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:
| Metric: |
Q4 FY26 (Audited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
63,181.00 |
40,126.42 |
1,49,709.07 |
93,904.58 |
| Total Income (₹ Lakhs): |
63,392.56 |
40,864.74 |
1,50,554.33 |
95,845.27 |
| Profit Before Tax (₹ Lakhs): |
10,823.67 |
6,469.75 |
25,445.02 |
15,470.56 |
| Profit After Tax (₹ Lakhs): |
7,868.87 |
4,579.39 |
18,140.35 |
11,532.55 |
| Basic EPS (₹, not annualised): |
11.74 |
6.87 |
27.07 |
17.29 |
| Diluted EPS (₹, not annualised): |
11.65 |
6.84 |
26.86 |
17.22 |
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:
| Metric: |
FY21 |
FY22 |
FY23 |
FY24 |
FY25 |
FY26 |
CAGR (FY21–FY25) |
| Revenue (₹ Cr): |
73 |
254 |
442 |
486 |
958 |
1,506 |
83% |
| EBITDA (₹ Cr): |
19 |
37 |
76 |
98 |
196 |
328 |
76% |
| PAT (₹ Cr): |
6 |
18 |
44 |
58 |
115 |
181 |
97% |
| Cash Profit (₹ Cr): |
12 |
25 |
55 |
69 |
139 |
239 |
87% |
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.
| Particulars: |
FY26 (₹ Cr) |
FY25 (₹ Cr) |
YoY Change |
| Net Worth: |
522 |
312 |
+67% |
| Non-Current Liabilities: |
392 |
328 |
+19% |
| Current Liabilities: |
1,777 |
528 |
+236% |
| Total Liabilities & Equity: |
2,691 |
1,168 |
+130% |
| Fixed Assets: |
552 |
430 |
+28% |
| Other Non-Current Assets: |
12 |
4 |
+167% |
| Current Assets: |
2,127 |
734 |
+190% |
| Total Assets: |
2,691 |
1,168 |
+130% |
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:
| Segment: |
Q4 FY26 (₹ Lakhs) |
Q4 FY25 (₹ Lakhs) |
FY26 (₹ Lakhs) |
FY25 (₹ Lakhs) |
| Infrastructure Development: |
62,106.04 |
39,394.56 |
1,45,169.00 |
91,019.94 |
| Sale of Power: |
561.65 |
617.81 |
3,564.91 |
2,390.06 |
| Operation & Maintenance Services: |
513.31 |
114.04 |
975.16 |
494.58 |
| Total Segment Revenue: |
63,181.00 |
40,126.42 |
1,49,709.07 |
93,904.58 |
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:
| Metric: |
Q4 FY26 (Audited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
62,678.02 |
40,056.89 |
1,48,755.48 |
92,654.88 |
| Total Income (₹ Lakhs): |
62,889.59 |
40,795.21 |
1,49,596.51 |
94,331.68 |
| Profit Before Tax (₹ Lakhs): |
10,689.95 |
6,467.33 |
25,118.83 |
15,008.85 |
| Profit After Tax (₹ Lakhs): |
7,798.04 |
4,660.14 |
17,985.81 |
11,207.49 |
| Basic EPS (₹, not annualised): |
11.64 |
6.99 |
26.84 |
16.81 |
| Diluted EPS (₹, not annualised): |
11.55 |
6.94 |
26.63 |
16.76 |
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:
| Project: |
Details |
| 100 MW ISTS Wind (IPP): |
Awarded by SECI under competitive bidding; tariff ₹3.67/unit; PPA signed for 25 years; interconnection at 400/220 kV Jam Khambhaliya substation |
| 100 MW Wind (IPP): |
Letter of Intent from GUVNL; 50 MW base at ₹3.44/unit + 50 MW greenshoe at ₹3.43/unit; tariff fixed for 25 years |
| 99 MW Wind EPC: |
Awarded by Inox Renewable Solutions Ltd; installation of Inox 3 MW WTGs; turnkey BOP execution |
| 40.8 MW Hybrid Wind-Solar EPC: |
Awarded by Enerparc Energy; project in Gujarat; includes evacuation infrastructure and grid connectivity |
| 91.4 MW Hybrid Wind-Solar EPC: |
Awarded by JK Paper Ltd for Gujarat project; includes O&M for 2 years (Wind) and 1 year (Solar) |
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:
| Decision: |
Details |
| Internal Auditor (Appointed): |
M/s. K A Sanghavi & Co LLP, Chartered Accountants — for FY2026-27 |
| Internal Auditor (Outgoing): |
M/s. RHA & Co. — ceased due to completion of tenure |
| Cost Auditor (Re-appointed): |
M/s. Nanty Shah and Associates, Cost Accountants — for FY2026-27 |
| Dividend Recommended: |
Re. 0.25 per equity share (face value ₹5 each) for FY2025-26 |
| Filing Reference: |
KPEL/BM/MAY/2025/O-641, dated May 7, 2025 |
| Signed By: |
Affan Faruk Patel, Whole Time Director (DIN: 08576337) |
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.