K.P. Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript K.P. Energy Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
KP Energy reported consolidated FY26 revenue of INR 1,505.54 crore, up 57% year-on-year, with EBITDA growing 68% to INR 328.44 crore and PAT rising 57% to INR 181.4 crore. Q4 FY26 revenue reached INR 633.93 crore, up 55% year-on-year, with EBITDA margin expanding to 21% and PAT of INR 78.69 crore, the highest quarterly PAT in the company's history. Management discussed the order book of nearly 2 gigawatt worth about INR 3,000 crore, the CERC interstate electricity trading license, IPP portfolio expansion plans, and progress toward a long-term target of 10 gigawatt by 2030.
Numbers mentioned
Consolidated total revenue: INR 1,505.54 crores (FY26)
p. 4
“Our consolidated total revenue for full year came in at INR 1,505.54 crores compared to INR 958.45 crores in FY25.”
Shabana Belim, page 4 of the filed PDF · View the filing
Revenue from operations growth: 59% (FY26)
p. 5
“The revenue from operations grew at 59% to INR 1,497.09 crores.”
Shabana Belim, page 5 of the filed PDF · View the filing
EBITDA: INR 328.44 crores (FY26)
p. 5
“Our profitability, that is the EBITDA, grew an impressive 68% to INR 328.44 crores, reflecting strong operating leverage as our revenues scaled.”
Shabana Belim, page 5 of the filed PDF · View the filing
PAT: INR 181.4 crores (FY26)
p. 5
“Our PAT for the full year came in at INR 181.4 crores, up 57% from INR 115.33 crores last year, both all-time highs for the company.”
Shabana Belim, page 5 of the filed PDF · View the filing
Q4 consolidated total revenue: INR 633.93 crores (Q4 FY26)
p. 5
“The consolidated total revenue for Q4 FY25-26 stood at INR 633.93 crores, up 55% year-on-year from a INR 408.65 crores in Q4 FY25.”
Shabana Belim, page 5 of the filed PDF · View the filing
Q4 EBITDA margin: 21% (Q4 FY26)
p. 5
“The EBITDA for the quarter was INR 133 crore, up 71% year-on-year, and our EBITDA margin expanded by 194 basis points to 21% compared to 19% in Q4 FY25, demonstrating that our growth is coming with improved efficiency and not just scale.”
Shabana Belim, page 5 of the filed PDF · View the filing
Q4 PAT: INR 78.69 crores (Q4 FY26)
p. 5
“The PAT for Q4 came in at INR 78.69 crores, 72% jump from INR 45.79 crores in the same quarter last year.”
Shabana Belim, page 5 of the filed PDF · View the filing
EPC and infrastructure development segment revenue: INR 1,451.69 crore (FY26)
p. 5
“The revenue from this segment came in at INR 1,451.69 crore, up 59% year-on-year, accounting for the vast majority of our total revenues.”
Shabana Belim, page 5 of the filed PDF · View the filing
O&M quarterly revenue growth: 350% (Q4 FY26)
p. 5
“In Q4 FY26, our O&M quarterly revenue surged 350% year-on-year to INR 5.13 crores.”
Shabana Belim, page 5 of the filed PDF · View the filing
O&M portfolio managed: 646 megawatt
p. 5
“We currently manage over 646 megawatt under our O&M portfolio, supported by a 24*7 network operation centre running IBM Maximo-based AI alerts and SCADA dashboards.”
Shabana Belim, page 5 of the filed PDF · View the filing
IPP operational portfolio: 48.5 megawatt
p. 5
“On the IPP side, KP Energy has an operational portfolio of 48.5 megawatt as of year-end, and we are progressing steadily towards enhancement of the same with a new pipeline of 200 megawatt of additional IPP capacity currently under development.”
Shabana Belim, page 5 of the filed PDF · View the filing
Order book: nearly 2 gigawatt, approximately INR 3,000 crores
p. 6
“Our current order book stands at nearly 2 gigawatt across multi-year projects with a total value of approximately INR 3,000 crores, providing strong revenue visibility in the coming years.”
Shabana Belim, page 6 of the filed PDF · View the filing
Interim dividend: INR 0.65 per share (FY26)
p. 6
“During the year, the company has paid interim dividend of INR 0.65 per share of face value of INR 5, and the Board has further recommended a final dividend of INR 0.25 per equity share subject to shareholder’s approval at the AGM.”
