KPI Green Energy (542323) Q2 26/27 earnings summary

Executive summary

• H1 FY27 consolidated total revenue rose 16% to ₹1,451.3 crore and EBITDA grew 21% to ₹545 crore; net profit fell 18% to ₹186.6 crore amid higher finance and depreciation costs.

• Portfolio reached 8.33 GW at Sep-26, up 100.7% YoY, with 3.02 GW installed and 5.31 GW under work.

• H1 operating cash flow was ₹405.9 crore versus ₹270 crore; investing outflow of ₹1,482.3 crore reflected continued capacity expansion.

Financial highlights

• Q2 FY27 revenue from operations was ₹727.2 crore, up 15% YoY; consolidated total revenue was ₹741.5 crore versus ₹641.1 crore, and EBITDA was ₹283 crore, up 22%.

• Q2 consolidated PBT was ₹130.5 crore versus ₹157.8 crore; net profit was ₹91.9 crore versus ₹116.6 crore, and basic EPS was ₹4.17 versus ₹5.53.

• H1 FY27 revenue from operations rose 15% to ₹1,421 crore; EBITDA increased 21% to ₹545 crore, with margin at 38% versus 36%.

• H1 consolidated PBT was ₹261.4 crore versus ₹306.9 crore; net profit was ₹186.6 crore versus ₹228 crore, and basic EPS decreased 21% to ₹8.50.

• Q2 finance costs rose to ₹92 crore from ₹43 crore and depreciation to ₹60 crore from ₹32 crore; H1 interest cost rose 112% to ₹172 crore and depreciation and amortization rose 82% to ₹111 crore.

Outlook and guidance

• Commissioned IPP capacity reached 1.34 GWp within a 3.22 GW portfolio; new assets are expected to contribute more fully to earnings during the year.

• IPP portfolio comprised 1.34 GW commissioned, 1.37 GW under execution and 0.51 GW of wind assets under acquisition.

• BESS plans target 5 GWh assembly capacity in FY28, 5 GWh cell production in FY29 and 10 GWh each of BESS and cell capacity by FY31.

• India’s CY30 target of 500 GW non-fossil capacity, rising renewable purchase obligations and record FY26 additions of 55 GW support long-term demand.