Remember when solar panels were just fancy rooftops for eco-hipsters? KPI Green is now treating them like cash printers with a 25-year warranty. In Q1 FY26, they clocked theirfifth consecutive all-time-high quarter—₹614 crore revenue, up 75% YoY, and a PAT jump of 68%. The secret sauce? Juggling solar, wind, hybrid, and BESS orders like a Netflix multi-season deal—minus the cancellation risk.
Why it matters? Because in a market where most EPC firms fight over scraps, KPI’s order book could feed a small country’s grid for years.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Revenue ₹614 cr – Fifth straight record; even monsoon couldn’t wash it away• EBITDA ₹217 cr – Still juicy despite project design switch• PAT ₹111 cr – 68% YoY jump; CFO swears no “spreadsheet magic”• Order book >₹9,000 cr – Enough to keep cranes and welders booked till FY28
MANAGEMENT’S KEY COMMENTARY
- “Three big IPP projects worth ₹5,000 cr are in execution.”Translation: Solar, hybrid, wind—we’re running all three lanes at once.
- “GUVNL is our PPA counterparty—best paymaster in the country.”Translation: The cheque always clears. Always.
- “BESS tenders worth ₹3,000–₹4,000 cr are in our crosshairs.”Translation: Battery storage = future annuity income + LinkedIn brag posts.
- “3.2 GW evacuation approvals, 6,275 acres land bank.”Translation: We’ve already built the parking lot before buying the cars.
- “PAT margins of 16–18% are sustainable.”Translation: IPP’s fat margins will keep CPP’s
- diet in check.
- “Promoter holding stable at ~48.7% for 2–3 years.”Translation: No surprise dilution parties—at least until 2028.
- “Transmission bottlenecks? Not an issue for us.”Translation: We already called dibs on the sockets.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹614 cr (+75% YoY) | ₹217 cr (+64% YoY) | EBITDA ~35%, PAT ~18% |
- Revenue: CPP still ~87% of mix, but IPP share slowly rising.
- EBITDA: Down YoY on mix, but seasonality and service-component billing kept it healthy.
- Margins: PAT boosted by IPP annuity income and operating leverage.
ANALYST QUESTIONS
- Pledged shares– SBI board approval likely by next quarter; paperwork takes time.
- ISTS waiver sunset– KPI unaffected; all projects are state-level STU.
- Execution risk– Land & evacuation secured; success rate claimed at 95%+.
- BESS– MoU with Delta Electronics; Sun Drop subsidiary to handle BOO projects.
- Cost
