KPI Green Energy Limited has received Notifications of Award (NOAs) from NTPC Renewable Energy Limited (NTPC REL), a subsidiary of NTPC Green Energy Limited, for the Balance of System (BOS) Package pertaining to the development of 500 MW Grid Connected Solar PV Projects at Bikaner, Rajasthan. The company disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, via an intimation dated May 08, 2026.

Project Structure and Contract Value

The award is divided into two blocks of 300 MW and 200 MW, with a combined aggregate contract value of ₹621 crore, excluding GST. The following table outlines the financial breakdown of the two blocks:

Scope of Work

The contract encompasses a comprehensive range of services and deliverables across the project lifecycle. Key components of the scope include:

• Supply of plant and equipment
• Inland transportation and insurance
• Installation, testing, and commissioning
• Civil and allied works
• Comprehensive Operation and Maintenance (O&M) services for 3 years from the Commercial Operation Date (COD)
• Annual Maintenance Contract (AMC) for 10 years

The contract agreement is to be executed in accordance with the terms of the Notifications of Award and the bid documents. The execution timeline for the first and second contracts is in accordance with the contract terms and project schedule, while the third contract (O&M) spans 3 years from successful commissioning or COD.

Strategic Significance

This project marks KPI Green Energy's significant entry into Rajasthan, one of India's most prominent renewable energy hubs. The award expands the company's geographical footprint and supports its strategy of participating in large utility-scale solar opportunities across renewable-rich states. This award further strengthens the company's positioning in India's fast-growing renewable energy landscape and aligns with the Government of India's initiatives to expand green energy capacity and support sustainable infrastructure development.

Regulatory Disclosure

The intimation was submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read along with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The disclosure confirms that neither the promoter, promoter group, nor group companies hold any interest in NTPC REL, and the transaction does not constitute a related party transaction. The disclosure was signed by Moh. Sohil Yusuf Dabhoya, Whole Time Director of KPI Green Energy Limited (DIN: 07112947), on May 08, 2026.

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