KPI Green Energy Ltd Q1 FY27 Results

KPI Green Energy's consolidated PAT came in at ₹94.6 Cr for Q1 FY27, down 15.0% YoY from ₹111.3 Cr and down 39.1% QoQ from Q4FY26's seasonally strong ₹155.5 Cr. Revenue from operations was ₹693.8 Cr, up 15.1% YoY but down 12.8% QoQ. Basic EPS was ₹4.34 versus ₹5.28 a year ago. Standalone PAT was ₹66.6 Cr, down a milder 7.7% YoY — a divergence from the consolidated decline that points to the subsidiaries and SPVs (the IPP/BESS vehicles) absorbing a disproportionate share of the group's rising leverage costs this quarter.

The squeeze sits below the operating line, not on it: operating margin was 35.40%, actually up from 34.12% a year ago, but net profit margin fell to 13.33% from 18.13% YoY and 19.19% QoQ. Finance costs (interest plus lease finance cost) more than doubled YoY to ₹79.7 Cr from ₹38.2 Cr, and depreciation rose 72.7% YoY to ₹50.9 Cr from ₹29.5 Cr, as new IPP capacity was capitalised and levered up (consolidated debt-equity ratio rose to 1.84x from 0.46x a year ago). Management's own press release states total revenue of ₹710 Cr (+16% YoY), EBITDA of ₹262 Cr (+21% YoY), PBT of ₹131 Cr (-12% YoY) and PAT of ₹95 Cr (-14% YoY), attributing the PBT/PAT decline to "global geopolitical headwinds — including volatility in solar module and input-material prices — and elevated depreciation and financing costs"; these figures match the extracted statement almost exactly.

The stock went into the print at ₹352.95, down 12.1% over the past month of trading.

The print is a clear miss against management's own prior guidance: on the Q4FY26 call, management had committed to 40-50% YoY growth fuelled by the CPP order book and a shift toward the higher-margin IPP portfolio. Actual revenue growth of ~15-16% and a YoY PAT decline fall well short of that trajectory, despite the prior call's confident, very-optimistic tone. No quarter-specific Street consensus for Q1FY27 PAT or revenue could be confirmed via search; the brokerage commentary found was FY27 full-year oriented (consensus ~15-20% full-year PAT growth, an 18x-FY27-EPS target of ₹562 on projected EPS of ₹31.2), so vsStreet is marked unknown rather than inferred from an annual figure.