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Swing Capital

KPI Green Energy Ltd

NSE: KPIGREEN BSE: 542323Energy

Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. [1]

₹415
52W: ₹336 — ₹563
PE 20.9 · Book ₹128 · +224% vs book
Market Cap₹8,198 Cr
Stock P/E20.9Price to Earnings
ROCE12.4%Return on Capital
ROE17.4%Return on Equity
Div. Yield0.16%Face Value ₹5

Strengths

  • +Company has delivered good profit growth of 93.2% CAGR over last 5 years
  • +Company's median sales growth is 60.4% of last 10 years
  • +Company's working capital requirements have reduced from 109 days to 84.6 days

Weaknesses

  • −Company might be capitalizing the interest cost
  • −Promoters have pledged 44.7% of their holding.
  • −Promoter holding has decreased over last 3 years: -5.32%

Shareholding Pattern

Promoters49.49%
FIIs8.24%
DIIs0.64%
Public41.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.09%48.77%▼4.348.78%▲0.048.78%48.67%▼0.148.67%49.25%▲0.649.49%▲0.2
FIIs6.05%9.95%▲3.98.78%▼1.28.05%▼0.78.26%▲0.29.16%▲0.98.68%▼0.58.24%▼0.4
DIIs0.33%1.5%▲1.21.87%▲0.41.64%▼0.20.81%▼0.80.77%▼0.00.63%▼0.10.64%▲0.0
Public40.51%39.8%▼0.740.54%▲0.741.52%▲1.042.26%▲0.741.39%▼0.941.46%▲0.141.63%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales275168310310483488386501511592
Expenses189103203228361354238314314346
Operating Profit866510782122135148187197246
OPM %31%39%35%27%25%28%38%37%39%42%
Net Profit412653377786729599127
EPS ₹2.251.432.911.873.914.363.664.824.996.43

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,990Cr, up 25% YoY. OPM at 39%.

Debt Position

Borrowings at ₹5,280Cr. Debt-to-equity ratio: 2.18x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹916Cr (23% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.64% (+0.58pp change). FIIs: 8.24% (+4.76pp change). Promoters hold 49.49%.

Margin & Efficiency

ROCE improving from 0% (Mar 2013) to 12% (Mar 2026). Working capital days: 85.

Valuation

PE 20.9x with 12.4% ROCE. Price is 224% above book value of ₹128. Dividend yield: 0.16%.

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