KPI Green Energy Limited announced the outcome of its Board Meeting held on May 6, 2026, approving the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board recommended a dividend and appointed new statutory auditors for the upcoming financial year. The company also released its investor presentation, highlighting capacity additions and strategic milestones. The results were accompanied by an unmodified audit opinion from M/s. K A Sanghavi & Co LLP, Statutory Auditors.

Consolidated Financial Performance

KPI Green Energy delivered robust financial performance for FY26, marking its eighth consecutive quarter of highest-ever revenue and highest-ever year-ended results. On a consolidated basis, the company reported strong growth across all key metrics, driven by accelerated execution across solar, wind, hybrid, and EPC projects.

The following table summarises the consolidated financial highlights for FY26 versus FY25:

For Q4 FY26, consolidated Total Revenue stood at ₹810 crore, registering a growth of 40% compared to ₹578 crore in Q4 FY25. EBITDA increased to ₹305 crore, up 80% from ₹169 crore, while PBT rose to ₹214 crore, up 54% year-on-year. PAT for Q4 FY26 grew to ₹155 crore, up 46% from ₹104 crore in Q4 FY25. During the year, the company recognised ₹2.67 crore as an exceptional item, representing compensation under the RFCT-LARR Act, 2013 towards compulsory acquisition of certain land parcels for the Paschim Railway Line project.

Standalone Financial Performance

On a standalone basis, KPI Green Energy also reported significant growth for FY26. The following table presents the standalone income statement highlights:

Key Financial Ratios

The following table presents select consolidated financial ratios for FY26 versus FY25:

Dividend Recommendation

The Board recommended a total dividend of Re. 0.40 per equity share for FY26, comprising a Final Dividend of Re. 0.25 per share and a Special Dividend of Re. 0.15 per share. The Special Dividend was attributed to the successful energisation of the 1 GW IPP Project. The dividend is subject to shareholder approval at the ensuing Annual General Meeting. The equity shares carry a face value of ₹5/- each.

Capacity and Operational Highlights

KPI Green Energy continued to scale its renewable portfolio during FY26, with strong capacity additions across its Independent Power Producer (IPP) and Captive Power Producer (CPP) segments. The company's overall portfolio capacity reached approximately 6.26 GW, up from 3.91 GW in FY25. Power evacuation capacity stood at 3.59 GW as on March 31, 2026, while the company's land bank reached 7,210 acres as on the same date.

The company holds credit ratings of A (Stable) and AA+(CE) from CRISIL and ICRA respectively for its Green Bond Issue. It also operates a Network Operations Centre (NOC) powered by IBM Maximo for Renewables, providing real-time monitoring of solar and wind assets for over 285 clients with 100% O&M contractual compliance. KPI Green Energy manufactures solar panel cleaning robots with a production capacity of 65+ robots per month, over 785 robots deployed, and more than 1,500 cleaning robots manufactured, backed by 5+ in-house R&D professionals.

Key Strategic Developments

The company achieved several major financial and strategic milestones during FY26:

On the project awards front, KPI Green received a Letter of Intent and PPA from GUVNL for a 150 MW grid-connected Wind Power Project. Additional orders from Adani Group entities for a 300 MWac / 405 MWdc project at Khavda took aggregate Khavda orders from Adani Group entities to 834 MWac / 1,131 MWdc. The company also received Letters of Award from SJVN Limited for a 200 MW (AC) Solar Project at the GIPCL Renewable Energy Park, Khavda, Gujarat, and secured a 142 MW (DC) / 110 MW (AC) floating solar EPC contract from GSECL at Kadana Dam, Gujarat, including a 10-year O&M scope. Additionally, KPI Green Energy received Notifications of Award from NTPC Limited for its first green hydrogen and waste-to-energy project, involving a 1 TPD plasma gasification-based green hydrogen plant at NETRA, NTPC Greater Noida.

