KPI Green Energy reported a 24% year-on-year decline in profit after tax (PAT) to ₹82 crore for the second quarter of fiscal year 2026-27. However, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 22% to ₹283 crore during the same period. The consolidated revenue from operations also rose 14.65% to ₹727.21 crore, driven by strong performance in renewable energy projects and the independent power producers (IPP) segment.
- Consolidated revenue increased 14.65% year-on-year to ₹727.21 crore in Q2 FY27.
- PAT declined 24% to ₹82 crore due to higher depreciation and financing costs.
- EBITDA rose 22% to ₹283 crore, with a margin expansion of 200 basis points to 38%.
- Revenue from power and services segment surged 105.5% to ₹101.2 crore.
- Revenue from captive power projects grew 7.2% to ₹626.01 crore.
- Shares fell over 5% following the earnings announcement.
What caused the decline in KPI Green Energy's profit after tax?
The company's PAT fell from ₹109.10 crore in the same quarter last year to ₹82 crore in Q2 FY27. This decline was mainly due to elevated depreciation expenses and increased financing costs. Despite these challenges, KPI Green Energy maintained its focus on profitable and sustainable long-term growth.
How did KPI Green Energy's revenue perform in Q2 FY27?
KPI Green Energy's consolidated revenue from operations rose by 14.65% year-on-year to ₹727.21 crore. This growth was supported by continued strong execution of renewable energy projects and a higher contribution from the IPP segment. Specifically, revenue from the power and services segment more than doubled, increasing 105.5% to ₹101.2 crore. Revenue from the captive power project business also grew by 7.2% to ₹626.01 crore.
What improvements were seen in operational performance?
The company’s EBITDA increased by about 22% year-on-year to ₹283 crore. The EBITDA margin expanded by 200 basis points to 38%, compared to 36% in the previous year’s quarter. This improvement was driven by a growing share of high-margin IPP revenue, better operating leverage, and disciplined cost management.
What factors contributed to KPI Green Energy's growth momentum?
KPI Green Energy's growth was supported by steady execution across its solar, wind, hybrid, and Battery Energy Storage System (BESS) businesses. The company highlighted a rising contribution from its expanding IPP asset base, consistent engineering, procurement and construction (EPC) execution, a robust order pipeline, and deepening engagement with key customers in the renewable energy sector.
How did the stock market react to the earnings report?
Following the earnings announcement, KPI Green Energy's shares declined by as much as 5.2%, hitting an intraday low of ₹314.25 on the National Stock Exchange (NSE) on November 13, 2026. By mid-afternoon, the stock was trading 2.76% lower at ₹322.35 per equity share. The company's total market capitalization stood at ₹6,374.92 crore on the same day.
