WinstonWınston
Back
Stock

KPI Green Energy Limited

KPIGREEN.NS
66
Renewable Utilities · Utilities
Price
₹278.75
+2.40 (+0.87%)
Market Cap
₹55.10B
Exchange
National Stock Exchange of India
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Exceptional
Cash Flow
Weak
Stability
Weak
Valuation
Strong
Dividends
Good
Track this stock — start free trial

Share count rising — dilution

+73.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 114.5M (2022) → 198.1M (2026)

§Winston Score History

The full picture

KPI Green Energy is an Indian company that builds and operates solar and wind power plants. It sells clean electricity to businesses and industrial customers who want to reduce their energy costs and carbon footprint. The company is based in Gujarat, India, and has grown into one of the notable independent renewable energy producers in the region.

KPI Green Energy makes money by selling electricity through long-term power purchase agreements and by developing solar and wind projects for captive power users under its "Solarism" brand. It operates primarily in Gujarat, where favorable sun and wind conditions support strong energy generation. The company's growth depends on India's rapidly expanding demand for renewable energy and supportive government policies, but it faces risks from project execution delays, land acquisition challenges, and increasing competition in the Indian renewable energy market.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-18.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

55.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

KPI Green Energy Limited is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
38.1%
Modest — 38.1% gross margin
Profit after running costs
Operating Margin
28.1%
Excellent — 28.1% operating margin
Return on the money invested
ROCE
25.8%
Exceptional — 25.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+40.0%
Fast-growing sales (+40.0% YoY)
Profit growth
EPS YoY
+26.7%
Earnings growing fast (+26.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
59%
Weak — only 59% of profit becomes cash
Spare cash per sale
FCF Margin
-11.0%
Burning cash (-11.0%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
3.77x
Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
12.0x
Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (12.0 → 6.3)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
0.87%
Small dividend — 0.87% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+31.3%
Dividend growing fast (31.3% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial