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SME Scorecard · KPIGREEN · as of Mar 2026

KPI Green Energy Ltd

Price
₹334.45
+2.34% · as of 07 Oct, 3:30 pm
Market cap
₹6,612 Cr
latest
P / E
14.5
trailing
52-week
272 – 542
low – high
Run the valuation reportFull data page
C
55/100
18 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
83
  1. Revenue CAGR, 3y
    ₹644 Cr (Mar 2023) → ₹2,696 Cr (Mar 2026).
    61.2%
    100
    Good
  2. Profit CAGR, 3y
    Net profit ₹110 Cr (Mar 2023) → ₹509 Cr (Mar 2026).
    66.6%
    100
    Good
  3. Latest quarter revenue YoY
    Jun 2026: ₹694 Cr vs Jun 2025: ₹603 Cr.
    15.1%
    50
    Good
Profitability
weight 25
75
  1. Return on equity
    Top-ratio ROE.
    16.9%
    68
    Good
  2. Return on capital employed
    Top-ratio ROCE.
    13.7%
    55
    Watch
  3. Operating margin
    OPM for Mar 2026.
    36%
    100
    Good
  4. Margin trend
    OPM 32% (Mar 2023) → 36% (Mar 2026).
    +4.0 pp
    75
    Good
Balance sheet
weight 20
23
  1. Debt to equity
    Borrowings ₹5,197 Cr ÷ net worth ₹3,034 Cr (Mar 2026).
    1.7×
    14
    Flag
  2. Interest cover
    (PBT ₹691 Cr + interest ₹182 Cr) ÷ interest, Mar 2026.
    4.8×
    54
    Good
  3. Debt growth vs revenue growth, 3y
    Revenue CAGR 61.2% minus borrowings CAGR 97.4%.
    -36.2 pp
    0
    Flag
Cash conversion
weight 15
40
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹666 Cr ÷ net profit ₹996 Cr, cumulative.
    0.7×
    56
    Watch
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹-2,550 Cr · Mar 2025: ₹-1,264 Cr · Mar 2024: ₹-244 Cr
    0 of 3
    0
    Flag
  3. Debtor days
    As of Mar 2026.
    100 days
    53
    Watch
  4. Accounting flags
    capitalising interest.
    1 flag
    50
    Watch
Governance
weight 15
32
  1. Promoter holding
    Quarter ended Jun 2026.
    49.41%
    74
    Watch
  2. Promoter holding change
    54.83% (Sep 2023) → 49.41% (Jun 2026).
    -5.4 pp
    0
    Flag
  3. Promoter pledge
    "Promoters have pledged 44.7% of their holding."
    44.7%
    11
    Flag
  4. Institutional holding
    FII 8.16% + DII 0.67%, Jun 2026.
    8.83%
    44
    Watch
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against KPI Green Energy: the market pays 14.5× earnings for 61.2% revenue CAGR over 3 years at a 36% operating margin, with promoters holding 49.41%. A 44.7% promoter pledge is the sort of overhang SME investors discount at the IPO table.

Retail02
Two numbers and the flags

Grade C (55/100). ROE 16.9% and debt to equity 1.7× are the two numbers to remember. Watch: Debt to equity 1.7×; Debt growth vs revenue growth -36.2 pp; Promoter holding change -5.4 pp. Price sits 23% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 49.41%, institutions 8.83%, public 41.75% across 3,09,275 shareholders on a ₹6,612 Cr market cap. Leverage and cash items to size for: Debt to equity 1.7×; Debt growth vs revenue growth -36.2 pp; Free-cash-flow-positive years 0 of 3.

Institutional04
Diligence priorities

Diligence priorities: Free-cash-flow-positive years 0 of 3; Promoter holding change -5.4 pp; Promoter pledge 44.7%. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

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The report is based on information obtained from public and other sources believed reliable, but BCAPL makes no representation as to its accuracy or completeness. Opinions, estimates, target prices and projections are as of the report date, rest on stated assumptions, and are subject to change without notice. They are not assurances of returns. Any investment made on the basis of this report is subject to market risk, and there is no recourse to claim losses incurred on such investments. Past performance is not indicative of future results.

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