KPI Green margin leads Utilities peers, but stock falls 4.67%
The consolidated quarter also included Rs 15.98 cr of other income, while management highlighted 1.60 GWp of IPP capacity under execution.
Filed 11 Aug 2026, 11:19 IST · KPI Green Energy Ltd (KPIGREEN)
Key takeaways
- KPI Green's consolidated operating margin was 35.40%, 3.81 percentage points above the 31.59% Utilities median across 22 reported peers.
- Management said the company commissioned 0.85 GW of pipeline capacity and booked 2.88 GW of fresh orders in one year.
- The stock fell 4.67% on the filing date, with traded volume at 23.8 times its reference level.
Price around the results
35.40% margin remains above the Utilities peer median
KPI Green's consolidated operating margin was 35.40%, placing it 3.81 percentage points above the 31.59% median for 22 Utilities companies that have reported the quarter. That gives the company a margin advantage over the sector group, although the absence of a sequential or year-on-year comparison limits what can be concluded about its direction.
Interest and depreciation kept operating profit from reaching net profit
The Rs 94.63 cr consolidated net profit came after Rs 79.75 cr of interest, Rs 50.95 cr of depreciation and a 27.69% tax rate, so operating profit did not flow through one-for-one to earnings. Other income of Rs 15.98 cr also contributed to reported profit before tax of Rs 130.87 cr and should be separated from operating earnings when assessing profit quality.
Management points to a large renewable execution pipeline
Management said KPI Green commissioned 0.85 GW of pipeline capacity and booked 2.88 GW of fresh orders over one year. The company told investors that 1.60 GWp of IPP capacity, spanning solar, hybrid, wind and BESS projects, is under execution. Management also said KPI Green had signed an MOU with the Botswana government for 5 GW of renewable facilities, with 500 MW planned in the first phase.
Initial market response was sharply negative
The stock fell 4.67% on the filing date, compared with a -0.56% opening gap, while traded volume reached 23.8 times its reference level. The reaction indicates substantial market activity around the results, though the available response data does not establish whether this move was unusual for the stock after past results.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹694 cr |
| Other income | ₹16 cr |
| Expenses | ₹448 cr |
| Operating profit | ₹246 cr |
| Operating margin (%) | 35.40% |
| Interest | ₹80 cr |
| Depreciation | ₹51 cr |
| Profit before tax | ₹131 cr |
| Tax | ₹36 cr |
| Net profit | ₹95 cr |
| EPS (₹) | ₹4.34 |
Operating margin of 35.40% compares with a Utilities sector median of 31.59% across 22 peers that have reported Q1FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -4.67% | -4.22% |
Volume on the results session was 23.80× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- KPI Green Energy commissioned 0.85 GW of pipeline capacity and booked 2.88 GW of fresh orders in one year.
- The company has 1.60 GWp of IPP capacity under execution, including solar, hybrid, wind and BESS projects.
- KPI Green Energy signed an MOU with the Botswana government for 5 GW of renewable facilities, with 500 MW planned in phase one.
What to watch
- Whether consolidated operating margin remains above 35.40%.
- Progress on the 1.60 GWp of IPP capacity management said is under execution.
- Reported execution against the 2.88 GW of fresh orders and 0.85 GW of commissioned pipeline capacity.