KPI Green Energy Limited (KPIGREEN) AI Stock Analysis

• Market Cap: ₹78.66B
• Dividend Yield: 0.2%
• Average Volume (3M): 64.98K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 1.41
• Revenue Growth: 70.67%
• EPS Growth: 59.54%
• Country: IN
• Employees: 238
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 7.60
• Shares Outstanding: 197,341,080
• 10 Day Avg. Volume: 79,408
• 30 Day Avg. Volume: 64,981
• PEG Ratio: 0.35
• Price to Book (P/B): 3.38
• Price to Sales (P/S): 4.72
• P/FCF Ratio: -7.26
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 28.9
• Revenue Forecast (FY): ₹25.26B

• Rating: 66 Neutral
• Price Target: ₹426.00 ▼(-10.30% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily supported by strong financial performance driven by rapid revenue growth and healthy profitability, offset by cash-flow strain from negative free cash flow and balance-sheet leverage. Technical indicators are bearish (below key moving averages with negative MACD), which meaningfully reduces the overall score, while valuation is only moderately supportive given the P/E and minimal dividend yield.

Positive Factors

Revenue Growth

Sustained near-70% revenue growth reflects successful scaling of solar generation and project execution activities. Over 2-6 months this signals expanding contracted capacity and market share, improving bargaining power with suppliers and customers and strengthening the revenue base to support continued investment and operational scale.

Margin Sustainability

Robust, multi-tier margins indicate efficient project execution and operating discipline across generation and services. These healthy margins are structural—driven by project contracting and low operating costs of solar assets—which support profitability durability and the ability to fund maintenance/O&M even as capex cycles normalize.

Equity Base and ROE

A strong equity ratio provides a capital buffer that mitigates insolvency risk during capex cycles, while a mid-teens ROE shows the company uses shareholder capital effectively. Together these structural balance-sheet features support access to financing and resilience through renewable project development phases.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow from heavy capex is a structural constraint on liquidity. Over months this limits internal funding for operations or expansions, raising reliance on external financing and increasing execution and refinancing risk if capital markets tighten or project commissioning delays occur.

Leverage Risk

Material leverage increases interest and refinancing exposure, particularly if rates rise. Structurally, elevated debt weighs on financial flexibility, can raise fixed costs, and reduces the buffer to absorb slowdowns in generation or project delays, making long-term strategy more sensitive to funding conditions.

Cash Conversion & Liquidity

Subpar cash conversion (OCF/Net Income 0.65) means reported profits do not fully convert to cash, compounding negative FCF issues. Structurally this weakens the company’s ability to service debt, fund maintenance or new projects from operations, and may force dilutive or costly external funding.

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 parcels to third parties. The company was formerly known as K.P.I. Global Infrastructure Limited and changed its name to KPI Green Energy Limited in April 2022. The company was incorporated in 2008 and is based in Surat, India.

How the Company Makes Money

KPI Green Energy makes money primarily through (1) selling electricity generated from its solar power plants and (2) providing solar project execution/services. For power generation, revenue is earned by supplying electricity from company-owned/operated solar projects to customers under supply arrangements (e.g., long-term offtake structures where applicable); earnings are driven by plant capacity, generation output, tariff/contracted price, and availability. For its project/business-to-business execution activity, the company earns revenue from developing and installing solar power projects for clients (including engineering/procurement/construction-type work and project development activities), with revenue linked to project size, execution milestones, and delivery/commissioning. Additional factors that can contribute to earnings include ongoing operations and maintenance/service income associated with commissioned projects and any government/market mechanisms applicable to renewable power sales; if specifics (e.g., exact contract types, customer concentration, or named partnerships) are not publicly available in the provided context, they are null.

KPI Green Energy Limited Financial Statement Overview

Summary

Strong profitability and growth (Income Statement score 89; 69.5% revenue growth and solid margins), supported by a fairly well-capitalized balance sheet (score 75) but with notable leverage (Debt-to-Equity 56.5%). Cash flow is the main drag (score 65) due to negative free cash flow from heavy capex, raising execution and liquidity risk.

Income Statement

KPI Green Energy Limited has shown substantial growth in total revenue over the years, particularly impressive in its recent annual results with a revenue growth of 69.5% from 2024 to 2025. The company maintains a strong Gross Profit Margin, reaching 47.3% in 2025. Additionally, both EBIT and EBITDA margins are robust at 44.3% and 32.5%, respectively. The Net Profit Margin is also solid at 18.4% for 2025. These figures indicate strong profitability and operational efficiency, with a consistent upward revenue trajectory, bolstering its competitive position in the renewable utilities industry.

