stood at over 1.62 gigawatt.
Work-in-progress Capacity
Work in-progress capacity of over 4.64 gigawatts.
Upcoming IPP Capacity Commissioning
250 MW and 370 MW IPP projects have a COD target of October '26. A new 150 MW wind project has a COD target of November '27.
Botswana Project
Groundwork for setting up a subsidiary in Botswana is complete, targeting a first commitment of 500 MW by end of December '27.
India's Renewable Energy Requirement
KPI Green is well aligned with India's renewable energy requirement, with a target of 500 gigawatt non-fossil fuel capacity by 2030.
Government Support for Renewables
Clear directives from the central government to maximize non-fossil fuel resources, mandatory Renewable Purchase Obligations (RPO), and green hydrogen policy with transmission charge relaxation.
New Technology Opportunities
Emerging segments like battery energy storage systems, green hydrogen, floating solar, offshore wind, and pump storage are creating new market opportunities.
Grid Stabilization Charges
Newly imposed grid stabilization charges in Maharashtra are being evaluated for their impact on project feasibility in the CPP segment.
Renewable Energy Curtailment
Curtailment issues for renewable energy during peak hours due to transmission challenges are a much-discussed topic, with solutions under discussion by transcos and CERC.
ROE/ROCE Decline
ROCE has been dropping from 18-19% to 13-14% due to significant IPP capex, and may further drop temporarily before recovery.
Execution Delays
Revenue from the Khavda project was delayed by 6-7 months due to GSECL substation completion, though PPA terms were extended.
Input Cost Volatility
Major input costs (panels, turbines) are 60-70% of project cost; company is stocking inventory and giving advances to safeguard against increasing prices.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for assessing annual growth and overall financial health. QoQ is relevant to highlight the strong sequential momentum in the closing quarter and execution capabilities.
Installed Capacity (as of March 31, 2026)
Our installed capacity stood at over 1.62 gigawatt.
Work-in-progress Capacity
Work in-progress capacity of over 4.64 gigawatts.
Installed + Upcoming Portfolio
Installed plus upcoming portfolio has reached approximately 6.26 gigawatts, comprising 2.57 gigawatt under IPP segment and 3.69 gigawatt under CPP segment.
Expected IPP Annual Generation
Our expanding IPP portfolio is expected to generate more than 390 crore units annually.
Growth Commitment
Management is committed to growing at a rate of 40% to 50% year-on-year for both revenue and PAT.
Integrated Platform Strategy
Strategy is to build an integrated renewable energy platform with strong execution capabilities, predictable annuity revenue, and long-term value creation.
Sundrops Energia IPO
Subsidiary Sundrops Energia, focused on BESS, will be filing DRHP for an IPO this financial year.
Promoter Pledge Release
Approximately 50% of promoter shares pledged to SBI are expected to be released by March '27, following the COD of current projects.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ROE/ROCE | Dropping from 18-19% to 13-14%. | Recovery to earlier levels, targeted for next year, indicating successful IPP asset monetization. |
| IPP Capacity Commissioning | 1.62 GW installed, 4.64 GW work-in-progress. | Timely COD of 250 MW (Oct '26), 370 MW (Oct '26), and 150 MW wind (Nov '27) to drive recurring revenue. |
| CPP Order Book Execution | INR5,246 crores (approx. 2.7 GW). | Conversion of order book into revenue and capacity additions to meet the 40-50% annual growth target. |
| Sundrops Energia IPO | DRHP filing expected this financial year. | Successful filing and listing, and further details on battery manufacturing plans and BESS project pipeline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +3.5% / mo
Technical chart
KPIGREENdaily · 1Y-19.0%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 35.
- SMA20 falling (~7.6% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 50.5%.
- Growth contributes 20/25 to the score.
Main drags
- Promoter pledge is 44.7%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 11th percentile of the scored universe and 11th percentile within Power. Main check: promoter alignment is weak at 35/100.
Mixed Trust Lite: 8/8 recent quarters had positive YoY revenue growth. Key concern: Promoters have pledged 44.7% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Power: 11th pctile, median 67 · Micro: 8th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸8/8 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 44.7% of holding.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.71.
- ▸ROCE trend is -4.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.40
- P/B
- 2.56
- EV/EBITDA
- 11.89
- Market Cap
- 7775.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 13.80%
- ROA
- 5.15%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 92.00%
- EPS 5Y
- 85.00%
- Revenue 3Y
- 61.00%
- EPS 3Y
- 63.00%
Balance Sheet
- Debt/Equity
- 1.71
- Interest Coverage
- 5.26×
- Altman Z
- 1.80
- Book Value
- 154.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 424.00 Cr
- EPS TTM
- 24.13
Shareholding
- Promoter Hold
- 49.49%
- Promoter Pledge
- 44.70%
- Momentum 52W
- 26%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.