KPI Green Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript KPI Green 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
KPI Green Energy reported FY26 total income of Rs 2,742 crore, up 56% year-on-year, with EBITDA of Rs 1,006 crore and PAT of Rs 509 crore. For Q4 FY26 alone, total income was Rs 810 crore, EBITDA Rs 305 crore and PAT Rs 155 crore. Management discussed rising interest and depreciation costs tied to IPP capacity additions, an expanding order book across CPP and IPP segments, and updates on the Sundrops Energia IPO and the Botswana subsidiary.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR2,742 crores (FY26)
p. 4
“For FY '26, our total income stood at INR2,742 crores as compared to INR1,755 crores in FY '25, registering a strong growth of 56% year-on-year.”
Salim Yahoo, page 4 of the filed PDF · View the filing
EBITDA: INR1,006 crores (FY26)
p. 4
“Earnings before interest tax and depreciation increased to INR1,006 crores as compared to INR581 crores in FY '25, reflecting growth of 73%.”
Salim Yahoo, page 4 of the filed PDF · View the filing
PAT: INR509 crores (FY26)
p. 4
“Profit after tax stood at INR509 crores as compared to INR325 crores in FY '25, registering growth of 57% Y-o-Y.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Total income: INR810 crores (Q4 FY26)
p. 4
“For quarter 4 FY '26, total income stood at INR810 crores.”
Salim Yahoo, page 4 of the filed PDF · View the filing
EBITDA: INR305 crores (Q4 FY26)
p. 4
“Earnings before interest tax and depreciation stood at INR305 crores and PAT stood at INR155 crores.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Net worth: INR3,273 crores (FY26)
p. 4
“Net worth increased to INR3,273 crores in FY '26 from INR2,630 crores in FY '25, while fixed assets grew to INR5,427 crores, reflecting our continued investment in renewable energy assets and future growth capacity.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Cash flow from operations: INR424 crores (FY26)
p. 4
“Cash flow from operation activities improved to INR424 crores in FY '26 compared to INR208 crores in FY '25.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Installed capacity: over 1.62 gigawatt (as on March 31, 2026)
p. 4
“As on March 31, 2026, our installed capacity stood at over 1.62 gigawatt with work in-progress capacity of over 4.64 gigawatts.”
Salim Yahoo, page 4 of the filed PDF · View the filing
Sundrops Energia revenue: INR586 crores (FY26)
p. 6
“the top line of Sundrop this year was INR586 crores, which was a substantial growth with a PAT -- with a PBT of INR130 crores and a PAT of INR97 crores.”
Salim Yahoo, page 6 of the filed PDF · View the filing
CPP order book: INR5,246 crores
p. 8
“So current CPP order book, if you see, we have approximately INR5,246 crores of order book on the CPP side.”
Salim Yahoo, page 8 of the filed PDF · View the filing
EPC EBITDA margin: 16% to 18%
p. 17
“See EPC business, if you see my -- EBITDA on EPC business is approximately 16% to 18%, sometimes depending upon the kind of a project.”
Salim Yahoo, page 17 of the filed PDF · View the filing
IPP EBITDA margin: 85% to 90%
p. 14
“IPP portfolio, if you see that we have already won a couple of tenders out of which this 250, 370 is already partially energized and remaining is getting energized.”
Salim Yahoo, page 14 of the filed PDF · View the filing
Land bank owned vs leased: 800 to 1,000 acres owned out of 7,210 acres
p. 10
“approximately 800 to 1,000 acres is out of 7,210 acres, which was shown in the presentation, 800 to 1,000 acre is something which is owned by us.”
Salim Yahoo, page 10 of the filed PDF · View the filing
Win ratio on bids: 75%
p. 26
“In the past, our win ratio has been at 75%.”
Salim Yahoo, page 26 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.
Revenue and PAT growth — 40% to 50% year-on-year · FY27 and beyond
stated firmly by Salim Yahoo
p. 9
“our honorable CMD, sir, Dr. Faruk Patel has in various public domain or on the televisions have given the commitment that we are binded to grow at a rate of 40% to 50% yearon-year.”
