KPI Green Energy Limited (IN:KPIGREEN)
:KPIGREEN
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KPI Green Energy Limited
(KPIGREEN)
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Rating:63Neutral
Price Target:
₹449.00
▼(-5.45% 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
Diversified business model
KPI Green combines recurring power sales from owned solar assets with project-based EPC services. This dual model diversifies cash flows: generation yields long-term contracted or merchant revenue while EPC provides scalable project fees, reducing single-line exposure and supporting durable revenue coverage.
Negative Factors
Deep negative free cash flow
Persistent, large negative free cash flow signals heavy capital intensity and that internal cash cannot fund growth or debt service. Over several quarters this raises reliance on external financing, heightens dilution or refinancing risk, and can constrain the company’s ability to complete projects independently.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
KPI Green combines recurring power sales from owned solar assets with project-based EPC services. This dual model diversifies cash flows: generation yields long-term contracted or merchant revenue while EPC provides scalable project fees, reducing single-line exposure and supporting durable revenue coverage.
Read all positive factors
KPI Green Energy Limited (KPIGREEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹85.58B
Dividend Yield0.2%
Average Volume (3M)64.98K
Price to Earnings (P/E)16.1
Beta (1Y)1.34
Revenue Growth55.34%
EPS Growth45.62%
CountryIN
Employees238
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)20.14
Shares Outstanding197,341,080
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
KPI Green Energy Limited generates and sells solar power under Solarism brand name in India. It develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer, as well as sells land p...
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
Positive
474.90
Price Trends
412.29
Positive
417.89
Positive
447.95
Negative
Market Momentum
3.20
Positive
50.60
Neutral
16.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KPIGREEN, the sentiment is Positive. The current price of 474.9 is above the 20-day moving average (MA) of 450.86, above the 50-day MA of 412.29, and above the 200-day MA of 447.95, indicating a neutral trend. The MACD of 3.20 indicates Positive momentum. The RSI at 50.60 is Neutral, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ₹97.89B | 14.01 | ― | ― | 108.51% | 108.87% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ₹721.01B | 40.55 | ― | ― | 61.67% | 181.53% | |
63 Neutral | ₹85.58B | 16.07 | ― | 0.20% | 55.34% | 45.62% | |
62 Neutral | ₹72.35B | 79.81 | ― | ― | 33.08% | 90.33% | |
57 Neutral | ₹206.84B | 45.47 | ― | ― | 57.57% | 28.31% |
* Energy Sector Average
IN:KPIGREEN
KPI Green Energy Limited
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-8.35%
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26.53%
KPI Green Energy Limited Corporate Events
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...
ICRA Reaffirms KPI Green Energy’s Credit Ratings on Expanded Facilities
Mar 25, 2026
KPI Green Energy Limited announced that ICRA Limited has reaffirmed its credit ratings for various bank facilities, including term loans, cash credit, working capital demand loans, vendor bill discounting, bank guarantees and other limits, largely...
KPI Green Energy Subsidiary Inks Pact for 445 MW Battery Storage Projects with GUVNL
Mar 7, 2026
KPI Green Energy’s subsidiary Sun Drops Energia Limited has signed a Battery Energy Storage Purchase Agreement with Gujarat Urja Vikas Nigam Limited to develop, own and operate 445 MW / 890 MWh of standalone battery energy storage projects a...
KPI Green Energy to Join Arihant Capital’s ‘Rising Stars’ Investor Conference
Mar 7, 2026
KPI Green Energy has announced that its management will participate in the Arihant Capital Bharat Connect Conference: Rising Stars in March 2026, engaging with analysts and institutional investors via a virtual group meeting scheduled for March 11...
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.