KPI Green Energy (542323) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 revenue of ₹1,755.16 crore, up 70% year-over-year, and PAT of ₹325.28 crore, up 101%, driven by accelerated project execution, higher capacity utilization, and major contract wins.

• Q4 FY25 revenue reached ₹577.80 crore, up 97% year-over-year, with PAT up 142%.

• Installed capacity reached 950+ MW, with cumulative installed and upcoming capacity at 3.90+ GW.

• Order book strengthened with 2.6 GW of new orders, including major EPC contracts from Coal India and Mahagenco.

• Upgraded to ICRA A Positive, raised ₹1,000 crore via QIP, and expanded into new states and international markets.

Financial highlights

• FY25 revenue: ₹1,755.16 crore (+70% YoY); Q4 revenue: ₹577.80 crore (+97% YoY).

• FY25 EBITDA: ₹580.87 crore (+69.1% YoY); Q4 EBITDA: ₹169.43 crore (+76% YoY).

• FY25 PAT: ₹325.28 crore (+101% YoY); Q4 PAT: ₹104.18 crore (+142% YoY).

• PBT for FY25: ₹440.90 crore (+103% YoY); basic EPS: ₹16.23 (FY24: ₹9.41).

• Cash and cash equivalents at year-end: ₹59,747.10 lakh (FY24: ₹17,001.40 lakh).

Outlook and guidance

• Targeting 60%-70% annual revenue growth for FY26, with strong order visibility through FY27.

• 1.5 GW of IPP capacity to be commissioned in phases over the next two years, with full revenue impact by FY28.

• Expansion into Odisha, Rajasthan, Madhya Pradesh, and international markets (Saudi Arabia) underway.

• Focus on large-scale solar, hybrid, BESS, and green hydrogen projects, with offshore wind under evaluation.

• Order book for CPP and IPP expected to cover FY27 and part of FY28, with further inflows anticipated in early FY26.