This article first appeared on GuruFocus .
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Total Revenue (Q3 FY '25-'26):INR676 crore, 45% Y-o-Y growth.
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EBITDA (Q3 FY '25-'26):INR251 crore, 73% growth.
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Profit Before Tax (Q3 FY '25-'26):INR170 crore, 48% increase.
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Profit After Tax (Q3 FY '25-'26):INR126 crore, 48% growth.
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Total Revenue (Nine Months FY '25-'26):INR1,931 crore, 64% increase.
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EBITDA (Nine Months FY '25-'26):INR701 crore, 71% growth.
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Profit After Tax (Nine Months FY '25-'26):INR354 crore, 60% growth.
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GUVNL Solar Project Commissioning:24.2 megawatt AC, 35-megawatt DC commissioned.
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Floating Solar EPC Contract:152-megawatt contract secured from GSECL.
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Letter of Intent from GUVNL:445 megawatts for stand-alone BESS project.
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Orders from Adani Green:534 megawatts at Khavda.
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MOU with Government of Botswana:Potential capacity of approximately 5 gigawatts.
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Release Date: January 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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KPI Green Energy Ltd ( BOM:542323 ) reported a 45% year-over-year revenue growth for Q3 FY '25-'26, reaching INR676 crore.
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The company's EBITDA increased by 73% to INR251 crore, showcasing strong operational efficiency.
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Profit after tax for the quarter rose by 48% to INR126 crore, indicating robust financial performance.
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The company has successfully commissioned 24.2 megawatt AC of its 250-megawatt GUVNL solar project ahead of schedule.
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KPI Green Energy Ltd has secured significant contracts, including a 152-megawatt floating solar EPC contract and a letter of intent for a 445-megawatt BESS project.
Negative Points
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The company faces potential challenges from fluctuating silver prices, which could impact solar panel costs.
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There are concerns about the impact of external economic factors on the company's share performance.
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The company's debt-to-equity ratio stands at 1.95:1, which, while manageable, indicates a reliance on debt for growth.
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There is uncertainty regarding the timeline for the Sundrop IPO and its potential impact on shareholder value.
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The execution of new projects, such as those in Botswana, depends heavily on government support and infrastructure readiness.
Q & A Highlights
Q: Can you provide more details on the BESS project, including expected investment and IRR? A: We have received the LOI for the BESS project and expect an IRR of around 13% to 14%, depending on battery price trends. The total investment is estimated to be between INR2,000 crore to INR3,000 crore.
Q: How is KPI Green managing the impact of rising silver prices on solar panel costs? A: KPI Green is not a panel manufacturer, and our contracts include clauses to adjust tariffs if panel prices increase. We also hedge by locking in prices when contracts are signed.
Q: What is the status of the MOU with Botswana for renewable energy projects? A: We plan to commission an initial 500-megawatt project in Botswana within a couple of years. The project will be an IPP, with power sold to Botswana and neighboring countries. We expect an IRR higher than 13%.
Q: Can you update us on the progress of various MOUs, including those related to green hydrogen and EV fuel stations? A: These initiatives are in early stages, and while they take time to materialize, we are actively working on them. We will provide updates as significant progress is made.
Q: How will the recent completion of the Khavda project impact revenue? A: The Khavda project was delayed due to substation issues but is now operational. We expect revenue from this project to start contributing significantly in the next quarter.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
