KP ENERGY Ltd (BSE: 539686) Q1 2026 Earnings Call dated Aug. 07, 2025
Corporate Participants:
Unidentified Speaker
Siddharth Thakur — Managing Director
Affan Faruk Patel — Director
Shabana Bajari — Chief Financial Officer
Alok Das — Chief Executive Officer
Analysts:
Unidentified Participant
Harsh Patel — Analyst
Sudhir Bheda — Analyst
Shubhankar Gupta — Analyst
Ashish Khurana — Analyst
Rushil Selarka — Analyst
Akhilesh Kumar — Analyst
Deepak Jindal — Analyst
Sunil Kumar — Analyst
Gopinath Chenna — Analyst
Shikha Mehta — Analyst
Darshil Pandya — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to KP Energy Limited Q1FY26 earnings conference call hosted by Share India. As a reminder all participants line will be in listen and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Harsh Patel from Share India. Thank you. And over to you sir.
Harsh Patel — Analyst
Thank you and good evening everyone. On behalf of Share India Securities I welcome you all to Q1FY26 earnings conference call of KP Energy. We are pleased to have with us the management team represented by Mr. Afan Farooq Patel, full time Director, Dr. Alok Das Group CEO Ms. Sabana Bajari, Chief Financial Officer of KP Energy. Mr. Salim Yahoo Group CFO. We will have opening remarks from the management for question and answer session. Thank you. And over to Siddharth. Thank you all.
Siddharth Thakur — Managing Director
Good evening everyone. And I welcome all investors, shareholders, the general public and any representative of KP Group to the first investor call of this financial year. We will be tackling the quarter one results that has. Sorry, sorry about that. So we would be tackling. Sure, yeah. Thank you. You will be tackling the quarter one for the first and you know for anybody who is joining you as well for the existing population. I’ll just give a very small description of KP Energy. KP Energy stands on one of the very few companies which currently offers integrated end to end EPC solutions in the wind segment in India. On the back of India achieving its renewable targets early which was 50% generation through non fossil fuels. KP Energy has been a solid player in driving this renewable expansion within India. We have a very unique advantage of leveraging synergies across group.
Companies work within KP Group to deliver seamless project lifecycle management. Within wind we do entire life cycle of project management from site identification, from holistics, construction, construction integration and the final formation. The vertical integration ensures we have quality, cost efficiency and accelerate timelines. We’re very happy to provide with you an amazing set of results. And now I’ll be handing over the call to Mr. Afanji.
Affan Faruk Patel — Director
Thank you Siddharth. Good evening everyone. It is my privilege to welcome you all. Our esteemed investor analyst stakeholder. The quarterly earning call of Energy Limited. I am Proud to report that we have had a strong start to the fiscal year marked by Robert’s financial performance, strategic growth and continued operational excellence and under the visionary Leadership of our CMD Dr.
Patel sir, we have not only set ambitious goals but have also consistently achieved them. His unwavering belief in finding solutions, sustainability and inclusive growth has led the foundation upon which our success has been built. Media stands well positioned to lead with its integrated technology, a provocant track record of execution and visionary leadership. We remain committed to creating long term value and driving sustainable growth for all stakeholders moving forward. Regarding the financial performance and industry overview, our cfo, Group CFO and Group CEO will be addressing those aspects shortly. Thank you.
Shabana Bajari — Chief Financial Officer
Thank you Afraans Sir Good evening everyone and welcome to the earnings call of KP Energy Limited towards the Q1 of financial year 2026. I’m Shabana Bajari, CFO at KP Energy, joined by the leadership team at KP Groups. Thank you once again for joining us today and we look forward to sharing the insights on financial performance, key milestones and the future outlook for the upcoming quarter. KP Energy is a prominent balance of plant solution provider in renewable energy industry engaged from concept to commissioning of wind energy and wind solar hybrid power projects in India. Leveraging its capabilities in site planning, infrastructure execution and grid integration, the company significantly contributes to nation’s clean energy momentum.
India today stands at a crucial juncture in its energy journey with over 190 gigawatt of renewable energy capacity already installed. We have made commendable progress especially in solar energy. Yet the road ahead remains ambitious. Our 2030 target of 500 gigawatt in India from non fossil fuel sources we were achieved at nearly 38% with solar at 81 gigawatt while weighing at 47 gigawatt both representing just about 1/3 of the respective target. In the last fiscal alone, India added over 15 gigawatts of renewable energy capacity. In the nation’s accelerating momentum, with policy support could green corridors and a growing appetite for hybrid and open access solutions, we are not just catching up, we are evolving.
India’s clean energy ambition is bold and every milestone we cross isn’t just a number, it’s a step towards energy independence and sustainability. With energy being a catalyst in this journey, transforming potential into power and projects into progress. We are pleased to share company has maintained a strong financial performance for Q1FY 2526. Year on year growth reflects consistent execution, operational improvement and ongoing activity in the renewable energy sector. These results point to the steady progress of our strategic direction and the inherent strength of our business model. Let me now take you through the financial highlights of the recently released Q1FY25 26 results as uploaded this quarter KP Energy has witnessed numerous peak performances across key metrics.
Over all the Q1 results until now, the company has reported total revenue on a consolidated basis for the first quarter of FY26 at rupees 220.6 crores as against that at rupees 135.2 crores during the first quarter of FY25 thereby reporting an increase of 63%, this being the highest ever quarterly revenue on a total consolidated basis across all Q1s of KP Energy. The consolidated EBITDA for the first quarter of FY26 stood at rupees 49.6 crores representing a 63% year over year increase in comparison to the first quarter of FY25 which stood at crore this also being the highest ever Q1 number reflecting the persistent growth on operational efficiencies.
