Installed Capacity (IP+CPP)
1.62 GW
+0.97 GW YoY
Total installed capacity as of March 31, 2026, up from ~0.65 GW in FY25.
KPIGREENENERGY
Energy
01 May 2026
KPI Green Energy Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
CPP Order Book
₹5,246 Cr
+₹1,246 Cr YoY
Order book for captive power projects, up from ~₹4,000 Cr in FY25.
IP Portfolio (Installed + Upcoming)
2.57 GW
+1.57 GW YoY
Independent power portfolio capacity, up from ~1.0 GW in FY25.
BESS Order Wins
1.13 GW
+1.13 GW YoY
Battery energy storage system orders won during FY26, including 890 MW and 240 MW projects.
Management Guidance
40-50% CAGR revenue growth through FY30
Management reiterated a 40-50% year-on-year growth target for the foreseeable future, driven by strong IP and CPP pipelines.
Management guidance growthIP capacity to reach ~1.7 GW by end of FY27
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.
Management guidance expansionPromoter pledge release by March 2027
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.
Management guidance otherBotswana 500 MW project PPA signing shortly
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.
Management guidance expansionKey Risks
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.
high · analyst_questionMargin 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.
medium · management_commentaryGeopolitical and input cost volatility
Rising solar module, turbine, and commodity prices could impact EPC margins; management hedges via inventory buildup but risks remain.
medium · management_commentaryCurtailment and transmission bottlenecks
Grid curtailment of renewable power remains a sector-wide issue; no concrete solution timeline was provided by regulators.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was KPI Green Energy's revenue in Q4 FY26?
KPI Green Energy reported revenue of ₹796 Cr in Q4 FY26, representing a +56% change compared to the same quarter last year.
What guidance did KPI Green Energy management give for FY27?
40-50% CAGR revenue growth through FY30: Management reiterated a 40-50% year-on-year growth target for the foreseeable future, driven by strong IP and CPP pipelines. IP capacity to reach ~1.7 GW by end of FY27: 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. Promoter pledge release by March 2027: 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. Botswana 500 MW project PPA signing shortly: 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.
What are the key risks for KPI Green Energy in FY27?
Key risks include 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.; 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..
Did KPI Green Energy meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full KPI Green Energy Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.