KPI Green Energy Ltd

Dematerialisation processing status

• Dematerialisation requests processed and confirmed to depositories; securities listed on the relevant exchange.
• Physical certificates for dematerialisation mutilated and cancelled after verification; depository name substituted within 15 days.
• No exceptions or delays reported in dematerialisation/rematerialisation processing.

Business overview

• KP Group runs integrated EPC and IPP platforms across solar, wind, hybrid, and BESS.

Operational highlights

• IPP portfolio 2.82 GWp; commissioned 1.01 GWp; under execution 1.81 GWp.
• Order book ₹1,831 crore as on 31 March 2026.
• Manufacturing capacity 4,00,500 MTPA; 55-acre footprint at Matar.
• Gujarat campus targets 10 GWh BESS and 10 GWh cell manufacturing.

Financial & capital structure

• Debt/leverage targets set: ≤2.0x by FY32; ≤2.5x by FY28.
• Revenue CAGR guidance across each company: 25% to FY32.
• Promoter pledge release target by FY27-end; royalty caps implemented for governance.

Strategic priorities & outlook

• KP 3.0 Unleashed centers on three platforms: Sun Drops Energia, KPI Green Energy, KP Energy.
• Global expansion into Africa and GCC; Green Hydrogen platform; power-trading licenses to monetize generation.
• Scale BESS and cell manufacturing; floating solar and data-driven execution emphasized.

Governance & leadership

• BDO appointed as statutory auditors for all three listed KP Group companies (FY27–32).
• Strategic realignment completed: one company per segment; clearer ownership and accountability.
• Board strengthened with experienced appointments; promoter-royalty cap and pledge-release plan outlined.

Risks & mitigations

• Promoter pledge remains a concern; mitigated by pledge-release target and enhanced governance.
• Growth capex and execution risks acknowledged; governance realignment and stronger audit framework in place.

Key highlights

• KPI Green Energy signs binding offer to acquire 507.9 MW of operational wind capacity in Gujarat.
• Enterprise value of ₹ 2,410 crore for AEPL and NWPL.
• Combined capacity located in the Kutch wind corridor at Bhuj.
• SECI to purchase power under 25-year PPAs; ~21 years remaining.
• Installed IPP capacity rises from 1.16 GW to ~1.67 GW on completion.
• Deal to close by 28 February 2027, subject to conditions.

Acquisition overview

• Binding offer to acquire 507.9 MW of operational wind capacity in Gujarat.
• Acquisition targets 100% equity of AEPL and NWPL at enterprise value ₹2,410 crore.
• Portfolio comprises 507.9 MW with SECI PPAs under 25-year terms.
• Remaining contracted life approximately 21 years on a capacity-weighted basis.
• Post-acquisition installed IPP capacity rises from 1.16 GW to ~1.67 GW.
• Company aims to cross 2 GW IPP capacity by year-end.
• Completion expected by 28 February 2027, subject to definitive documents and approvals.
• Acquisition brings revenue-generating assets with long-term contracted cash flows and no construction risk.

Deal overview

• Targets AEPL and NWPL, India-based wind power assets totaling 507.9 MW.
• Not a related party transaction.
• Industry: Renewable energy; wind power sector.
• Purpose: expand KPI's renewable energy portfolio with operating wind assets.
• Subject to regulatory approvals and consents.
• Binding offer dated September 29, 2026; completion by February 28, 2027.
• Completion upon execution of definitive documents and satisfaction of conditions precedent.
• Cash consideration; Enterprise Value Rs 2,410 crore.
• Acquiring 100% equity and equity-like instruments of AEPL and NWPL.
• AEPL incorporated 27 December 2016; NWPL incorporated 9 January 2018; India.
• AEPL turnover: FY2024-25 Rs 168.47 Cr; FY2023-24 Rs 189.18 Cr.
• NWPL turnover: FY2024-25 Rs 108.98 Cr; FY2023-24 Rs 67.06 Cr.
• NWPL turnover 2022-23 NIL (not operational).
• Location: Bhuj, Gujarat, India; wind projects in Gujarat.

AGM Details

• Date and time: 29 September 2026, 10:00 to 10:27 AM.
• Mode: VC/OAVM (remote e-voting available).
• Record date: 22 September 2026.
• Shareholders on record: 320,087.

Key Resolutions

• Resolution 1 (Ordinary): Adopt audited standalone and consolidated financial statements; passed 99.999% in favour.
• Resolution 2 (Ordinary): Interim dividend payment for FY 2025-26; passed with 100% in favour.
• Resolution 3 (Ordinary): Declare final dividend for FY ended 31 March 2026; passed with 100% in favour.
• Resolution 4 (Ordinary): Appoint Mrs Bhadrabala Dhimantrai Joshi by rotation; passed 99.84% in favour.
• Resolution 5 (Ordinary): Appoint M S K C & Associates LLP as Statutory Auditors; passed.
• Resolution 6 (Special): Re-appoint Sharadchandra Patil as non-executive independent director for second term; passed 99.44% in favour.
• Resolution 7 (Ordinary): Appoint Prof. Sunil Kumar Maheshwari as Vice Chairman; passed 99.46% in favour.
• Resolution 8 (Special): Approve remuneration to Non-Executive Directors including Independent Directors; passed 92.58% in favour.
• Resolution 9 (Ordinary): Ratify remuneration of Cost Auditor; passed 100% in favour.

Dividend & Directors

• Interim dividend approved; final dividend declared (per-share amount not disclosed).
• Total nine resolutions were approved at the meeting.

Director Changes

• Mrs Bhadrabala Dhimantrai Joshi retires by rotation and is reappointed.
• Sharadchandra Patil re-appointed as non-executive independent director for a second term.
• Prof. Sunil Kumar Maheshwari appointed as non-executive non-independent director; designated as Vice Chairman.

Auditor Appointments & Remuneration

• M S K C & Associates LLP appointed as Statutory Auditors.
• Remuneration of Cost Auditor ratified.

AGM Details

• AGM held Sept 29, 2026, 10:00–10:27 AM, via VC/OVAM.

Key Resolutions

• Adopt audited financial statements for year ended March 31, 2026 – Ordinary.
• Confirm interim dividend payment for FY2025-26 – Ordinary.
• Declare final dividend for FY2025-26 – Ordinary.
• Reappoint Mrs Bhadrabala Joshi retiring by rotation – Ordinary.
• Appoint M S K C & Associates LLP as Statutory Auditors – Ordinary.
• Re-appoint Mr. Sharadchandra Patil as non-exec independent director for second five-year term – Special.
• Appoint Prof. Sunil Kumar Maheshwari as Vice Chairman; non-executive non-independent – Ordinary.
• Approve remuneration to Non-Executive Directors including Independent Directors – Special.
• Ratify remuneration of Cost Auditor – Ordinary.

Voting Status

• Voting results will be submitted separately; Scrutinizer's report pending.

New EPC order from NACOF Oorja

• Turnkey EPC work order for 500 MW / 550 MWp solar PV project from NACOF Oorja Private Limited.
• Order value approximately ₹2,025 crore inclusive of taxes; 12-month completion from site handover.
• Project is part of 5,000 MW (AC) Solar Park at Dantoor, Rajasthan.
• Scope covers design, engineering, procurement, supply, installation, testing, commissioning, civil and electrical works.
• Includes 33 kV transmission line, evacuation bay, SCADA and monitoring systems.
• Project scheduled for completion within 12 months from site handover; enhances revenue visibility over the coming year.
• No promoter group interest in the awarding entity; not a related-party transaction.