KPI Green Energy Ltd

KPI Green Energy Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

KPI Green Energy Ltd

₹ 754 -0.79%
21 Nov 3:31 p.m.
kpigreenenergy.com BSE: 542323 NSE: KPIGREEN
About

Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. [1]

Group Companies: [2]
KP Energy Limited
KP Green Engineering Private Limited
KPF Green Hydrogen & Ammonia Technology Private Limited
KP Human Development Foundation

Key Points

Business Overview:[1]
Company provides solar power, both as
an independent power producer (IPP) and Engineering, Procurement, Construction (EPC) services to Captive Power producers(CPP) customers. Company runs its entire business from Bharuch, Kutch(Bhuj), Surendranagar and Bhavnagar districts of Gujarat. Currently, company has an installed capacity of 158 MW+[2] of solar power under IPP segment and 287 MW+ of EPC/CPP projects

a) Independent Power Producer (IPP):[3]
Company provides solar energy under third party sale business in Gujarat. It develops and maintains grid-connected IPP solar power projects under ‘Solarism’ brand. Company supplies power, generated from solar power plants to business houses through Power Purchase Agreements (PPA).
b) Captive Power Producer (CPP):[4]
In CPP model, company develops, transfers, operates, maintains and sells grid-connected solar power projects to customers by providing them power evacuation infrastructure along with grid-connected land to generate solar power. Company also offers Operation & Maintenance Services (O&M) through a separate O&M agreement to customers
c) Industrial Plot Sale:[5]
Company sells land parcels to third parties which are taken back on lease for 25 years for developing solar power plant. Company pays a fixed lease rental to land owners as per lease agreement.

Website BSE NSE
  • Market Cap ₹ 9,897 Cr.
  • Current Price ₹ 754
  • High / Low ₹ 1,118 / 374
  • Stock P/E 42.7
  • Book Value ₹ 150
  • Dividend Yield 0.05 %
  • ROCE 21.6 %
  • ROE 29.6 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 101% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.4%

Cons

  • Promoter holding has decreased over last quarter: -4.32%
  • Promoters have pledged 45.5% of their holding.
  • Company has high debtors of 152 days.
  • Company's cost of borrowing seems high
  • Working capital days have increased from 160 days to 244 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Power Infrastructure Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
57 62 75 122 160 179 182 189 215 330 289 348 360
34 33 39 80 107 120 128 120 144 227 196 216 226
Operating Profit 24 29 36 42 53 60 54 69 71 104 93 132 134
OPM % 41% 47% 48% 34% 33% 33% 30% 37% 33% 31% 32% 38% 37%
0 0 1 0 0 0 2 1 1 1 3 0 1
Interest 8 9 14 11 11 12 13 20 18 23 25 28 23
Depreciation 2 3 4 5 6 6 6 9 10 10 11 14 15
Profit before tax 15 17 18 26 36 43 37 41 44 72 60 91 97
Tax % 18% 22% 46% 15% 42% 19% 14% 19% 21% 29% 28% 27% 28%
12 13 10 22 21 34 32 33 35 51 43 66 70
EPS in Rs 1.13 1.21 0.91 2.05 1.95 3.18 2.93 3.07 3.20 4.20 3.57 5.48 5.33
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
34 59 102 230 644 1,024 1,327
19 32 44 121 435 687 865
Operating Profit 15 27 58 109 208 337 462
OPM % 45% 46% 57% 47% 32% 33% 35%
6 0 0 1 3 7 6
Interest 4 8 16 37 47 86 99
Depreciation 4 7 13 14 23 40 50
Profit before tax 13 12 30 59 142 217 319
Tax % 31% 46% 27% 27% 23% 26%
9 6 22 43 110 162 230
EPS in Rs 0.82 0.59 2.02 3.99 10.10 13.40 18.58
Dividend Payout % 0% 0% 0% 4% 9% 2%
Compounded Sales Growth
10 Years: %
5 Years: 97%
3 Years: 116%
TTM: 73%
Compounded Profit Growth
10 Years: %
5 Years: 101%
3 Years: 94%
TTM: 72%
Stock Price CAGR
10 Years: %
5 Years: 154%
3 Years: 182%
1 Year: 91%
Return on Equity
10 Years: %
5 Years: 31%
3 Years: 35%
Last Year: 30%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 18 18 18 18 36 60 66
Reserves 81 80 102 136 222 775 1,899
40 139 240 446 676 1,036 469
22 61 49 177 322 564 384
Total Liabilities 161 298 409 777 1,255 2,436 2,817
84 213 244 482 801 979 1,130
CWIP 18 1 21 31 0 101 188
Investments 0 0 0 0 2 0 6
59 85 144 264 453 1,355 1,493
Total Assets 161 298 409 777 1,255 2,436 2,817

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-17 40 -27 102 159 -57
-15 -119 -63 -189 -309 -387
33 87 101 91 177 562
Net Cash Flow 1 8 11 4 27 118

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 143 175 178 58 83 152
Inventory Days 158 227
Days Payable 217 284
Cash Conversion Cycle 143 175 178 58 24 96
Working Capital Days 404 67 282 160 76 244
ROCE % 11% 16% 20% 25% 22%

Shareholding Pattern

Numbers in percentages

5 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
54.45% 54.52% 54.68% 54.70% 54.81% 54.81% 54.81% 54.83% 53.08% 53.08% 53.09% 48.77%
0.00% 2.77% 3.26% 2.42% 2.50% 2.54% 3.48% 4.24% 5.96% 5.60% 6.05% 9.95%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06% 0.00% 2.09% 0.63% 0.33% 1.50%
45.55% 42.71% 42.05% 42.88% 42.69% 42.64% 41.66% 40.91% 38.86% 40.69% 40.51% 39.80%
No. of Shareholders 6,4549,57517,56628,48534,51642,51247,86359,42081,4361,54,8941,95,7752,58,693

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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