KP ENERGY Ltd (BSE: 539686) Q4 2025 Earnings Call dated May. 20, 2025
Corporate Participants:
Harsh Patel — Investor Relations
Ritvik Chauhan — Investor Relations
Affan Faruk Patel — Director
Dr. Alok Das — Chief Executive Officer
Shabana Bajari — Chief Financial Officer
Analysts:
Ashish Rampuria — Analyst
Sagar Jethani — Analyst
Deepak Jindal — Analyst
Akhilesh Kumar — Analyst
Darshal Pandya — Analyst
Pranjal Soni — Analyst
Shikha Mehta — Analyst
Umang — Analyst
Shaurya Yadav — Analyst
Gaurav — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the KP Energy Limited Q4FY25 earnings conference call hosted by Share India Securities. As a reminder, all participant line will be in listen only mode. And there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchdown phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Patel from Share India Securities. Thank you. And over to you sir.
Harsh Patel — Investor Relations
Thank you and good evening everyone. Congratulations on a very good set of numbers. On behalf of Share India Securities I welcome you all to Q4FY25 earnings conference call of KP Energy. We are pleased to have with us the management team represented by Mr. Afan Paru Patel. Full time director. Dr. Alok Baad Group CEO Ms. Sabana Bajari, Chief Financial Officer of KP Energy. Mr. Salim Yahoo Group, CFO of the company. We will have the opening remarks from the management followed by the question and answer session. Thank you. And over to you sir.
Ritvik Chauhan — Investor Relations
Hi everyone. This is Ritvik agm Investor Relations for KP Group. Thank you all very much for joining us today. To go over another set of great numbers from KP Energy Ltd. We had a great quarter and great year. To our already installed capacity of 1 gigawatt. We are adding another 3.2 gigawatt of renewable energy portfolio to the group in every single metrics such as income, EBITDA and pat. We’ve essentially doubled our money this year. So without further ado, I’d like to hand it over to our director, Mr. Asan Patel.
Affan Faruk Patel — Director
Good evening everyone. Thank you for joining our investor call and letting us to present ourselves in front of you. So as our RITWIK already said that we had a great result as we have committed last year and we will go through again we are committing for next financial year. So I want to say only one thing. I want only present one number that total India from the media IO Indian renewable energy potential is 1164 gigawatts India installed wind capacity till 30th April 2020 05:51 gig hours only 22.82% of India India’s potential onshore wind energy SC so there is a very good opportunity for your company to go for growth and for doing more business for giving you more good numbers. So this is the potential of onshore.
So second thing which is coming second innovation innovative thing which is upcoming is offshore Offshore wind potential is 75 and it is very positive that the two states we can identify one is Gujarat and one is so where your company established and where its potential is there that Gujarat also have a very good offshore wind potential. So over to Audrey.
Ritvik Chauhan — Investor Relations
Thank you. I would now like to introduce our group CEO Dr. Alok Das.
Dr. Alok Das — Chief Executive Officer
Hi good evening everybody and welcome to our meeting today. Basically I can tell one thing with the settings that future is really clean. You know when KT energy is thriving long back and we are doing predominantly in the wind energy projects and today there are a lot of things are going not only wind as a renewable energy as a path reason being very simple, you know, as of today there are, you know 220 gigawatt worth of renewable energy feed into the grid and out of that solar is about 105 gigawatt and wind is about 50 gigawatt. And there’s a huge potential to cater through.
Like what Mr. Rafan was telling, wind has a lot of potential and these offshores are also coming up and not only that but every renewable energy driven by a policy. So from central to state level there are so many states are coming out with a very good condition policy and today everything is coming under renewables like you know, solar, wind, offshore there is a green hydrogen is coming so everywhere. If you can see that wind is a predominant factor because of high capacity factor. So I think that while going forward today in India there’s a demand, big demand is 273 gigawatt is a huge demand, you know, so where your company fit in the very right platform.
And you know that we have already done some of the projects planning for the out of our present state of Gujarat. So in a whole coming forward year we’ll be doing lot of things related to your company for the initiatives of the green hydrogen, particularly the wind. So now I would like to introduce our CFO Mr. Varna so you can take over from here and present it. Thank you.
Shabana Bajari — Chief Financial Officer
Thank you Dr. Das. Good evening everyone and welcome to the earnings call of KP Energy Limited towards the Q4 and the annual results for the financial year 2025. I’m Shabana Bajari, CFO and I’m joined today by our whole time director Mr. Afkan Farib Patel, our group CEO Dr. Alav Ghaz and my colleague from finance team Mr. Salim Yahoo. Being the members of our leadership team. Thank you for joining us today and we look forward to sharing the insights on our financial performance, key milestones and future outlook for the upcoming quarters.
