KP Green Engineering Ltd

Business overview

• Three-platform group: KPI Green Energy (solar IPP/EPC), KP Energy (wind IPP/EPC), KPI Green Engineering (in-house manufacturing).
• Integrated EPC+IPP model with in-house execution drives faster deployment and cash flow.
• 2+ GWp portfolio across solar, wind, hybrid, floating solar and BESS.
• Total IPP portfolio 2.82 GWp; commissioned 1.01 GWp; under execution 1.81 GWp.
• Gujarat campus: 110 acres; Sun Drops Energia BESS and cell manufacturing.
• Global expansion: Africa and GCC; power trading licenses enable market monetization.
• Governance reforms: board strengthened; Big-6 auditor; promoter pledge realignment; royalty caps.

Operational highlights

• IPP portfolio metrics: 2.82 GWp total; 1.01 GWp commissioned; 1.81 GWp under execution.
• Gujarat campus targets 10 GWh BESS and 10 GWh cell capacity; pilot lines and scale plans.
• Floating solar identified as a key growth driver leveraging reservoir opportunities.
• Integrated MIS and project management (VisiLean) enables real-time portfolio visibility.
• CERC and GERC trading licenses to monetize surplus generation and expand market access.
• Global expansion framework focusing on Africa and GCC with EPC/IPP opportunities.

Financial & capital structure

• Order book at ₹1,831 Cr as of 31 March 2026.
• Total manufacturing capacity: 4,00,500 MTPA installed.
• Debt/Equity targets: ≤2.5x FY28; ≤2.0x FY32.
• Revenue CAGR target: 25% up to FY32.
• Promoter pledge alignment: target release by FY27; 45% pledged currently.
• Audit transition completed: statutory audits moved to Big-6 firm (BDO) for FY27-32.

Strategic priorities & outlook

• KP 3.0 Unleashed centers on three scaled platforms driving growth.
• Expand floating solar and green hydrogen capabilities; multi-vertical energy solutions.
• Global footprint expansion into Africa and GCC markets.
• Leverage power trading licenses to enhance asset-level returns and flexibility.
• Advance BESS/cell manufacturing to 10 GWh campus scale in Gujarat.

Governance & leadership

• Board strengthened with seasoned professionals to support institutional governance.
• BDO appointed as statutory auditor for all three listed entities (FY27–FY32).
• Realignment of group structure completed for clearer ownership and accountability.
• Promoter royalty caps instituted; governance alignment with scaled listed peers.
• Pledge release plan: SBI to approve cancellation by FY27 end.

Risks & mitigations

• Promoter pledge remains a concern; pledged shares slated for release by FY27.
• Global expansion exposes execution and regulatory risk; governance enhancements mitigate.

AGM Details

• AGM held via VC/OAVM on September 30, 2026, from 10:00 to 10:23 A.M.

Resolutions and actions

• Adoption of audited financial statements (including consolidated) for FY ended 31 March 2026 (Ordinary).
• Confirm interim dividend payment for FY 2025-26 (Ordinary).
• Declare final dividend for FY 2025-26 (Ordinary).
• Appoint director retiring by rotation and eligible for re-appointment (Ordinary).
• Appoint MSKC & Associates LLP as statutory auditors (Ordinary).
• Appoint Prof. Sunil Kumar Maheshwari as Non-Executive Vice-Chairman (Ordinary).
• Approve remuneration payable to Non-Executive and Independent Directors (Special).
• Ratify remuneration payable to Cost Auditors for FY ending 31 March 2027 (Ordinary).
• Voting results and Scrutinizer's report to be submitted separately.

KP Green Engineering Limited — Closure of Trading Window from October 01, 2026 till 48 hours after the date of declaration of Financial Results of the Company for the half year ended on September 30, 2026.

Meeting Details

• Date: September 30, 2026.
• Type/Mode: Group meeting; physical in Mumbai.
• Event/Organizer: KP 3.0 Unleashed Investor Day hosted by KP Green Engineering.
• Purpose: Company-specific discussion with analysts/investors/funds.
• Presentation: to be submitted to stock exchange before the event; information hosted on the company website.

Meeting Details

• Dates: September 28, 2026 and September 29, 2026; times not specified.
• Type/Mode: physical one-on-one meetings.
• Event: Non-Deal Roadshow (Analyst / Institutional Investor Meetings).

Participants

• Key company participants: Company management.

Purpose

• Purpose: investor interaction with analysts and institutional investors.

AGM notice and AR access

• 25th AGM scheduled for Sep 30, 2026 at 10:00 IST via VC/OAVM.
• Electronic copies of the AGM notice and Annual Report sent to registered emails.
• Annual Report 2025-26 available on the company website under Investor Financials Annual Report.
• Notice and AR also accessible on BSE and CDSL websites.
• Cut-off for e-voting: Sep 23, 2026.
• e-Voting starts Sep 26, 2026 at 9:00 AM IST and ends Sep 29, 2026 at 5:00 PM IST.
• Members without registered emails can access notice via the provided web-link.

