KPI Green Energy Q4 FY26: Profit up 49%, revenue 40%

What KPI Green Energy reported for Q4 FY26

KPI Green Energy Ltd (NSE: KPIGREEN) reported a strong March-quarter (Q4 FY26) performance, supported by execution across renewable energy projects and a higher contribution from its operating portfolio. Multiple reports around the result put Q4 FY26 total income at about ₹810.20 crore, up about 40.22% year-on-year from ₹577.80 crore in Q4 FY25. Profit after tax (PAT) for the quarter was reported at about ₹155.47 crore, up about 49.23% from ₹104.18 crore in the year-ago quarter. Profit before tax (PBT) for Q4 FY26 was stated at ₹214 crore versus ₹139 crore in Q4 FY25, a rise of 54.27%.

The company also indicated a sharp improvement in operating profitability in Q4 FY26. EBITDA for the quarter was reported at ₹305 crore, up 80% from ₹169 crore a year ago, while the EBITDA margin expanded to 38% from 29%. Management, in the earnings call dated May 12, 2026, linked the performance to scale-up and execution strength across its portfolio.

Earnings call context and management commentary

On the Q4 FY26 earnings call hosted by Share India Securities, management described FY25-26 as a “landmark year” with strong operational and financial delivery. The company highlighted growth across the top line, EBITDA, and cash profit, along with continued project wins in solar, wind, and newer segments such as floating solar. It also referenced obtaining power trading licences, including an interstate trading licence from CERC and an intrastate trading licence from GERC, which it said should support broader market participation.

Management also spoke about the company’s longer-term positioning, citing an intent to build an integrated renewable platform spanning execution, operations, and a recurring revenue base from long-tenor PPAs. In the call, it also reiterated an expectation to grow revenue at 40% to 50% year-on-year, while noting that a firm capacity commitment was not provided because capacity addition depends on project completion.

Full-year FY26 performance: income, profitability, and cash flows

For FY26, management reported total income of ₹2,742 crore, up from ₹1,755 crore in FY25, translating into 56% year-on-year growth. It said EBITDA rose to ₹1,006 crore from ₹581 crore in FY25, a growth of 73%. PAT was stated at ₹509 crore for FY26 compared with ₹325 crore in FY25, implying 57% growth.

Separately, some result summaries also cited FY26 “revenue” at ₹2,696 crore versus ₹1,735 crore in FY25, alongside FY26 PAT of ₹509 crore versus ₹325 crore in FY25. The figures indicate a broadly consistent direction of growth, though line-items such as “total income” and “revenue from operations” are presented differently across sources.

Cash flow from operating activities was stated at ₹424 crore in FY26 compared with ₹208 crore in FY25. Management also said net worth increased to ₹3,273 crore in FY26 from ₹2,630 crore in FY25, while “assets” were referenced at ₹5,427 crore. It also highlighted a rapid increase in total assets over three years, stating they rose from ₹2,436 crore (FY24) to ₹4,792 crore (FY25) and ₹9,882 crore (FY26).

Portfolio scale-up: installed capacity and work-in-progress

KPI Green Energy said that as of March 31, 2026, installed capacity stood at more than 1.62 GW, with work-in-progress capacity of more than 4.64 GW. It added that the installed plus upcoming portfolio was approximately 6.26 GW, comprising 2.57 GW under the IPP segment and 3.69 GW under the CPP segment.

Management also said the expanding IPP portfolio is expected to generate more than “390 crore units” annually, positioning it as a base for recurring revenue. In another update, the company stated it aims to achieve 10+ GW by 2030.

Project wins and newer segments mentioned

In the FY26 commentary, KPI Green Energy cited multiple project wins across solar, wind, floating solar, green hydrogen, and battery energy storage. Projects mentioned included a 150 MW wind project, a 142 MW floating solar project, a 250 MW solar project from SJVN, a 1.13 GW solar-battery balance-of-plant project from the Adani Group, and a 300 MW wind project from SJVN.

The company also noted its continued push into future segments such as battery energy storage systems (BESS), green hydrogen, floating solar, offshore wind, pump storage, and energy trading.

Sustainable finance: green bond listing highlighted

A key financial milestone highlighted was the listing of what the company called India’s first externally credit-enhanced green bond. Management described it as a ₹670 crore, 5-year instrument carrying an 8.50% coupon with quarterly amortisation, backed by a 65% partial guarantee from “Guarantee”, described on the call as an international private infrastructure development group. The instrument was stated to be rated “AA CE” by CRISIL and ICRA.

Dividend announced for FY25-26

KPI Green Energy’s board recommended a final dividend of ₹0.25 per equity share and a special dividend of ₹0.15 per equity share, taking the total dividend to ₹0.40 per equity share (face value ₹5) for FY25-26. The special dividend was linked to the successful energisation of a 1 GW IPP project, as stated in the result coverage.

Stock market reaction after the results

Post-results, KPI Green Energy shares were reported to have surged up to 11% intraday on the NSE, with the stock touching a high of ₹507.30. Another update noted the stock later traded around 5% higher during the session, and it was cited as trading in the approximate range of ₹455 to ₹501 after the results.

Quarterly financial track record shown in company data

A quarterly table shared in the provided dataset (figures in ₹ crore) shows increasing net sales and profit after tax in the March 2026 quarter compared with earlier quarters in FY26. The same dataset also listed headline “strength” metrics such as sales growth (119.96%), profit growth (143.31%), ROE (18.53%), and ROCE (17.23%), along with a separate 3-year ROE of 26.8806%.

Key reported financial metrics (Q4 and FY)

Quarterly results snapshot (₹ crore)

Why the results matter for investors tracking renewable energy stocks

The quarter stood out for the combination of faster revenue growth and a sharp improvement in profitability, as reflected in the jump in EBITDA and the expansion in EBITDA margin from 29% to 38%. Management’s updates on installed capacity (1.62+ GW), work-in-progress (4.64+ GW), and the broader 6.26 GW portfolio provide context for the scale at which the company is operating.

The green bond update and the trading licences (CERC and GERC) are also notable because they point to financing flexibility and market access initiatives. The dividend announcement adds a shareholder return element alongside growth execution, but the main driver for investor focus remains delivery on project execution, portfolio commissioning, and the pace of scaling recurring IPP cash flows.

Closing summary and what to watch next

KPI Green Energy’s Q4 FY26 update showed strong year-on-year growth in income and profit, along with a meaningful margin improvement and an expanding portfolio pipeline. The company also reiterated its revenue growth intent of 40% to 50% year-on-year on the earnings call, while highlighting multiple project wins and capacity build-out.

Investors will watch subsequent quarterly updates for the pace of commissioning within the 4.64+ GW work-in-progress pipeline, any further disclosures on the trading business contribution, and follow-through on the company’s announced portfolio and financing initiatives.