KP Energy is a prominent wind energy EPC company in India focused on delivering comprehensive balance of plant solutions and turnkey execution of utility scale wind power projects. With expertise spanning windside development, infrastructure and grid connectivity, the company plays a critical role in accelerating India’s renewable energy expansion. As a paper in 25 like Afansar already pointed out, India’s windfar capacity has surpassed 50 gigawatt milestones. This achievement highlights the nation’s commitment to expanding its renewable energy portfolio.
With wind energy playing a crucial role. Gujarat has emerged as a leading stage in installed wind power capacity surpassing Tamil Nadu as on December 24. We are now pleased to report a robust financial performance of Q4 and full financial year and ended 31 March this year has witnessed numerous peak performances across the key matrix. The company has reported total revenue on a consolidated basis for the fourth quarter of FY25 at rupees 408.6 crore as against that of rupees 217.4 crores during the fourth quarter of the previous year thereby reporting an increase of 88%.
Whereas the total revenue for the year ended March 25th on a consolidated basis stands at Rupees 958.5 crores as against that during the year ended 31st March 24th at 485.5 crores representing an increase of 97%. The company has achieved its highest ever quarterly as well as annual total revenue on the consolidated basis. Coming to profitability, the consolidated EBITDA for the 4th quarter of financial year 25 was Rupees 77.9 crores representing a 91% year over year increase in comparison to the 4th quarter at 40.7 crores. The EBITDA for the year financial year 25 stands at 196.1 crores reflecting about 100% increase in comparison to that for the financial year 24 at 98.5 crores.
The highest 7 number demonstrates our continued efforts towards operational efficiencies. The profit before tax for the fourth quarter at FY25 stood at low rupees 64.7 crores compared to that at 34.1 crores in the fourth quarter of the previous year reflecting an increase of 90% that during the year FY25 stood at 154.7 crores compared to 77.4 crore in the previous year reflecting an increase of about 101%. Again these being the highest ever numbers until now. The PAT for the fourth quarter of FY25 has been reported at 45.8 crores compared to 24.9 crore of the previous year reflecting a growth narrative of 84% whereas that for the year stood at 115.3 crores compared to 58.3 crores during the previous financial year reflecting a growth of 98% furthering the creation of enhanced value for the shareholders.
The basic EPS during the financial year 25 stood at 17.3 rupees per share as compared to rupee 8.8 in the previous year. With about 1 plus gigawatts already installed, our order book stands at about 2.26 gigawatts inching us closer to the ambitious target of 10 gigawatts. On a group level, this has helped us strengthen our position in the renewable energy sector. Our current consolidated IPP portfolio now stands at 48.5 megawatts, including a combination of both wind and solar IPP projects. The ONM segment is an important part of our business, which helps us reliability in terms of the renewable energy assets that we build and give us a long term performance we cover 546 plus megawatts and this includes provide comprehensive support together with scheduled maintenance and predictive diagnosis. With this I would open the forum for the question answer session.
Questions and Answers:
Operator
Thank you. 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 touch tone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ashish Rampurya is an individual investor. Please go ahead.
Ashish Rampuria
Yeah, thank you for giving the opportunity and congrats for a great result. A couple of questions from my side. The first question I think today there was a disclosure to the exchanges both for KP Image and KPI being for some approval on the central transmission line, right? Is it for an existing project or is it capacity creation for future projects?
Dr. Alok Das
Yeah, this is for the future projects. So that is a central grid connectivity ctu. So it is for the future projects only. This is a future project.
Ashish Rampuria
Okay. My second question is on the offshore. I also sign. I was trying to ask it yesterday but I couldn’t join the question line yesterday. But I also saw it in the KPI Green. I’m already asking it because KP Energy sort of got the focus for offshore. But I also have a KPI Green presentation talking about offshore wind. Right. So from a group perspective will offshore be executed through KPI Green or will be achieved through KP Energy?
Dr. Alok Das
This is a question probably you know, first thing you have to understand for offshore this will be happening in India after three to five years later it is only very very primitive stages of that study is going on and government is only in the allotment research are going on. So thing is like this in offshore there are two states are coming up like in the beginning of this meeting told. So there’s the Gujarat and Tamil Nadu. So Gujarat is coming out of 22 gigawatt and Tamil Nadu is also coming under 2 gigawatt. So now it is from the bidding processes under.
You know just the process is coming up now Thing is like our position there because now if you see that KT as a group so there are two to three things up there. KP Energy obviously doing for the entire development for related to that offshore wind project and port facilities another. So at particular time will be coming and disclosure based on the incompatible when the project will be coming and happening to that process. We are doing some project in a planning and all it is all planning stage as the offshore is concerned. Not only that we are also planning for the KPMG some floating, some solar is also coming. So obviously we are also getting some sort of initiative backside also. So obviously the futuristic that offshore projects would be coming and in India now the policies cleared. Now how the statutory clearance everything on the from the state level state distribution and transition level Central is creating the power ev. So they are. You know given the planning I think it will take little time to come into the reality.
