K.P. Energy Limited has submitted the transcript of its Q4 FY26 Earnings Conference Call to BSE Limited and the National Stock Exchange of India Limited on May 18, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript relates to the earnings conference call held on May 12, 2026, at 3:30 PM IST, to discuss the audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026. The Board of Directors had approved the audited results at its meeting on May 7, 2026, and the results were subsequently published in newspapers on May 8, 2026. The transcript is also available on the company's official website at www.kpenergy.in .

Q4FY26 and Full Year Financial Highlights

The company reported record financial performance for both the quarter and the full year. CFO Shabana Belim described FY25-26 as a "watershed year" for K.P. Energy, with the company crossing the INR 1,500 crores revenue milestone for the first time in its history. The key financial metrics are presented below:

Whole Time Director Affan Faruk Patel highlighted that K.P. Energy has built an integrated renewable energy platform spanning energy modeling, land aggregation, wind resource assessment, evacuation infrastructure, EHV connectivity, project execution, and long-term O&M services. He noted that the company was the first in India to install a make-in-India 4.2 megawatt 160 wind turbine in South Gujarat. The company also received a CERC interstate electricity trading license during the year, enabling pan-India participation in power markets.

Segment Performance and Order Book

The EPC and infrastructure development segment remained the primary revenue driver, with the following segment-level details shared during the call:

Shabana Belim noted that approximately 50% of the INR 3,000 crores order book is from group entities and the balance from external customers, while the pipeline consists entirely of non-group orders. On working capital, she explained that higher inventory levels reflect advance stocking of wind turbine generators amid geopolitical supply chain uncertainties, and that cash conversion days range from 100 to 150 days depending on the customer. CARE Ratings upgraded K.P. Energy's credit rating by two full notches from BBB with a negative outlook to A- with a stable outlook during FY26.

IPP Expansion and Capital Allocation

The company is progressing on two IPP projects of 100 MW each, with a combined estimated project cost of approximately INR 1,700+ crores, of which approximately INR 450+ crores will be funded through equity and the balance through debt. One project has a power purchase agreement with a timeline from April 15, 2026 to April 15, 2028. The expected interest cost on project debt is in the range of 7.5% to 8.5%. The Board declared an interim dividend of INR 0.65 per share (face value INR 5) during the year and recommended a final dividend of INR 0.25 per equity share, subject to shareholder approval at the AGM. Management also indicated that a 40% to 50% revenue growth is expected for FY27, supported by the existing order book.

Industry Backdrop and Strategic Outlook

Group CEO Dr. Alok Das and CFO Shabana Belim outlined the broader industry context during the call. India installed 6.05 gigawatt of new wind capacity in FY26, the highest annual addition in the country's history, bringing cumulative installed wind capacity to over 56 gigawatt. India also achieved total non-fossil fuel capacity addition of 55.3 gigawatt in FY26, with non-fossil fuel sources now representing over 50% of total installed power capacity. The Government of India has set a target of 140 gigawatt of cumulative wind capacity by 2030. On offshore wind, Dr. Das noted that the government has identified Gujarat and Tamil Nadu for initial development, with policy and tariff frameworks still being formulated by MNRE. K.P. Energy stated it is evaluating consortium partnerships and positioning itself for offshore wind opportunities once the policy framework is finalised. The company's long-term vision is to cross 10 gigawatt by 2030.

Conference Call and Regulatory Compliance

The earnings conference call was organised in association with Share India Securities Limited and moderated by Mr. Harsh Patel. The management team on the call comprised the following officials:

The transcript submission intimation dated May 18, 2026 was signed by Whole Time Director Affan Faruk Patel (DIN: 08576337) and submitted to both BSE Limited and the National Stock Exchange of India Limited. The audio recording of the conference call was uploaded to the company's website pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015. The Financial Results, along with the Auditor's Report, are available on the websites of BSE Limited ( www.bseindia.com ) and the National Stock Exchange of India Limited ( www.nseindia.com ), and on the company's official website at www.kpenergy.in . K.P. Energy Limited is headquartered at 'KP House', Canal Road, Bhatar, Surat, Gujarat, and holds ISO 14001:2015, ISO 9001:2015, and ISO 45001:2018 certifications.

K.P. Energy Limited's Board of Directors convened on May 7, 2026, at its registered office in Surat, Gujarat, and approved the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026. The board also recommended a final dividend of Re. 0.25 (Twenty-Five Paisa) per equity share of face value ₹5 each for FY2025-26, subject to shareholder approval at the ensuing Annual General Meeting. The results were audited by M/s. MAAK & Associates, Chartered Accountants (FRN: 135024W), who issued an unmodified opinion on both standalone and consolidated financial statements. As of May 6, 2026, the company's market capitalisation stood at ₹2,758 Cr, with 6.76 Cr shares outstanding and a 52-week high of ₹584.