The profit before tax for the first quarter of FY26 stood at rupees 34 point as compared to rupees 1 crore in the first quarter of the previous year reflecting an increase of 50%. The profit tax for the first quarter of FY26 was reported at rupees 25.4 crores compared to rupees 18.2 crore in the first quarter of the previous year reflecting a growth narrative of 40% due to higher capacity utilization and steady revenue growth reflecting the company’s ongoing focus on creating values for the shareholders. The basic EPS during Q1FY26 so that 3 rupees 81 paise as compared to 2 rupees 73 paise in the Q1 of the previous year reflecting a 39%.
Our current order book stands at about 2.22 gigawatt inching us closer to the ambitious target of 10 gigawatt on the group level. This has given us a competitive edge in renewables and aligned us with the long term industry growth trajectory. Our consolidated IPP portfolio now stands at about 48.5 megawatt including a combination of both wind and solar projects. The quarterly unit generation during the financial year 26 Q1 rose to 2.65 crores from 0.98 crores during the first quarter of FY25. The O& M segment remains a cornerstone of a value proposition enabling sustained performance and reliability across our renewable energy platforms, with a portfolio now exceeding 595 megawatts we offer end to end support including preventive care, data driven diagnostics and efficiency enhancements focused on the balance of plant components.
On behalf of the entire KP Energy and KP Group, extend my sincere gratitude to our investors, partners and stakeholders for their continued trust and unwavering support in our journey. I would now open the forum for question and answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Please note, participants are Requested to limit 2 questions per participant and come back in the queue for a follow up. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sudhir Beda from Beda family office.
Please go ahead.
Sudhir Bheda
Yeah. Good afternoon sir. And Congress to all KP Group for good reason. Good Q1. So congratulations.
Shabana Bajari
Thank you. Thank you sir.
Sudhir Bheda
Madam, my question is the way first. Quarter has turned out. I think will it be possible to you know meet the guidance which you. Have been giving last year also for. The year 2526 of like good jump. In the profitability and turnover. So what’s your take in the current year FY26 guidance as far as revenue. And EBITDA is concerned.
Shabana Bajari
Sir, before I jump to the guidance I would like to emphasize that with the turnover 221 crores in the Q1 this year we are in comparison to 135 crores in the earlier year at 63% of the growth and with 2.2 gigawatt of orders already on hand which constitutes roughly about 3000 plus crores of order book in terms of value I am definitely very confident that we will be crossing all the committed thresholds.
Sudhir Bheda
Great. So madam, any reason of the kind of tunnel which you have club so early monsoon or early onset of monsoon or some climatic conditions. Is that a reason for having a. This.
Shabana Bajari
Okay. I would like to give you a brief insight that each contract and each shaft that has been awarded to us have a different kind of a composition. So yes, there are. The season factor definitely plays a role in execution. And. And this time with almost a month earlier the monsoon has arrived a month earlier. So yes, this has been one of the factors. But more so I think there are activities which are well planned and they have been taken care of. And if you Compare all the Q1s over a period of so many Years you will be observing a similar trend in terms of KP energy.
Sudhir Bheda
Great. And last question. IPP. 48 gigawatt megawatt is all energized. Entire 48 mil hour.
Shabana Bajari
Yes, sir. It is commissioned. That is up and running.
Sudhir Bheda
Okay, great. All the best. And thanks for the opportunity.
Shabana Bajari
Thank you, sir.
operator
Thank you. The next question is from the line of Shubhankar Gupta from Equity Capital. Please go ahead.
Shubhankar Gupta
I am audible.
operator
Yes, sir.
Shabana Bajari
Yes, Shubankar, you are.
Shubhankar Gupta
Yeah, got it. So I just want two questions. First question is in the 2.2 gigawatts of order book which is roughly 3000 crores of orders in revenue. Is this on the group level or is this only for kpel?
Shabana Bajari
This is only for KP Energy.
Shubhankar Gupta
Got it. And what is the timeline for execution with regards to KPEL on this order book?
Shabana Bajari
So, okay, so there are different orders having different timelines. And accordingly there are certain orders which get completed in September 25th. There are orders which prolong up to even December. And there are some which have the timeline beyond the current financial year as well. As you’re aware, typically how a wind project works is that, you know, we identify the resource, we identified the land, there is a site preparation going on. Then the infrastructure, I mean the line and the grid infrastructure is being set up that is being identified and subsequently the actual execution on the site begins.
So if you span the project roughly the cycle, average cycle of a project will be somewhere between 12, 18 or 24 months depending upon the size of the project.
Shubhankar Gupta
Got it, ma’. Am. Actually I’m a bit confused. Is this 2.2 order book only on the IPP or is it a blend of both? IPV must be on IPP and ONM. But what is the. Like the part there between. 2 gigawatts in KP Energy is our EPC contract. Got it.
Shabana Bajari
There’s. There’s no IPP element of KP Energy in this.
Shubhankar Gupta
Okay, got it. So, ma’, am, the. The second question was on the revenue bit itself. So you’ve mentioned in the presentation that revenue was 220 for this quarter. There was no split mention between IPP and OM within that also. So I want to understand that one. And within what were the. If there’s a split, then what were the margins between the IPV projects and the ONM or the EPC projects?
Shabana Bajari
Okay, so typically as always, our EPC segment has always been heavier. And we have been. I mean the moment the split on the revenue has been ranging from 95 to 98% this quarter, we are standing at 95% on the EPC sector. The power has been from 3 to 5%. We are standing at 5% in this quarter and O and M is currently at 1%. Now what is happening?
Shubhankar Gupta
What was the second, second segment I didn’t understand. You said 95 was EPC. Second was.
Shabana Bajari
Second was power sale. That is the income from IPP segment which is at 5%.
Shubhankar Gupta
Okay, okay, got it. Yeah. And you were saying what, what is happening now is.