Ashish Rampuria
Thank you for responding. Trying to understand which vehicle will you usually use TP energy for it or are we going to use KPI Green forest?
Shabana Bajari
Yeah, I got your point. We just wanted to understand two things. Offshore is a very highly capital intensive business and you know for bidding for the tender of offshore you require strong financial students. So from that point of view wherever it is required we will bid as a group that is together. But expertise of installing will be more with the KP energy. So together we will go wherever it is required. So that’s why it is there in both.
Ashish Rampuria
Got it. Okay, thank you. I’ll join the question. Thank you.
Operator
The next question is from the line of Sagar Chaitani from Philip Capital pms. Please go ahead.
Sagar Jethani
Yeah, hello and congrats on a good set of numbers. I have a few questions first on the can you comment on the procurement advantage of wind turbine generators from Sandian India? That is my first question.
Dr. Alok Das
Yeah. From send me an India because of you know first thing this is in a design wise that is a 4x rays. So obviously when there’s a scarcity of you know land today. So we wanted to have the multi mega turbine for the proper utilization the land in a lesser area. Because if I go for this other turbine which is available in India mainly 2.7 or 3 mega turbine so we can optimize our land utilization A be the technological or whatever they are designed so they are getting for the better technology like the length of height and blade it is much more so we are getting better pls. And third thing is about the maintenance point of view. It is all tubular tower. So that tubular tower because we are contracting we have seen the long term. This is the tubular tower is giving the better yield and everything in terms of maintenance point of view. These are the few things predominantly we consider for sending multimagod 4 experience.
Sagar Jethani
Okay. And secondly on this what is the capex plan for FY26 and what should be the total debt on the books by the end of FY26?
Shabana Bajari
So considering that we are planning to outgrow our IPP segment also at currently we are at 45.8 megawatt, a combination of both wind and solar. And yes, setting up an IPP definitely does give an extra edge. We as already specified earlier, we look forward to have 100 megawatt of total IPP in KP energy over you know up to by the end of FY 2627. And that is where we are working on. So kind of since it’s a capital intensive, you know, project where the initial investment would really be there. So we would like to balance our debt equity and go further.
Sagar Jethani
So we would be taking more debt on the books for this upcoming IPP expansion.
Shabana Bajari
Surely. I mean if you look at our debt equity it is very comfortable at present. So if there is a very good opportunity, we’ll surely add that and we’ll add up the portfolio of IPP because it is an annual income and it gives more strength to the stability to the company’s growth.
Sagar Jethani
Certainly. And you had mentioned in the last analyst meet that certain new orders are there in the pipeline. So what is the status update on the same?
Dr. Alok Das
These are the all orders in under discussion because is it mainly for you have seen that today also we are having some grid connectivity approval and other things. So because any kind of project that that required the long term planning mainly it is a CTU project. So all projects is under discussion. So probably by this year will be salvage this kind of order into the reality.
Sagar Jethani
Any timeline for you know these orders we are expected to receive maybe in Q1 or early Q2.
Dr. Alok Das
Hopefully by you know, plus this will take at least for you know, five to six months to get match over the order. So obviously we are expecting before September.
Sagar Jethani
Before September and was the total order intake expectedly.
Dr. Alok Das
You see basically that we are planning for before September whatever our resource available. We are planning to get about close to 500 megawatts.
Sagar Jethani
Okay, last question from my side. How much is the order book outstanding in monetary terms?
Shabana Bajari
So see as I would like to highlight here that there are certain orders which have in which the capacities have been enhanced and we have got certain additions to the same. So last quarter when we begin we had about 3150 crores of orders in hand at last point of time. Currently it is about 2,800 plus minus.
Sagar Jethani
Okay, thanks. That’s helpful. All the best.
Dr. Alok Das
Thank you.
Operator
Thank you. The next question is from the line of Deepak Jinder, who is an individual investor. Please go ahead.
Deepak Jindal
Yeah, hello. Thanks for the opportunity. Ma’ am. Ma’ Am, actually I need to understand right now the order backlog is 2.26 gigawatts. And by the end of Q3 the order backlog was smaller. In spite of execution in Q4, our order backlog has increased in terms of. So have we got some new orders in Q4?
Shabana Bajari
Yeah. So what has happened is that while there are a certain capacity additions in terms of the change in the AC DC ratio and also in terms of certain enhancements on the existing order, further There is a LOA received towards approximately 150megawatt. The contracts and the technical negotiations are under discussions as yet. And with that we have already got a commitment towards 150 megawatts. So that is the reason why you are seeing at 2.26 gigawatt. Okay, so this 150 megawatt for which the alloy is received, that is included in this 2.26.
