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KPI Green Energy Overview

KPI Green Energy Ltd generates and sells solar electricity under Solarism emblem name in India. It develops, builds, owns, operates, and maintains solar power plants as an independent electricity manufacturer and captive power producer, in addition to sells land parcels to third parties. The employer was formerly called K.P.I. Global Infrastructure Ltd and changed its call to KPI Green Energy Ltd in April 2022. The business enterprise become integrated in 2008 and is primarily based in Surat, India.

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KPI Green Energy Key Financials

Market Cap ₹8996 Cr.

Stock P/E 27.7

P/B 3.2

Current Price ₹455.9

Book Value ₹ 140.7

Face Value 5

52W High ₹562.6

Dividend Yield 0.18%

52W Low ₹ 335.6

KPI Green Energy Share Price

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Volume
Price

KPI Green Energy Quarterly Price

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KPI Green Energy Peer Comparison

KPI Green Energy Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 215 330 289 348 360 458 569 603 634 663
Other Income 1 1 4 2 2 8 8 11 7 13
Total Income 216 331 293 350 361 466 578 614 641 676
Total Expenditure 144 227 196 216 226 321 408 397 409 427
Operating Profit 72 105 96 134 135 145 170 217 232 249
Interest 18 23 25 27 23 15 14 38 43 49
Depreciation 10 10 11 14 15 15 16 30 32 33
Exceptional Income / Expenses 0 0 -0 -2 -1 -0 -0 -0 0 3
Profit Before Tax 44 72 60 91 97 115 139 149 158 170
Provision for Tax 9 21 17 25 27 30 35 38 41 44
Profit After Tax 35 51 43 66 70 85 104 111 117 126
Adjustments -0 0 0 0 -0 -1 -5 -7 -8 -8
Profit After Adjustments 35 51 43 66 70 84 99 104 109 118
Adjusted Earnings Per Share 2.1 2.8 2.4 3.7 3.5 4.3 5 5.3 5.5 6

KPI Green Energy Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 35 59 104 230 644 1024 1735 2469
Other Income 0 0 0 2 3 7 20 39
Total Income 35 60 104 232 647 1031 1755 2509
Total Expenditure 19 32 40 121 435 687 1172 1641
Operating Profit 15 27 64 110 212 344 583 868
Interest 4 8 25 37 47 86 79 144
Depreciation 4 7 16 14 23 40 61 111
Exceptional Income / Expenses 6 0 -0 -0 -0 -0 -3 3
Profit Before Tax 13 12 23 59 142 217 441 616
Provision for Tax 4 5 8 16 32 55 116 158
Profit After Tax 9 6 14 43 110 162 325 458
Adjustments 0 0 0 0 0 0 -6 -28
Profit After Adjustments 9 6 14 43 110 162 320 430
Adjusted Earnings Per Share 0.5 0.4 0.9 2.7 6.7 8.9 16.2 21.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 69% 96% 97% 0%
Operating Profit CAGR 69% 74% 85% 0%
PAT CAGR 101% 96% 122% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 15% 61% 132% NA%
ROE Average 20% 34% 30% 24%
ROCE Average 20% 25% 23% 19%

KPI Green Energy Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 99 98 112 154 258 836 2423
Minority's Interest 0 0 0 0 0 0 206
Borrowings 33 107 208 289 409 417 862
Other Non-Current Liabilities 11 18 104 151 218 288 505
Total Current Liabilities 18 76 56 183 370 895 796
Total Liabilities 161 298 481 777 1255 2436 4792
Fixed Assets 84 213 315 482 801 979 2361
Other Non-Current Assets 20 3 23 34 10 123 237
Total Current Assets 57 82 142 262 445 1334 2194
Total Assets 161 298 481 777 1255 2436 4792

KPI Green Energy Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 10 22 26 52 170
Cash Flow from Operating Activities -17 40 -3 102 159 -57 208
Cash Flow from Investing Activities -15 -119 -63 -189 -309 -387 -1587
Cash Flow from Financing Activities 33 87 77 91 177 562 1807
Net Cash Inflow / Outflow 1 8 11 4 27 118 427
Closing Cash & Cash Equivalent 2 10 22 26 52 170 597

KPI Green Energy Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.55 0.4 0.88 2.66 6.74 8.94 16.23
CEPS(Rs) 0.82 0.86 1.9 3.52 8.13 11.17 19.59
DPS(Rs) 0 0 0 0.11 0.63 0.23 0.8
Book NAV/Share(Rs) 6.09 6.03 6.91 9.45 15.86 46.21 121.96
Core EBITDA Margin(%) 44.38 45.48 61.56 47.36 32.38 32.9 32.49
EBIT Margin(%) 48.4 33.33 45.96 41.88 29.3 29.6 29.98
Pre Tax Margin(%) 37.17 20.1 21.75 25.82 22.04 21.2 25.41
PAT Margin (%) 25.8 10.86 13.87 18.81 17.03 15.79 18.74
Cash Profit Margin (%) 38.76 23.49 29.78 24.92 20.54 19.73 22.23
ROA(%) 5.52 2.8 3.68 6.87 10.79 8.76 9
ROE(%) 8.99 6.53 13.65 32.51 53.26 29.56 20.1
ROCE(%) 12.02 10.51 16.21 22.91 29.71 24.78 19.95
Receivable days 142.56 128.86 137.97 68.78 52.02 102.29 105.71
Inventory Days 162.92 154.35 132.25 116.61 77 88.91 84.13
Payable days 225.1 506.23 472.86 133.15 131.03 219.25 167
PER(x) 14.3 6.69 6.17 23.13 13.79 56.76 25.19
Price/Book(x) 1.29 0.44 0.79 6.51 5.86 10.98 3.35
Dividend Yield(%) 0 0 0 0.18 0.68 0.05 0.2
EV/Net Sales(x) 4.79 2.9 2.94 5.7 3.08 9.61 4.94
EV/Core EBITDA(x) 10.71 6.3 4.75 11.87 9.36 28.62 14.7
Net Sales Growth(%) 0 71.8 74.6 122.16 179.98 59.04 69.49
EBIT Growth(%) 0 18.3 140.75 102.43 95.89 60.67 71.69
PAT Growth(%) 0 -27.69 122.97 201.26 153.5 47.46 101.21
EPS Growth(%) 0 -27.68 122.97 201.26 153.5 32.58 81.58
Debt/Equity(x) 0.4 1.42 2.12 2.19 2.02 1 0.47
Current Ratio(x) 3.09 1.09 2.56 1.43 1.2 1.49 2.76
Quick Ratio(x) 2.25 0.63 1.83 0.85 0.76 1.12 2.17
Interest Cover(x) 4.31 2.52 1.9 2.61 4.03 3.52 6.55
Total Debt/Mcap(x) 0.31 3.23 2.68 0.34 0.34 0.09 0.14

KPI Green Energy Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 53.08 53.08 53.09 48.77 48.78 48.78 48.67 48.67 49.25 49.49
FII 3.82 3.45 3.92 8.86 8.2 8.04 8.26 9.16 8.67 8.25
DII 4.23 2.77 2.48 2.58 2.41 1.6 0.76 0.77 0.64 0.62
Public 38.87 40.7 40.51 39.79 40.61 41.58 42.31 41.39 41.44 41.65
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

KPI Green Energy News

KPI Green Energy Pros & Cons

Pros

  • Company has delivered good profit growth of 122% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34%
  • Debtor days have improved from 219.25 to 167days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 49.49%.
  • Stock is trading at 3.2 times its book value.
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