Balance Sheet

The balance sheet of KPI Green Energy reflects a stable equity position with an Equity Ratio of 54.4% in 2025, indicating a well-capitalized structure. However, the Debt-to-Equity Ratio stands at 56.5%, highlighting significant leverage which could pose risks if interest rates rise or cash flows falter. Return on Equity is commendable at 12.2%, showing effective use of equity capital to generate profits. Overall, the balance sheet demonstrates a mix of stability with some leverage-related risks.

Cash Flow

The cash flow position presents a mixed picture. While the Operating Cash Flow to Net Income Ratio is positive at 0.65, indicating reasonable cash conversion, the Free Cash Flow is negative due to substantial capital expenditures, which are typical for growth in the renewable sector. However, the Free Cash Flow to Net Income Ratio is concerning as it remains negative, suggesting potential liquidity challenges. Despite growth investments, maintaining sustainable cash flow will be crucial for future financial health.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	22.65B	17.35B	10.24B	6.44B	2.30B	1.04B
Gross Profit	10.19B	8.21B	3.92B	2.34B	1.22B	712.08M
EBITDA	7.35B	5.64B	3.38B	2.08B	1.10B	629.27M
Net Income	4.05B	3.20B	1.62B	1.10B	432.45M	143.55M
Balance Sheet
Total Assets	61.64B	47.92B	24.36B	12.55B	7.77B	4.81B
Cash, Cash Equivalents and Short-Term Investments	8.46B	5.97B	1.70B	535.22M	269.30M	216.83M
Total Debt	25.33B	14.75B	10.36B	6.76B	4.46B	3.17B
Total Liabilities	32.93B	21.62B	16.00B	9.97B	6.24B	3.68B
Stockholders Equity	26.50B	24.23B	8.36B	2.58B	1.54B	1.12B
Cash Flow
Free Cash Flow	-3.07B	-11.27B	-2.44B	-1.07B	-882.59M	-664.12M
Operating Cash Flow	2.74B	2.08B	-574.91M	1.59B	1.02B	-28.80M
Investing Cash Flow	-10.17B	-15.87B	-3.87B	-3.09B	-1.89B	-631.14M
Financing Cash Flow	9.75B	18.07B	5.62B	1.77B	909.81M	773.02M

KPI Green Energy Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 474.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KPIGREEN, the sentiment is Neutral. The current price of 474.9 is above the 20-day moving average (MA) of 380.51, above the 50-day MA of 413.47, and above the 200-day MA of 466.11, indicating a neutral trend. The MACD of -10.52 indicates Negative momentum. The RSI at 55.22 is Neutral, neither overbought nor oversold. The STOCH value of 59.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:KPIGREEN.

KPI Green Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPIGREEN	66 Neutral	₹78.66B	22.48	―	0.20%	70.67%	59.54%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WAAREERTL	62 Neutral	₹85.40B	21.02	―	―	63.07%	74.37%
WEBELSOLAR	59 Neutral	₹22.28B	14.56	―	―	152.12%	―
INOXGREEN	55 Neutral	₹57.88B	79.81	―	―	24.33%	66.14%
BORORENEW	49 Neutral	₹57.04B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹39.50B	-446.21	―	―	112.24%	-474.43%

KPI Green Energy Limited Corporate Events

KPI Green Energy Subsidiary Inks Pact for 445 MW Battery Storage Projects with GUVNL

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 at multiple locations across Gujarat. The long-term arrangement, awarded via a tariff-based competitive bidding process under GUVNL’s Phase-VII procurement with viability gap funding support, marks the group’s first utility-scale IPP battery storage project and significantly strengthens its position in India’s evolving renewable energy and grid-balancing ecosystem.

KPI Green Energy to Join Arihant Capital’s ‘Rising Stars’ Investor Conference

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. The company emphasized that discussions will be based solely on publicly available information, with no unpublished price-sensitive information to be shared, underscoring its adherence to regulatory norms and transparent communication with the investment community.

KPI Green Energy Hits Early Milestone in 250 MW GUVNL Solar Project

KPI Green Energy Limited has commissioned the first 24.2 MW AC / 34.4 MW DC of its 250 MW AC / 350 MW DC grid-connected solar IPP project awarded by Gujarat Urja Vikas Nigam Limited, achieving this milestone well ahead of the overall contractual schedule that runs through October 2026. The early completion underscores the company’s project management and engineering capabilities, reinforces its positioning as a reliable utility-scale renewable power producer, and signals that the remaining capacity is likely to be rolled out at a similar pace, supporting India’s accelerating shift toward clean energy and offering greater execution visibility to stakeholders.