Deepak Jindal
Yeah. Okay. Another question, ma’ am, just follow up on the previous question. The new pipeline and the issue of orders last time you mentioned, we are working on a three dig hour plus kind of a pipeline and the order inflow will take from five to six months. Have we made some, I mean progress on those? And any color on those. I mean, you know why by when can we expect. By September can we expect some good orders and how big would those orders be?
Shabana Bajari
Yes. Yeah. I think if you look at the pipeline that we have all together. Okay, now you need to understand our revenue recognition. We recognize revenue on a milestone basis and from that point of view the capacity is when it is ending energized into full place, then only we count it as a. So the order that you see at present, also there are orders up to 3 gigawatt in pipelines today also where portion of work is done. So as we go forward and we start booking the entire capacity, that order gets complete, then only that get into energized. So you might see that the total capacity that the revenue that we have booked into is compared to the capacity energized, there will be a difference between that because we book on milestone base.
Deepak Jindal
Yeah, I get that. Actually the question was the difference. I wanted to understand the new inflow of orders. Can we expect maybe by end of let’s say this quarter or maybe by September and some new order info to be added to the order backlog.
Dr. Alok Das
Yeah, you see, the thing is like this last. Whatever you are pipeline. That was a discussion. Mainly this is in CPU kind of projects. So this will take for the contracts. And this thing, all this thing requires real time. They need a certain clarity of power evisions which you know, this has been delayed for long time and today only we got the resources. So based on this planning, whatever we have got about the 640200 megawatt projects. So obviously we are now planning in a full page. So that is why I’ve been telling that we can book the order before September. And I feel like that that whatever the project pipeline, whatever is there in the discussion is going on time to time we’ll disclose. But today we cannot disclose what the name and all. But yes, there are few you know is under your discussion and, and, and. And very actively. So that is what I told. So that is the September onwards you will get the good. There’s a good news about that.
Deepak Jindal
Okay, last question from my side, sir. This internal order from KPI bring to KPM and we about that 1.2 gigawatt IPP from UVML. What is the timeline by when we are planning to complete the order? Is it by March 26th the order will get complete.
Shabana Bajari
So as I told in the earlier call as well that the entire execution will be done in a phased manner and so that the benefit of the generation can be had by API also and execution also becomes an ease for us. So over a period of time, by October 26th is the final timeline by which we shall be able to complete the entire order.
Deepak Jindal
Okay. By October 26th. Okay. Actually my reason to ask this is because doctor in the interview, I mean just back mentioned that. Okay, you know the entire 1.2 visa was completed by March 26th. So that was the reason why I was asking for it. But like to.
Dr. Alok Das
Yeah, I’d like to emphasize here that the timeline given to us permitted as for the contract with the GUNL permits us to execute for 26. Although our efforts will definitely be to complete it faster and sooner.
Deepak Jindal
Got it man, Got it. Thank you. Thank you so much ma’ am.
Operator
Thank you. The next question is from the line of Agastya Davy from CAO Capital. Please go ahead.
Akhilesh Kumar
Hello. Thank you very much for the opportunity. Actually I was about to ask the same question and just got replied and all the other questions are also replied to my satisfaction. Thank you very much. Congratulations on great set of results and excellent execution. Thank you very much. All the best.
Dr. Alok Das
Thank you.
Operator
Thank you. The next question is from the line of Akhilesh Kumar who is an individual investor. Please go ahead.
Akhilesh Kumar
Yeah, last time we discussed about that two parts, NPCD, New Year and Indian order which was 464 megawatt and which has got delayed because of client side. And it was informed that it will take another six months to complete. Can you detail where we stand now?
Shabana Bajari
Okay, first of all, the order was not delayed. I would say that rather that NTBC and Angel took their own time to come back with the reward that they were to come back on and give us the clarity on the work that was to be executed. And this was the requirement at their end. So yes, definitely continued. I mean, foreseeing the delay that has happened at their end, I mean they did not provide us with adequate information. That is the reason why the final date of execution has also gotten extended. And currently the order is under execution and we will complete it within the extended timeline.
Akhilesh Kumar
So that earlier six months the target is not reachable. Right.
Dr. Alok Das
Because it has been enhanced by six months. That’s what I’m saying.
Akhilesh Kumar
Okay, so we are able to get some revenues out of that.
Shabana Bajari
Yes, yes. So we are. We have already started invoicing over it and quite a lot of invoicings have been done here. The execution, I mean, depending upon the scope and the milestone we have already built them. We have also started receiving money from them and the order is completely in a streamlined position.
Akhilesh Kumar
Okay, thank you. And how many subsidiaries we have in consolidated result? Apart from our main group.
Shabana Bajari
There’s one wholly owned subsidiary which is KT Energy OMS limited which handles the O and M portfolio.
Akhilesh Kumar
Okay, may I know what was the revenue for them in this year?
Dr. Alok Das
I’m sorry, could you. Could you be a bit louder?
