Q3 Results: KPI Green Revenues Up 60%, PAT Grows 86% In Q3

Gujarat-based KPI Green Energy continues to demonstrate strong financial growth, with an increase in its turnover in the third quarter of FY 2024-2025 (Q3 FY 2024-2025). The company's total revenue recorded, Rs. 466.1 crore, reflected a 40.6% increase from 331.33 crore in Q3 FY 2023-2024. This growth is driven by expanded project execution, increased capacity utilization, and favorable market conditions.

KPI Green realized an EBITDA of Rs. 144.54 crore, reflecting a 38% growth compared to 104.77 crore in the corresponding quarter of the previous year. Its Profit Before Tax (PBT), stood at 114.94 crore, marking a substantial increase of 60.16% compared to 71.77 crore in the corresponding period of the previous year. This growth is primarily attributed to a reduction in finance costs, driven by loan repayments in Q2 utilizing funds raised through a Qualified Institutional Placement (QIP). The improvement reflects enhanced operational efficiencies, effective risk management, and thereby improved profit margins.

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Growth With Margins

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Profit After Tax (PAT)

KPI earned Rs. 85.15 crore, Profit After Tax (PAT) marking an outstanding 68.26% growth from 50.6 crore in Q3 FY 2023-2024. Within the nine months ended FY 2024-2025 (Current year) compared to the nine months ended FY 2023-2024 (Previous Year).

Its total revenue, for the current nine-month period, revenue stands at Rs. 1,177.35 crore, marking a significant 59.5% increase from 737.85 crore in the corresponding period of FY 2023-24. Notably, this figure has already exceeded the total annual revenue of Rs. 1,030.82 crore from the previous fiscal year (FY 23-24). This strong growth underscores the effective execution of a well-structured project pipeline, strategic implementation, and the increasing demand for renewable energy solutions.

Project Execution

The firm has executed projects worth 533 MW in the nine months of FY25 so far, with an order book of 2.87 GW in hand. Captive Power Projects, an area of strength traditionally for the firm, continue to dominate with a share of 362 MW in Fy 25 so far, with IPP projects accounting for the remaining 171 MW. Q4 is usually a very strong quarter for solar EPC firms , and should be no different for KPI Green as well this year. With a land bank of 4180 acres, the firm is well placed to continue to deliver towards its target of 10 GW of installations by 2030.

With 1.1 GW of its order book comprising Hybrid projects, 2025 has been a pivotal year for the firm in terms of changing track to cover more wind energy, and soon, energy storage projects as well.  The firm has progressed on it aim to expand beyond Gujarat as well, with new sites in Maharashtra coming up, besides substantive MoUs with governments in Odisha, Rajasthan and Andhra Pradesh for investments in those states as well.