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.

KPI Green Energy has announced plans to expand its business footprint by exploring a diverse range of clean energy and storage solutions. The company's growth strategy encompasses multiple high-potential segments within the renewable energy landscape, reflecting a broad-based approach to capitalising on India's evolving energy transition.

Strategic Expansion Areas

KPI Green Energy is actively evaluating opportunities across the following key domains as part of its forward-looking business development plans:

• Battery Energy Storage Systems (BESS): Exploring solutions to support grid stability and energy storage requirements.
• Energy Trading: Assessing participation in energy markets to optimise power procurement and distribution.
• Green Hydrogen Projects: Investigating the development of green hydrogen as a clean fuel alternative.
• Floating Solar: Evaluating solar installations on water bodies to maximise land efficiency and energy generation.
• Offshore Wind: Exploring offshore wind energy development as a complementary renewable source.
• Pump Storage Projects: Considering pumped hydro storage as a large-scale energy storage mechanism.

A Diversified Clean Energy Approach

The company's exploration spans both generation and storage technologies, positioning KPI Green Energy across the broader clean energy value chain. By targeting segments such as green hydrogen and offshore wind alongside established areas like solar, the company is aligning itself with India's expanding renewable energy ambitions. Pump storage and BESS solutions further indicate a focus on energy storage infrastructure, which is increasingly critical for grid reliability as renewable capacity grows.

The simultaneous pursuit of floating solar and offshore wind highlights the company's interest in deploying renewable technologies in non-conventional settings, which could offer additional capacity avenues beyond traditional land-based installations. Energy trading, as an additional focus area, suggests the company is also looking to leverage market mechanisms to enhance the commercial value of its energy assets.