FY26 financial highlights

• Total income FY26 ₹1,250 crore, up 78% YoY.
• EBITDA ₹249 crore, up 117% YoY.
• PAT ₹136 crore, up 85% YoY.
• Cash profit ₹166 crore, up 100% YoY.
• EPS ₹27.1, up 85% YoY.
• Order book ₹1,831 crore, up 127% YoY.

Capacities and facilities

• FY26 capacity up to 400,500 MT/pa.
• Matar fully operational; Asia's largest galvanizing kettle.
• First heavy engineering dispatch: Chennai Metro rail-over-bridge.
• Automation with CNC, laser/plasma, robotics; ISO-grade QC.

Strategic developments and diversification

• BSNL order worth ₹819 crore; long-term O&M annuity.
• Export order to the USA; approvals from Nextracker and GameChange Solar.
• Diversified order book across telecom, transmission, roads, railways, renewables.
• Backward integration to secure raw materials; rolling mill under evaluation.

Dividends and capital allocation

• Interim dividend ₹0.25 per share; final ₹0.30 per share.
• Total dividend for FY26 ₹0.55 per share; cash outflow ₹275 lakh.
• Record date fixed at 23 Sep 2026.

Governance and management changes

• Prof. Sunil Kumar Maheshwari appointed Vice Chairman (Non-Executive) from July 3, 2026.
• Amit Khandelwal resigned as Non-Executive Director on July 3, 2026.
• Saurabh Sharma ceased Company Secretary; Karan Rupda appointed May 9, 2026.
• MSKC & Associates LLP appointed as Statutory Auditors for 2026-27; ₹31.75 lakh.
• Audit Committee reconstituted; Kadva stepped down; Bisht joined.

Risk and outlook

• India's 500 GW non-fossil target; 10 GW renewable by 2030 supports demand.
• FY27: capacity in place; robust bidding pipeline; adjacencies via new products.
• Commodity price and currency risks; hedging and price escalations used.

Capital structure and liquidity

• Total borrowings ₹26,159.58 lakh; debt-to-equity 0.57x.
• Net debt to equity 0.55x; cash ₹200.37 lakh.
• Facilities backed by pari passu charges; promoter guarantees.
• Liquidity supported by committed facilities and cash reserves.

CSR and ESG

• CSR expenditure ₹207.14 lakh; 2% of average net profit ₹109.80 lakh.
• Section 8 Company contribution ₹193.37 lakh; CSR activities education/health.

Audit and internal controls

• Statutory auditors M/s KA Sanghavi & Co LLP; unmodified opinion.
• Secretarial audit: Annexure A; no qualifications.
• Internal controls: adequate; no material weaknesses identified.

Management and governance note

• MD&A emphasizes growth, diversification, and ESG integration across manufacturing lines.

AGM Details

• Date/time: Sept 30, 2026, 10:00 AM IST via VC/OAVM.
• Venue deemed at the registered office.
• Cut-off for e-voting: Sept 23, 2026.

Ordinary resolutions

• Adopt standalone and consolidated financial statements for FY2025-26.
• Confirm Interim Dividend of ₹0.25 per share.
• Declare final dividend of ₹0.30 per share.
• Re-appoint Hassan Faruk Patel as Director.
• Appoint MSKC & Associates LLP as Statutory Auditors for five years; remuneration to be fixed by Board.
• Ratify Cost Auditor remuneration of ₹45,000 for 2026-27.

Special business

• Appoint Prof. Sunil Kumar Maheshwari as Non-Executive Vice Chairman.
• Remuneration to Non-Executive Directors up to 1% of net profits per annum for three years.
• Stock options to Non-Executive Directors up to 200,000 per year, up to 500,000 aggregate.

Auditor remuneration

• Proposed MSKC remuneration for 2026-27 as Statutory Auditor: ₹31.75 Lakhs.

Dividend and TDS

• Board proposed final dividend of 6% (Rs 0.30 per share) for FY2025-26.
• Record date fixed as 23 September 2026 for entitlement.
• Dividend payout will be subject to AGM approval and TDS as per IT Act.
• TDS rates vary by shareholder status and PAN linkage; higher rates if PAN not linked.
• DTAA benefits available for non-residents with Form 41, TRC, and related declarations.
• Cut-off date for tax document submission is 22 September 2026.

Electronic payout and documentation

• Dividends will be paid electronically; incomplete bank details may trigger withholding.
• Update PAN/KYC for physical shares; update DP for demat holdings; forms available on KP Green site and Bigshare.