Shabana Bajari
Yeah. In. In fact it’s not happening now. It has been a practice that typically when we undertake an EPC we also give a free O and M period and in this free OM period which lasts between one to two years and that is the reason where we are expecting the turnover to grow from this 1% to a higher percentage in the coming years.
Shubhankar Gupta
Okay, okay, got it. No, that’s best understood.
Shabana Bajari
You also had asked upon the gross margins on the project, I mean.
Shubhankar Gupta
Yeah, yeah. Correct.
Shabana Bajari
Yeah. So typically an EPC contract would have gross margins of about 15 to 18 and in case of power sale the margins would be around 60, 75%.
Shubhankar Gupta
Okay, got it.
operator
Thank you. The next question is from the line of Ashish Khurana from A and K Capitals. Please go ahead.
Ashish Khurana
Firstly, my compliments to the management on us. But it’s I think a fantastic result year on year revenue growth, margin expansion. Very heartening to see. So ma’, am.
Shabana Bajari
Thank you.
Ashish Khurana
Sure, ma’. Am. So my question was on the 30 megawatt IPP that we did for Guvnl. So in the past calls, some of the participants have pointed out about written capital ratios and how, I mean it is pretty similar to the cost of capital which also includes debt. So I don’t want to get into all that discussion again. But what I wanted to understand was that apart from two benefits that you had cited on those calls which was a PSS basis measurement and a steady cash flow for 25 years, were there any other benefits on say taxation or depreciation side like an accelerated depreciation which can help us improve cash flows and pay tax, pay our debt faster.
I mean management did that knowing everything in advance in terms of return on capital ratios. So what were the prime reasons for this so far?
Shabana Bajari
Is the 30 megawatt projects are concerned. The 30 megawatt project is concerned. The prime reason, the first and the foremost reason of course is to have our own asset, number one. Number two is higher EBITDA margins as I already explained. Number three is that while we are already making a good amount of margin on the CPP project, we can definitely use the depreciation benefit from income tax perspective and save some of the taxes on the total profits that we earn, thereby having a positive cash flow. And this particular project would give us a chance, a fair chance to explore our own potential in terms of power sales.
Ashish Khurana
Okay. Okay, understood. And for the next 50 megawatts that we plan to do this financial year or next financial year. So are we again looking for long term government contracts or would you know, we targeting midterm agreements with private players just to get a sense on per unit realization?
Shabana Bajari
Rough sense if you have Ashish, both the options are open to us. Like when you talk about government contracts while the PPA amount, I mean the rate of PPA is slightly lower in terms of government contracts in comparison to the private players. But then the quick payment and of course the reliance on the government agencies is much higher compared to yes, we do get a little bit extra when we do a third party agreement. So it’s a kind of a balanced situation and we will definitely plan looking into consideration the options available at that point of time.
Ashish Khurana
Okay. Okay, coming to the ETC side. So we have discussed in the last call how a significant portion of the bid pipeline is linked to CTU connectivity. So just from my understanding from a layman’s perspective. So do the CTU approvals we already have or probably will get in the future enable us to get EPC projects from other states so that you know, we can use our land banks in Gujarat to set up these projects and then use CTU for evacuation? Is this the benefit?
Shabana Bajari
Okay, so first of all I would like to slightly clarify that there is a small differentiation when it comes to wind projects. So there are the land parcels are to be sought only at the places where the wind resources available, number one. So you know. Yes, CTU connectivity and the availability of wind resource both play a very important role into this segment. I will request Dr. Das to please highlight a bit on the CPU connectivity side.
Alok Das
Yeah, I will just tell basically that whatever CPU connectivity is available pan India basis based on your CTUAL connectivity through the PGCIL and based on the availability resource and also you can create a project estate and you can sell this power to anywhere in the country as per the norms available. So generally today whatever the CTUAL project is coming because of the scarcity of resources and also today there is a terms called the round the clock operations and also wind and solar and base that compatibility for the round the clock operations. So typically all these IPP investors they are today looking for wind Wind dominant states like Karnataka, Gujarat, Tamil Nadu or AP and solar dominated places like in Rajasthan or Gujarat.
And they take this power to out of the states like state like Odisha and other places where the lot of you know, consumption centers for the epicenter of the consumption. So that is why this type of project is going on through the resource availability in the country.
Ashish Khurana
Perfectly clear. Lastly ma’, am, I had a few bookkeeping questions but I’ll probably send them offline through an email so as to not waste everyone’s time. Is that okay?
Shabana Bajari
That’s fine. Ashish, thank you.
Ashish Khurana
Thank you so much. Thank you. Dr. Das, all the best.
Shabana Bajari
Thanks.
operator
Thank you. The next question is from the line of Rushil Silakka from Pink Wealth Management. Please go ahead.
Rushil Selarka
Yeah, hello.
Shabana Bajari
Yeah Rushell, we can hear you.
Rushil Selarka
Yeah. Congratulations for the great sets of number, ma’. Am.
Shabana Bajari
Thank you.
Rushil Selarka
My question is that in this quarter we have already energized 48.5 megawatt. So can you just tell it what is the peak unit we can generate with a PLF of 35 to 40%. You know which we get it and what is the average realization rate per unit?
Shabana Bajari
Okay, 48.5 is not, has not been energized in this particular quarter. So 48.5 constitutes of 37 megawatt of wind project and 11.5 of solar. So the entire 48.5 is a combination of both wind and solar number one. Number two, the. I mean the energization of the entire 48.5 was done in a phased manner. We started initially with 8.4 and then later on we went ahead with a 10 megawatt of solar. Subsequently 1.5 megawatt of solar and then 28.7 megawatt of wind. So the plants are having different compositions. Solar PLM, we can say it ranges between 20 to 23% depending upon whether it is on fix tilt or it is on tracker.
And the wind is also ranging between 35 to 37 depending upon which particular location it has been situated on. So this is the PLS that we get.
Rushil Selarka
Okay. And ma’, am, till now how. How much is being energized after this 48.5 megawatt. Let’s say after this 11.5 how much has been energized solar and how much of this 37 megawatt of wind has been energized today? It’s, I mean it’s operational.
Shabana Bajari
Entire 48.5 is operational. The last energization happened in Q4 of the previous financial year where the 28.7 got energized in the last quarter of the previous financial year.
Rushil Selarka
So ma’, am, what will be the average realization per unit? If we have to see that.
Shabana Bajari
So average realization would be around 7 to 8 rupees per unit in terms of solar on a gross basis and on you know on wind it would be roughly around 6.5 to 7 on gross basis.
Rushil Selarka
Okay. And in net basis if we can just give a ballpark number.
Shabana Bajari
So about five to five and a half on a net basis in terms of solar and about four and a half to five on the wind basis excluding the G O NL contract.
Rushil Selarka
Okay. And that you contract was I guess it was around 3 rupees. Right?
Shabana Bajari
To rupees 43 paisa.
Rushil Selarka
Okay, 2 rupees 43 pace.
Shabana Bajari
But the effective rate I would just like to elaborate a bit here. So when you talk about 2 rupees 43 paisa per unit the effective rate is slightly better. The reason being that there are several transmission charges and costs which are not considered in this particular that is being borne by GONL on the other side. So whereas which is typically being born by us on the third party PPA side. So the effective rate would be higher than 2.43.
Rushil Selarka
Okay, got it ma’. Am. And ma’, am, I just went to the presentation about the offshore when which is looking a great opportunity. So just wanted to understand, you know if we, if we get into those projects so will the margin will be higher and is there like, you know only few company poses such technical capabilities to do such projects.
Alok Das
For this offshore initiatives. It is very, very nascent stage in India today. So whatever the first that offshore policy declared 2015 and now we are talking about the implementations of 1 gigawatt that is segmentized into two states like Gujarat and Tamil Nadu. And they have come out with a study for the research study recently they have declared for 500 megawatt Gujarat and 500 megawatt Tamil Nadu. So now there are, you know some documents and policy and prebid decisions are going on. So they will declare to in my opinion so to see the day of this these offshore initiatives will come after five years from today and we are in the planning stage how to accommodate ourselves for this year.
Offshore initiatives like be it in the BOP or in a supply chain or some sort of other activity on the planning like all other people are doing. So obviously there should be some bidding process where we’ll be participating. And now for the commercial the tariff today, you know, whatever the reverse auction is going on today Onshore they are stabilized at three and half rupees. But based on this offshore the ability with the VGF the minimum tariff is is required over 10 or 15 rupees a unit. Obviously houses government of India and state regulations are coming.
That is under your discussion. So if the tariff is coming and have that venture survival obviously the cap will be entered to that field. So today all are on the decision stage.
Rushil Selarka
Okay, sir. And sir, are we looking any for expansion for further expansion into IPP project under wind?
Alok Das
Yeah, basically IPP is the segment where there is a lot of demands now if you see that today that whatever the you know countries demand. So that is a segment that every state is coming under SKU and if it is coming under all over India requirement to ipt. So as a company you know that we have already ventured into pre posted demo you and we are in the resource creation mode. So obviously we are interested to participate in the IPP segment features.
Shabana Bajari
I would also like to elaborate slightly over here that IPP as you know it’s a capital intensive investment. So we will definitely try to balance both the capex and also try to take the advantage of depreciation in this.
Rushil Selarka
And ma’, am, you just in the previous participant you mentioned it about it was a EBITDA margin or a gross margin in EPC 15 to 18% and IPP 65 to 75%. It was a EBITDA margin or a gross margin. Gross margin. Okay, and what will be the EBITDA margin then?
Shabana Bajari
It will be roughly 1 or 2% plus minus but the more or less the same because we hardly have anything which falls between the EBITDA and gross in terms of EPC contract.
Rushil Selarka
Okay, and IPP Ma’, am, it will be. It will be same In IPP also 1 or 2% here and there.
Shabana Bajari
IPP? Yeah, because IPP if you look at the cost of the ipp you know there are only the O and M and the admin costs are the cost which are the cost of the IPP and some transmission charges. Beyond that we do not have any cost in the IPP segment.
Rushil Selarka
Okay. Okay, got it. Ma’. Am. Thank you. Thank you so much.
Shabana Bajari
Welcome.
operator
Thank you. Participants are requested to limit to 2 question per participant and come back in the queue for a follow up. The next question is from the line of Akhilesh Kumar, an individual investor. Please go ahead.
Akhilesh Kumar
Okay. I wanted to know about the big CPP project. We had got long back NTPC renewal and iamzel was the two entity which gave us that 462 or something 464 megawatt. Are we progressing very well or we are still behind schedule.
Shabana Bajari
Okay Akhilesh, thank you for your question. The NTPC project has been going on as per the time schedule and we have been doing it very well. And also that there have been. There has been a value addition in terms of the contract value. It has also been upped and because of the change in the kind of turbine that they have opted. And yes, it is on track.
Akhilesh Kumar
How much percentage wise if you can give any idea.
Shabana Bajari
So both if you see it was not just ntpc, it was Indian oil as well together in that same phase. So we had ingen and NTPC put together and the value addition to it is approximately 15 crores.
Akhilesh Kumar
Okay. Okay, got it. So we are very near to completion in this financial year.
Shabana Bajari
Yes, it is expected to be completed in this financial year.