Salim Yahoo, page 9 of the filed PDF · View the filing
Peak interest cost — around INR300-odd crores
stated conditionally by Salim Yahoo
p. 6
“Now the peak interest cost approximately would be at around INR300-odd crores.”
Salim Yahoo, page 6 of the filed PDF · View the filing
IPP capacity — 1.7 gigawatt · this financial year
stated firmly by Salim Yahoo
p. 20
“we are planning to get it in this financial year, 1.7 gigawatt on the IPP side.”
Salim Yahoo, page 20 of the filed PDF · View the filing
Promoter pledge release — by March '27
stated firmly by Salim Yahoo
p. 12
“Within 3 months after that, I think by March '27, all the pledge will be released by the bank.”
Salim Yahoo, page 12 of the filed PDF · View the filing
Sundrops Energia IPO listing — this financial year
stated firmly by Salim Yahoo
p. 6
“This year. This year, as we told, this year, this financial year, we'll be doing the listing for Sundrops.”
Salim Yahoo, page 6 of the filed PDF · View the filing
Botswana project commissioning — 500 megawatts · end of December '27
stated firmly by Salim Yahoo
p. 9
“we are shortly signing the PPAs in Botswana or in the neighboring countries so that we can start working on our first commitment of 500 megawatts by end of FY -- by end of December '27.”
Salim Yahoo, page 9 of the filed PDF · View the filing
BESS revenue contribution to top line — FY27, FY28
stated conditionally by Salim Yahoo
p. 26
“That I think we'll complete it in this financial year most probably. And next year, '27, '28,'ll find the revenue getting clocked into our top line of Sundrop.”
Salim Yahoo, page 26 of the filed PDF · View the filing
Overall installed capacity target — 10-gigawatt · by 2030
stated as an aspiration by Sohil Dabhoya
p. 27
“We are on track to achieve our 10-gigawatt target by 2030. And we are confident that we will reach this milestone ahead of schedule.”
Sohil Dabhoya, page 27 of the filed PDF · View the filing
COD for IPP projects — 250 megawatt October '26, 370 megawatts October '26, 150 megawatt November 27 · October '26 to November '27
stated firmly by Salim Yahoo
p. 17
“Like 250 megawatt we have October '26, another 370 megawatts we have again October '26, then new 150 megawatt, we have November 27.”
Salim Yahoo, page 17 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 Sundrops revenue grew substantially and the DRHP filing and listing are expected this financial year.
Answered by Salim Yahoo
Asked by Aditya Pandya: What is the status of Sundrops Energia's H2/Q4 numbers and the DRHP filing timeline?
p. 6
“So Sundrops will be coming up shortly with filing of DRHP for the IPO with the object of battery energy storage system, along with the battery energy manufacturing also is in line with us.”
Salim Yahoo, page 6 of the filed PDF · View the filing
Management explained the interest cost increase was due to capex for new capacity and said peak cash flow strength will come from FY27-28 once projects stabilize.
Answered by Salim Yahoo
Asked by Shrenik Mehta: When will IPP become EPS accretive given rising interest costs, and what is the peak interest burden?
p. 7
“But you'll see a strong cash flow coming from FY '27-28 in the IPP segment.”
Salim Yahoo, page 7 of the filed PDF · View the filing
Management said the ROE decline would be curtailed this year and expected to recover to earlier levels next year.
Answered by Salim Yahoo
Asked by Shrenik Mehta: Will ROCE continue to decline given the phased IPP ramp-up?
p. 7
“Not 1 or 2 years. I think most probably this year we'll have a little bit -- we will curtail the drop this year itself. And next year, we'll see again ROE coming back to the earlier levels.”
Salim Yahoo, page 7 of the filed PDF · View the filing
Management said multiple evacuation applications are in process across group companies and that evacuation is not a bottleneck.