Akhilesh Kumar
About four and a half crores.
Dr. Alok Das
Okay. Revenue, right? Yes.
Akhilesh Kumar
Okay, thank you.
Operator
Thank you. The next question is from the line of Darshal Pandya from Pinterest Capital. Please go ahead.
Darshal Pandya
Hello, can you hear me? Yes sir. So I just wanted to confirm, you know, of your previous participant what would be the capex that we’re looking for? The. You didn’t mention about the, you know, figure what we have been looking for for this financial year.
Shabana Bajari
Yeah, Apex, what we are saying is the capex. Right. So we have, you know, discussion. We have to go with the multiple factors. We have to look at the opportunity that is coming to coming in our plate. Along with that we have to look at the debt equity. We have to look at the, you know, the feasibility of that particular site and everything after that we decide on whether it should be taken or not. So it depends upon different. But as we said earlier that there is a lot of, you know, gap in our debt equity so that we can take additional debt and we can do capex for this. So that is there in the pipeline. But at present there is no constructive that we can give on the call. But because it’s a recorded call, we cannot give any constructive figures right now. But yes, it is there in the pipeline you will see effect being in this coming year.
Darshal Pandya
Okay, fine. And the other question would be on. You know, as you mentioned that this 2.26 order book will be completed by October 26th. What kind of recognition will be seen this year?
Shabana Bajari
I would like to correct you here, Darshan. 2.26 is the total order book on hand. Out of that, about 1.2 gigawatt pertains to the orders received from our group company which we are expecting to complete by October 25, which is the maximum timeline. We will try to finish it as fast as possible and complete it earlier. Coming to the overall project timeline, kindly understand that the total. Whenever a project of this, you know, stature is being taken up, the timelines are typically from 18 to 24 months depending upon the size of the project. So gradually they are under the process of execution. Few projects will be executed by the end of December, A few by March and few by June subsequently. So each project has a different timeline.
Darshal Pandya
Okay, got it. All right, I’ll fall back and. Okay, thank you. Thank you.
Operator
Thank you. The next question is from the line of Pranjal Soni from RRR Investments. Please go ahead.
Pranjal Soni
Hello. Congratulations on great set of numbers. So my question is. In the fourth quarter the company’s IBB segment experienced a decline in margins compared to its third quarter. So could you provide us insights into the factors contributing to this decline?
Shabana Bajari
Yeah. Thank you. Pranchan. Yes. As you are already aware we had already mentioned in our last call that we will be going up with another project for IPP where we were, we were to commission 28.6 megawatt. And the average rate of that particular project for consistently for 25 years is slightly lower than what we have in other projects. That is the reason why there is a small dip in the margin. However, I would appreciate the fact that I would like to add on to it that this entire rate will remain firm over a period of 25 years. And I feel that in the coming years where the average cost of power is going to reduce drastically. This seems to be a win win situation to have this rate. I mean, at this juncture.
Pranjal Soni
Okay, what is the rate?
Shabana Bajari
That is 2 rupees 43 paisa per unit for that particular project.
Pranjal Soni
Okay, thank you.
Shabana Bajari
And the other projects, we get it at about six to six and a half rupee per unit. Okay. Okay. Ma’ am, does that answer your question?
Pranjal Soni
Yeah. Thank you.
Operator
The next question is from the line of Shikha Mehta from Time and Trade Advisors. Please go ahead.
Shikha Mehta
Hello. Good evening. Congratulations on a great check I have a few questions. One following up on the IPT question that was asked by the last participant. As you mentioned, our current rate is 2.43 rupees compared to six, six and a half that we get otherwise. And the reduction in margin is actually not as substantial as one could have expected with this kind of rate change. So could you, could you tell us how we are maintaining our margins on the IPP and how we are maintaining our irr?
Shabana Bajari
Okay Shikha, thank you very much for the question. I would like to specify here that the last project which has a 2.43 car unit rate has been commissioned in the fourth quarter, mid of the fourth quarter between February, January end and February. And that is the reason why the revenue that has flowed from that particular project is not that substantial enough. And that is the reason why the average is not yet. I mean it is still at a higher rate compared to what we had coming to irr. As I already pointed out that there are a couple of things which we intend to specify here. The project is at a location where KP group has already been mobilized over there. So the overall fixed cost and the maintenance costs are considerably lower as compared to a standalone project executed elsewhere. This helps us in maintaining our margin.
Shikha Mehta
Okay, so we’re not expecting any major dip in our IRRs on IPP in spite of the lower rate. Correct? That’s the right way to consider.
Shabana Bajari
Correct? Correct.
Shikha Mehta
Okay, great. And also can you help me with our order bid pipeline?
Shabana Bajari
Okay, so as I told in the last call as well, my current order pipeline is about 3.5 gigawatt. Last time we had about 3 gigawatts. And as Dr. D already explained that there are many, many more seekers and we are actively under discussions with the clients because this is a ctu, they are CPU based projects. So we are under active discussions with them.
