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Revenue
₹796 Cr
verified against source
Revenue YoY
56%
reported change
EBITDA
₹1,006 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KPI Green Energy delivered a strong Q4 FY26 with revenue of ₹2,742 crore (+56% YoY), EBITDA of ₹1,006 crore (+73% YoY), and PAT of ₹509 crore (+57% YoY). EBITDA margin expanded ~360bps to ~36.7%, driven by a favorable mix shift toward the high-margin IP segment (85-90% EBITDA margin). The company's installed capacity reached 1.62 GW with a pipeline of 6.26 GW, including 2.57 GW IP and 3.69 GW CPP. Management reiterated a 40-50% CAGR growth target through FY30, supported by a ₹5,246 crore CPP order book and strong IP additions. Key risks include rising interest costs (peak ~₹300 crore) and potential margin pressure from the nascent BESS segment. The Botswana 500 MW project is progressing, with PPA signing expected shortly.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated a 40-50% year-on-year growth target for the foreseeable future, driven by strong IP and CPP pipelines.
- The company expects to add ~1.7 GW of IP capacity during FY27, with phased COD of 250 MW and 370 MW projects by October 2026.
- SBI has sanctioned a ₹3,000 crore facility; upon COD of the 250/370 MW projects, promoter shares pledged as collateral will be released within 3 months.
- The company has formed a step-down subsidiary and expects to sign PPAs for the first 500 MW in Botswana by end of December 2027.
Risks flagged
- Interest costs more than doubled to ₹182 crore in FY26, and management expects a peak of ~₹300 crore, which could pressure near-term profitability.
- Battery energy storage projects have lower EBITDA margins (not 85-90% like IP) and rely on viability gap funding, which may compress overall margins.
- Rising solar module, turbine, and commodity prices could impact EPC margins; management hedges via inventory buildup but risks remain.
- Grid curtailment of renewable power remains a sector-wide issue; no concrete solution timeline was provided by regulators.
Key quotes
- Our journey over the past 5 years reflect the strength and scalability of our business model. During this period, our compounded growth has been remarkable with 92% CAGR in sales and 104% CAGR in profit.
- We are on track to achieve our 10 gigawatt hour target by 2030 and we are confident that we will reach this milestone ahead of schedule.
- Our vision extends beyond India. We aim to expand globally and develop renewable energy projects in international markets leveraging our proven execution capabilities and industry expertise.
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