KPI Green Energy Ltd
Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. [1]
Group Companies: [2]
KP Energy Limited
KP Green Engineering Private Limited
KPF Green Hydrogen & Ammonia Technology Private Limited
KP Human Development Foundation
- Market Cap ₹ 9,808 Cr.
- Current Price ₹ 497
- High / Low ₹ 589 / 313
- Stock P/E 27.3
- Book Value ₹ 123
- Dividend Yield 0.13 %
- ROCE 17.5 %
- ROE 19.7 %
- Face Value ₹ 5.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 118% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.9%
Cons
- Company might be capitalizing the interest cost
- Promoters have pledged or encumbered 45.5% of their holding.
- Promoter holding has decreased over last 3 years: -6.01%
- Working capital days have increased from 92.3 days to 168 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE SmallCap BSE Allcap BSE Utilities Nifty Microcap 250 Nifty Total Market
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 34 | 59 | 102 | 230 | 644 | 1,024 | 1,735 | 1,990 | |
| 19 | 32 | 44 | 121 | 435 | 687 | 1,172 | 1,353 | |
| Operating Profit | 15 | 27 | 58 | 109 | 208 | 337 | 564 | 638 |
| OPM % | 45% | 46% | 57% | 47% | 32% | 33% | 32% | 32% |
| 6 | 0 | 0 | 1 | 3 | 7 | 17 | 28 | |
| Interest | 4 | 8 | 16 | 37 | 47 | 86 | 79 | 90 |
| Depreciation | 4 | 7 | 13 | 14 | 23 | 40 | 61 | 76 |
| Profit before tax | 13 | 12 | 30 | 59 | 142 | 217 | 441 | 500 |
| Tax % | 31% | 46% | 27% | 27% | 23% | 26% | 26% | |
| 9 | 6 | 22 | 43 | 110 | 162 | 325 | 371 | |
| EPS in Rs | 0.55 | 0.40 | 1.35 | 2.66 | 6.74 | 8.94 | 16.23 | 18.15 |
| Dividend Payout % | 0% | 0% | 0% | 4% | 9% | 3% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 97% |
| 3 Years: | 96% |
| TTM: | 68% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 118% |
| 3 Years: | 95% |
| TTM: | 83% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 147% |
| 3 Years: | 75% |
| 1 Year: | -4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 25% |
| Last Year: | 20% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 36 | 60 | 98 |
| Reserves | 81 | 80 | 102 | 136 | 222 | 775 | 2,325 |
| 40 | 139 | 240 | 446 | 676 | 1,036 | 1,475 | |
| 22 | 61 | 49 | 177 | 322 | 564 | 894 | |
| Total Liabilities | 161 | 298 | 409 | 777 | 1,255 | 2,436 | 4,792 |
| 84 | 213 | 244 | 482 | 801 | 979 | 2,361 | |
| CWIP | 18 | 1 | 21 | 31 | 0 | 101 | 163 |
| Investments | 0 | 0 | 0 | 0 | 2 | 0 | 4 |
| 59 | 85 | 144 | 264 | 453 | 1,355 | 2,264 | |
| Total Assets | 161 | 298 | 409 | 777 | 1,255 | 2,436 | 4,792 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -17 | 40 | -27 | 102 | 159 | -57 | 208 | |
| -15 | -119 | -63 | -189 | -309 | -387 | -1,587 | |
| 33 | 87 | 101 | 91 | 177 | 562 | 1,807 | |
| Net Cash Flow | 1 | 8 | 11 | 4 | 27 | 118 | 427 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 143 | 175 | 178 | 58 | 83 | 152 | 122 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 143 | 175 | 178 | 58 | 83 | 152 | 122 |
| Working Capital Days | 388 | -24 | 232 | 85 | 13 | 96 | 168 |
| ROCE % | 11% | 16% | 20% | 25% | 22% | 18% |
Documents
Announcements
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Intimation Of Receipt Of Letters Of Award For 200 MW (AC) Solar EPC & O&M Project From SJVN Limited, Aggregating To ?696.50 Crore
17 Oct - Received three LOAs from SJVN for 200 MW (AC) solar EPC and 3-year O&M, ₹696.50 Crore.
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Press Release - KP Group Signs Mou With Government Of Gujarat To Develop Hydrogen And EV Fuel Stations Across The State At Vibrant Gujarat Regional Conference 2025
10 Oct - Signed Oct 9, 2025 MoU to invest ₹8,000 crore for Gujarat hydrogen and EV fuel stations, creating ~1,000 jobs.
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Press Release - KPI Green Energy Secures Category A Power Trading Licence From GERC, Unlocking New Growth In The Renewable Power Market
10 Oct - KPI Green Energy secured GERC Category A power trading licence, enabling trading and monetisation of KP Group's 6+ GW renewables.
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Intimation Of Receipt Of New Orders For A Total Of 100 MW Solar Power Project Under Captive Power Producer (''CPP'') Segment
9 Oct - Sun Drops Energia awarded 100 MW turnkey DCR solar CPP project; completion FY2026-27; includes supply, O&M.
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Press Release - KP Group Forms Strategic International Partnership With South Korea (Jeonbuk Province) To Advance Global Green Hydrogen Ecosystem.
30 Sep - Sep 30, 2025 MOU between KPI Green (KP Group) and Jeonbuk Province for green hydrogen projects.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2014
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Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Feb 2025TranscriptNotesPPT
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Nov 2024Transcript PPT REC
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Jun 2023TranscriptPPTREC
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Jun 2023TranscriptNotesPPT REC
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Nov 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
Business Verticals
The company develops solar and hybrid power plants under the brand name 'Solarism and offers power solutions through 2 verticals: [1]