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KPI Green Energy Limited
(KPIGREEN)
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Rating:59Neutral
Price Target:
₹362.00
▼(-23.77% Downside)
Action:Reiterated
Date:09/23/26
The score is held back primarily by financial risk: a sharp step-up in leverage and persistently large negative free cash flow with weak cash conversion despite strong reported margins and growth. Technical signals are mixed (improving near-term but still below key longer-term averages with a negative MACD). Valuation is a relative positive, supported by a reasonable P/E and a high dividend yield.
Positive Factors
Strong revenue scaling
Rapid multi-year revenue expansion indicates growing renewable capacity, project activity, or customer demand. Continued top-line scaling can broaden the operating base, improve fixed-cost absorption, and support reinvestment in additional power-generation and development opportunities over the next several quarters.
Negative Factors
Sharp leverage increase
The sharp increase in debt relative to equity materially raises financial risk and reduces flexibility during periods of weaker project cash flows or power-market conditions. Higher leverage can also constrain future capital allocation because more operating resources may be committed to financing obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue scaling
Rapid multi-year revenue expansion indicates growing renewable capacity, project activity, or customer demand. Continued top-line scaling can broaden the operating base, improve fixed-cost absorption, and support reinvestment in additional power-generation and development opportunities over the next several quarters.
Read all positive factors
KPI Green Energy Limited (KPIGREEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹63.68B
Dividend Yield0.26%
Average Volume (3M)145.02K
Price to Earnings (P/E)14.1
Beta (1Y)1.52
Revenue Growth40.01%
EPS Growth27.56%
CountryIN
Employees238
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)23.19
Shares Outstanding197,671,970
10 Day Avg. Volume293,529
30 Day Avg. Volume145,024
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)2.52
Price to Sales (P/S)2.84
P/FCF Ratio-2.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)35.95
Revenue Forecast (FY)₹39.90B
KPI Green Energy Limited Business Overview & Revenue Model
Company Description
Established in 2008 and headquartered in Surat, India, KPI Green Energy Limited is engaged in the production and distribution of solar energy throughout India, primarily under its 'Solarism' brand. The company manages the full spectrum of solar po...
How the Company Makes Money
KPI Green Energy Limited primarily makes money through two revenue streams: (1) selling electricity generated from its own renewable energy assets and (2) developing and executing renewable energy projects for third parties. For power generation, ...
KPI Green Energy Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.87B | 26.96B | 17.35B | 10.24B | 6.44B | 2.30B |
| Gross Profit | 12.75B | 12.83B | 8.21B | 3.57B | 2.34B | 1.22B |
| EBITDA | 10.35B | 10.06B | 5.64B | 3.38B | 2.08B | 1.10B |
| Net Income | 4.65B | 4.76B | 3.20B | 1.62B | 1.10B | 432.45M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 98.82B | 47.92B | 24.36B | 12.55B | 7.77B |
| Cash, Cash Equivalents and Short-Term Investments | 7.58B | 7.58B | 4.28B | 1.70B | 535.22M | 269.30M |
| Total Debt | 0.00 | 51.97B | 14.75B | 10.36B | 6.76B | 4.46B |
| Total Liabilities | -32.73B | 66.09B | 21.62B | 16.00B | 9.97B | 6.24B |
| Stockholders Equity | 32.73B | 30.34B | 24.23B | 8.36B | 2.58B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | -3.07B | -26.11B | -11.27B | -2.44B | -1.07B | -882.59M |
| Operating Cash Flow | 2.74B | 4.24B | 2.08B | -574.91M | 1.59B | 1.02B |
| Investing Cash Flow | -10.17B | -40.71B | -15.87B | -3.87B | -3.09B | -1.89B |
| Financing Cash Flow | 9.75B | 36.43B | 18.07B | 5.62B | 1.77B | 909.81M |
KPI Green Energy Limited Technical Analysis
Negative
474.90
Price Trends
330.14
Negative
369.01
Negative
393.15
Negative
Market Momentum
5.90
Negative
49.59
Neutral
24.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KPIGREEN, the sentiment is Negative. The current price of 474.9 is above the 20-day moving average (MA) of 316.98, above the 50-day MA of 330.14, and above the 200-day MA of 393.15, indicating a neutral trend. The MACD of 5.90 indicates Negative momentum. The RSI at 49.59 is Neutral, neither overbought nor oversold. The STOCH value of 24.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KPIGREEN.
KPI Green Energy Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹84.46B | 16.90 | ― | 0.23% | 85.92% | 76.71% | |
67 Neutral | ₹1.19T | 79.15 | ― | 0.12% | ― | ― | |
64 Neutral | ₹535.28B | 17.18 | ― | ― | 45.24% | 49.53% | |
59 Neutral | ₹63.68B | 14.09 | ― | 0.26% | 40.01% | 27.56% | |
59 Neutral | ₹62.94B | 46.68 | ― | ― | 16.08% | 202.61% | |
56 Neutral | ₹146.43B | 30.67 | ― | ― | 17.10% | -40.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:KPIGREEN
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KPI Green Energy Limited Corporate Events
KPI Green Energy to Host “KP 3.0 Unleashed” Investor Day in Mumbai
Sep 22, 2026
KPI Green Energy Limited has scheduled an Investor Day event titled “KP 3.0 Unleashed” on September 30, 2026, in Mumbai for analysts, institutional investors, and funds, centered on company-specific discussions. The company has clarifi...
CRISIL Reaffirms AA+ Rating on KPI Green Energy’s Rs 670 Crore Debentures
Sep 16, 2026
CRISIL Ratings Limited has reaffirmed KPI Green Energy Limited’s AA+ (CE) stable credit rating on Rs 670 crore of non-convertible debentures, following amortisation that has reduced the outstanding principal to Rs 572.85 crore and increased ...
KPI Green Energy Sets September 29 AGM, Expands Access to FY 2025-26 Annual Report
Sep 5, 2026
KPI Green Energy Limited has scheduled its 18th Annual General Meeting for September 29, 2026, to be held via video conferencing and other audio-visual means, reflecting a continued reliance on digital formats for shareholder engagement. Electroni...
KPI Green Energy files SEBI dematerialization compliance certificate for June quarter
Jul 13, 2026
KPI Green Energy Limited has submitted a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, issued by its registrar and share transfer...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.