| Project Capacity | 300 MWWind Energy |
|---|---|
| Market Cap | ₹5,660 CrUtilities Sector |
| P/E Ratio | 12.36xIndustry: 42.9x |
| RSI | 38.45Neutral Zone |
| Order from | SJVN Limited |
| Execution period | 25 years (PPA tenure); power supply within 24 months of effective date |
Key highlights
- Execution of 25-year PPA for 300 MW ISTS-connected wind power capacity
- Fixed tariff set at ₹3.64 per unit for the entire contract duration
- Power supply commencement scheduled within 24 months from the effective date
- Project secured through a competitive bidding process under SJVN WIND-3 initiative
- Strategic alignment with the company's KP 3.0 roadmap to reach 10 GW capacity by FY32
Long-Term Power Supply Agreement with SJVN
KPI Green Energy Limited has successfully executed a Power Purchase Agreement with SJVN Limited for a 300 MW Inter-State Transmission System-connected wind power project. This project was secured through a competitive bidding process and will operate under a long-term PPA with a fixed tariff of ₹3.64 per unit for a period of 25 years. The company is required to commence power supply within 24 months from the effective date of the PPA.
This project is a component of SJVN's 600 MW ISTS-connected Wind Power Projects, specifically the WIND-3 phase, and represents a significant addition to the company's utility-scale wind energy portfolio.
Strategic Role in KP 3.0 Roadmap
The 300 MW wind project strengthens the company's momentum toward its KP 3.0 roadmap, which aims to build 10 GW of owned Independent Power Producer capacity by FY32. This follows a high-growth period for the company, which reported a trailing twelve-month operating revenue of ₹2,786.81 crore and a net profit of ₹457.8 crore. For the quarter ended June 30, 2026, KPI Green recorded operating revenue of ₹693.84 crore and a net profit of ₹85.61 crore.
The company's valuation currently stands at a P/E of 12.36x, compared to the industry average of 42.9x, while the project pipeline was last reported at 5.07 GW as of August 2026.
Wind Power Project Contract Details
- Project Scope: 300 MW ISTS-connected Wind Power Project
- PPA Client: SJVN Limited (Domestic Entity)
- Fixed Tariff: ₹3.64 per unit for 25 years
- Execution Timeline: Supply to begin within 24 months of effective date
- Commercial Model: Long-term fixed tariff for predictable cash flows
- Bidding Type: Secured via competitive bidding process
Strengthening the Utility-Scale Portfolio
The long-term fixed tariff provides predictable and stable cash flows, while the project meaningfully strengthens the Company’s utility-scale wind portfolio and adds strong momentum to the Group’s KP 3.0 roadmap, under which the Company is set to build 10 GW of owned IPP capacity by FY32.
| Date | Announcement | Amount |
|---|---|---|
| 29 Sep 2026 | Turnkey EPC work order from NACOF Oorja Private Limited for a 500 MW / 550 MWp solar PV power project in Bikaner, RajasthanSource: BSE filing | ₹2,025.00 Cr |
| 01 Sep 2026 | Letter of Intent for development of a 33.6/76.6 MW DC wind-solar hybrid power project under Group Captive arrangement in GujaratSource: BSE filing | – |
| 08 May 2026 | Notifications of Award from NTPC Renewable Energy Limited for Balance of System package for 500 MW solar PV projects in Bikaner, RajasthanSource: BSE filing | ₹621.00 Cr |
| 10 Feb 2026 | Service and purchase orders from Adani Group entities for electrical, civil, and allied works for 300 MWac / 405 MWdc solar capacity at Khavda, GujaratSource: BSE filing | – |
| 16 Jan 2026 | Work orders from Adani Green Energy entities for Balance of System supply and onsite services for 534 MW solar projects at Khavda, GujaratSource: business-standard.com | – |
| 02 Dec 2025 | Work order from GSECL for turnkey EPC of 142 MW DC / 110 MW AC floating solar project at Kadana Dam reservoir, GujaratSource: energy.economictimes.indiatimes.com | ₹489.17 Cr |
What to watch next
- Effective date of the PPA to trigger the 24-month commissioning countdown
- Transaction closing for the ₹2,410 crore wind asset acquisition by February 28, 2027
- Updates on the 500 MW solar EPC project progress for NACOF Oorja
- Progress report on the 10 GW group capacity target by FY32
| Share price | ₹286.35 |
|---|---|
| Market capitalisation | ₹5,660.34 Cr |
| Revenue (annual) | ₹2,695.91 Cr |
| Net profit (annual) | ₹476.13 Cr |
| Revenue (latest quarter) | ₹693.84 Cr-12.81% vs previous quarter |
| Net profit (latest quarter) | ₹85.61 Cr-41.07% vs previous quarter |
| P/E (TTM) | 12.36×Sector 21.44× |
| Promoter holding | 49.4%0.00% QoQ |
| FII holding | 7.32%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by KPI Green Energy Limited announcing the execution of a Power Purchase Agreement with SJVN Limited for a 300 MW wind project. Market figures from a third-party data provider.
