KPI Green Energy Reports Record Q3 FY26 Results with 45% Revenue Growth
KPI Green Energy delivered exceptional Q3 FY26 results with revenue growing 45% to INR676 crores and EBITDA surging 73% to INR251 crores, marking the seventh consecutive quarter of record performance. Nine-month revenue reached INR1,931 crores, already exceeding the previous full year's INR1,752 crores. The company commissioned 24.2 MW from its GUVNL project and secured major new orders including 152 MW floating solar EPC and 445 MW BESS projects. A landmark MOU with Botswana government for 5 GW renewable capacity demonstrates international expansion strategy, with initial 500 MW targeted within two years.
*this image is generated using AI for illustrative purposes only.
KPI Green Energy Limited has delivered another landmark performance in Q3 FY26, marking its seventh consecutive quarter of record revenue and demonstrating robust execution capabilities across its solar and hybrid portfolio. The company's sustained momentum underscores its ability to scale rapidly while maintaining strong financial discipline.
Financial Performance Highlights
The company's quarterly results showcase exceptional growth across all key metrics. Total revenue for Q3 FY26 reached INR676 crores, representing strong 45% year-on-year growth compared to the same quarter last year.
| Metric | Q3 FY26 | YoY Growth |
|---|---|---|
| Total Revenue | INR676 crores | +45% |
| EBITDA | INR251 crores | +73% |
| Profit Before Tax | INR170 crores | +48% |
| Profit After Tax | INR126 crores | +48% |
The nine-month performance demonstrates even stronger momentum, with total revenue reaching INR1,931 crores - a remarkable 64% increase over the previous year. Significantly, this figure has already surpassed the entire previous year's revenue of INR1,752 crores.
| Nine-Month Metrics | FY26 (9M) | YoY Growth |
|---|---|---|
| Total Revenue | INR1,931 crores | +64% |
| EBITDA | INR701 crores | +71% |
| Profit After Tax | INR354 crores | +60% |
Project Commissioning and Revenue Recognition
KPI Green achieved a significant milestone with its 250 MW GUVNL solar project, commissioning 24.2 MW AC (34.4 MW DC) capacity ahead of schedule. The company expects to recognize part commissioning revenues from this project starting next month, with plans to complete the majority of project capacity by June.
The company's 240 MW Khavda project, which faced delays due to government substation completion, is now operational following the December completion and charging of the required infrastructure. This development is expected to contribute significantly to IPP revenue in the coming quarters.
Strategic Order Book Expansion
During Q3, KPI Green secured several major contracts that significantly strengthen its order book and diversify its project portfolio:
| New Orders | Capacity/Value | Client |
|---|---|---|
| Floating Solar EPC | 152 MW | GSECL (Kadana Dam) |
| Standalone BESS Project | 445 MW/890 MW | GUVNL (with VGF support) |
| Balance of Plant Supply | 534 MW | Adani Green (Khavda) |
The BESS project represents a particularly significant opportunity, with expected investment of INR1,000-1,100 crores and anticipated IRR of 13-14%. The company has already received strong interest from existing lenders for project financing.
International Expansion Initiative
KPI Green signed a landmark MOU with the Government of Botswana for large-scale renewable energy generation and energy storage with potential capacity of approximately 5 GW. The company aims to commission an initial 500 MW project within two years, with total project cost estimated at INR1,500-1,700 crores.
The Botswana project offers several advantages including higher power tariffs compared to India, excellent solar radiation levels, government support for PPAs, and good evacuation infrastructure. The company expects IRR to be higher than domestic projects due to favorable tariff structures.
Business Segment Performance
The company's IPP business currently contributes approximately 9% to total revenue, with 500 MW operational capacity. However, revenue contribution was limited due to the Khavda project's delayed grid connection. With recent infrastructure completion, the company expects substantial IPP revenue growth in upcoming quarters.
KPI Green maintains strong margins across segments, with IPP EBITDA at 85-90% and CPP EBITDA at 18-20%. The combined portfolio delivers consolidated EBITDA margins of 30-35%, supported by the company's execution track record and premium pricing capabilities.
Future Outlook and Growth Strategy
The company remains firmly on track to achieve its long-term vision of 10 GW capacity by 2030, with expectations to reach this milestone ahead of the targeted date. Management maintains guidance of 50-60% annual growth, supported by a robust order book exceeding INR6,000 crores and strong execution capabilities.
KPI Green's subsidiary Sun Drop Energy is preparing for an IPO in the first half of next financial year, focusing on battery energy storage systems and smaller-scale projects. The subsidiary generated approximately INR390 crores revenue in the nine-month period and is expected to achieve INR500-600 crores for the full year.
Historical Stock Returns for KPI Green Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.49% | -2.05% | -17.21% | -23.32% | -0.80% | +2,752.63% |
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