KPI Green Energy Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

KPI Green Energy Ltd trades at ₹374, in a downtrend and 36 weeks into that stage. That is −11.8% against its own 200-day average. It sits at 13% of a 52-week range of ₹351 to ₹536. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 36 of stage 4, confirmed. At ₹374 it trades −11.8% versus its 200-day average and sits at 13% of its 52-week range (₹351–₹536).

Against the market, two honest reads. Cumulative: over the last 7.5 years the stock moved +4,380% while the NIFTY 500 moved +164% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

KPI Green Energy Ltd trades at 15.6× P/E, near the bottom of its own range — cheaper only 13% of the time. Its long-run median P/E is 22.3×, measured across 6.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.6× is near the bottom of its own range — cheaper only 13% of the time, against a long-run median of 22.3× measured over 6.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +48.7% against a −28.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +90.3%/yr price move, ~+86.2%/yr came from earnings growth and ~+4.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

KPI Green Energy Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +84.4% at its peak to +39.9% (single-quarter readings) but is still expanding, ROCE slipping at 14.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

58.4/100 — rank 5 of 20 in Power - Generation/Distribution · 72% evidence confidence

KPI Green Energy Ltd scores 58.4 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.5 + 17 + 13.2 + 5.7 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

KPI Green Energy Ltd reported ₹796 Cr of revenue in the Mar 26 quarter, +39.9% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 58.5% a year. The last full year, FY26, came in at ₹2,696 Cr. The last four reported quarters add to ₹2,696 Cr.

FY26 revenue came in at ₹2,696 Cr (+55.4% on the year), capping 10 years at 58.5% compound. The latest quarter (Mar 26) printed ₹796 Cr, +39.9% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +58.5% growth against the decade's 58.5% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +55.4% over the last 4 quarters against +62.3%/yr over the last 8 — rolling over; TTM profit +56.6% vs +77.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

KPI Green Energy Ltd's operating margin is 37.0% in the Mar 26 quarter, +9.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 32.0% to 68.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 37.0%, +9.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 32.0%–68.0%.

Why the margin moved: operating margin went +8.3 pp year on year while gross margin went +6.8 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

KPI Green Energy Ltd earned ₹155 Cr of net profit in the Mar 26 quarter, +49.0% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹509 Cr. The 10-year compound rate is 51.5%. That is 19.5% of the quarter's revenue. The same quarter a year earlier earned ₹104 Cr.

Mar 26 profit was ₹155 Cr, +49.0% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹509 Cr (+56.6%), and the 10-year compound rate is 51.5%.

Why profit moved: revenue contributed +39.9% and the margin +9.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +58.1% vs revenue +58.5%. Profit and revenue are moving roughly in step.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 58% of KPI Green Energy Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹424 Cr of operating cash against ₹509 Cr of profit. After ₹3,035 Cr of capital spending, ₹−2,611 Cr was left as free cash.

FY26: operating cash of ₹424 Cr against reported profit of ₹509 Cr, leaving free cash of ₹−2,611 Cr after ₹3,035 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 58% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 58%: the cash cycle stretched 178 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 178 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

KPI Green Energy Ltd's cash conversion cycle runs 356 days in FY26, up from 178 days in FY21. Capital spending ran ₹4,859 Cr over the last 3 years. At FY26 sales of ₹2,696 Cr each day of that cycle holds about ₹7.4 Cr, so roughly ₹2,630 Cr sits inside the business at any moment.

FY26: debtors at 100 days, inventory at 374 days — roughly 12.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 356 days, looser than FY21's 178.

The full loop: cash goes out to suppliers and production on day 0; stock waits 374 days to sell; customers pay about 100 days after that; and suppliers themselves are paid at 118 days — netting out to the 356-day cycle.

In money terms: at FY26 sales of ₹2,696 Cr, each day of the cycle holds about ₹7.4 Cr — so the 356-day loop keeps roughly ₹2,630 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,859 Cr over the last 3 fiscal years against ₹234 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹918 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

KPI Green Energy Ltd earns a ROCE of 14% in FY26. That is up from a trough of 0% in FY12. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 18.9% net margin on 0.27× asset turns.

FY26 ROCE is 14%, recovered from a FY12 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 18.9% net margin × 0.27× asset turns × 3.26× balance-sheet leverage ≈ 16.6% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

KPI Green Energy Ltd carries ₹5,197 Cr of borrowings against ₹3,034 Cr of equity in FY26, a debt-to-equity of 1.71. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹240 Cr to ₹5,197 Cr. Capital spending ran ₹4,859 Cr across the last 3 of those years.

FY26: borrowings of ₹5,197 Cr against equity of ₹3,034 Cr — a debt-to-equity of 1.71. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹240 Cr to ₹5,197 Cr while capital spending ran ₹4,859 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.8 points of KPI Green Energy Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 8.2% of the company. Domestic institutions moved −0.8 points over the same window, to 0.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.8 points over 8 quarters to 8.2%; Domestic institutions: −0.8 points over 8 quarters to 0.7%; Promoters: +0.6 points over 8 quarters to 49.4%.

🚨 Why the register moved: foreign institutions drove it (−1.8 points), alongside domestic institutions (−0.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

KPI Green Energy Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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