SYNOPSIS: Company expands renewable portfolio with 376 MWp addition, taking IPP capacity to 965 MWp, while advancing large-scale solar, hybrid, wind, and storage projects, strengthening growth visibility and execution capabilities.
During Tuesday’s trading session, shares of a company involved in developing, owning, managing, and maintaining renewable power facilities surged over 4 percent on BSE, after commissioning and energising 965 MWp capacity out of its 2.17 GWp Independent Power Producer (IPP) portfolio.
With a market cap of Rs. 7,135 crores, shares of KPI Green Energy Limited are currently trading in the green at Rs. 361.55 on BSE, up by around 1 percent, compared to its previous closing price of Rs. 358.3. The stock has delivered negative returns of around 18 percent in one year, as well as about 6 percent in the last one month.
What’s the News
As per its latest disclosure to the stock exchanges, KPI Green Energy Limited has announced the commissioning and energisation of an additional 376 MWp capacity, comprising ~182 MWp solar capacity in GUVNL 250/350 MWp project, ~164 MWp solar capacity, and ~30 MWp Wind capacity in GUVNL 370 MW/677 MWp project. With this, the company’s total energised capacity under its IPP portfolio has reached 965 MWp.
The company’s total IPP portfolio currently stands at 2.17 GWp, with the remaining capacity under execution and expected to be commissioned in phases as per scheduled timelines. This ongoing execution reinforces KPI Green’s position as a leading IPP, supported by strong project development capabilities and improving long-term revenue visibility through contracted assets under long-term Power Purchase Agreements (PPAs).
Key IPP Project Developments
Among key developments, the company commissioned its 200 MW/240 MWp solar IPP project at Khavda Solar Park in January 2026, making it one of the early operational projects within the 1.8 GW park developed by GSECL. The project is backed by a long-term PPA with Gujarat Urja Vikas Nigam Limited (GUVNL).
In the hybrid segment, KPI Green has also achieved early commissioning of its 50 MW/92 MWp hybrid renewable project, ahead of its scheduled July 2026 timeline. The project includes 16.95 MW of wind capacity and 75.2 MWp of solar capacity, highlighting strong execution in complex hybrid systems.
Additionally, the company is progressing on a large-scale 620 MW/1027 MWp solar and hybrid IPP portfolio. Under this, it has already energised a substantial portion under its 250 MW/350 MWp grid-connected solar IPP project and the 370 MW/677 MWp grid-connected hybrid project, with the remaining capacity under active development and targeted for completion by October 2026.
Further strengthening its pipeline, KPI Green has signed a PPA for a 150 MW wind project with GUVNL in November 2025. The project has achieved financial closure and is currently under execution, with commissioning expected by October 2027.
Expanding beyond generation, the company has also entered the energy storage segment through its subsidiary, Sun Drops Energia Limited, which has signed a Battery Energy Storage Purchase Agreement (BESPA) with GUVNL for a 445 MW/890 MWh standalone BESS. This marks a strategic step toward integrating renewable generation with grid stability and energy management solutions.
Financials, Capacity Highlights & More
KPI Green Energy Limited is the renewable arm of KP Group, having multiple power projects located at various locations, and is engaged in the sale of renewable power generated from these projects under long-term power purchase agreements (PPAs).
The company develops, builds, owns, operates and maintains solar power plants as an Independent Power Producer (IPP) and Captive Power Producer (CPP), both under the brand name of ‘Solarism’.
For the quarter, KPI Green posted a consolidated revenue from operations of Rs. 662.86 crores, reflecting a sequential growth of over 4 percent QoQ compared to Rs. 634.3 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 45 percent from Rs. 458.35 crores recorded in Q3 FY25.
Net profit for Q3 FY26 stood at Rs. 125.8 crore, indicating a significant increase of around 8 percent QoQ from Rs. 116.64 crores in Q2 FY26, as well as on a year-on-year basis by nearly 48 percent from Rs. 85.15 crores reported in Q3 FY25. Profitability metrics remained healthy, with net profit margin improving to 18.61 percent versus 18.19 percent in Q2 FY26 and 18.27 percent in the year-ago period.
Operational performance strengthened further, with operating margins expanding to 35.95 percent. However, leverage increased during the quarter, with the debt-to-equity ratio rising to 1.5 in Q3 FY26, compared with 0.81 in Q2 FY26 and 0.35 in Q3 FY25.
As of 9M FY26, KPI Green Energy’s installed capacity crossed 1.12 GW during the same period. By Q3 FY26, the company had built a land bank of over 6,999 acres, with power evacuation capacity of 3.57 GW and orders in hand aggregating 3.61 GW, providing strong growth visibility. The group continues to pursue its long-term target of achieving more than 10 GW capacity by 2030. As of Q3 FY26, the company’s total renewable energy portfolio stood at 4.74 GW, up from 3.4 GW in Q3 FY25, reflecting a strong expansion in capacity.
Within this, the Independent Power Producer (IPP) segment accounted for 2.17 GW, comprising 0.52 GW of installed capacity and 1.65 GW under work-in-progress. The Captive Power Producer (CPP) segment contributed 2.57 GW, with 0.61 GW already installed and 1.96 GW under development. Overall, the cumulative installed and upcoming capacity across the IPP and CPP segments aggregated to 4.74 GW.
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