Announcement
Announcement under Regulation 30 (LODR)-Acquisition 30 Sep - KPI Green Energy entered binding offer to acquire AEPL and NWPL's 507.9 MW wind assets for Rs. 2,410 crore.
Source: Bse
KPI Green Energy Limited (KPIGREEN)
Micro CapPower stocks · Micro cap · NSE
KPI Green Energy Limited is an integrated renewable energy company in India, developing, owning, and operating solar, wind, hybrid, and BESS assets (IPP) and providing EPC services. It leverages in-house engineering and manufacturing capabilities across the KP Group for end-to-end project execution and supply chain control.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals22 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score22 Oct, 05:17 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 +10.8% / mo · MACD − · near 52W low
Stock trend: 43
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KPIGREEND candles · FIT view-35.0%Latest close ₹299.80 on 2026-10-21
Bar
-4.8%
RSI
38
MACD hist
-3.25
52W pos
10%
2026-10-21O ₹314.90H ₹315.80L ₹298.00C ₹299.80Vol 5.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KPIGREENNifty PowerNifty 500
- KPIGREEN
- -26.2%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -19.7 pp
Chart stats
21 Oct 2026- From 52W high
- -44.7%
- 52W range position
- 10%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.18x
- Avg traded value
- ₹82.3 Cr
- 20D price channel
- ₹298 - ₹386.9
₹542.3
₹271.9 - ₹542.3
₹14.8
Latest completed session
20-session average
57.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +15.1% · PAT -14.4% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+48.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence48
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 15/100PAT -14% YoY · Rev +15% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹694 Cr | +15.1% | -12.8% |
| EBITDA | ₹246 Cr | +19.4% | -15.5% |
| Operating margin | 35.0% | +100 bps | -200 bps |
| PAT | ₹95 Cr | -14.4% | -38.7% |
| PAT margin | 13.7% | -472 bps | -578 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.00
- P/B
- 1.95
- EV/EBITDA
- 9.66
- Market Cap
- 5926.00Cr
Profitability
- ROE
- 16.90%
- ROCE
- 13.70%
- ROA
- 4.99%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 92.00%
- EPS 5Y
- 84.00%
- Revenue 3Y
- 61.00%
- EPS 3Y
- 61.00%
Balance Sheet
- Debt/Equity
- 1.71
- Interest Coverage
- 4.46×
- Altman Z
- 1.66
- Book Value
- 154.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 482.00 Cr
- EPS TTM
- 23.19
Shareholding
- Promoter Hold
- 49.41%
- Promoter Pledge
- 44.70%
- Momentum 52W
- 10%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 694-12.8% vs prev
Net Profit
₹ CrLatest: 95.0-38.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~9.8% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 45% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
9
RS percentile
Stage 4 Downtrend
1M return
-6.7%
3M return
-26.2%
6M return
-34.7%
1Y return
-43.6%
RS 1D
-1
RS 20D
-7
Sector rank
#12
Industry rank
#75
Stage evidence
- Price is 21.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 70.64-3.89%
RS vs Nifty 50071
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth20/25
Quality9/20
Balance Sheet0/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 48.5%.
- Growth contributes 20/25 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Promoter pledge is 44.7%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
13.0
PB
1.9
EV/EBITDA
9.7
ROE
16.9%
ROCE
13.7%
FCF Yield
—
Debt/Equity
1.7
MoS
+48.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+48.5%
Previous: +48.5%
Score history
12 stored score snapshots. Latest stored move: +1 points.
22 Oct 2026
v4.3-runtime-valuation
50
50
49
49
49
49
49
49
49
49
52
53
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹283.47
-5.8% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹582.76
+48.5% MoS
PEG
0.17
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ACMESOLAR
Large
Acme Solar Holdings Limited
Renewable Energy
match 186
27
49.8
10.4%
-71%
OVERVALUED
ADVAIT
Small
Advait Energy Transitions Limited
Renewable Energy
match 175
52
34.7
21.5%
-26%
FAIR VALUE
SERVOTECH
Small
Servotech Renewable Power System Limited
Renewable Energy
match 173
35
43.4
12.8%
-59%
WATCHLIST
SAATVIKGL
Micro
Saatvik Green Energy Limited
Renewable Energy
match 171
65
19.4
42.3%
+50%
UNDERVALUED
INA
Small
Insolation Energy Limited
Renewable Energy
match 169
76
9.4
28.1%
+70%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T15:45:30.446Z
Management commentary snapshot
KP Group crossed 1 GWp in IPP capacity by March 2026, with a total renewable energy portfolio of 9.2+ GWp as of June 2026. The company announced strategic business realignment, governance enhancements, and ambitious FY32 targets for IPP, EPC, and BESS.
Management is demonstrating strong execution in capacity expansion and addressing investor concerns regarding governance and business structure. The strategic entry into BESS and Green Hydrogen, alongside global expansion plans, positions the company for future growth, albeit with significant execution challenges for the ambitious FY32 targets.
Growth engines
Floating Solar
Leveraging India’s large reservoir base (102 GW potential) for scalable, land-efficient solar capacity, with a 142 MWp EPC order under progress at Kadana Dam.
Battery Energy Storage Systems (BESS)
Establishing Sun Drops Energia for BESS assembly and cell manufacturing, targeting 10 GWh each by Apr 2031, addressing India's growing BESS demand.
