Synopsis: A renewable energy company’s subsidiary signs a fresh battery storage agreement with a state utility, lifting the group’s cumulative standalone BESS portfolio to a new high.
A subsidiary of a listed renewable energy company has signed a fresh Battery Energy Storage Purchase Agreement (BESPA) with a state electricity distribution company, sending the parent stock up 5% on the Dalal Street. The deal adds to an already sizeable standalone battery storage pipeline the group has been building with the same utility partner, marking another step in its push to become a major player in grid-scale energy storage across India.
With a market cap of Rs. 8,671 Crore, the shares KPI Green Energy Ltd. are trading at a price of Rs.438.9 per share i.e. 4.1% up from its previous closing price of Rs.421.25. In Tuesday trading session the stock jumped around 4.7% from day’s low of Rs. 421.3 to Rs. 441.1. It currently trades at a P/E of 18.3.
New BESS Order Details
Sun Drops Energia Limited, a subsidiary of KPI Green Energy Limited, has executed a BESPA with Gujarat Urja Vikas Nigam Limited (GUVNL) for a self-owned Independent Power Producer (IPP) standalone Battery Energy Storage System (BESS) project with an aggregate capacity of 120 MW / 240 MWh.
The project will be developed at two locations in Gujarat – 65 MW / 130 MWh near the 220kV Gariyadhar AIS Substation and 55 MW / 110 MWh near the 220kV Otha AIS Substation. Sun Drops Energia will develop, own, and operate the project and make the contracted battery energy storage capacity available to GUVNL on a long-term basis.
The agreement was executed under Phase-VIII of GUVNL’s tariff-based competitive bidding process, supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF).
Cumulative Portfolio Crosses 565 MW
This latest BESPA follows an earlier executed 445 MW / 890 MWh agreement with GUVNL. With the addition of the fresh 120 MW / 240 MWh order, the group’s cumulative executed standalone BESS portfolio now stands at 565 MW / 1,130 MWh.
The company noted that this milestone further strengthens the group’s presence in the utility-scale BESS segment, while continuing to expand its footprint across emerging renewable energy infrastructure opportunities in India.
About KPI Green Energy and its Financials
KPI Green Energy Limited is a Gujarat-based renewable energy company engaged in the development, ownership, and operation of solar and hybrid power projects under both the captive and IPP segments, serving industrial and commercial consumers as well as state utilities.
Between March 2025 and March 2026, KPI Green Energy delivered exceptional consolidated financial growth. Driven by robust operational scaling, the company’s annual revenue surged by 55.39%, rising from ₹1,735 crores to ₹2,696 crores. Operating profit (EBITDA) outpaced top-line growth, jumping 69.86% from ₹564 crores to ₹958 crores, while operating margins expanded to 36%. This strong fundamental performance directly trickled down to the bottom line, lifting net profit by 56.62% from ₹325 crores to ₹509 crores. Sequentially, the momentum peaked in Q4 March 2026, where quarterly revenue and net profit spiked by over 20% quarter-on-quarter.
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