Shabana Belim, page 6 of the filed PDF · View the filing
CARE credit rating upgrade: BBB negative to A- stable (FY26)
p. 6
“During the year FY26, CARE Ratings had upgraded KP Energy's credit rating by two full notches from BBB with a negative outlook to A- with a stable outlook.”
Shabana Belim, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Renewable portfolio target — 10 gigawatt · by 2030
stated as an aspiration by Affan Faruk Patel
p. 4
“Today, KP Energy has a renewable portfolio exceeding 3.7gigawatt, project in hand exceeding 2.1 gigawatt, and a longterm vision of crossing 10 gigawatt by 2030.”
Affan Faruk Patel, page 4 of the filed PDF · View the filing
Revenue growth — 40% to 50% · FY27
stated conditionally by Shabana Belim
p. 12
“So, as our Honorable CMD sir has been telling about 40% to 50% growth is what we are expecting in the coming year and we already have sufficient orders in hand for the same.”
Shabana Belim, page 12 of the filed PDF · View the filing
IPP project completion timeline — 24 months from PPA · April 2026 to April 2028
stated firmly by Shabana Belim
p. 10
“So, while the first one which is currently the PPA is being signed has a timeline from 15th of April 2026 to about 15th of April 2028.”
Shabana Belim, page 10 of the filed PDF · View the filing
IPP project cost funding — INR 1,700 plus crores total, INR 450 plus crores equity
stated firmly by Shabana Belim
p. 10
“Coming to an estimated project cost, roughly we can say that about INR 1,700 plus crores of total both the projects put together will be the project cost of which about INR 450 plus crores would be through equity and balance would be through debt.”
Shabana Belim, page 10 of the filed PDF · View the filing
Interest cost on debt — 7.5% to 8.5%
stated conditionally by Shabana Belim
p. 14
“So, with the upcoming IPP project definitely we will have to plan the debt structure, the project funding for that particular debt and we expected to range between 7.5% to 8.5% depending upon our cycle.”
Shabana Belim, page 14 of the filed PDF · View the filing
Order book completion — FY27
stated as an aspiration by Shabana Belim
p. 13
“And there is where you can see that there are movements in terms of the current order book as well and where majority of our projects will get completed by FY27.”
Shabana Belim, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to higher inventory build for upcoming projects amid geopolitical uncertainty.
Answered by Shabana Belim
Asked by Mansimer Singh Sethi: Why is cash flow from operations lower year-on-year despite revenue growth?
p. 7
“As you can already see it in the result that the inventory has increased considering the upcoming projects that we already have on hand.”
Shabana Belim, page 7 of the filed PDF · View the filing
Management said advances were made and received to secure the supply chain given geopolitical uncertainty.
Answered by Shabana Belim
Asked by Ashish Khurana: Why have other liabilities spiked, and is it related to customer advances?
p. 8
“So, as we already specified that we wanted to secure our what do you call, the supply chain and that is the reason why we have made advances to the customers as well and we have received advances from the customer as well.”
Shabana Belim, page 8 of the filed PDF · View the filing
Management confirmed a margin delta exists, with pre-booked turbines providing leverage.
Answered by Shabana Belim
Asked by Ashish Khurana: Do EPC contracts with turbine procurement have different margins than those without?
p. 9
“So, in terms of turbine, you need to first understand that we already pre-book and reserve the turbines in advance and that is where we get the leverage in terms of margins coming up with the other customers.”
Shabana Belim, page 9 of the filed PDF · View the filing
Management detailed 200 MW of new IPP orders with a combined project cost around INR 1,700 crore, funded via equity and debt.
Answered by Shabana Belim
Asked by Ashish Khurana: What is the IPP portfolio target and funding plan?
p. 10
“So, there are 200 megawatt orders that we have bagged and both of them, for one we already have entered into a power purchase agreement, the other is still pending.”
Shabana Belim, page 10 of the filed PDF · View the filing
Management explained that round-the-clock power demand requires both wind and solar together, with wind having a higher plant load factor advantage.
Answered by Dr. Alok Das
Asked by Ashish Khurana: Is there potential for stronger government policy support for wind, similar to solar?
p. 10
“Suppose today if you need, you know, round-the-clock operations or firm and dispatchable power, the reliable power, then this PLF factor goes up to more than 70% - 80%.”