Answered by Salim Yahoo
Asked by Ayush Sharma: Why has evacuation capacity growth slowed compared to prior years?
p. 8
“And evacuation is not the bottleneck for our growth. We have already been growing because of these two factors, land bank and power evacuation.”
Salim Yahoo, page 8 of the filed PDF · View the filing
Management gave the order book figure and explained inventory buildup is to secure timely execution against a large order book.
Answered by Salim Yahoo
Asked by Parth Kotak: What is the current CPP order book and inventory strategy?
p. 9
“So, I have to keep on building up the inventory so I can execute the orders in a timely manner.”
Salim Yahoo, page 9 of the filed PDF · View the filing
Management said the Botswana subsidiary is set up, approvals are in place, and PPAs are expected to be signed shortly.
Answered by Salim Yahoo
Asked by Parth Kotak: What is the update on the Botswana project?
p. 9
“we are shortly signing the PPAs in Botswana or in the neighboring countries so that we can start working on our first commitment of 500 megawatts by end of FY -- by end of December '27.”
Salim Yahoo, page 9 of the filed PDF · View the filing
Management said they are still evaluating project feasibility and impact, and that such charges do not exist in Gujarat.
Answered by Alok Das
Asked by Mithil Bhuva: What is the impact of grid stabilization charges in Maharashtra on the CPP segment?
p. 10
“As of today, we are not sure how much it will be impacted.”
Alok Das, page 10 of the filed PDF · View the filing
Management said the delay was due to a government substation completion issue, roughly 6-7 months, and that the PPA tenure was extended to compensate.
Answered by Salim Yahoo
Asked by Mithil Bhuva: Why did Khavda project revenue get delayed and what was the impact on ROCE?
p. 11
“There is, I think, 6 to 7-month postponement, which has happened. But after that also, they are agreeing.”
Salim Yahoo, page 11 of the filed PDF · View the filing
Management said advances and stock were built up with turbine and panel manufacturers to hedge against price increases.
Answered by Salim Yahoo
Asked by CA Vansh: How is the company protecting EPC margins from rising input costs?
p. 12
“We have taken stock on our books so that we can curtail we can safeguard ourselves from the increasing price of the input cost.”
Salim Yahoo, page 12 of the filed PDF · View the filing
Management said SBI has approved release of pledged shares upon COD completion of certain projects, expected by March 2027.
Answered by Salim Yahoo
Asked by CA Vansh: What is the timeline for releasing the promoter share pledge?
p. 12
“Within 3 months after that, I think by March '27, all the pledge will be released by the bank.”
Salim Yahoo, page 12 of the filed PDF · View the filing
Management said SECI becoming the single nodal agency is expected to bring clearer tendering processes.
Answered by Alok Das
Asked by Prateek Giri: How will consolidation of REIAs into SECI affect the renewable sector?
p. 13
“So that direction is very clear to fulfill that, that SECI would be taking the leading role for that.”
Alok Das, page 13 of the filed PDF · View the filing
Management said curtailment remains under discussion among transcos and regulators with no fixed deadline for a solution.
Answered by Alok Das
Asked by Prateek Giri: What is the status of resolving renewable energy curtailment issues?
p. 14
“Yes, that is -- yes, that is a dynamic decision, not a concrete decision has come from CERC level or some of the verdict has come from CERC level, what kind of process we should follow.”
Alok Das, page 14 of the filed PDF · View the filing
Management said increasing IPP share should improve overall profitability given its higher EBITDA margin.
Answered by Salim Yahoo
Asked by Monish Kumar: Will margins improve as the IPP portfolio share increases?
p. 15
“So automatically, once the IPP portfolio capacity increases in the overall revenue segment, it will improve the profitability as we go forward.”
Salim Yahoo, page 15 of the filed PDF · View the filing
Management said cash flow from operations nearly doubled and they aim to keep operating cash flow positive despite rising working capital needs.