Akhilesh Kumar
Okay, I have one more question regarding like our margins I have been following and being a whole shareholder for a long time. Our margins are always like say we are majorly in wind sector and compared to solar we are having very less competitions and you say entry barriers are very high and we are in a unique position. So logically we should be commanding little better margin than solar pairs. But still we are lagging that and we are far behind in the like. Say even if you compare our group company KPI they are this scale also they are having 32%, let’s say margins but we are still at 18, 20%.
What differentiates you?
Shabana Bajari
Okay, so firstly I would like to give a highlight about the product mix of the solar based KPI green and also the wind based KP energy. So while they have about 12 to 13% of IPP and balance on CPP we have only 5% of IPP revenue and the entire 95% is EPC based. Number one, that is the first reason why there is a change in the overall profitability. Number two is that the solar execution is a time bound activity and a faster activity. Whereas if you look at the number of activities which are a part of a wind execution in terms of the permissions, the license and also the overall from concept to commissioning, what we talk about, the number of activities are much higher and that is the reason why the site mobilization normally takes a longer period compared to solar.
So in such a scenario this is the margin which has been prevalent at par across the industry. And I am rather sure that we are doing it much better than the other competitors who are in this industry.
Akhilesh Kumar
But as you communicated earlier, we are very means not many Players there in gym epc. Right.
Shabana Bajari
The nature of the industry is such. Akhilesh. The nature of the industry is such that the overall scenario. So as I said that solar can be executed at any, any location pan India more or less the radiation levels are same but that does not happen in case of wind. Wind has to be executed only at locations where the wind resources are available. And that is the reason why there is too much of concentration by many, you know, many people in that particular location. So even if the players are few and if you talk about say commissioning of 10 turbines and say 30 megawatt of plants so you will have those 10 turbines more or less in and around a few epicenters of the resource.
And in such a situation it is driven by the market price at that point of time. And that is the reason the nature of the industry puts us in such a frame of margin.
Akhilesh Kumar
So going back that trend what percentage we have IPP is still 5%. So our margin profile will still remain in this range itself. Right. We are not going to catch up around 30.
Shabana Bajari
So we are see we are trying to enhance our IPP portfolio. But as I said it’s a capital intensive project and we need to balance our balance sheet as well as our CAPEX requirements and accordingly we need to plan the ipp. So over the period of time we do foresee that we will enhance the percentage of the IPP segment and we also foresee a surge in the O and M activity as well. So we do envisage there will be an upward movement in terms of overall in coming period of time.
Akhilesh Kumar
One last thing. Yesterday called Paru Patel sir was there and he was talking about that KP Energy also we are expecting huge orders to are they coming in this quarter itself Any hint on that?
Shabana Bajari
I understand Dr. Patel also specified that in September we will be expecting the orders to come. He was already, it was already mentioned in his interview.
Alok Das
Yeah, yeah, yeah, yeah. That is what what just our CMD has told. We are in the line of that directions only and that whatever IPP projects we are targeted what he told Dr. Patel told and we’re in that same path and we’re expecting the same way.
Akhilesh Kumar
Okay, that is very good news. And one last thing on the PPT contest today I talked on the KPI as well. You have given the our 2030ambitious target of 10 gigawatt. Why don’t you can also give the target for our KP Energy as well. Because you have in the group level maybe dozens of company listed unlisted. So it doesn’t make any sense for a shareholder like to what it means to KPM as well.
Alok Das
You see, I will just tell the answer for that at the group level. As of today we have a capacity of 5.9 gigawatt. So what our Dr. Farukh particular suggested 10 gigawatt as a our visions for as a group level. So that is what KPI and KPI, the KP energy all together we met a group target of 10 gigawatt the KP energy.
Akhilesh Kumar
We don’t have any target separately.
Alok Das
No, we don’t, you know, segmentize as a group level. Because some of you know something like hybridization we are doing on the KPI and if it is a purely in wind and other things. So. So this will come on the kpe. So obviously group level we should put our strike to that directions only. Then what is your group level directions?
Shabana Bajari
Also like when we are looking at the target set by India at 500 gigawatt since it comprises of several segments in the renewable sector here also we do not want to stick to one particular industry or one particular segment of solar or wind separately. And that is the reason why the entire target has been taken on a group basis.
Akhilesh Kumar
Got it. But it is a company wise presentation, right? So not a group wise presentation for shareholders.
Shabana Bajari
You mentioned Akhilesh, you mentioned in some group basis. You mentioned in the presentation itself.
Akhilesh Kumar
Okay, but KP NIV is not mentioned like for what we have. Anyway, that’s not a big deal. Thanks a lot for doing good work. That’s it for my.
Shabana Bajari
Thank you.
operator
Thank you. The next question is from the line of Deepak Jindal from an individual investor. Please go ahead.
Deepak Jindal
Hello. Am I audible?
Shabana Bajari
Yes, Deepak, you are audible.
Deepak Jindal
Yeah. First of all, congratulations team for a good set of numbers. Many congratulations, ma’. Am. My question is around the order bills, only the new incoming orders. When we see that, you know, we can expect some big orders at KP Energy by end of let’s say this quarter, maybe September. End. Any particular color on these orders? Wind. I mean, you know what defines a big order for KP Energy? Will it be more than let’s say 300, 400 megawatt Canson order and any maybe color on the nature of these orders?
Alok Das
There are some multiple discussions are going on because you know that we are the basic contractor. We have got land and tea resources and all. There are multiple discussions going on and mostly it is coming on the hybridization or you know, wind and all. So whatever we are talking multiple some projects is under. Under the inactive decision. So Obviously, what is the target line? We have fit and we are optimistic that we can meet to the target and something will come and we’ll let you know the appropriate time about the closer of the contract.
Deepak Jindal
Sure. But we are kind of confident that, you know, these orders will be coming by September. And I mean, that’s a timeline that Dr. Faruk Patel had mentioned in the interview as well, right?