Shikha Mehta
Got it. And I think on the last call we had mentioned that while we weren’t facing as much of an issue grade, availability was an issue nationwide. Has that eased out or is it still an issue here?
Shabana Bajari
I would like to give a small insight that while connectivity typically is in the scope of the client, the end client, because connectivity is something which is not transferable. So per se we do not see anything affecting us directly. As you can see from our order book, we already have our hands full for almost a year now, more than a year now, and we do not see any challenge. And with the government playing an active role in developing the grid also going for one grid, one nation concept. I think in the period to come this would all automatically ease away.
Shikha Mehta
Understood. And lastly on the O and M side, I think for the first few years we don’t charge for the ONM which I assume now from FY26 onwards we’ll have a higher charge rate on the ONM side. So could you give any indication on that or help me understand that better how we can change.
Shabana Bajari
You are right that in the initial years we give certain period as a free O and M typically as a warranty condition to the plant construction. And this year we had about 4 and a half crores of O and M revenue. And we looking forward to almost six to six and a half crores in this financial year, the current financial year.
Shikha Mehta
Got it. Thank you for answering my questions. I’ll come back in with you. Thank you.
Operator
Thank you. The next question is from the line of among who is an individual investor. Please go ahead.
Umang
Hello ma’ am. Congrats on a good set of numbers. I will just follow up questions on the order book side. Ma’ am, you just mentioned in the last phone call that our order book stands at 3150 crores and it is about to complete in 2026 or after six months of 2026. So I am asking is the company firm on that number?
Shabana Bajari
Yes, I would like to elaborate here a bit. Last quarter when we had the earnings call the total order book was 3150 and currently we are at about 2700 odd crores of order book. And meanwhile we have executed the order in the quarter which you can see is being reflected in our top line as well.
Umang
Okay. So ma’ am, I just want to ask on the revenue side that means you are. I just want to ask if the company will deliver once again 95% plus revenue this year.
Shabana Bajari
I would appreciate if you look into the statements of our honorable CMD sir where he has been already telling that the company is looking for 60 to 70% growth on a year on year basis. And with all your good wishes and support and the hard work that the team has been doing, we are able to excel. I look forward to the similar results in coming future.
Umang
Okay ma’ am, just one question on the margin side. Ma’ am, as you just mentioned about IPP order book of 48.5 megawatts and if I’m able to recollect after the results Faruk sir just mentioned on a TV news channel that Aditya Birla Group and so many big companies are coming regarding order books. So if there is a scope of any margin expansion, as you know that in IPP last phone call, you just said 75 to 80% of EBITDA comes from IPP segment.
Shabana Bajari
So is it possible in this year to we can see a revenue jump in IPP segment? First of all, there are two things. I think they are different here. Aditya Birla is our PPC client. It is not our ipp. We do not have anything to do with IPP day. IPP is a project of our own. We have the plant set up capex setup and it is one of our books. And there is a generation of power where the power is eventually sold to each either the state owned entities or to the private entities. And the revenue generated there from is that from the sale of power coming to these in a come from the sale from EPC related segments.
In that case we take up contracts from clients like Aditya Birla and NTPC and so on. And based on the contracts entered into with them, we execute that and we generate revenue from that execution. And if you see over the period of time, yes, there are both the advantages of large scale and there are also the. What you call I would say not disadvantages but I rather I would say economies on the part of the client as well. So we have more or less tried to ensure that the margins remain constant.
Umang
Okay, thank you ma’ am. All the best for the feature and thanks for taking my questions. Thank you.
Operator
Thank you. The next question is from. From Pinpoint X Capital. Please go ahead.
Shaurya Yadav
Hello, Am I audible?
Operator
Yes sir, I would request you to speak a little louder. Thank you.
Shaurya Yadav
My question is can you just explain to me a process of white identification and could you please be a bit louder and repeat your question? I heard site identification. Now I’m. Am I audible? Yeah, yeah, yeah. So my question is in the 15 year old process from the file identification till it became operational for customers, like what are the things that we generally look for in this whole process? Identification.
Dr. Alok Das
Are you talking right? Yeah. This is site identification for particularly wind projects. If this is the question previously there is a call that mapping of the site for which we have to install a wind mast, that wing mask record the data at least for one or two years. And to see that potentially that sites are okay to generate the power or not based on this data, we will be first getting the confidence that this site would be compatible for the wind generation. It takes about one to two years and after that there’s other resources to be created like power, is it in other things and land acquisition.
So if you see the time durations 2 to 3 years is required to declare a site is a potential site for this project, kind of wind project. Two to three years.
Shaurya Yadav
Yeah. And my next question is for the project under negotiation, what is our converse?
