KPI Green Energy Bags ₹2,025 Crore Solar EPC Order from NACOF Oorja for Rajasthan Project

Key numbers

Order Value	₹2,025 CrNew Work Order
Market Cap	₹7,215 CrSmall Cap
P/E Ratio	15.76Sector P/E 24.26
RSI	65.58Neutral Zone
Order from	NACOF Oorja Private Limited
Execution period	12 Months

Key highlights

• Order value of approximately ₹2,025 crore for 500 MW / 550 MWp solar photovoltaic capacity
• Project awarded by NACOF Oorja Private Limited, a subsidiary of NACOF
• Turnkey scope includes design, engineering, procurement, installation, and commissioning
• Completion timeline set for 12 months from the date of project site handover
• Project located at Village Dantoor, Tehsil Khajuwala, District Bikaner, Rajasthan

What Is the Order?

The work order involves the complete turnkey Engineering, Procurement, and Construction (EPC) of a solar photovoltaic project with a capacity of 500 MW AC (550 MWp). Valued at approximately ₹2,025 crore inclusive of taxes, the mandate covers the full lifecycle from design and engineering to testing and commissioning. The comprehensive scope includes civil works, PV modules, mounting structures, and complex electrical infrastructure such as inverters, HT switchgear, and a 33 kV transmission line.

This project is part of a larger 5,000 MW Solar Photovoltaic Power Park being developed in Bikaner, Rajasthan, with a strict 12-month execution window from the date of project site handover.

Client Profile

• The project was awarded by NACOF Oorja Private Limited (NOPL), an Indian domestic entity.
• NOPL operates as a subsidiary of the National Federation of Farmers' Procurement, Processing and Retailing Cooperatives of India Ltd (NACOF).
• NACOF is a multi-state cooperative society focused on developmental projects across agriculture and energy sectors.
• The client is currently developing a massive 5,000 MW solar park at Village Dantoor, Rajasthan.
• The partnership underscores the collaboration between specialist renewable EPC players and government-affiliated cooperative entities.

Business Impact

This contract significantly bolsters KPI Green’s order book, following a previous 500 MW balance of system package from NTPC Renewable Energy in the same region. Securing a full turnkey mandate of this scale demonstrates the company's matured end-to-end EPC capabilities for utility-scale solar installations. With the order value of ₹2,025 crore representing a significant portion of its trailing twelve-month revenue of ₹2,786.81 crore, the project provides substantial revenue visibility for the upcoming fiscal year.

Furthermore, the concentrated project presence in Bikaner enhances operational synergies and local logistical efficiency for the company’s ongoing Rajasthan operations.

Financial Context

• KPI Green reported a TTM net profit of ₹457.8 crore against an operating revenue of ₹2,786.81 crore.
• The company currently trades at a TTM P/E of 15.76, while the broader industry P/E stands at 77.49.
• Annual revenue growth reached 56.2% YoY, reflecting aggressive scaling in the renewable energy sector.
• Promoter holding is at 49.4%, with 44.74% of that stake currently pledged.
• The stock has recorded a 16.15% price increase over the last month, despite a 1-year decline of 18.42%.

KPI Green Energy · financial snapshot

Share price	₹365
Market capitalisation	₹7,215.03 Cr
Revenue (annual)	₹2,695.91 Cr
Net profit (annual)	₹476.13
P/E (TTM)	15.76×Sector 24.26×
Promoter holding	49.4%-0.09% QoQ
FII holding	8.16%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.