KPI Green Energy Limited (KPIGREEN) AI Stock Analysis

• Market Cap: ₹69.37B
• Dividend Yield: 0.2%
• Average Volume (3M): 64.98K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 1.78
• 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: 67 Neutral
• Price Target: ₹377.00 ▼(-20.61% Downside)
• Action: Downgraded Date: 03/05/26
• Date: Action: Downgraded 03/05/26

The score is driven primarily by strong financial performance (notably revenue growth and profitability), offset by weak technical conditions (price below key averages with bearish momentum) and only moderate valuation support (P/E ~22.5 and a low dividend yield).

Positive Factors

High Revenue Growth

Sustained near-70% top-line growth reflects strong project additions and demand for solar generation. Over 2-6 months this supports scale advantages, stronger negotiating power on EPC contracts, and a larger contracted generation base that underpins durable revenue visibility.

Robust Profitability and Margins

Healthy gross and operating margins indicate efficient project economics and disciplined cost control in development and O&M. These margins provide structural earnings resilience as the company scales, improving capacity to absorb pricing or input volatility over the medium term.

Solid Capitalization and ROE

A >50% equity ratio gives a meaningful solvency buffer while a mid-teens ROE shows effective use of capital. This balanced capital structure supports continued project financing and investor confidence, reducing structural default risk during growth phases.

Negative Factors

Negative Free Cash Flow from Capex

Persistent negative FCF driven by heavy capex for project buildouts means the company must rely on external funding or equity issuance. Over several months this can pressure liquidity, increase financing costs, and constrain the ability to de-lever or fund working capital organically.

Material Leverage

A debt/equity ratio above 50% indicates meaningful leverage to finance growth. Combined with capital-intensive expansion and negative FCF, this raises interest-rate and refinancing risk, which can reduce strategic flexibility if market conditions tighten in the medium term.

Below-Unity Cash Conversion

OCF at 65% of net income shows earnings are not fully converting to cash, limiting internal funding for capex and debt service. Structurally, this necessitates continued external funding and heightens sensitivity to working-capital swings and collection risks over the next 2-6 months.

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 fundamentals (high revenue growth and solid margins), balanced by moderate balance-sheet leverage risk and weaker cash-flow quality 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive
• 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 394.25, above the 50-day MA of 420.63, and above the 200-day MA of 469.28, indicating a bearish trend. The MACD of -16.41 indicates Positive momentum. The RSI at 26.97 is Positive, neither overbought nor oversold. The STOCH value of 8.33 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	67 Neutral	₹69.37B	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	₹85.04B	21.02	―	―	63.07%	74.37%
WEBELSOLAR	59 Neutral	₹22.70B	14.56	―	―	152.12%	―
INOXGREEN	55 Neutral	₹57.20B	79.81	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹61.80B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹42.07B	-446.21	―	―	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.