Dr. Alok Das, page 10 of the filed PDF · View the filing
Management confirmed KPI Green's wind IPP projects will be executed by KP Energy on an arm's length basis, and described the offshore wind policy as still in a nascent, consultative stage.
Answered by Shabana Belim
Asked by Aniket Panda: Will KP Energy execute KPI Green's wind projects, and what is the offshore wind opportunity?
p. 11
“And in such a scenario, yes, the IPP segments of KPI for wind segment will be executed by KP Energy on arm’s length basis.”
Shabana Belim, page 11 of the filed PDF · View the filing
Management said offshore wind policy, tariffs and viability gap funding are still under consultation by MNRE.
Answered by Dr. Alok Das
Asked by Aniket Panda: What is the offshore wind project status and timeline?
p. 12
“So, this is very nascent stage. Obviously, they will frame out the tariff and they will ask that what kind of VGF they can declare.”
Dr. Alok Das, page 12 of the filed PDF · View the filing
Management attributed the decline to seasonal wind performance variation, not an operational concern.
Answered by Shabana Belim
Asked by Parth Kotak: Why has unit generation declined quarter-on-quarter for the IPP portfolio?
p. 12
“Yes. So, while Q4 of FY25 and Q4 of FY26, there is a marginal decrease in terms of the wind performance and that is the reason why there is a small decrease.”
Shabana Belim, page 12 of the filed PDF · View the filing
Management said three more orders totaling about 230+ MW were added last quarter, with completion expected mostly in FY27.
Answered by Shabana Belim
Asked by Darshil Pandya: What is the current order pipeline and has the 2GW order book grown since prior guidance?
p. 13
“So, we have added three more orders from the last quarter and which is about 230 plus megawatt.”
Shabana Belim, page 13 of the filed PDF · View the filing
Management explained cash is currently tied up in inventory and mobilization for new orders and IPP projects.
Answered by Shabana Belim
Asked by Darshil Pandya: What steps are being taken to generate free cash flow and reduce debt?
p. 13
“As I mentioned earlier that this time we have we are carrying an inventory for the WTG, the wind turbine, and that is the reason why you would find that some of our cash is invested in the inventory.”
Shabana Belim, page 13 of the filed PDF · View the filing
Management cited industry trading volumes and said the license would allow pan-India trading of generated or purchased power.
Answered by Shabana Belim
Asked by Parth Gala: What are the plans to generate revenue from the CERC power trading license?
p. 14
“And that is where we stand to benefit out of it, whereby whatever energy we generate or even whatever we outrightly buy from a particular seller, we can trade PAN-India and be a part of this extremely strong industry.”
Shabana Belim, page 14 of the filed PDF · View the filing
Management said about 50% of the order book is from group entities, while the pipeline is entirely non-group.
Answered by Shabana Belim
Asked by Shikha Mehta: What proportion of the order book and pipeline is from group entities versus non-group?
p. 15
“Yes, on the INR 3,000 crores order book, approximately 50% is from the Group entity and the balance 50 is outside.”
Shabana Belim, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical situation affecting supply chain and inventory management
p. 7
“the geopolitical situation has made it a bit difficult for us, so we just don't want to lapse behind and we want to be secure in terms of inventory with us.”
Shabana Belim, page 7 of the filed PDF · View the filing
Higher working capital cycle due to growth and upcoming project site implementation
p. 8
“So, we need to have certain investments in terms of working capital cycle as well. So, yes, with the growth, definitely the working capital cycle would be a bit higher, but then that is a part of the normal operating business.”
Shabana Belim, page 8 of the filed PDF · View the filing
Offshore wind technology largely unavailable in India, dependent on foreign suppliers
p. 12
“How that project can be started in India because most of the technology available today is not available in India, mostly it is Chinese or some of the European countries.”
Dr. Alok Das, page 12 of the filed PDF · View the filing
Offshore wind policy and tariff framework still undecided, pending government consultation
p. 12
“So, Ministry was taking a stakeholder consultations about what kind of benefit they can give, what kind of tariff they can decide for a commercial scale so that project can be viable and what could be VGF can be given.”
Dr. Alok Das, page 12 of the filed PDF · View the filing
Seasonal variation in wind performance affecting IPP generation
p. 12
“However, we understand that this is only season approach and it will be taken -- or it will be taking its own course during the upcoming season as well.”
Shabana Belim, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.