Green Hydrogen
Building an integrated Green Hydrogen platform across production, mobility, and strategic corridors, with a 1 MW operational plant and 6 stations in pipeline.
Global Expansion
Leveraging Indian experience to establish presence in Southern Africa (Zambia, Botswana, Tanzania) and GCC markets (KSA) for EPC and IPP opportunities.
Capacity and execution
IPP Capacity Milestone
KP Group crossed 1 GWp in IPP capacity by March 2026.
GUVNL Project Commissioning
KPI Green Energy further energized 195 MWp capacity under the 677 MWp GUVNL project in August 2026.
BESS Manufacturing Ramp-up
Sun Drops Energia plans a 30 MWh pilot line in 2027, 5 GWh/yr BESS assembly line production by FY27-28, and 5 GWh/yr cell production line by FY28-29, scaling to 10 GWh each by Apr 2031.
Galvanizing Kettle Commissioning
Asia’s largest Galvanizing Kettle went live at KP Green Engineering in March 2026, strengthening integrated manufacturing capabilities.
Tailwinds
Growing Electricity Demand
India's peak electricity demand is projected to grow ~93% from 190 GW (2019) to 366 GW (2032), driven by industrialization, urbanization, electrification, data centers, and agriculture.
Non-Fossil Capacity Target
India targets 500 GW non-fossil capacity by 2030, requiring an additional 217 GW (equivalent to ~55 GW/year) from FY27-FY30.
Global Clean Energy Investment
$3.4 Tn estimated capital flow in global energy investment in 2026, with 692 GW of renewable capacity added worldwide in 2025.
Risk radar
Promoter Pledged Shares
UNDER_STRESS45% of promoter shares in KPI Green Energy were pledged as debt collateral, though a pathway for release by March 2027 is identified.
Royalty Compensation Structure
INTACTPrevious uncapped royalty payments to the Chairman have been addressed by instituting an upper cap for each listed company.
Auditor Stature
INTACTConcerns about statutory auditors lacking stature for the growing size have been addressed by appointing BDO as statutory auditors for all three listed companies for FY27-32.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Capacity additions and project commissioning are sequential, reflecting execution momentum. However, financial performance and generation volumes are often compared YoY due to seasonality and the long-term nature of power purchase agreements.
Sector KPIs management disclosed
Commissioned IPP Capacity (KP Group)
1.01 GWp commissioned as of June 30, 2026.
IPP Capacity Under Execution (KP Group)
1.81 GWp under execution as of June 30, 2026.
Total Renewable Energy Portfolio (KP Group)
9.2+ GWp across Solar, Wind, Hybrid, Floating Solar, & BESS as of June 30, 2026.
KPI Green Energy Generation
41.0 Cr Kwh in FY26; 27.9 Cr Kwh in Q1 FY27, already crossing 68% of FY26 generation.
Management forward view
KP 3.0 Targets by FY32
Committed targets include 10 GWp owned generation (IPP), 10 GWp third-party EPC, and 10 GWh end-to-end BESS (cell manufacturing to assembly).
Promoter Pledge Release
Management targets release of promoter pledged shares in KPI Green Energy by March 2027.
Revenue Growth Guidance
Management provides 25% Revenue CAGR guidance across each company up to FY32.
Governance Enhancements
Strategic realignment of business structure, instituting an upper cap on promoter royalty, and appointing BDO as statutory auditors for all listed entities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Promoter Pledge Release | 45% of promoter shares in KPI Green Energy pledged. | SBI approval and actual release of pledged shares by March 2027. |
| BESS Production Ramp-up | Pilot line + R&D centre (30 MWh) in 2027. | Commissioning and production from 5 GWh/yr BESS assembly line (FY27-28) and 5 GWh/yr cell line (FY28-29). |
| IPP Capacity Commissioning | 1.01 GWp commissioned (June 2026), 1.81 GWp under execution. | Timely commissioning of projects under execution, particularly the 677 MWp GUVNL hybrid project. |
| Revenue CAGR Achievement | Strong historical growth across P/L items. | Consistent achievement of the 25% Revenue CAGR guidance across each company up to FY32. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
48Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 7th percentile within Power. Main check: promoter alignment is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
71 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
5th percentile
overall median 67 · Power: 7th pctile, median 65 · Micro: 3rd pctile, median 73
Evidence depth
Financial-only
71 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
35
weak · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
58
watch · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 44.7% of holding.
- ▸Altman Z is 1.67.
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.71.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching KPI Green Energy Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - KPI Green signs binding offer to acquire 507.9 MW wind assets in Gujarat for about ₹2,410 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - KPI Green Energy Limited informed regarding hosting an Investor Day titled - 'KP 3.0 Unleashed'. The Detailed disclosure is enclosed herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - KPI Green Energy Limited informed Exchange regarding the Schedule of a Non-Deal Roadshow (Analysts / Institutional Investors Meetings). The Detailed disclosure is enclosed herewith.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Sep - CRISIL reaffirmed KPI Green Energy’s AA+ (CE)/Stable rating on Rs670 crore NCDs.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - KPI Green Energy Limited submitted the copies of Newspapers Publication regarding Notice of 18th Annual General Meeting, and Remote E-voting information.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.