KPI Green Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript KPI Green Energy Ltd filed with BSE on 18 Aug 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
KPI Green Energy reported Q1 FY27 total income of Rs 710 crore, up 16% year-on-year, with EBITDA of Rs 262 crore, up 21%, while profit after tax declined to Rs 95 crore from Rs 111 crore due to higher depreciation and finance costs on newly commissioned IPP capacity. Management said cash profit grew 6% year-on-year to Rs 176 crore and that IPP unit generation in the quarter already exceeded 65% of full FY26 generation. The company also discussed portfolio expansion to approximately 6.94 gigawatts, new project wins in BESS, floating solar and wind, and international initiatives in Botswana and the UAE, alongside a leadership transition including a new CFO.
Numbers mentioned
Total income: INR710 crore (Q1 FY27)
p. 4
“our total income stood at INR710 crore as compared to INR614 crore in Q1 FY26, registering growth of 16% Y-o-Y”
Salim Yahoo, page 4 of the filed PDF · View the filing
EBITDA: INR262 crore (Q1 FY27)
p. 4
“EBITDA increased to INR262 crore as compared to INR217 crore in the corresponding quarter, reflecting a growth of 21% year-on-year”
Salim Yahoo, page 4 of the filed PDF · View the filing
EBITDA margin: 37% (Q1 FY27)
p. 4
“Our EBITDA margin has improved to 37% from 35%, reflecting the operating strength of our portfolio.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Profit after tax: INR95 crore (Q1 FY27)
p. 4
“Profit after tax for the quarter stood at INR95 crore as compared to INR111 crore in Q1 FY26.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Cash profit: INR176 crore (Q1 FY27)
p. 4
“Cash profit, which is a better measure of the underlying cash generation of the business actually grew at 6% year-on-year basis to INR176 crore as compared to INR163 crore in Q1 FY26.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Total portfolio capacity: 6.94 gigawatts (as of June 30, 2026)
p. 4
“As of June 30, 2026, our portfolio has reached approximately 6.94 gigawatts, up 71% year-on-year from 4.06 gigawatt a year ago.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Strategic land bank: 8,657 acres
p. 5
“Our strategic land bank now stands at 8,657 acres, and our power evacuation capacity has reached 5.10 gigawatts”
Salim Yahoo, page 5 of the filed PDF · View the filing
Green bond size: INR670 crore
p. 5
“We continue to build on the successful listing of India's first externally credit enhanced green bond of INR670 crore, a 5-year instrument carrying 8.50 coupon”
Salim Yahoo, page 5 of the filed PDF · View the filing
Sun Drops revenue: INR150-155 crore (Q1 FY27)
p. 7
“Sun Drops this quarter, if I want to say, I have already done INR150-155 crore with a PAT of INR26-odd crore.”
Salim Yahoo, page 7 of the filed PDF · View the filing
Sun Drops EBITDA: INR42 crore (Q1 FY27)
p. 7
“Sun Drops has done, it has done an EBITDA of INR42 crore.”
Salim Yahoo, page 7 of the filed PDF · View the filing
Cash flow from operations: INR140-150 crores (Q1 FY27)
p. 19
“So approximately, you can say INR140-150 crores is the cash flow from operation.”
Salim Yahoo, page 19 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.
Long-term debt to net worth — 3:1 max
stated as an aspiration by Salim Yahoo
p. 6
“So going forward, I think the debt to equity will be in the comfortable position of 3:1 max to max, which will be long-term debt to net worth.”
Salim Yahoo, page 6 of the filed PDF · View the filing
Revenue growth — 30% to 40% year-on-year · FY27
stated conditionally by Salim Yahoo
p. 8
“coming forward, if you see that the growth we have committed for the 30% to 40% year-on-year, that is something that which we will be able to maintain”
Salim Yahoo, page 8 of the filed PDF · View the filing
Revenue growth — 50%, 60%
stated conditionally by Salim Yahoo
p. 8
“we'll surely jump towards 50%, 60% of whatever the Chairman had earlier said, we will come back to that”
Salim Yahoo, page 8 of the filed PDF · View the filing
IPP share of revenue mix — 20-odd percent
stated as an aspiration by Salim Yahoo
p. 9
“we will try to maintain IPP at a level of 20-odd percent of the total revenue mix”
Salim Yahoo, page 9 of the filed PDF · View the filing
IPP annual top line — upwards of INR1,000 crores · FY28
stated as an aspiration by Salim Yahoo
p. 12
“So I am expecting at least my top line coming from my IPP segment going forward, minimum it will be upwards of INR1,000 crores.”
Salim Yahoo, page 12 of the filed PDF · View the filing
IPP peak capacity utilization timing — Q3/Q4 FY27
stated conditionally by Salim Yahoo
p. 12
“I can expect it in the third or the fourth quarter. But second quarter is a little bit rainy and everything, so it will offset. Third or the fourth quarter, we can expect it.”
Salim Yahoo, page 12 of the filed PDF · View the filing
IPP full run-rate top line — more than INR1,000 crore · Next financial year
stated conditionally by Salim Yahoo
p. 13
“Next financial year, I can tell you that you can enjoy and more INR1,000 crore. INR1,000 is a very conservative number, I would say it will be upwards of INR1,000 crore I'm saying.”
