KPI Green Energy Q2 PAT drops 24% YoY to ₹82 crore, EBITDA margin contracts; shares fall 5%

In the corresponding period of the preceding fiscal year, the company had logged a profit of ₹109.10 crore, according to a regulatory filing.

The bottom line was weighed down by elevated depreciation and higher financing costs, despite the company remaining focused on profitable and sustainable long-term growth.

However, its consolidated revenue from operations surged 14.65% YoY to ₹727.21 crore during the quarter under review, compared with ₹634.3 crore in the second quarter of the 2025-26 fiscal year (Q2 FY26).

The topline growth was driven by sustained execution momentum across renewable energy projects and a higher contribution from the IPP (independent power producers) segment.

The firm’s revenue from the power and services segment advanced 105.5% YoY to ₹101.2 crore in the quarter ended September 30, 2026, as against ₹49.25 crore in the same period of the preceding fiscal year.

Its revenue from the captive power project business stood at ₹626.01 crore for the reporting period, up 7.2% YoY from ₹584.16 crore in the September quarter of FY26.

On the operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, increased by about 22% YoY to ₹283 crore in Q2 FY27, from ₹232 crore in the year-ago period.

Its EBITDA margin expanded by 200 basis points (bps) YoY to 38% during the quarter under review, compared with 36% in Q2 FY26, bolstered by a growing share of high-margin IPP revenue, improved operating leverage and disciplined cost management.

“KPI Green Energy Limited sustained its healthy growth momentum through Q2 FY 2026–27 and the half year ended September 30, 2026 (H1 FY 2026–27), supported by steady execution across its solar, wind, hybrid and Battery Energy Storage System (BESS) businesses,” the firm said.

The quarter’s performance reflects a rising contribution from the company’s expanding IPP asset base, consistent EPC (engineering, procurement and construction) execution, a robust order pipeline and deepening engagement with marquee customers across the broader renewable energy value chain, the company further stated.

Shares of KPI Green Energy declined as much as 5.2% to hit an intraday low of ₹314.25 per unit on the National Stock Exchange (NSE) on Friday, November 13, following the earnings announcement.

At around 3:32 PM, the stock was trading 2.76% lower at ₹322.35 per equity share.

KPI Green Energy has a total market capitalisation of ₹6,374.92 crore as of November 13, 2026, according to data on the NSE.