Auditor Appointments

To strengthen corporate governance, the Board appointed new auditors for FY 2026-27:

M/s. RHA & Co., based in Surat, Gujarat, is a partnership firm of practicing Chartered Accountants with ten years of professional experience, specialising in statutory audits, internal audits, and tax advisory services. M/s. V.M. Patel & Associates, also based in Surat, Gujarat, is a proprietorship firm managed by Mr. Vipin M. Patel, a member of the Institute of Cost Accountants of India, with extensive experience in cost and management accounting and cost audit.

Regulatory Compliance

The Board Meeting outcome was submitted to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30, 33, and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The trading window closure period, in accordance with insider trading norms, will conclude 48 hours after the financial results were made public. The meeting commenced at 10:30 am and concluded at 11:40 am, and the formal intimation was signed by Moh. Sohil Yusuf Dabhoya, Whole Time Director (DIN: 07112947).

Source: None/Company/INE542W01025/8c493c9f2b0e4abe.pdf

KPI Green Energy Limited has submitted its Monitoring Agency Report for the quarter and year ended March 31, 2026, to BSE Limited and the National Stock Exchange of India Limited. The submission was made on May 06, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The report pertains to the utilisation of proceeds raised through a preferential issue of convertible warrants and was prepared by India Ratings & Research Private Limited, which served as the designated Monitoring Agency.

Issue Details and Proceeds Received

The preferential issue was conducted between February 9, 2026 and February 18, 2026, covering 1,01,00,000 convertible warrants, each convertible into one equity share of face value INR 5/- each, at a price of INR 470.30 per convertible warrant. The total issue size stood at INR 475.003 Crores. However, as on March 31, 2026, the company had received only the upfront 25% consideration. The table below summarises the issue subscription and proceeds received:

The balance 75% of the warrant value, amounting to INR 357.428 per warrant, will be received as and when the conversion option is exercised by the warrant holder during the 18-month tenure from the date of allotment.

Utilisation of Issue Proceeds

The INR 118.751 Crores received on February 17, 2026 was fully utilised as on March 31, 2026. The entire amount was deployed towards the development of existing and upcoming Independent Power Producer (IPP) projects, which includes INR 68.751 Crores paid to KP Energy Limited, a related party. The following table details the cost of objects and progress in utilisation:

Objects of the Issue

The offer document outlined three primary objects for the utilisation of the issue proceeds:

• Development of Existing and Upcoming IPP Projects: Proceeds to be utilised towards funding the development, construction, and commissioning of the company's existing and upcoming renewable energy IPP projects, including equipment procurement, balance of plant, civil and electrical works, evacuation infrastructure, and other project-related costs.
• Working Capital Requirements: Proceeds to be utilised towards meeting operational expenses, procurement of materials and components, inventory, receivables, mobilisation for ongoing and upcoming projects, margin money for bank facilities, and other business requirements in the ordinary course of business.
• General Corporate Purposes: Up to 25% of the issue proceeds to be utilised for general corporate purposes, including meeting ongoing corporate exigencies, contingencies, repayment of certain high-cost unsecured debt, and other permissible general purposes as decided by the Board.

All three objects are currently ongoing, with no delays reported. The completion timeline for the development of existing and upcoming IPP projects is within one year from the receipt of funds.

Monitoring Agency Findings

India Ratings & Research Private Limited, acting as the Monitoring Agency, confirmed that all utilisation was in accordance with the disclosures made in the offer document. The report, dated May 5, 2026, was based on a management undertaking, a Statutory Auditor Certificate dated May 1, 2026 issued by M/s. K A Sanghavi & Co. LLP, Chartered Accountants (FRN – 120846W / W100289), relevant bank statements, and the notice to shareholders for the Extraordinary General Meeting. The key findings are summarised below:

No amount was utilised under General Corporate Purposes during the quarter, rendering that section not applicable for the reporting period. The Monitoring Agency noted no conflict of interest in its role and confirmed the report was prepared in line with the format prescribed by SEBI under Schedule XI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was signed by Moh. Sohil Yusuf Dabhoya, Whole Time Director, on behalf of KPI Green Energy Limited.