KPI Green Energy LimitedEnergyKPIGREEN
Q1 FY27 concall · earnings callKPI Green Energy Limited
The quarter saw strong operational scale-up in the IPP portfolio and robust top-line growth, though profitability was pressured by upfront depreciation and interest costs on newly commissioned assets.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | ₹710 Cr | 16% Y-o-Y | |
| EBITDA | ₹262 Cr | 21% Y-o-Y | |
| EBITDA Margin | 37% | 2% pts Y-o-Y | |
| Profit After Tax | ₹95 Cr | -14% Y-o-Y | |
| Operational Portfolio (IPP + CPP) | 6.94 gigawatts | 71% Y-o-Y |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹458.36 Cr+38.8% YoY+27.4% QoQ | ₹85.15 Cr+68.2% YoY+21.9% QoQ | ₹6.44-53.1% YoY+16% QoQ |
| Q2 FY25 | ₹359.68 Cr+67.2% YoY+3.4% QoQ | ₹69.83 Cr+101% YoY+5.6% QoQ | ₹5.55-42.3% YoY-49.4% QoQ |
| Q1 FY25 | ₹348.01 Cr+83.8% YoY+20.3% QoQ | ₹66.11 Cr+98.8% YoY+53.6% QoQ | ₹10.97+19.2% YoY+53.4% QoQ |
| Q4 FY24 | ₹289.36 Cr+58.6% YoY-12.3% QoQ | ₹43.04 Cr+35.4% YoY-15% QoQ | ₹7.15-18.7% YoY-47.9% QoQ |
| Q3 FY24 | ₹330.12 Cr+84.2% YoY+53.5% QoQ | ₹50.61 Cr+46.9% YoY+45.7% QoQ | ₹13.73-28% YoY+42.7% QoQ |
TL;DR
- Total income grew 16% Y-o-Y to INR710 crore.
- EBITDA grew 21% Y-o-Y to INR262 crore with margin improving to 37%.
- Profit after tax declined to INR95 crore from INR111 crore due to higher depreciation and finance costs.
- Operating portfolio reached ~6.94 GW, up 71% Y-o-Y.
- Management expects the full earning contribution of newly commissioned assets to build through the remainder of FY27.
Said on the call
“The year-on-year movement in PAT reflects higher depreciation and finance costs on rapidly growing asset base.”
From the Q&A
| Topic | What management said |
|---|---|
| Balance Sheet Strain from IPP Growth | Management stated leverage is comfortable (below 3:1 debt-to-equity) and expects to maintain IPP at ~20% of revenue mix, acknowledging that EPS decline is temporary due to project life cycles. |
| PAT Margin Guidance | Management indicated the previously guided 16-18% PAT margin for FY27 will be lower due to seasonality and lost quarters, with a full rebound expected in FY28 after asset stabilization. |
| Slower Execution & Geopolitical Impact | Management cited billing delays with large utilities and geopolitical issues impacting costs (steel, cables, logistics) as reasons for slower-than-expected growth, maintaining a conservative 30-40% growth outlook. |
| KP Energy vs. KPI Margin Divergence | The significant margin drop in KP Energy (EBITDA from 22% to 12%) is attributed to its pure EPC business being more exposed to geopolitical cost pressures, unlike KPI which benefits from IPP revenue and shared costs. |
| Share Price Weakness & Governance | Management attributed share price weakness to retail investor sentiment, not business performance, and cited actions like hiring a top-5 auditor (BDO) and promoter increasing stake to restore confidence. |
Guidance
- Expect full earning contribution of newly commissioned assets to build through the remainder of FY27.
- Aim to maintain 30-40% year-on-year growth, being conservative due to geopolitical conditions.
- Target IPP revenue mix at around 20% of total revenue.
- Expect PAT margin for FY27 to be lower than the previously guided 16-18%, with a full rebound in FY28.
Source
Summary written from the transcript filed by KPI Green Energy Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 09:56 IST.
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