Green energy stock jumps after receiving ₹489.17 Cr order for floating solar project

Synopsis: The shares of the green energy company were in focus after the company received an order for the engineering, procurement and construction (EPC) of a 142 MW (DC) / 110 MW (AC) floating solar photovoltaic (FSPV) project.

This energy stock, which develops, builds, owns, manages, and maintains renewable power facilities (solar and wind solar hybrid power projects) as an Independent Power Producer (IPP), was in the spotlight following the announcement of the company bagging the EPC solar project order worth Rs 489.17. 

With the market cap of Rs 8,568 crore, the shares of KPI Green Energy Ltd gave a closing at Rs 434.2 and gained roughly 2.25 per cent from its previous day’s low of Rs 424.65. The shares are trading at a PE of 21.5, whereas its industry PE is 26.9, and the shares have given a return of more than 7,000% over the last 5 years. 

About the order.

KPI Green Energy has bagged a major contract from Gujarat State Electricity Corporation Ltd. (GSECL) to build a 142 MW (DC) / 110 MW (AC) floating solar project at the Kadana Dam reservoir. This is a standout win because it pushes the company into the fast-growing floating solar space, which is seen as the next frontier in renewable energy. The company itself calls this order a “landmark order”, signalling how important it is for their long-term growth.

The project is a complete EPC assignment, meaning KPI Green will handle everything from design and engineering to procurement, construction, installation, and the entire grid-linking setup, including a 33 kV underground line and 33/220 kV bays at the Kadana substation. On top of the execution work, the deal includes a 10-year O&M contract, giving the company a predictable revenue stream even after construction is finished. The project timeline of 18 months provides clear visibility on delivery.

In value terms, the order is worth Rs 489.17 crore, making it one of KPI Green Energy’s significant wins. Beyond the numbers, this contract strengthens the company’s position as a diversified solar EPC player, now active not just in ground-mounted and rooftop solar, but in floating solar too. It also highlights KPI’s growing importance in India’s renewable energy landscape, as it continues to secure high-value projects and deepen its capabilities in next-generation solar technologies. 

Financials and others.

The revenue from sales is Rs 634 crore in Q2 FY26 versus Rs 360 crore in Q2 FY25, which is an increase of about 76 per cent on a YoY basis. Similarly, there has been an increase in net profit of 67 per cent when we compare the Q2 FY25 profit of Rs 70 crore with the Q2 FY26 profit of Rs 117 crore.

The company’s client list shows how widely trusted it has become across both government and industry. It works with major state utilities like GUVNL, DGVCL, MAHAGENCO, and SJVN, and even national institutions such as the Indian Air Force and Coal India, reflecting strong credibility in the public sector. 

At the same time, well-known private players like Tata Motors, Zydus Lifesciences, L&T, Aditya Birla Renewable Energy, and Ayana Renewables rely on the company for their energy and infrastructure needs. With more than 200 other clients as well, the list highlights a company that has built broad relationships and a reputation for dependable execution across multiple industries.

KPI Green Energy Limited is the solar and hybrid power arm of the KP Group and has grown into one of Gujarat’s more prominent renewable energy players. Since its start in 2008, the company has focused on delivering clean and reliable power through a mix of solar and hybrid solutions. What makes KPI Green stand out is that it handles everything—from developing and building power plants to owning, operating, and maintaining them. It serves customers in two ways: by generating power as an Independent Power Producer (IPP) and by supporting businesses that want to produce their own captive power under its ‘Solarism’ brand. This mix allows the company to meet a wide range of energy needs while playing a meaningful role in India’s push toward greener electricity.

Written by Leon Mendonca.

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