Revenue from operations grew 39.8% to ₹795.8 crore from ₹569.4 crore a year ago. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) jumped 81% to ₹291.3 crore from ₹161 crore last year, with margins expanding to 36.6% from 28.3% in the same quarter last year.
The CPP (Captive Power Producer) segment accounted for 91% of revenue in FY26, while the IPP (Independent Power Producer) segment contributed the remaining 9%.
The company’s IPP installed capacity stood at 965 MW as of March 31, 2026, out of a total IPP portfolio of 2.57 GW. The hybrid Capacity Utilisation Factor for the CPP portfolio stood at 50.6% on an AC basis in FY26.
For the full year FY26, revenue from operations stood at ₹2,695.9 crore, up 55.3% from ₹1,735.5 crore in FY25. Full-year net profit came in at ₹509.2 crore, up 56.5% from ₹325.3 crore. Basic EPS rose to ₹24.13 from ₹16.23.
The board recommended a total dividend of ₹0.40 per share, which includes a final dividend of ₹0.25 per share and a special dividend of ₹0.15 per share for the successful energisation of its 1 GW IPP project. The dividend payout is subject to shareholder approval.
During Q3FY26, the company had received government compensation of ₹2.67 crore for the compulsory acquisition of certain land parcels for the Paschim Railway Line project under the RFCTLARR Act, 2013. This was recorded as a one-time exceptional gain in the financial results.
The company’s long-term borrowings rose sharply from ₹861.6 crore in FY25 to ₹3,666 crore in FY26. The debt-equity ratio moved from 0.46x to 1.49x.
Interest expense in Q4 FY26 stood at ₹42.3 crore, against ₹5.2 crore in Q4 FY25. The company said it remains compliant with its NCD covenant, maintaining a security cover above the required 1.20x.
The company is exploring entry into offshore wind, pumped storage projects and expanded energy trading following the receipt of inter-state and intra-state trading licences from CERC and GERC, respectively.
The parent KP Group has signed an MoU with the government of Botswana targeting nearly 5 GW capacity, with 500 MW planned in Phase 1, and has formed a partnership with South Korea’s Jeonbuk Province for green hydrogen development.
Shares of KPI Green Energy are trading 8.3% higher after the earnings announcement at ₹493.8. The stock has reversed its losses and has now turned positive on a year-to-date basis after today’s move.