KPI Green Energy Publishes Q3 and Nine-Month FY2025 Unaudited Results in Newspapers

KPI Green Energy Limited has announced that it has published its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 in editions of The Indian Express (English) and Financial Express (Gujarati), in line with securities market disclosure regulations. By formally notifying the stock exchanges of this newspaper publication, the company is reinforcing regulatory compliance and ensuring broader public access to its latest financial performance data, which supports transparency for shareholders, potential investors and other market participants.

KPI Green Energy Holds EGM to Approve Promoter-Group Preferential Warrants Issue

KPI Green Energy Limited informed the stock exchanges that it held an Extraordinary General Meeting (EGM) on January 16, 2026 via video conferencing, which ran from 11:00 a.m. to 11:28 a.m. The key business transacted at the meeting was a special resolution to consider and approve a preferential issue of warrants on a private placement basis to members of the promoter group, with shareholders given remote and live e-voting facilities in line with Companies Act and SEBI regulations. Detailed voting results and the scrutinizer’s report will be filed separately, indicating that the outcome of this capital-raising move—which could strengthen the company’s balance sheet and reinforce promoter commitment—will be disclosed in subsequent regulatory filings.

KPI Green Energy Issues Corrigendum on EGM Notice for Preferential Share Issue

KPI Green Energy Limited has issued a corrigendum to its earlier notice convening an Extraordinary General Meeting (EGM) scheduled for January 16, 2026, which will be held via video conferencing and other audio-visual means. The corrigendum primarily amends and clarifies parts of the explanatory statement relating to a proposed preferential issue of equity shares, including an updated shareholding pattern before and after the issue. The company stated that the revisions follow observation letters and directions from NSE and BSE, which asked for rectifications and additional disclosures before granting in-principle approvals for the preferential allotment, and emphasized that all other items of the original EGM notice remain unchanged and that the updated documents are available on its website.

KPI Green Energy Subsidiary Wins 445 MW BESS Mandate from Gujarat Utility

KPI Green Energy’s subsidiary Sun Drops Energia has secured a Letter of Intent from state utility Gujarat Urja Vikas Nigam Limited to develop self-owned, standalone Battery Energy Storage System projects totaling 445 MW/890 MWh at multiple locations in Gujarat. Awarded under a tariff-based competitive bidding process backed by viability gap funding through the Power System Development Fund, this marks the group’s first utility-scale independent power producer BESS project and its first such award from a major government body, signaling a strategic expansion into grid-connected storage infrastructure. The move adds a new asset class to the company’s clean energy portfolio and underscores its growing capability to execute large, policy-driven projects that are increasingly critical for grid stability, peak demand management and the integration of renewable energy into the power system.

KPI Green Energy Publishes EGM and E-Voting Notice in Newspapers

KPI Green Energy Limited has notified the stock exchanges that it has published newspaper advertisements in the Indian Express (English) and Financial Express (Gujarati) announcing an upcoming Extraordinary General Meeting and providing details of remote e-voting for shareholders. The company stated that these disclosures are being made in compliance with the Companies Act, related management and administration rules, and securities listing regulations, underscoring its adherence to corporate governance norms and ensuring shareholders are informed and able to participate in key corporate decisions electronically.

KPI Green Energy Secures ISO/IEC 27001:2022 Certification for Information Security

KPI Green Energy Limited has obtained ISO/IEC 27001:2022 certification for its Information Security Management System (ISMS) from SIS Certifications Pvt. Ltd., reflecting a structured approach to identifying, assessing, and managing information security risks across its operations. The certification validates the company’s comprehensive cybersecurity and data protection framework—covering systems, digital platforms, infrastructure, personnel, and third-party providers—and underscores its secure data handling, access management, and incident response capabilities, thereby strengthening operational continuity and reinforcing trust among clients, partners, lenders, and other stakeholders in an increasingly security-conscious energy market.

KPI Green Energy Expands Internationally through $4 Billion Renewable Energy Partnership with Botswana

KPI Green Energy Limited has announced a major milestone, with its parent company KP Group signing a Memorandum of Understanding (MoU) with the Government of Botswana to collaborate on large-scale renewable energy and power infrastructure projects. This joint agreement aligns with Botswana’s goal to become a net-zero country by 2030 and positions KP Group for international growth, involving an estimated $4 billion investment to develop close to 5 GW of renewable capacity and bolster regional power infrastructure. Additionally, the partnership includes scholarships aimed at local capacity building and advancing Botswana’s clean energy transition, marking a significant step in fostering long-term sustainability and innovation.