Salim Yahoo, page 13 of the filed PDF · View the filing
Annual interest cost — around INR450-odd crore · FY27-28
stated conditionally by Salim Yahoo
p. 12
“And then my annual interest cost for the full year with the entire capacity, like I say that '27,'28 would be around INR450-odd crores.”
Salim Yahoo, page 12 of the filed PDF · View the filing
PAT margin — FY27
stated conditionally by Salim Yahoo
p. 14
“I told you that will be lesser. Now depending upon the seasonality, if my plant performs because it is on the seasonality, but it will be less compared to what it was earlier.”
Salim Yahoo, page 14 of the filed PDF · View the filing
CPP segment EBITDA margin — back to old levels
stated conditionally by Salim Yahoo
p. 11
“It depends upon the factors, geopolitical conditions and everything, but we are keen on getting back to our old levels.”
Salim Yahoo, page 11 of the filed PDF · View the filing
Total asset investment — INR5,000-6,000 crore · FY27-28
stated conditionally by Salim Yahoo
p. 13
“The total investment might go upwards of INR5,000 - 6,000 crore in the asset side as we go forward in '27, '28.”
Salim Yahoo, 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 said leverage is comfortable and expects long-term debt to net worth to max out around 3:1.
Answered by Salim Yahoo
Asked by Kartik Sharma: How does management see debt and cash position evolving with IPP expansion?
p. 6
“So going forward, I think the debt to equity will be in the comfortable position of 3:1 max to max, which will be long-term debt to net worth.”
Salim Yahoo, page 6 of the filed PDF · View the filing
Inventory has come down from March levels and is expected to fall further; Botswana will contribute no revenue this year but upcoming years will see revenue.
Answered by Salim Yahoo
Asked by Parth Kotak: What is the inventory position and outlook, and when will Botswana project generate revenue?
p. 7
“So we are at a very advanced stage of signing the PPAs also. So shortly, I think we'll see. But by execution point of view, I think this year, we will not see any revenue.”
Salim Yahoo, page 7 of the filed PDF · View the filing
Management attributed slower billing growth to delayed billing from large institutional customers and cited geopolitical conditions affecting input costs.
Answered by Salim Yahoo
Asked by Aman Soni: Why was execution slower than guidance this quarter and what caused margin pressure?
p. 8
“So, because of this, the billing got postponed to the next quarter.”
Salim Yahoo, page 8 of the filed PDF · View the filing
Management said IPP will be maintained at about 20% of revenue mix due to its long-term profitability, and framed the EPS dip as temporary.
Answered by Salim Yahoo
Asked by Shrenik Mehta: Is management considering changing the IPP/CPP mix given balance sheet strain and negative EPS growth?
p. 9
“As we have earlier in our con-calls also said that we will try to maintain IPP at a level of 20-odd percent of the total revenue mix.”
Salim Yahoo, page 9 of the filed PDF · View the filing
Management said geopolitical cost pressures affected the EPC-heavy KP Energy business more than KPI Green, whose costs are shared with IPP.
Answered by Salim Yahoo
Asked by Sahil Agarwal: Why did CPP segment gross margins fall, particularly for KP Energy from 22% to 12%?
p. 11
“For example, I have a crane. So I'm utilizing the same crane for the EPC business. So, automatically, the cost gets divided and everything.”
Salim Yahoo, page 11 of the filed PDF · View the filing
Management said the margin would be lower than earlier guided due to lost quarters from seasonality, with recovery expected in FY28.
Answered by Salim Yahoo
Asked by Subash: Will FY27 PAT margin meet the previously guided 16-18%?
p. 14
“I told you that will be lesser. Now depending upon the seasonality, if my plant performs because it is on the seasonality, but it will be less compared to what it was earlier.”
Salim Yahoo, page 14 of the filed PDF · View the filing
Management pointed to the appointment of BDO as auditor and rising promoter stake as confidence-building steps, and said institutional investors remain invested.
Answered by Salim Yahoo
Asked by Nishant: Why has market cap fallen despite growth, and what is being done to attract institutional investors?
p. 18
“See, institutional investors are still there. We have -- if you see my presentation, we have Vanguard, we have Abu Dhabi Investment Fund, we have Okoworld.”
Salim Yahoo, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical conditions increasing input costs such as steel, cables and logistics
p. 8
“Now you understand that a lot of components goes into a solar plant. You have cables, you have steel, you have other ROW issues, you have logistics. All these factors have got impacted.”
Salim Yahoo, page 8 of the filed PDF · View the filing
Seasonality of solar and wind generation affecting revenue and margins
p. 12
“you know that solar wind is a seasonal matter. So until I see the generation because next quarter also is what we say, lower compared to other quarters in the renewable energy because it has got rains and everything.”
Salim Yahoo, page 12 of the filed PDF · View the filing
Delayed billing from large institutional customers postponing revenue recognition
p. 8
“We have utility scale projects where the billing takes some time because there are institutions like Coal India Limited, Adani Group and we have Aditya Birla Group.”
Salim Yahoo, page 8 of the filed PDF · View the filing
EPC business margin compression from geopolitical cost impacts
p. 17
“the geopolitical condition is more related to the EPC businesses compared to the IPP business.”
Salim Yahoo, page 17 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.