Shabana Bajari
I would like to take this question. So first of all, we need to identify the two different methodologies through which we garner the contract for the project. The first is the tendering based methodology and the other is face to face discussion with the client. One on one. As far as one on one are concerned, I mean rather on the contrary, in the total case, if you see that the supply is much lesser than the demand, the requirement of wind segment and the people who are in the business of setting it up is. I mean the people are much lesser and the requirements are much higher.
This actually allows a lot of market to be available before we can pick and choose. So I would feel, I mean I personally feel that this, there does not happen to be any kind of a big success kind of a cycle in this. When it comes to one on one discussion, it is always more about what this technology and how fast we can execute the project and how quickly can we deliver our commitments. That is what matters, how efficiently we can do it. There is where the negotiation happens when it comes to the tender project like we have for the PSU in such a scenario, as I said that the requirement is so high that there is sufficient for everyone to bite and eat.
Shaurya Yadav
Okay, ma’ am, going ahead, like what would be our execution run rate?
Shabana Bajari
Execution run rate, what is that? We are into a business which is a project driven business. There’s a long gestation period or construction period for any project if it is driven between somewhere between 12 to 18 months. So it’s not like a manufacturing unit where you can call it out as an exhibition run rate. But I mean, as you can see that, you know, we have been able to execute if you look at whatever the order books are there, which we have given till FY26, what we have done October or something. So you can figure out that we have been in our execution capabilities and we have done in the past more than a decade experience into the execution. So we are able to execute our project before time. In most of the cases we also have about 1 gigawatt of installed capacity. I think that speaks volume about what we have delivered until now.
Shaurya Yadav
Okay, ma’ am, understood. Thank you.
Operator
Thank you. Ladies and gentlemen, you may press Star and one to ask a question. A reminder to all the participants that you may press Star and one to ask a question. The next follow up question is from the line of Deepak Jindal who is an individual investor. Please go ahead.
Deepak Jindal
Yeah, hello ma’ am. Thanks again. Ma’ am, I wanted to understand after getting live with this IPP of 4800 megawatts, what would be the blended margins look like and margins for the tight margins for FY26?
Dr. Alok Das
Repeat your question.
Deepak Jindal
Yeah, ma’ am, I wanted to understand the blended margins after considering ICT as well.
Shabana Bajari
Okay, so first of all I would like to give you an insight that IPP constitutes only 3% of my total turnover. So from that angle, as of now it is only 3%. 97% is the ETC business and about 1% is the O and M business. So I do not see any change in terms of the margin with reference to any change in the ITPC business.
Deepak Jindal
Got it. And secondly, I mean out of this Paris war, I mean there was a news that China is restricting the control of rare earth metals and some of the metals are being used for windmill as well. So magnets and all. Are you guys also fearing any of this? Where the OEMs are facing some issues in procuring those metals and the wind turbine production is getting impacted because of it. Anything, any color on that thing is like this.
Dr. Alok Das
There are two parts later for the wind industry. The ministry is very stringent. So they are going under make in India initiatives. They have mandated for those people to be allowed for the business. Those who are having more than 80% that material should be making India. And out of that there are a couple of, you know, supplier there in India who are supplied and they are not really affected by the tariff what you are talking about. So we are free to do our business in India.
Operator
Got it? Got it. And the last, last question just, I mean a bit kind of know an uber idea that you know, I was just working on is our order book for the last, let’s say one and a half years has been segment of it including the order from KPI. So what is it, you know, taking so much time? You said the demand is super high. It’s more of a high demand and a less supply. So are we kind of, you know, consciously waiting for big size orders, good margins? That’s going to take some more time. This is what you are just saying that, you know, it will get materialized in September, October or I mean something else is happening because the order backlog has not been moving pretty fast, pretty aggressive from last six to eight months.
Shabana Bajari
Deepak, I would like to first explain the concept of the, I mean execution in terms of megawatt and the revenue recognition. So this has been a constant question in every call. And here when we talk about in terms of megawatt, what has happened is that the megawatt changes and gets converted into the order delivered. Only when we install the capacity has been delivered. Whereas in terms of the revenue booking, the entire order is split into different milestones, multiple milestones. And each milestone is being recognized in the books as sales upon completion and certification by the client. So hereby you may not be seeing in terms of megawatts and gigawatts, you may not see the moment, but the revenue recognition happens in part. And when the contract is completed, the capacity is installed, that is when we show it in terms of the capacity installed, visible capacity available to be executed.
Deepak Jindal
Okay, got it. Then if I just put it indirectly in a very layman term, let’s say, I mean, you know, our order backlog in monetary term right now is let’s say 2800, 2700 cr and we have this by September. We are expecting some good orders, good CT orders to be announced. Let’s say FY26 exit after executing whatever has been pending for the year. Would you feel that, you know, just a directional sign that order backlog, maybe in monetary terms or maybe in big award would be higher than the current one. Even after execution of FY26, let’s say by end of F26 coming FY27, our order book will be significantly higher than the coming than the current one.
