1. Opening Hook
Just when everyone was busy declaring wind energy “too boring,” KP Energy casually dropped a quarter that made spreadsheets blush. While regulators debated DSM penalties and analysts debated who in the KP Group does what, KP Energy quietly delivered its best-ever H1.
Revenue surged, EBITDA sprinted, and operating cash flow went from pocket change to actual money. Management, meanwhile, spoke passionately about RTC power, hybrid projects, hydrogen dreams, and why Gujarat still matters more than your favorite macro thesis.
Yes, there was confusion. Yes, analysts were visibly frustrated about MoUs and group-level fog. And yes, KP Energy still insists everything will magically align once PPAs are signed.
Stick around. The numbers look solid, the ambition is loud, and the fine print is where the real entertainment begins.
2. At a Glance
- Revenue up 55% – Turns out wind isn’t dead; it was just waiting for execution.
- EBITDA up 59% – Operating leverage finally showed up, didn’t need motivational quotes.
- PAT up 42% – Profits grew, just not as fast as management’s confidence.
- Operating cash flow ₹85 cr vs ₹6 cr – Cash finally entered the chat.
- Order book 2.2 GW – Big enough to sound impressive, vague enough to raise eyebrows.
- CARE rating upgraded to A- – Banks smiled, equity holders nodded approvingly.
3. Management’s Key Commentary
“India’s wind energy sector is poised for strong growth.”
(Translation: Policy risk exists, but optimism sells better 😏)
“We work across the full life cycle from planning to O&M.”
(Translation: If it involves wind, roads, or grid headaches, we’ll bill for it.)
“Total income rose by 55% to ₹524 crore.”
(Translation: Execution > PowerPoint.)
“Operating cash flow increased from ₹6 crore to ₹85 crore.”
(Translation: We actually collected money this time.)
“We have 2.2+ GW of orders in hand.”
(Translation: Please don’t ask how many are group vs non-group 😬)
“Green hydrogen and EV MoUs are at a group level.”
(Translation: Stop asking which company gets what.)
“Margins have improved due to scale and operational efficiency.”
(Translation: Bigger sites, fewer cranes rented, less chaos.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹303.5 cr | +50% |
| EBITDA | ₹68.6 cr | +57% |
| EBITDA Margin | ~22.6% | Stable-up |
| PAT | ₹35.9 cr | +44% |
| EPS | ₹5.36 | +43% |
| H1 Revenue | ₹524.1 cr | +55% |
Decoded: Growth is real, margins are steady, and cash flow finally validates earnings quality.
5. Analyst Questions (Decoded)
- Order delays?
