KPI Green Energy Limited (KPIGREEN) AI Stock Analysis

• Market Cap: ₹78.06B
• Dividend Yield: 0.2%
• Average Volume (3M): 64.98K
• Price to Earnings (P/E): 18.1
• Beta (1Y): 2.09
• Revenue Growth: 70.67%
• EPS Growth: 59.54%
• Country: IN
• Employees: 238
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 5.97
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹439.00 ▼(-7.56% Downside)

The score is primarily driven by strong financial performance, led by rapid revenue growth and robust margins, partially offset by negative free cash flow and notable leverage. Technicals remain supportive with price above major moving averages, though momentum signals are mixed due to a negative MACD. Valuation is moderate for a growth profile, but the very low dividend yield provides little downside support.

Positive Factors

Revenue Growth

Sustained ~70% YoY revenue growth reflects expanding asset base and commercial traction in solar generation and services. Over 2–6 months this growth underpins scale advantages, strengthens negotiating leverage on offtakes and supply contracts, and supports reinvestment for further capacity additions.

Strong Profitability

High and stable margins across gross, EBITDA and net indicate durable operational efficiency and pricing power in project execution and plant operations. These margins provide buffer against commodity or input cost swings, supporting long-term cash generation and competitive positioning in renewables.

Diversified Revenue Streams

Earnings derive from both owned solar generation and EPC/project execution. This dual model yields recurring long‑term power sales plus milestone-driven project fees, reducing reliance on a single revenue source and enabling cross‑sell opportunities that support durable top‑line stability.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow driven by heavy capex limits internal funding ability and forces external financing for growth. Over months this can constrain liquidity, elevate financing costs, and reduce flexibility to manage cycles or invest opportunistically without increasing leverage.

Elevated Leverage

Material leverage increases interest and refinancing exposure, especially amid rising rates. With significant debt relative to equity, cash generation must cover debt service and capex; any operational hiccups or delayed projects could amplify stress and limit strategic options.

Project Execution Risk

Reliance on EPC and project development introduces execution and timing risk—cost overruns or delayed commissioning can compress margins and cash flows. Given negative FCF and leverage, such execution setbacks pose a lasting risk to liquidity and return metrics over the medium term.

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

KPIGREEN generates revenue through multiple streams, primarily by offering consulting services for energy efficiency and renewable energy project development. The company charges fees for its consultancy work, which includes feasibility studies, project design, and implementation support. Additionally, KPIGREEN earns income from the sale and installation of renewable energy systems such as solar panels and wind turbines. Long-term revenue is also generated from power purchase agreements (PPAs) where KPIGREEN sells the electricity produced from its own renewable energy installations to customers at a fixed rate. Partnerships with government agencies and private corporations further enhance its revenue capabilities, allowing KPIGREEN to access grants and incentives aimed at promoting renewable energy initiatives.

KPI Green Energy Limited Financial Statement Overview

Summary

Strong income statement performance (Score 89) with very high revenue growth (69.5% YoY) and solid profitability (gross margin 47.3%, net margin 18.4%). This is tempered by leverage on the balance sheet (Debt-to-Equity 56.5%; Balance Sheet Score 75) and weaker cash flow quality (Cash Flow Score 65) due to negative free cash flow from heavy capex.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.90B	17.35B	10.24B	6.44B	2.30B	1.04B
Gross Profit	9.14B	8.21B	3.92B	2.34B	1.22B	712.08M
EBITDA	6.37B	5.64B	3.38B	2.08B	1.10B	629.27M
Net Income	3.58B	3.20B	1.62B	1.10B	432.45M	143.55M
Balance Sheet
Total Assets	0.00	47.92B	24.36B	12.55B	7.77B	4.81B
Cash, Cash Equivalents and Short-Term Investments	5.97B	5.97B	1.70B	535.22M	269.30M	216.83M
Total Debt	0.00	14.75B	10.36B	6.76B	4.46B	3.17B
Total Liabilities	-26.30B	21.62B	16.00B	9.97B	6.24B	3.68B
Stockholders Equity	26.30B	24.23B	8.36B	2.58B	1.54B	1.12B
Cash Flow
Free Cash Flow	0.00	-11.27B	-2.44B	-1.07B	-882.59M	-664.12M
Operating Cash Flow	0.00	2.08B	-574.91M	1.59B	1.02B	-28.80M
Investing Cash Flow	0.00	-15.87B	-3.87B	-3.09B	-1.89B	-631.14M
Financing Cash Flow	0.00	18.07B	5.62B	1.77B	909.81M	773.02M

KPI Green Energy Limited Technical Analysis

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

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 435.39, above the 50-day MA of 433.46, and above the 200-day MA of 470.27, indicating a bearish trend. The MACD of -13.37 indicates Positive momentum. The RSI at 33.62 is Neutral, neither overbought nor oversold. The STOCH value of 9.09 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPIGREEN	72 Outperform	₹78.06B	18.14	―	0.20%	70.67%	59.54%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WAAREERTL	62 Neutral	₹94.70B	22.71	―	―	63.07%	74.37%
WEBELSOLAR	61 Neutral	₹34.40B	13.96	―	―	152.12%	―
INOXGREEN	55 Neutral	₹63.68B	104.57	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹69.35B	-96.31	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹43.24B	-11.09	―	―	112.24%	-474.43%

KPI Green Energy Limited Corporate Events

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.

KPI Green Energy and Inox Solar Partner for 2.5 GW Solar Projects in India

KPI Green Energy Limited has signed a Memorandum of Understanding with Inox Solar Limited to jointly develop 2.5 GW of solar and hybrid renewable energy projects across multiple states in India. This strategic partnership aims to leverage KPI’s project development expertise and ISL’s solar module manufacturing strengths, enhancing both companies’ positions in the renewable energy sector and contributing to India’s clean-energy transition.

KPI Green Energy Releases Q2 FY ’26 Earnings Call Transcript

KPI Green Energy Limited has released the transcript of its Q2 FY ’26 earnings conference call, which was held to discuss the company’s unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. This disclosure is part of the company’s regulatory obligations and provides stakeholders with insights into its financial performance and strategic direction.