KPI Green Energy (542323) Q2 25/26 earnings summary

Executive summary

• Achieved sixth consecutive quarter of record revenue and profitability, with H1 FY26 revenue at ₹1,255 crore and PAT at ₹228 crore, driven by strong execution, order offtake, and expansion into new sectors and geographies.

• Installed capacity reached 1.07+ GW, with 3.08+ GW orders in hand and a land bank of 6,680+ acres as of H1 FY26.

• Ambitious target set to reach 10+ GW by 2030, supported by robust project pipeline, strategic collaborations, and scalable growth in solar, hybrid, and new technologies.

• Entered new strategic collaborations in battery storage, green hydrogen, EV charging, and green ammonia, reinforcing commitment to sustainability and future-ready technologies.

• Sustained growth momentum with superior returns across all key financial metrics.

Financial highlights

• H1 FY26 revenue reached ₹1,255.26 crore, up 76.5% YoY; Q2 revenue at ₹641.1 crore, up 78% YoY; EBITDA for H1 at ₹449.3 crore, up 68% YoY; PAT for H1 at ₹228 crore, up 68% YoY.

• Basic EPS for H1 FY26 was ₹10.8, up from ₹7.36 YoY; Q2 FY26 EPS was 4.82, up from 3.66 in the previous quarter.

• Net worth increased 9% to ₹2,871 crore; fixed assets up 23% to ₹3,102 crore compared to FY25.

• Cash and cash equivalents at ₹829 crore, up 168% from H1 FY25.

• Second interim dividend of 5% (₹0.25 per share) declared for FY26.

Outlook and guidance

• On track to achieve near-term growth targets and long-term vision of 10 GW by 2030, with a current group portfolio of 6 GW and expectations to surpass targets ahead of schedule.

• Forthcoming IPP portfolio expansion includes 1.2 GWp under construction, with long-term PPAs ensuring stable annuity inflows and improved EBITDA visibility.

• Anticipates substantial growth in power sales and EBITDA in the second half of the year as newly energized plants begin contributing.

• Strategic focus on green hydrogen, BESS, offshore wind, and floating solar to drive future growth.

• Sun Drops Energy subsidiary expects 65-70% revenue growth in H2 FY26 over H1.