KP Energy FY26 record PAT, wins 91.4 MW order

What KP Energy announced and why it matters

K.P. Energy Limited (BSE: 539686, NSE: KPEL) reported record financial performance for FY26 and outlined a larger renewable order book across its IPP and EPC businesses. The company said consolidated profit after tax (PAT) and revenue from operations hit all-time highs in FY26. Alongside the financial update, KP Energy disclosed multiple wind and wind-solar hybrid project wins in Gujarat, including an EPC award from JK Paper for a 91.4 MW hybrid project. Separately, it received a Letter of Award (LoA) from Solar Energy Corporation of India (SECI) for a 100 MW ISTS-connected wind project under Tranche XIX. The combined updates highlight KP Energy’s push to scale both annuity-style IPP capacity and execution-led EPC revenue.

FY26 financials: revenue, profitability, and dividend

KP Energy reported FY26 consolidated revenue from operations of ₹1,497.09 crore, describing it as an all-time high. Consolidated PAT was ₹181.40 crore, also a record, while EBITDA rose 68% to ₹328.44 crore. The company’s board recommended a final dividend of Re. 0.25 per share. KP Energy also said it appointed new auditors. In another disclosed metric, it reported revenue of ₹301 crore with 37.4% quarter-on-quarter growth and 51.3% year-on-year growth, though the specific period was not detailed in the provided text. These figures were presented alongside project wins, indicating that operational execution and order inflows were being tracked together by management and investors.

Key financial snapshot

JK Paper order: 91.4 MW hybrid wind-solar EPC in Gujarat

The investor presentation listed a 91.4 MW hybrid wind-solar EPC order awarded by JK Paper Ltd for a project in Gujarat. The scope includes operations and maintenance for two years for the wind portion and one year for the solar portion. Hybrid projects typically require coordination across generation assets and evacuation infrastructure, and KP Energy positioned this as part of its EPC execution pipeline. The disclosed details focus on the award size, location, and O&M period rather than commissioning dates. This order adds to KP Energy’s broader set of hybrid and wind EPC wins mentioned in the same presentation.

SECI LoA: 100 MW ISTS-connected wind project at ₹3.67/kWh

KP Energy said it received an LoA from SECI for a 100 MW ISTS-connected wind power project under the company’s IPP segment. The project was secured through tariff-based competitive bidding under SECI’s Wind Tranche XIX, with a discovered tariff of ₹3.67 per kWh. KP Energy stated that the project will be developed in Gujarat and that supply from the full project capacity must commence within 24 months from the effective date of the power purchase agreement (PPA). In the order summary, the project is described as having a 25-year PPA and interconnection at the 400/220 kV Jam Khambhaliya substation. The company also stated the award is a domestic order and is not a related party transaction, adding that no promoter or group company has an interest in SECI.

What the SECI project means for KP Energy’s IPP portfolio

KP Energy said that after execution of the PPA and development of the project, its IPP portfolio is expected to increase to approximately 150 MW. Another note in the provided text indicated the existing IPP portfolio is about 50 MW, implying the SECI award is a meaningful step-up in owned capacity. The company also referenced an additional 200 MW of IPP projects in the pipeline aimed at building long-term annuity revenue over a 25-year horizon. While commissioning and execution risks remain, the disclosed 24-month timeline sets a clear delivery requirement once the PPA becomes effective. The announcement also came alongside a market update noting that KP Energy shares were down 2% at 11:56 am in one report.

EPC order wins across wind and hybrid projects

KP Energy’s investor presentation listed several other orders spanning EPC and IPP. These include a 99 MW wind EPC project awarded by Inox Renewable Solutions Ltd, involving installation of Inox 3 MW wind turbine generators (WTGs) and turnkey balance-of-plant (BOP) execution. It also listed a 40.8 MW hybrid wind-solar EPC project awarded by Enerparc Energy in Gujarat, including evacuation infrastructure and grid connectivity. On the IPP side, the company disclosed a 100 MW wind project LOI from GUVNL, with 50 MW at ₹3.44 per unit and a 50 MW greenshoe at ₹3.43 per unit, with tariff fixed for 25 years. Together with the SECI project, these entries indicate KP Energy is pursuing a blend of contracted execution work and long-duration generation assets.

Summary of disclosed project awards

Licences and connectivity: enabling a wider market

KP Energy said it secured a CERC Inter-State Electricity Trading Licence, positioning it to expand its pan-India market presence. It also reported receiving in-principle approval for 100 MW ISTS connectivity, which it said would enable interstate power sales. These regulatory and grid-access elements matter for both IPP growth and for monetising generation beyond local demand. For an IPP project connected to ISTS, execution depends not only on turbine commissioning but also on timely evacuation and grid readiness. The disclosed approvals and licences, taken together with the SECI award, suggest KP Energy is aligning project wins with the ability to transact and evacuate power across states.

Business profile context from the disclosure

KP Energy described itself as a renewable energy company focused primarily on wind power and wind-solar hybrid projects. Based in Gujarat, it provides end-to-end infrastructure or balance-of-plant solutions for large-scale wind farms, including site identification, construction, power evacuation, and commissioning. The disclosed mix of orders reflects this positioning, spanning turnkey EPC responsibilities as well as owned IPP development. Gujarat remains central across the listed projects, including SECI’s 100 MW ISTS award and multiple hybrid EPC projects.

Conclusion

KP Energy’s FY26 disclosures combine record financial results with a set of project wins across IPP and EPC, led by the 100 MW SECI ISTS wind LoA at ₹3.67/kWh and the 91.4 MW hybrid EPC award from JK Paper in Gujarat. The company has also pointed to a 200 MW IPP pipeline and regulatory steps including a CERC inter-state trading licence and 100 MW ISTS connectivity approval. The next key operational milestone is execution of the SECI PPA and meeting the stated requirement to commence full-capacity supply within 24 months from the PPA’s effective date.