At a Glance
KPI Green Energy just turned Gujarat’s sunlight into gold: Q1 FY26 revenue ₹614 Cr (+75% YoY) and PAT ₹111 Cr (+68% YoY). Margins stayed muscular at 34% OPM, proving their hybrid solar-wind model is not just marketing fluff. Stock trades at P/E 29, but with promoters pledging 45% shares, investors might need a seatbelt.
Introduction
KPI Green Energy is like the overachieving sibling in the KP Group family (the one that wins science fairs while others build windmills). Sales have shot up 96% CAGR over 3 years, profits almost doubling annually, and market cap touching ₹10,476 Cr. Yet, with promoter pledging and high working capital days, it’s not all sunshine. Let’s tear into the numbers.
Business Model (WTF Do They Even Do?)
- IPP (Independent Power Producer): Own & sell renewable power.
- CPP (Captive Power Producer): Build solar plants for corporates needing green compliance.
- Hybrid Projects: Solar + wind solutions under ‘Solarism’.
- Group Synergy: Shares DNA with K.P. Energy, adding wind muscle.
In short, they monetize sunrays and breeze with engineering flair.
Financials Overview
Q1 FY26 Snapshot
- Revenue: ₹614 Cr
- Operating Profit: ₹206 Cr
- OPM: 34%
- Net Profit: ₹111 Cr
- EPS (Q1): ₹5.27
TTM
- Revenue: ₹1,990 Cr
- PAT: ₹371 Cr
- Book Value: ₹133 → P/B 4.0
Commentary: High growth, strong margins, but with debt and pledges casting clouds.
Valuation
1. P/E Method
