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1. At a Glance
Revenue from operations came in at ₹519.46 crore against ₹219.54 crore a year ago — a 137% increase, and the kind of jump that usually means someone in the accounts department has stopped answering the phone. Operating profit was ₹60.42 crore against ₹48.44 crore. PAT was ₹26.08 crore against ₹25.42 crore. So the top line more than doubled and the bottom line moved by roughly the price of a mid-range hatchback.
The company builds the un-glamorous parts of wind farms — roads, foundations, substations, the wires that carry electrons to people who will never think about them — and this quarter it built a great deal of them at a cost structure it did not enjoy. Management describes Q1 as a quarter that “tested our ability to manage an exceptionally challenging cost and operating environment,” which is corporate for everything got expensive at once.
The order book stands at 2.16 GW, valued at about ₹2,250 crore as on 30 June 2026. Operational IPP capacity is 48.5 MW, with 202 MW of IPP projects in the pipeline. In July 2026 a 50.4 MW wind project was commissioned for NTPC Renewable Energy, and on 1 August a 100 MW wind PPA was signed with GUVNL at ₹3.435 per unit, with supply beginning 30 July 2028 — a delivery date far enough away that most quarterly commentaries will have been forgotten by then.
Operating profit margin for the quarter was 12%, against 22% in the June 2025 quarter.
2. Introduction
K.P. Energy Limited was incorporated in 2010 and sits inside the KP Group of Surat, founded in 1994 by Faruk Patel. The group runs to 50+ companies across solar, wind, hybrid, green hydrogen, ammonia, BESS and offshore projects — a portfolio that reads less like a conglomerate and more like a list of every acronym the energy transition has produced since 2010.
KPEL itself does one thing with unusual specificity: it develops utility-scale wind power infrastructure, principally in Gujarat. Siting the farm, acquiring the land, chasing the permits, doing the EPCC, and building the balance of plant. It also owns wind turbine generators and a solar plant as an independent power producer, which is the part of the business where it stops billing clients and starts billing the grid.
The scale-up has been quick. Sales went ₹250 crore in FY22, ₹438 crore in FY23, ₹471 crore in FY24, ₹936 crore in FY25, ₹1,497 crore in FY26. Compounded sales growth over five years is 84%; compounded profit growth is 97%. The equity share capital went from ₹11.12 crore in FY23 to ₹33.35 crore in FY24, with the face value moving from ₹10 to ₹5 — the kind of change that quietly rearranges every per-share number in the file.
Recent months have been eventful in a paperwork-heavy way. In April 2026 the company received an inter-state electricity trading licence from CERC. In May, KP Group installed India’s first ‘Make in India’ 4.2 MW M160 turbine in south Gujarat. In July, Prof. Sunil Kumar Maheshwari was appointed Vice-Chairman for five years, and Amit Khandelwal resigned effective 3 July 2026. In August, MSKC & Associates LLP, a member firm of BDO International, was appointed statutory auditors for five years subject to member approval, as MAAK & Associates complete their tenure at the 17th AGM. Market cap stands at ₹1,715 crore.
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3. Business Model: WTF Do They Even Do?
Everybody photographs the turbine. Nobody photographs the 66 kV pooling substation, the access road cut through terrain that objected, or the soil bearing capacity test. K.P. Energy is the company that does all the things nobody photographs, and then hands over something that spins.
The formal description is Balance of Plant, or BoP, which sounds like an accounting entry and is in fact a construction site the size of a village. The lifecycle runs: wind resource assessment using met masts and LiDAR, site identification and land aggregation, ROW clearance, civil foundations, erection and commissioning, power evacuation through 33/66, 33/220 and 33/400 kV pooling substations and EHV lines, permits and approvals with both STU and CTU networks, and then O&M for the operational life of the asset. One roof, every headache.
Three segments carry the revenue. Infrastructure Development — the EPC engine — did ₹504.75 crore of the quarter’s ₹519.46 crore. Sale of Power, the IPP business, did ₹11.78 crore against ₹10.14 crore. Operations & Maintenance did ₹2.94 crore against ₹1.16 crore, growing 153% while remaining small enough to be a rounding error in the EPC line. The O&M portfolio covers 646 MW and is run through wholly owned subsidiary KP Energy OMS Limited.
The IPP portfolio is 48.5 MW operational — 37 MW wind, 11.5 MW solar — with 202 MW in the pipeline. Management stated two PPAs of roughly 100 MW each are signed with sovereign entities, commissioning roughly 24 months from April 2026, with partial commissioning intended to start revenue earlier and reduce IDC. Units generated from IPP were
