KPI Green Energy (542323) investor relations material

Executive summary

• Q1 FY27 revenue grew 16% YoY to ₹710 crore, with EBITDA up 21% to ₹262 crore, driven by robust execution and portfolio expansion across IPP and CPP segments; PAT declined 14% YoY to ₹95 crore due to higher depreciation and finance costs from rapid asset base growth.

• Portfolio reached 6.94 GW (up 71% YoY), with 1.87 GW installed and 5.07 GW under execution, targeting 10+ GW by 2030.

• Expanded into new geographies including Rajasthan, Botswana (5 GW MOU, 500 MW phase underway), UAE (solar+BESS for data centers), and Maharashtra EPC markets.

• Major project milestones included commissioning of 200 MW solar for Coal India, new BESS agreements, and significant order wins in battery storage and floating solar.

• Leadership strengthened with new Vice-Chairman, Whole-time Director, and incoming CFO; MSKC & Associates LLP appointed as new statutory auditors.

Financial highlights

• Q1 FY27 total income: ₹710 crore vs ₹614 crore in Q1 FY26 (16% YoY growth); EBITDA: ₹262 crore vs ₹217 crore YoY (21% growth); EBITDA margin improved to 37% from 35%.

• PAT: ₹95 crore vs ₹111 crore YoY, reflecting higher depreciation and finance costs; PAT margin at 13% in Q1 FY27, down from 18% YoY.

• Cash profit: ₹173 crore vs ₹163 crore YoY (6% growth); cash profit margin slightly decreased to 24% from 27%.

• Interest costs rose 111% and depreciation 70% YoY, reflecting asset base expansion.

• Sun Drops subsidiary Q1 revenue: ₹154.55 crore, PAT: ₹26 crore, EBITDA: ₹42 crore.

Outlook and guidance

• Expect stronger performance in upcoming quarters as new assets stabilize and contribute fully; full earnings contribution from new assets expected during the year.

• FY27 revenue growth guidance maintained at 30%-40% YoY, with potential for higher if geopolitical conditions improve; targeting 10+ GW renewable capacity by 2030.

• PAT margin for FY27 expected to be lower than previous guidance (16%-18%) due to seasonality and stabilization, but to recover in FY28.

• Focus on expanding IPP and CPP segments, battery storage, green hydrogen, floating solar, offshore wind, and energy trading.

• Management expects continued growth in renewable energy demand and project pipeline.