KPI Green Energy Limited (IN:KPIGREEN)
:KPIGREEN
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KPI Green Energy Limited
(KPIGREEN)
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Rating:63Neutral
Price Target:
₹425.00
▼(-10.51% Downside)
Action:Reiterated
Date:05/10/26
The score is held back primarily by weak cash conversion and significant negative free cash flow alongside higher leverage, which increases reliance on external funding. Offsetting this, technicals are favorable with clear trend strength and positive momentum, while valuation appears moderate but with limited dividend support.
Positive Factors
Profitability
Sustained gross and net margins near 47.6% and 17.7% show structural profitability in solar generation and EPC operations. Durable margins support reinvestment into projects, underwriting of new contracts, and resilience to modest cost or tariff volatility over the medium term.
Negative Factors
Negative free cash flow
Very large negative free cash flow reflects heavy investment and indicates the business relies on external financing to fund growth. Persistently negative FCF increases refinancing and execution risk, limiting flexibility for capex, dividends or opportunistic investments over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability
Sustained gross and net margins near 47.6% and 17.7% show structural profitability in solar generation and EPC operations. Durable margins support reinvestment into projects, underwriting of new contracts, and resilience to modest cost or tariff volatility over the medium term.
Read all positive factors
KPI Green Energy Limited (KPIGREEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹78.83B
Dividend Yield0.2%
Average Volume (3M)64.98K
Price to Earnings (P/E)16.5
Beta (1Y)1.41
Revenue Growth55.34%
EPS Growth45.62%
CountryIN
Employees238
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)20.14
Shares Outstanding197,671,970
10 Day Avg. Volume79,408
30 Day Avg. Volume64,981
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)2.52
Price to Sales (P/S)2.84
P/FCF Ratio-2.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)29.5
Revenue Forecast (FY)₹35.91B
KPI Green Energy Limited Business Overview & Revenue Model
Company Description
Established in 2008 and headquartered in Surat, India, KPI Green Energy Limited is engaged in the production and distribution of solar energy throughout India, primarily under its 'Solarism' brand. The company manages the full spectrum of solar po...
How the Company Makes Money
KPI Green Energy Limited primarily makes money through two broad business lines: (1) power generation from its own renewable assets and (2) project execution/services for customers.
1) Sale of electricity from owned/operated plants: The company d...
KPI Green Energy Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.65B | 26.96B | 17.35B | 10.24B | 6.44B | 2.30B |
| Gross Profit | 10.19B | 12.83B | 8.21B | 3.92B | 2.34B | 1.22B |
| EBITDA | 7.35B | 10.06B | 5.64B | 3.38B | 2.08B | 1.10B |
| Net Income | 4.05B | 4.76B | 3.20B | 1.62B | 1.10B | 432.45M |
Balance Sheet | ||||||
| Total Assets | 61.64B | 98.82B | 47.92B | 24.36B | 12.55B | 7.77B |
| Cash, Cash Equivalents and Short-Term Investments | 8.46B | 7.58B | 5.97B | 1.70B | 535.22M | 269.30M |
| Total Debt | 25.33B | 51.97B | 14.75B | 10.36B | 6.76B | 4.46B |
| Total Liabilities | 32.93B | 66.09B | 21.62B | 16.00B | 9.97B | 6.24B |
| Stockholders Equity | 26.50B | 30.34B | 24.23B | 8.36B | 2.58B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | -3.07B | -26.11B | -11.27B | -2.44B | -1.07B | -882.59M |
| Operating Cash Flow | 2.74B | 4.24B | 2.08B | -574.91M | 1.59B | 1.02B |
| Investing Cash Flow | -10.17B | -40.71B | -15.87B | -3.87B | -3.09B | -1.89B |
| Financing Cash Flow | 9.75B | 36.43B | 18.07B | 5.62B | 1.77B | 909.81M |
KPI Green Energy Limited Technical Analysis
Negative
474.90
Price Trends
429.51
Negative
409.06
Negative
434.59
Negative
Market Momentum
-5.92
Negative
41.87
Neutral
42.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KPIGREEN, the sentiment is Negative. The current price of 474.9 is above the 20-day moving average (MA) of 405.01, above the 50-day MA of 429.51, and above the 200-day MA of 434.59, indicating a bearish trend. The MACD of -5.92 indicates Negative momentum. The RSI at 41.87 is Neutral, neither overbought nor oversold. The STOCH value of 42.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KPIGREEN.
KPI Green Energy Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹106.48B | 22.22 | ― | ― | 108.51% | 108.87% | |
66 Neutral | ₹784.71B | 24.79 | ― | ― | 53.65% | 51.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | ₹78.83B | 16.51 | ― | 0.20% | 55.34% | 45.62% | |
59 Neutral | ₹81.94B | 74.17 | ― | ― | 24.19% | 382.18% | |
54 Neutral | ₹194.07B | 34.65 | ― | ― | 23.61% | -20.82% |
* Energy Sector Average
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KPI Green Energy Limited Corporate Events
KPI Green Energy Plans Virtual Meet With Analysts and Institutional Investors
Jun 4, 2026
KPI Green Energy Limited has announced that its management will participate in an analyst and institutional investor virtual group meeting hosted by Choice Institutional Equities, scheduled for June 11, 2026. The company stated that only publicly ...
KPI Green Energy Secures Inter-State Licence to Build Pan-India Power Trading Platform
Apr 16, 2026
KPI Green Energy Limited has received an Inter-State Power Trading Licence (Category IV) from the Central Electricity Regulatory Commission, adding to its existing intra-state trading approval from the Gujarat Electricity Regulatory Commission. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.