KPI Green Energy Limited has announced receipt of substantial orders from Adani Group entities for execution of electrical, civil and allied work for a 300 MWac/405 MWdc project at the Khavda Hybrid Renewable Power Project in Gujarat. The company disclosed this development to stock exchanges on February 10, 2026, under Regulation 30 of SEBI listing requirements.

Project Scope and Technical Details

The comprehensive project scope encompasses multiple technical components essential for solar power infrastructure development. The work includes execution of electrical AC-DC works, civil works comprising pile foundation, installation of stubs, erection of module mounting structures, modules, robotic cleaning system structures and IDT stations. Additionally, the company will supply electrical DC/AC & HT equipment, excluding main equipment, as detailed in the respective Service Orders and Purchase Order.

Expanded Partnership with Adani Group

The latest orders significantly strengthen KPI Green Energy's collaboration with Adani Group entities at the Khavda renewable energy park. With receipt of these new contracts, the aggregate orders received by the company from Adani Group entities for Khavda projects now stand at 834 MWac/1,131 MWdc. This total includes the 534 MWac/726 MWdc order that was previously announced to stock exchanges on January 16, 2026.

Strategic Positioning and Execution Framework

These orders reflect KPI Green Energy's continued engagement as a trusted execution partner for large-scale utility renewable energy projects. The contracts align with the company's strategy to enhance its execution capabilities across marquee renewable energy developments. The execution will be carried out in a phased manner in accordance with the timelines stipulated under the respective Service Orders and Purchase Order.

Regulatory Compliance and Disclosure

The company has confirmed that the orders do not constitute related party transactions and that promoter groups have no interest in the awarding entities. The contracts represent arm's length transactions with domestic entities, ensuring compliance with regulatory requirements. KPI Green Energy has provided comprehensive details as mandated under Regulation 30 of SEBI LODR Regulations and the SEBI Master Circular dated November 11, 2024.

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.

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.

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:

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.