KPI Green Energy Limited, the renewable energy arm of the KP Group, has established itself as a significant player in India's solar and hybrid power sector since its founding in 2008. The company operates on a hybrid business model that combines the roles of an Independent Power Producer (IPP) and a service provider for Captive Power Producers (CPP). As an IPP, KPI Green Energy develops, owns, and operates its own large-scale renewable projects, selling electricity to business houses and government entities through long-term Power Purchase Agreements (PPAs) and on power exchanges. This generates stable, long-term annuity income. In its CPP segment, the company provides end-to-end, turnkey solutions for industrial clients who wish to own their own solar or hybrid power projects to reduce their electricity expenses. This includes development, transfer, operation, and maintenance (O&M) services, creating a robust service-based revenue stream. This dual-pronged strategy allows the company to build a substantial asset base while simultaneously executing projects for a diverse client portfolio. Anchored by a values-driven culture focused on ethics and environmentalism, KPI Green Energy leverages innovation, including a 24/7 Network Operation Centre and robotic cleaning technology, to position itself as a reliable and forward-looking partner in accelerating India's transition to renewable energy.

Official Website: www.kpigreenenergy.com

• Robust Revenue Growth: For the nine months ending December 31, 2025 (9M FY26), total income surged by 64% year-over-year (YoY) to ₹1,931 crores from ₹1,177 crores in 9M FY25. The third quarter (Q3 FY26) saw a 45% YoY increase in total income, reaching ₹676 crores compared to ₹466 crores in Q3 FY25.

• Significant Profitability Improvement: EBITDA for 9M FY26 grew by 71% YoY to ₹701 crores from ₹411 crores. The Profit After Tax (PAT) for the same period increased by 60% YoY to ₹354 crores from ₹221 crores. This demonstrates strong operational leverage and efficiency gains as the company scales.

• Earnings Per Share (EPS) Expansion: Basic EPS for 9M FY26 stood at ₹16.77, a 46% increase from ₹11.51 in the prior year period. For Q3 FY26, the basic EPS was ₹5.97, up 39% from ₹4.29 in Q3 FY25.

• Financial Position: The company's market capitalization was ₹8,733 crores as of January 20, 2026. It has secured favorable credit ratings, including an A (Positive) rating from ICRA and an AA+(CE) rating from CRISIL and ICRA for its Green Bond Issue, indicating strong financial health and creditworthiness.

The company's financial performance shows exceptional growth across all key metrics, with revenue, EBITDA, and net profit increasing significantly, which translates into strong earnings growth for shareholders.

• Integrated Dual Business Model: The company operates as both an Independent Power Producer (IPP), owning assets and earning long-term revenue, and a service provider for Captive Power Producers (CPP), offering turnkey solutions. In Q3 FY26, the CPP segment contributed 91% of revenue, highlighting its strength in project execution for clients, while the IPP segment provides stable, annuity-like cash flows.

• Strategic Asset Ownership: A core unique selling proposition is the aggressive acquisition and development of a large land bank (6,999+ acres) and associated power evacuation capacity (3,575+ MW). This vertical integration de-risks project execution, creates high entry barriers for competitors, and provides a clear runway for future growth.

• Technological Integration: The company has developed an in-house, AI-integrated Network Operation Centre (NOC) for live equipment health monitoring across all assets. This is complemented by the deployment of over 730 proprietary, water-less solar panel cleaning robots, which enhances operational efficiency, maximizes generation, and aligns with sustainable practices, particularly in water-scarce regions.

KPI Green Energy's distinct advantage lies in its hybrid IPP/CPP model, supported by strategic control over land and evacuation infrastructure and a commitment to in-house technological innovation for operational excellence.

• Aggressive Capacity Expansion: The company's total portfolio (Installed + Upcoming) has reached 4.74 GW. The installed capacity grew from 1.27 GW in Q3 FY25 to 1.65 GW in Q3 FY26. The work-in-progress (WIP) pipeline is substantial, indicating a clear path to continued expansion.

• Robust Order Book: The company holds orders in hand for over 3.61 GW, providing strong revenue and execution visibility for the near to medium term. This pipeline is diversified across solar, wind, and hybrid projects.

• Strategic Collaborations for Scalability: KPI Green Energy has entered into significant framework agreements and MoUs to accelerate growth. These include partnerships with Senvion for 2 GW of wind and hybrid projects, Inox Solar for 2.5 GW of solar and hybrid projects, and the Government of Gujarat for 855 MW of renewable energy projects.

• Geographical and Network Expansion: The company is expanding its physical footprint, growing from 77 sites in Q3 FY25 to 128 sites (installed and under execution) in Q3 FY26. It is also expanding its presence across multiple distribution companies (DISCOMs) in Gujarat and Maharashtra, as well as at the central transmission utility (CTU) level.

The company is in a high-growth phase, characterized by rapid expansion of its asset base, a formidable order book, and strategic partnerships that secure a multi-gigawatt development pipeline.