Alok Das
Yeah, we are just working that direction only.
Deepak Jindal
Okay. Another question was from the pipeline as well, a bit about the color on the demand and the supply, especially on the wind side. Do we still see that, you know, the demand is extremely high and the supply is limited so everyone will get a fair share of the pipe being.
Alok Das
It like this demand is really tremendously high. You know why it is high? Because today, whatever we have completed at the country level, it is 230 gigawatt, another 270 gigawatt, that emulate to 500 gigawatts. So far here there’s a requirement demand cycle is over 40 gigawatt. So on this 40 gigawatt, the main whatever the demand is coming for the creation of land and pe, which is a class of the story for the all kind of project. And where is the kp? We are in the spree of your creation, the resources and all to meet that demand.
So we are very, very correct positions of ourselves that we are creating a continuous research creations another thing. And we’re optimistic we can make that and demand. There is no, you know, lesser demand than whatever is going on in the future.
Deepak Jindal
Got it. That’s comforting. Sir, one last bookkeeping question from my side. Maybe to Ms. Shamana. Ma’, am, actually in the last quarter of the financial year, the last financial year, same quarter we had some other income around 8cr. Right. Just wanted to understand the nature of this other income because this particular quarter we had only reported one cr. So this is bit lumpy. Just wanted to understand how would the other income be generated in this financial year in comparison to the last financial year?
Shabana Bajari
Yeah. So Deepak, last financial year we had some small insurance claim and that had materialized at that point of time. And that is the reason why the other income was slightly higher as compared to the normal trend that we observe.
Deepak Jindal
Okay, so any rough idea, ma’? Am? I mean, you know, maybe what can be a sustainable other income? Because it’s kind of not fluctuating a lot. That’s why I’m asking will we expect a decent other income maybe in a ballpark range, if you may give for this financial year?
Shabana Bajari
Yeah, on a quarter to quarter basis you can expect about 1.1.10 crores roughly on quarterly basis. Sorry, I didn’t get normalized 1 crore to 1.1 crore.
Deepak Jindal
Okay, 1 to 1 point. So maybe around 4 to 5 cr on a financial year.
Shabana Bajari
Yeah, yeah, got it.
Deepak Jindal
Wish you all the very best, man.
Shabana Bajari
Thank you Deepa.
operator
Thank you. The next question is from the line of Sunil Kumar, an individual investor. Please go ahead.
Sunil Kumar
Hello. Am I audible?
Shabana Bajari
Yes Sunil, your audible.
Sunil Kumar
Thank you. Congratulations on a great set on this additional quarter. Ma’, am, my question is to you. Going back to your first phone call in September 2024. At that time the order book was 2 gigawatts. The order book value was 3350 crores. Right. And ever since. And then at that point in time we said that we should be able to execute this order book in the 15 to 18 months. So give or take, excluding the September 2024, they have already done nine months. They have done close to about 800 or 825 odd crores if I include those 18 months from September 2024.
Basically it’s May 2026. So are we saying that in the next nine months we should be able to do a Delta 2,500 crores of order? We will book those orders of 2,500 crores in the next nine months. Because that is what we have said in September 2024 when we started, when we had this first con form. That’s my first question. Second question is on the target IPP portfolio when you said okay, we are looking at 100 megawatts, 50 megawatts which we’ve already energized. 48.5, 49.5. We already energized the remaining 50. We will look into FY26 and whether this 50 would be either wind or solar or a combination could be decided.
And is there a plan in terms of the remaining 50 megawatt to be done by this FY26 or where we are. And the last one is on the KPI Green order which we had as a part of a 2 gigawatt portfolio in September 24th. How much has been executed and where do we stand with respect to completing that order?
Shabana Bajari
Okay, thank you Sunil for all the questions that you’ve asked. So first I’ll address your first question where you wanted to have a visibility of the execution. So yes, as I told before as well that the entire tenure of a particular contract ranges between 1218 to 24 months depending upon what is the scope and what all is covered. And while we look forward to execute at a faster pace, and that is the reason why we have when we committed in September 24th regarding the completion by the end of, you know, one and a half to two years, what is more important is that that is what we are looking at for our internal target.
However, when you look from the contractual perspective and when you look from our client perspective, our overall timelines are larger. I mean, when you look at contracts, you know, they have a timeline up to October 26, whereas we are envisaging and we are looking forward to complete it by, you know, March or even May 26th for that matter. So we do not want to set our goals low. We want to set our goals and we want to work hard to achieve them. So that is the reason why you might be observing some kind of a variance in terms of what our expectations are and how the contractual requirements are.
Number one. Number two, coming to your question on the IPP segment this quarter, we may look for 20 to be added in the coming months. Not maybe this quarter, but in the coming months for that out of the 50 megawatt, which we have a target. And in such a scenario, yes, there is a possibility that we may have a larger contribution from the IPP side. The third question, if I remember, was from the KPI perspective, where you were looking at how much have we completed in that? So here I would like to tell you that 70 out of the first phase.
One second, just give me a moment, I’ll tell you the number. So about 92 megawatt on DC capacity have already been installed by us for the KPI order. So that comprises of wind and solar components, 75.2 of DC capacity of solar component and 16.95 of wind component put together.
Sunil Kumar
So out of 1 gigawatt, we have so far done about 100 megawatts. Is it what I take.
Shabana Bajari
Out of. So when you talk at 1 gigawatt, yes, there are other orders which are still under execution, but out of that, this much has already been inserted by us.
Sunil Kumar
Okay, and then one last question. When you talk about the order book, it is the unexecuted order book, right?
Shabana Bajari
Yes. So 2.2, what you’re seeing in terms of giga, what is the unexecuted order book? Right.