Consolidated Financial Performance

The company delivered record-breaking financial results for FY26, with consolidated total revenue crossing the four-digit crore mark for the first time, closing at INR 1,505.54 Cr as against INR 958.45 Cr during FY25, growing by 57%. The Q4 FY26 consolidated total revenue stood at an all-time quarterly high of INR 633.93 Cr, reflecting 55% year-on-year growth against INR 408.65 Cr reported in Q4 FY25. The following table summarises the key consolidated financial metrics:

Consolidated revenue from operations grew 59% year-on-year to ₹1,497.09 Cr in FY26, from ₹939.05 Cr in FY25. Q4 FY26 revenue from operations stood at an all-time quarterly high of ₹631.81 Cr, up 57% from ₹401.26 Cr in Q4 FY25. The consolidated annual EBITDA for FY26 stood at ₹328.44 Cr, a 68% increase from ₹196.08 Cr in FY25, with EBITDA margin expanding to 22% from 20%. Consolidated Profit Before Tax rose 64% to ₹254.45 Cr from ₹154.71 Cr in FY25, while consolidated PAT reached a new all-time high of ₹181.40 Cr for FY26, up from ₹115.33 Cr in FY25. Q4 FY26 PAT stood at ₹78.69 Cr, up 72% year-on-year from ₹45.79 Cr in Q4 FY25. Cash profit for FY26 rose 72% to ₹239 Cr from ₹139 Cr in FY25. The company's basic EPS increased from INR 17.29 in FY25 to INR 27.07 in FY26, representing a growth of approximately 57%.

Multi-Year Growth Trajectory

The investor presentation highlights a strong multi-year compounded growth across key financial metrics. The table below captures the historical performance from FY21 to FY26:

Note: Figures rounded to the nearest integer. CAGR calculated based on absolute values.

Balance Sheet and Cash Flow Summary

The consolidated balance sheet reflects significant scale-up in the company's asset base and equity position. Net worth grew 67% to ₹522 Cr in FY26 from ₹312 Cr in FY25. Total assets stood at ₹2,691 Cr, up 130% year-on-year from ₹1,168 Cr.

On the cash flow front, the company reported cash and cash equivalents of ₹7,628.07 Lakhs at the end of FY26, compared to ₹4,510.63 Lakhs at the beginning of the year. Net cash inflow from operating activities stood at ₹12,257.44 Lakhs, while net cash outflow from investing activities was ₹21,162.22 Lakhs and net cash inflow from financing activities was ₹12,022.22 Lakhs.

Segment-Wise Performance

The EPC (Infrastructure Development) segment remained the primary revenue driver, while the O&M segment posted exceptional growth. The consolidated segment revenue is presented below:

The EPC segment achieved its highest-ever quarterly and annual revenue, reaching ₹621.06 Cr in Q4 FY26 (up 58% from ₹393.95 Cr in Q4 FY25) and ₹1,451.69 Cr in FY26 (up 59% from ₹910.20 Cr in FY25). The O&M segment delivered exceptional growth with quarterly revenue surging 350% to ₹5.13 Cr in Q4 FY26 from ₹1.14 Cr in Q4 FY25. Annual O&M revenue for FY26 stood at ₹9.75 Cr, up 97% from ₹4.95 Cr in FY25. The company's IPP portfolio currently stands at 248.5 MW, of which 48.5 MW is operational, with units generated from IPP rising to 9.5 Crore kWh in FY26 from 3.9 Crore kWh in FY25.

Standalone Financial Highlights

On a standalone basis, K.P. Energy also reported strong performance for the quarter and year ended March 31, 2026:

Standalone total reserves stood at ₹48,623.57 Lakhs as at March 31, 2026, compared to ₹26,516.16 Lakhs as at March 31, 2025. Total standalone assets grew to ₹2,69,238.81 Lakhs from ₹1,16,166.09 Lakhs in the prior year, while total equity stood at ₹52,003.36 Lakhs.

Major Order Wins

The investor presentation details several significant order wins across IPP and EPC segments. The table below summarises the key orders:

CERC Licence and Growth Strategy

K.P. Energy has received a Category-V Inter-State Electricity Trading Licence from the Central Electricity Regulatory Commission (CERC), enabling the company to participate in pan-India power markets. This licence provides access to a broader base of buyers across the national market, including commercial and industrial customers seeking instant green power, and supports greater volume offtake and diversified revenue streams through exchange and bilateral market participation.

On the strategic front, the company holds approximately 2 GW+ of total projects in hand and a total renewable portfolio of 3.73+ GW. An additional 200 MW of IPP projects are in the pipeline, aimed at driving long-term annuity revenue over a 25-year horizon. The company is also exploring offshore wind opportunities of 1–2 GW in Gujarat and Tamil Nadu through Balance of Plant participation, supported by government VGF incentives of up to INR 7,453 Cr for 1 GW. K.P. Energy was the first in India to install a 'Make in India' 4.2M160 Wind Turbine with a 160-metre rotor diameter and 140-metre hub height. The company's in-house Wind Resource Assessment team operates 45+ wind masts across the region, while its 24×7 Network Operations Centre — powered by IBM Maximo for Renewables — serves 285+ clients with 100% O&M contractual compliance.

Board Decisions and Auditor Appointments

In addition to approving the financial results and recommending the final dividend, the board transacted the following key businesses:

M/s. K A Sanghavi & Co LLP is a Surat-based chartered accountancy firm with approximately 60 years of legacy, providing services on a PAN India basis. M/s. Nanty Shah and Associates, established in 2011, is a reputed cost accountancy firm led by Mr. Nanty N. Shah, Fellow member of ICMAI, with offices in Surat, Ahmedabad, Mumbai, Nashik, and Pune. The company's promoter shareholding stood at 45.44% and public shareholding at 54.56% as on March 31, 2026.