KPI Green Energy (542323) Q2 24/25 earnings summary

Executive summary

• Achieved record half-yearly revenue and profit in H1 FY2025, with revenue up 75% year-over-year and PAT nearly doubling, driven by strong execution and operational excellence.

• Installed capacity reached 507+ MW, with a robust order book exceeding 2.41 GW and a target of 10 GW by 2030.

• Net debt reduced to zero on a standalone basis as of September 30, 2024, supported by a ₹1,000 crore QIP and prudent capital management.

• Received a positive outlook rating upgrade from ICRA, reflecting strong financial discipline and growth prospects.

Financial highlights

• H1 FY2025 revenue reached ₹711.3 crore, up 75% year-over-year; EBITDA grew 87% to ₹266.9 crore; PAT doubled to ₹135.9 crore.

• Basic EPS for H1 FY2025 was ₹11.03, up 76% from last year.

• PAT margin improved to 19.1%, and EBITDA margin rose to 37.5% in H1 FY2025.

• Net worth surged to ₹1,964.4 crore, with cash and cash equivalents at ₹308.5 crore at period end.

• Interim dividend of 4% (₹0.20 per share) declared for FY2025.

Outlook and guidance

• Revenue growth for FY2025 expected at 60%-70% over last year, with PAT margin guidance of 16%-18% and potential to rise to 20%-22% as IPP mix increases.

• Targeting 10 GW installed capacity by 2030, with ongoing expansion into new Indian states and international markets.

• Major PPAs signed for 620 MWAC (917 MWp DC), expected operational by June 2026, set to boost IPP revenue and margins.