Sunil Kumar
And so between last September and this zoom. Right, this quarter. So last September it was 2 GW unexecuted order book this September, this June of July or August. Right. It is 2.2 gigawatt. So it is not the net Addition, I understand that some of the orders would have been complete. So if you can give us a picture in terms of what how much of order has been executed in the last one or two quarters. Maybe because I just comparing to. Because how the journey has been.
Shabana Bajari
Yeah. So I would like to specify that there are two aspects. We spoke this, I think in earlier conversations as well. When you talk about the execution in terms of capacity. So the energization or the installation constitutes only when the entire, you know, energization as for the term missions of the statutory authority gets completed. Whereas you talk about the value of. The order. Are achieved, you know, stage by stage. So here it would not be appropriate to match the order book in terms of value together with the order book in terms of gigawatt. So yes, off late. We have installed, as I told you about 92 megawatt for KPI. We have completed 23.1 megawatt Kadisia Villa. That is since last two quarters. We have completed the. And also a small portion for a KPI, another client as well. So put together. Yes, we have achieved about. You know, I’m not sure about the number, but it is there in the presentation.
If you can have a look at that and it will be. You will be able to find out how much megawatt has already been commissioned in terms of these capacity.
Sunil Kumar
And for this, 20 megawatts of IPP, right? Are you trying to raise debt or equity or dilute equity? Is there what is in plan, ma’? Am? Or it is like internal?
Shabana Bajari
We are trying from internal approvals. We are planning from internal.
Sunil Kumar
Thank you so much, ma’. Am. All the very best. Looking forward to a lot more success with kpn.
Shabana Bajari
Thank you.
Sunil Kumar
Thank you so much.
Shabana Bajari
Thank you so much. Sunil. Thank you.
operator
Thank you. The next question is from the line of Gopinath Jina from CDK Global. Please go ahead.
Gopinath Chenna
Yeah, I’m audible.
Shabana Bajari
Yes, Kopinathi, you are audible.
Gopinath Chenna
Yeah. Congratulations for great success. Members. I have one question. So you said there is an unexpected outlook in that. What is the order from API and what is the order from Non?
Shabana Bajari
So about just a minute. If you allow me a moment. About 1.3 gigawatts is from KPI and the balance is from other entities.
Gopinath Chenna
Okay, so is there any new orders we received during this quarter or last quarter?
Shabana Bajari
So as we spoke earlier, as well that there are lots of orders in the as already announced by honorable cmb. We are expecting order inflow by quarter two. And that is what we are looking at. Okay, thanks.
Gopinath Chenna
Thank You Congratulations. All the best.
Shabana Bajari
Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Shikha Mehta from Time and Tide Advisors. Please go ahead.
Shikha Mehta
Good evening. Congratulations on a great set of numbers. I just had a few questions. So I understand we said that we’re expecting all the machine to happen from September but what is our bid pipeline currently in you know what standing value term? Okay, so as I told you that roughly we have a 3 gigawattca bit pipeline. We keep on, I mean you know, looking for opportunities and you know, avenues which are open. As Dr. Das already pointed out that the market is super booming and as you already know that the project typically is a project even for our clients.
And there is a reason why this normal gestation period of converting the bid pipeline into order book is what normally takes time. So I think Dr. Das would elaborate more on what is our order bid pipeline.
Alok Das
See the. Now this whatever the changing process is happening today mostly in the solar base and all conditions and Pan India it is coming in a gigawatt scale bidding and we have targeted in the under participation of the bid it will take its own, you know, meeting and process and also we have already target to that kind of things and I have already told that guidance that we are targeting for you know, participating the beat in for the future projects.
Shikha Mehta
Understood, Understood. And you know I understand that we have a very scarce competition. Most of them are smaller regional players. But if you could name someone who’s our closest competitor it would be really helpful.
Alok Das
My competitors. You see there are, there are so many competitors today. If you see that, you know there are so many competitors there.
Shabana Bajari
But I understand what sets us apart is the scale and the execution capability that we have. Right. And if you could just help me understand.
Shikha Mehta
Yeah, so from the exhibition capability we have a three decade experience. We are almost more than 500 windmill across.
Alok Das
So if you see very few players, see we are one of the player.
Shikha Mehta
Who has capability of solar as well as windows. So solar and wind if you look at other players like selling it only has a solar or if you look at Suzanne they only have wind.
Alok Das
So we are a hybrid player also along with you know, wind.
Shikha Mehta
So that’s the reason, you know if you look at Apple to Apple comparison you’ll find very rarely any competitor. But at the largest scale there will.
Alok Das
Be two individual segment or something like only wind, only solar. There will be a lot of competence.
Shikha Mehta
That’s what.
Alok Das
Dr. No, I just to add it here basically what happened now today if the market today maximum people are in the OEM kind of nature. So they did the supply of the equipment and BoP expertise is very scarce today in India. So whereby KP is coming, we have got the expertise for the balance of plan development and execution of the project. In that consideration and parameters we stand very, very remarkable position in India.
Shabana Bajari
I would like to add one more thing is that if you would go through a presentation and see the business model you will find that right from the wra that is the wind resource analysis, right from the conceptualization of a wind farm until the grid connectivity and the infrastructure whereby the power eventually gets energized and evacuated. The entire set of of activities under one EPC contractor is something which is not very easily found. So while you will have people who will come and say oh we have connectivity or we can find the land parcel but execution, you need to get it done through somebody else, then that becomes a challenge.
Whereas for us we also have two large cranes within our group entity and that is where we have ease of operations, where we need to speak about the logistics. And recently if you go through, you know, I mean even overall it has been recognized that the EPC players, you know, they are very catch and that is the reason why the wind energy projects have slowed down in terms of economy at the moment. Whereas in terms of we, we stand in a very beneficial position. And lastly if you could just help me understand we spoke about, you know, improving our margins as ICP portion increases on the EBITDA front.
