KPI Green Energy
KPIGREEN · NSE · Small Cap
KPI Green Energy
Captive + open-access solar developer in Gujarat; aggressive C&I rollouts driving 50%+ revenue CAGR.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. KPI Green Energy: corporate PPAs + GEA Rules unlock the highest-quality offtake in the renewable market.
Bull case for KPI Green Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for KPI Green Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 19.1x | — |
| Forward P/E | — | — |
| EV/EBITDA | 14.9x | — |
| EV/Sales | 5.3x | — |
| P/B | 3.0x | — |
| FCF Yield | -40.3% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker KPIGREEN · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 230 | 644 | 1,024 | 1,735 | 2,696 |
| Operating Profit | 109 | 208 | 337 | 564 | 958 |
| OPM % | 47% | 32% | 33% | 32% | 36% |
| Net Profit | 43 | 110 | 162 | 325 | 509 |
| EPS (₹) | 2.66 | 6.74 | 8.94 | 16.23 | 24.13 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 458 | 569 | 603 | 634 |
| OPM % | 30% | 28% | 34% | 36% |
| Net Profit | 85 | 104 | 111 | 117 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 18 | 36 | 60 | 98 | 99 |
| Reserves | 136 | 222 | 775 | 2,325 | 2,935 |
| Borrowings | 446 | 676 | 1,036 | 1,475 | 5,197 |
| Fixed Assets | 482 | 801 | 979 | 2,361 | 4,508 |
| Total Assets | 777 | 1,255 | 2,436 | 4,792 | 9,882 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 102 | 159 | -57 | 208 | 424 |
| Investing | -189 | -309 | -387 | -1,587 | -4,071 |
| Financing | 91 | 177 | 562 | 1,807 | 3,643 |
| Net Cash Flow | 4 | 27 | 118 | 428 | -4 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary