KPI Green Energy (542323) Q3 25/26 earnings summary

Executive summary

• Achieved seventh consecutive quarter of record revenue and best-ever nine-month results, with nine-month revenue at ₹1,931 crore, up 64% year-over-year, and PAT at ₹354 crore, up 60% year-over-year, driven by robust execution and strong demand in solar and hybrid projects.

• Installed capacity surpassed 1.12 GW, with a land bank of 6,999+ acres and power evacuation capacity of 3.57+ GW as of Q3 FY26.

• Orders in hand total 3.61+ GW, with an ambitious group target of 10+ GW by 2030 and strategic international expansion, including MoUs in Botswana, UAE, and South Korea.

Financial highlights

• Q3 FY26 revenue reached ₹676 crore, up 45% year-over-year; EBITDA at ₹251 crore, up 73%; nine-month EBITDA at ₹701 crore, up 71%.

• Profit before tax for Q3 was ₹170 crore (+48%), and profit after tax ₹126 crore (+48%).

• Basic EPS for 9M FY26 was ₹16.8, a 46% increase year-over-year; cash profit for 9M FY26 was ₹513 crore, up 87%.

• Board declared a third interim dividend of 4% (₹0.20 per share) for FY 2025-26.

• Interest cost and depreciation rose significantly, reflecting ongoing capacity expansion.

Outlook and guidance

• On track to achieve 10+ GW capacity before 2030, with strong order book, global expansion strategy, and focus on expanding the IPP portfolio with stable annuity inflows and long-term PPAs.

• Expecting 50%-60% annual growth in revenue for both core and subsidiary businesses.

• Sun Drops subsidiary targets ₹500-600 crore revenue for the year, with similar growth expected next year.

• Strategic project pipeline and new licenses position the company for continued growth and market leadership in renewable energy.