KPI Green reaches 1.34 GWp, pursues 507.9 MW wind assets

KPI Green Energy Limited reported 1.34 gigawatt-peak (GWp) of commissioned independent power producer (IPP) capacity at September 30, 2026, after energising 367 megawatt-peak (MWp) across hybrid and solar projects. KPI Green also made a binding offer of about Rs 2,410 crore for 507.9 MW of operational wind assets, against a total IPP portfolio of 3.22 GW.

How did KPI Green reach 1.34 GWp of commissioned IPP capacity?

KPI Green reached 1.34 GWp of commissioned IPP capacity by September 30, 2026 through further energisation in its 677 MWp hybrid and 350 MWp solar IPP projects. The company said the operating capacity formed part of its total 3.22 GW IPP portfolio, with the remaining portfolio at other stages of development or execution.

The 677 MWp hybrid IPP project received an additional 317 MWp of energisation during Q2 FY 2026-27 and H1 FY 2026-27, taking its cumulative energised capacity to 511 MWp. In the 350 MWp solar IPP project, KPI Green energised a further 50 MWp, bringing cumulative energisation to 301 MWp.

IPP generation reached 53.6 crore kilowatt-hours in H1 FY 2026-27, already 31% higher than the 41.0 crore kilowatt-hours generated during the full FY 2025-26. KPI Green linked this increase to the expanding contribution from its annuity asset base and said the full earnings contribution from newly energised capacity was expected to materialise during the year.

What operational wind assets is KPI Green seeking to acquire?

KPI Green has signed a binding offer to acquire Alfanar Energy Private Limited and Netra Wind Private Limited for about Rs 2,410 crore. The proposed acquisition would add 507.9 MW of operational wind assets to its IPP portfolio, and the company said the transaction was under process as of its November 13, 2026 announcement.

The proposed transaction concerns operational wind capacity rather than capacity described as under construction. It would accompany KPI Green's project-led expansion, which had taken commissioned capacity to 1.34 GWp by September 30, 2026, while the company’s wider IPP portfolio stood at 3.22 GW.

KPI Green also acquired DEK and Mavericks Green Energy Limited through subsidiary Sun Drops Energia Limited during the period. The acquired Ahmedabad-based company operates in solar engineering, procurement and construction (EPC), and KPI Green said the acquisition would strengthen its solar EPC execution capabilities.

How did KPI Green's Q2 and H1 financial results change?

KPI Green reported higher revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) in Q2 FY 2026-27 and H1 FY 2026-27, while profit before tax and profit after tax declined because finance costs and depreciation increased. Consolidated Q2 revenue rose about 16% year on year to Rs 741 crore, and EBITDA rose about 22% to Rs 283 crore.

Q2 profit before tax fell about 17% to Rs 131 crore from Rs 158 crore in Q2 FY 2025-26, while profit after tax declined about 21% to Rs 92 crore from Rs 117 crore. KPI Green attributed the movement to finance cost rising to Rs 92 crore from Rs 43 crore and depreciation increasing to Rs 60 crore from Rs 32 crore as its asset base expanded.

For H1 FY 2026-27, revenue rose about 16% to Rs 1,451 crore and EBITDA increased about 21% to Rs 545 crore, with EBITDA margin reaching 37% from 36%. However, profit before tax fell about 15% to Rs 261 crore and profit after tax declined about 18% to Rs 187 crore as finance cost increased to Rs 172 crore from Rs 81 crore and depreciation rose to Rs 111 crore from Rs 61 crore.

What balance-sheet effects accompanied KPI Green's asset build-out?

KPI Green reported consolidated net worth of Rs 3,525 crore at September 30, 2026, up 23% from Rs 2,871 crore a year earlier. Fixed assets more than doubled to Rs 6,992 crore from Rs 3,102 crore, which the company attributed to the rapid build-out of its owned renewable asset base.

The higher fixed-asset base coincided with a Rs 91 crore year-on-year increase in H1 finance cost and a Rs 50 crore rise in depreciation. In the standalone disclosures, the debt-equity ratio was 2.25 at September 30, 2026, compared with 1.06 a year earlier, while total debt-to-total-assets ratio was 0.55 versus 0.43.

KPI Green's standalone listed, rated and secured non-convertible debentures totalled Rs 572.85 crore at September 30, 2026, compared with Rs 16.40 crore at March 31, 2026. Their reported security cover was 1.23 times, above the 1.20-times minimum required under the September 2, 2025 debenture trust deed.

Which new awards and contracts did KPI Green announce?

KPI Green announced an EPC order worth about Rs 2,025 crore from NACOF Oorja for a 550 MWp solar power project in Rajasthan. The order adds execution work alongside the company’s IPP expansion and further extends its disclosed project activity in Rajasthan.

KPI Green also signed a power purchase agreement with SJVN Limited for a 300 MW wind IPP project. Separately, it received notifications of award worth Rs 621 crore from NTPC Renewable Energy Limited for balance-of-system packages covering 650 MWp of solar projects at Bikaner, Rajasthan.

Conclusion

KPI Green's September 2026 update shows IPP capacity expanding through project energisation while a separate acquisition process targets operational wind assets. The company commissioned 1.34 GWp, generated 53.6 crore kilowatt-hours in H1 FY 2026-27 and reported revenue growth to Rs 1,451 crore, although higher financing and depreciation charges reduced H1 profit after tax to Rs 187 crore.

The next disclosed items to watch are the completion of the about Rs 2,410 crore acquisition of 507.9 MW of wind assets and the earnings contribution KPI Green expects from newly energised IPP capacity during the year. Progress on the 300 MW wind IPP agreement, the 550 MWp NACOF Oorja solar project and the 650 MWp Bikaner balance-of-system awards will also determine how the announced pipeline moves into execution.