Rising interest costs from IP capex
Interest costs more than doubled to ₹182 crore in FY26, and management expects a peak of ~₹300 crore, which could pressure near-term profitability.
KPIGREENENERGY / Q4-FY26 / risks
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KPI Green Energy · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Margin dilution from BESS segment
Battery energy storage projects have lower EBITDA margins (not 85-90% like IP) and rely on viability gap funding, which may compress overall margins.
Geopolitical and input cost volatility
Rising solar module, turbine, and commodity prices could impact EPC margins; management hedges via inventory buildup but risks remain.
Curtailment and transmission bottlenecks
Grid curtailment of renewable power remains a sector-wide issue; no concrete solution timeline was provided by regulators.