• Diversification into New Renewable Segments: The company is actively capitalizing on emerging opportunities beyond traditional solar. It has secured landmark orders in new, high-growth segments:

• Battery Energy Storage Systems (BESS): Awarded a 445 MW/890 MWh standalone BESS project from GUVNL.

• Wind Power: Secured a 150 MW wind power project with a 25-year PPA with GUVNL.

• Floating Solar: Won a 142 MW floating solar EPC contract from GSECL at the Kadana Dam.

• Green Hydrogen: Secured its first 1 TPD green hydrogen project utilizing municipal solid waste.

• Energy Trading: Received an intra-state energy trading license, enabling participation in power exchanges.

• International Market Expansion: KPI Green Energy is expanding its operations beyond India. It has signed MoUs for significant international projects, including targeting a 5 GW capacity in Botswana, forming a global alliance in the UAE for data centers and pharma, and a strategic partnership in South Korea to advance the green hydrogen ecosystem.

KPI Green Energy is strategically positioning itself to capture future growth by diversifying into next-generation renewable technologies like BESS and green hydrogen while simultaneously expanding its geographical footprint into international markets.

• Current Capacity and Pipeline: As of Q3 FY26, the total cumulative capacity (installed and upcoming) stands at 4.74 GW. This is composed of a 2.17 GW IPP portfolio and a 2.57 GW CPP portfolio. The installed capacity alone is over 1.12 GW.

• Capacity Utilization Factor (CUF): The portfolio's hybrid CUF (on an AC basis) was reported at a healthy 48.7% in Q3 FY26. This high utilization factor is indicative of efficient asset performance and favorable resource availability for its hybrid projects.

• Implied Capital Expenditure: While a specific capex figure is not provided, the scale of the company's growth plans implies significant ongoing and future capital expenditure. Major projects like the GUVNL 1029 MWp IPP project (for which financial closure is complete), the 445 MW BESS project, and the 200 MW SJVN project will require substantial investment.

The company is effectively utilizing its operational assets, as shown by its high hybrid CUF, while its extensive pipeline of projects points to a significant capital expenditure cycle to fund its next phase of growth.

• Ambitious Long-Term Target: The parent KP Group has set an ambitious target to develop a renewable energy portfolio of over 10 GW by 2030, with KPI Green Energy playing a central role in achieving this goal.

• Strategic Shift to IPP: The company is increasingly focusing on building a larger base of self-owned IPP capacity. This strategy aims to enhance long-term, predictable revenue streams, improve EBITDA visibility, and strengthen its market position as a dominant asset owner.

• Developing Clean Mobility Infrastructure: Through an MoU with the Government of Gujarat, the KP Group plans to invest approximately ₹8,000 crores to develop a statewide network of green hydrogen and EV fuel stations, marking a significant entry into the clean mobility ecosystem.

• Exploring Offshore Wind: The company is actively evaluating and participating in the development of offshore wind projects, a segment with high potential due to consistent high-speed winds off the coasts of Gujarat and Tamil Nadu.

The company's future is defined by a clear vision to scale its capacity tenfold by 2030, a strategic pivot towards a more asset-heavy IPP model, and venturing into high-potential future-facing sectors like clean mobility and offshore wind.

• EBITDA Margin Expansion: The company's EBITDA margin has shown consistent improvement. For 9M FY26, the EBITDA margin was 36.3% (₹701 Cr EBITDA on ₹1,931 Cr Income), up from 34.9% in 9M FY25. The margin for Q3 FY26 was even stronger at 37.1% (₹251 Cr EBITDA on ₹676 Cr Income), a significant increase from 31.1% in Q3 FY25.

• Profit After Tax (PAT) Margin: The PAT margin for 9M FY26 was 18.3% (₹354 Cr PAT on ₹1,931 Cr Income), slightly down from 18.8% in the prior year period, primarily due to higher interest and depreciation costs associated with rapid expansion. The Q3 FY26 PAT margin stood at 18.6% (₹126 Cr PAT on ₹676 Cr Income), compared to 18.2% in Q3 FY25.

The company is demonstrating strong operational leverage with expanding EBITDA margins, though rapid, debt-funded expansion is currently impacting the net profit margin.

• Marquee Institutional Investors: The company is backed by a roster of prominent global and domestic institutional investors, including BlackRock, Vanguard, Goldman Sachs, Citadel, Abu Dhabi Investment Authority, and SBI General Insurance, which lends significant credibility.

• Key Recent Order Wins: In addition to the strategic projects in new segments, the company secured a major 200 MW Solar EPC & O&M contract from SJVN to be developed at the Khavda RE Park in Gujarat.

• Human Capital Investment: The company has grown its total manpower to over 670 employees, including 322+ engineers and 135+ professionals with postgraduate degrees. It actively recruits from premier institutions like IITs and IIMs and invests in upskilling through programs with IIM Ahmedabad.

• Shareholding Structure: As of December 31, 2025, the promoter shareholding stood at 49.25%, with the public holding the remaining 50.75%, ensuring a broad ownership base and liquidity.

The company's strong institutional backing, consistent success in winning large-scale orders, and investment in high-quality human capital provide a solid foundation for its ongoing business operations and future growth initiatives.