But what kind of impact would that have for Pat? Wouldn’t that be more or less in a similar. Do you see that improving as well once you know etc is aligned? I think more or less Pat margins have been consistent. If you must have gone through a previous result and as I told before as well that this is the typical nature of an EPC business whereby we really end up taking up a larger time frame contract and that is how the margins are. So we do try and we have been optimizing our cost and I would say we are getting more focus on effective execution.
But as the volume grows in absolute numbers, we definitely have better margin. Even. At the tax level. Yes. All right, that was all from my side.
Shikha Mehta
Thank you and congratulations again on great execution and great set of numbers.
Shabana Bajari
Thank you Shikha.
operator
Thank you. The next question is from the line of Darshulpandia from Fin Interest Capital. Please go ahead.
Darshil Pandya
Hello, I’m audible. Good evening. Thank you. My first question would be with regards. To the debt that we have on the books. So I understand that you know with. The kind of scaling up we are doing in the revenues we need today. You know, the debt, the debt levels are rising. But what are we doing to, you know, keep it under check and in order to understand how things will be forward.
Shabana Bajari
So the primary reason for the debt, Darshan, is the IPP project that we have taken up and that is where the long term debt arises from. So well, as I told before, as well that we are planning for another 50 megawatt to reach our target of company target of 100 megawatt of IPP. But we want to phase it out and do it in a planned manner so that we do not really load our balance sheet with the debt as this being a capital intensive project.
Darshil Pandya
And the 252 crores of, you know, six assets that we see the jump, it’s all of IPP.
Shabana Bajari
Could you repeat your question again?
Darshil Pandya
This is in regards to the fixed.
Alok Das
Assets that you know, we have seen.
Darshil Pandya
A jump from roughly 170 odd crores.
Shabana Bajari
Yes, it is, it is. We recently as I told that in the last quarter we had, last, last quarter we had the energization of a 30 megawatt wind plant which actual capacity energized with 28.7. So the fixed asset jump is purely because of that.
Darshil Pandya
Okay, and just to understand madam, how. How does the calculation work in this. You know, what have we invested and what kind of revenues are we, you know, anticipating from this specific portfolio?
Shabana Bajari
Okay, so as I said about the IPP projects, it’s a combination of both wind and solar and it’s also a combination of the PPAs with government entity and non government entity. So while we do have the generation on the cyclical seasonal factors are definitely there in that. But then for us it becomes balanced because the part is solar and the part is wind. So typically in monsoon season when solar is slightly down, we also have better generation in wind, that being the season of wind. So it kind of balances for us and on an average depending upon the buyer, I mean the PPA company with whom we sign the PPA more or less we have good margins in terms of the IPP segment.
Darshil Pandya
All right, understood. The final question would be on the EBITDA margins. I heard you saying about, you know. How we, how we can, you know, how will team increase through, through the IPP segment. But overall since we did around 22% for this quarter, can we maintain this. 21, 22% for the rest of the year or see some more jump or.
Shabana Bajari
Some, some downwards to understand we are consistently. Yeah, we are Consistently focused on the cost control and also the operating efficiencies. And we look forward to maintaining more or less the same margins.
Darshil Pandya
All right, thank you so much. And all the best to the whole team. Thank you so much.
Shabana Bajari
Thank you, Darshan. Thank you.
operator
Thank you. The next question is from the line of Akhilesh Kumar and individual investors. Please go ahead.
Akhilesh Kumar
Hi Shabana. One small KD regarding this quarter’s PAT figures. We have grown EBITDA by 63%, revenue by 73, but PAT has grown only 40% majorly because of our 93% rise in interest, cost and depreciation. Are we going to have that kind of a trend in this quarter as well?
Shabana Bajari
So with the increase. Yeah, with the increase in the turnover and the expected turnover, it is very obvious that we will have an increased tax impact as well. So yes, more or less. It will follow the same path. And also that we’ve got the asset capitalized in the last quarter of the previous year. The depreciation has also enhanced to that.
Akhilesh Kumar
Extent that IPP thing. Capex.
Shabana Bajari
Yes.
Akhilesh Kumar
Okay, got it. So and this quarter also you are facing any seasonality because of the extended monitor?
Shabana Bajari
Yes, basically we do try the execution in a way that we have a kind of a balanced operations across the year and you know, there are different milestones in each contract and we do try and you know, plan it so that we balance revenue bookings. So we are making efforts to ensure that we seasonality really doesn’t affect us much. But well, monsoon is there and it shall stay. So.
Akhilesh Kumar
Okay. And that depreciation is because this quarter we don’t have anything to do additional. Right. So it should remain the same.
Shabana Bajari
As I said before that we are looking for an addition to IPP in a phased manner with the 50 megawatt yet to be executed. So there will be slight addition in the coming quarters.
Akhilesh Kumar
Okay, got it. Thank you. That’s it. Thank you. Thank you.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to management for closing comments.
Shabana Bajari
I want to thank all the investors, shareholders and any other people who have joined this call as we have been continuing over the last four to five quarters and especially since last September, since we started the conference call, KP Energy has demonstrated a strong concurrence of results, both revenue accretive and EBITDA accretive. And we will assure you we’ll continue to do so. And what I get to again highlight the fact that we are one of very few EPC companies in entirety of India that there is end to end execution of wind projects and we will capitalize on this fact as India’s wind market goes forward.
NBSAB is a stronger domination through both our own IPP assets as well as the EPP segment that we capture to our expertise. Again, thank you all for joining the call. And that would be all from kpnlg. Thank you.
operator
Thank you. On behalf of Share India securities concludes this conference. Thank you for joining us. And you may now disconnect your lines.