Answered by Salim Yahoo
Asked by Falguni: How should investors view operating cash flow generation as the company scales?
p. 15
“So, if you see that we have grown almost 100% on the cash flow last year, which were around INR200 crores has almost crossed 100% and as we have crossed INR400 crores on the cash flow side.”
Salim Yahoo, page 15 of the filed PDF · View the filing
Management gave specific COD dates for several projects and noted the SJVN project COD cannot be given until the PPA is signed.
Answered by Salim Yahoo
Asked by Karthik Sharma: What are the COD timelines for IPP work-in-progress capacity?
p. 17
“the other there is another 300-megawatt SJVN, which we cannot give the COD because the PPA is yet to be signed.”
Salim Yahoo, page 17 of the filed PDF · View the filing
Management attributed the rise to interest income on fixed deposits, asset additions increasing depreciation, and higher working capital borrowing following last year's QIP-funded loan repayment.
Answered by Salim Yahoo
Asked by Anil Sarin: Why have other income, depreciation and finance charges increased significantly?
p. 19
“On the finance cost, which has increased substantially, if you remember last year, we had done a QIP.”
Salim Yahoo, page 19 of the filed PDF · View the filing
Management said IPP does not require working capital, so increasing IPP share should positively impact operating cash flow.
Answered by Salim Yahoo
Asked by Anil Sarin: How will operating cash flow evolve as IPP becomes more dominant?
p. 22
“Here, it is clear that, that IPP increase will increase the cash flow and will have very good positive impact on the overall operating cash flows of the company.”
Salim Yahoo, page 22 of the filed PDF · View the filing
Management attributed the lower growth guidance to reduced sector-wide acceleration amid geopolitical conditions, not a company-specific slowdown.
Answered by Salim Yahoo
Asked by Ashish Rampuria: Why has the long-term CAGR guidance decreased over recent quarters from 70-80% to 40-50%?
p. 24
“It's only that overall. If you see, we might grow at more than 60% to 70% also depending upon if the sector gives you that support.”
Salim Yahoo, page 24 of the filed PDF · View the filing
Management said Maharashtra recently declared BESS-compatible project policies and KPI is in advanced stages of resource search there.
Answered by Alok Das
Asked by Ashish Rampuria: What is the update on expansion into Maharashtra?
p. 26
“You will be getting very fast hearing from our side about some Maharashtra projects are happening.”
Alok Das, page 26 of the filed PDF · View the filing
Risks flagged
Grid stabilization charges recently introduced in Maharashtra could affect CPP project feasibility
p. 10
“Grid stabilization charges, we are just evaluating how it is impacting to our project feasibility. As of today, we are not sure how much it will be impacted.”
Alok Das, page 10 of the filed PDF · View the filing
Delay in government substation completion (GSECL) postponed IPP revenue recognition
p. 11
“the revenue got a little bit delayed. But with that delay, they have already agreed for extending the PPA terms.”
Salim Yahoo, page 11 of the filed PDF · View the filing
Rising input costs for solar modules, turbines, steel and copper pressuring EPC margins
p. 11
“the major input costs are the panels, turbines, right, which are almost 60% to 70% of the entire project cost, wherever we have with material contracts.”
Salim Yahoo, page 11 of the filed PDF · View the filing
Geopolitical conditions slowing sector-wide growth acceleration
p. 24
“with the geopolitical conditions, you have seen some kind of what we say, less acceleration, I would say -- I won't say slowdown.”
Salim Yahoo, page 24 of the filed PDF · View the filing
Renewable energy curtailment during peak hours due to transmission constraints
p. 14
“curtailment issues is a much discussed topic today in the centrally. So now they are taking that how to address that curtailment.”
Alok Das, page 14 of the filed PDF · View the filing
Uncertainty in viability gap funding pricing affecting BESS project margins
p. 22
“Somewhere it is INR18 lakh per megawatt or somewhere it is INR27 lakh. So different tenders have been bid at different prices.”
Salim Yahoo, page 22 of the filed PDF · View the filing
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