Shabana Bajari
Yes. Before that, you need to understand that almost each order has an execution period of about 12, 18 or 24 months depending upon the size and the scope of the order. So definitely there will be a spillover over the financial year. Yeah, there’s a spillover, man. But more interested to understand the inflows, right? I mean, what’s done is done in the current order book. I’m more interested to understand the inflow of orders for FY26, let’s say, I mean, by September or October, whenever, we’re gonna announce some orders which will add to the order backlog. That will be substantial chunk of the current order book because we are saying the pipeline is strong. So anything on the inflow. Maybe you can just guide us something on the megawatts of the orders that could get converted out of the pipeline or the monetary order inflow that could get converted from the pipeline. Any color on this man. Because this order inflow has been kind of, you know being shared for the last six to eight months.
Dr. Alok Das
As I reiterated there are pipeline under discussion is going on. It is kind of CTU projects and based on the various facilities we told that our trajectory there should be some volume will come. So at appropriate time we will be declaring that positive point is there. There are demand sides are very high and we have got a lot of resources to meet the demand. So obviously the path is very very lousy and we will be declaring appropriate numbers and time as appropriate time. Yes it is. It’s a positive time.
Deepak Jindal
Right. That’s, that’s the only direction I’m just. And it’s no hoping out first. We are saying we are on a positive territory for the inflow of the orders as well, whatever time it may take. But definitely there’s a demand for the orders to be converted incremental one.
Dr. Alok Das
Yeah.
Deepak Jindal
Got it. Thank you. Thank you so much sir.
Dr. Alok Das
Thank you very much.
Operator
The next follow up question is on the line of Ashish Rampur who is an individual investor. Please go ahead.
Ashish Rampuria
Thank you. On the other state side I think Dr. Alok spoke about offshore in Gujarat, in Tamil Nadu. But can you also throw some light about plans for other states. I saw in the presentation report about NP Maharashtra 23 state mentioned. Can you throw some light around those?
Dr. Alok Das
Yeah, I will tell you because as I said there are a lot of demands are coming both CTU projects at the various states and we as a company group level we have already executed three states Moe like in Rajasthan, NP and Odisha. And as as usual like the create of resources like land and fee. So that is under you know execution mode we are in the path. We are creating a sizable land and fee in the gigawatt run. So obviously this state obviously whatever our group target about 10 gigawatt that kind of resource we are in the free of the creation top area to that all these three states if you do it a commercially so more than 10 gigawatt worth of, you know, creation of you know land and fee that is being attempted to create. And we are very positive probably you know the beginning that this kind of resource creation takes about you know, 24 months minimum for the wind potential mapping and grid creativity. So obviously other states while going forward will be creating that kind of business opportunity for your company.
Ashish Rampuria
Got it. So in this case also, we are talking of wind potential there, right?
Dr. Alok Das
Yeah. Yeah. So BC basically there are Rajasthan. There are both the potentials are good for mp. There’s also good potentials are there? So we are already going to the resource management etc like the wind, mass inflation and everything.
Ashish Rampuria
Got it. Thank you. Thank you. Thank you very much.
Operator
Thank you. Ladies and gentlemen, the next question is from the line of Gaurav from Sanjay Capital. Please go ahead.
Gaurav
Hello ma’ am. Since you told that the IPT segment is just 3%. So my question is will we be able to maintain this 19 consolidated EBITDA this year also?
Shabana Bajari
Yes.
Gaurav
Okay. And now since we are talking about 60 to 70% of CAGR this year. Since now the basically big we are talking about 1600 crore of business this year. Now how long we can maintain this type of CAGR for the further years is if I talk about FY 2728 right here.
Shabana Bajari
I would like to you know refer to the discussions that Dr. Das had before. And even Mr. Afan Patel had mentioned the scope available in terms of the wind renewable sector and also the upcoming offshore. And here I do not see any downfall in the upcoming demand. I would like to here mention that while the total target of India by 2030 is 500 gigawatt of non fossil fuel based energy wind typically has 100 gigawatt. And of that 50 has been achieved. That means 50 which has been planned by 2030. Which means even if you do it a simple average it comes to 10 gigawatt a year which is a substantial target in terms of the country as such. And with not many players I don’t see any downfall in the upcoming orders on hand. I mean come upcoming orders. And here I do see that we will be able to sustain this growth pattern for a considerable longer period of time.
Gaurav
Thank you.
Operator
Thank you. Ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments.
Ritvik Chauhan
Thank you, Tejal. I’d like to once again thank all participants and investors for joining us today. And thanks again to our management Director afan Patel, Group CEO Dr. Alok Das, KPE CFO Shabana Bajari and Group CFO Salim Yahoo. Thanks all.
Operator
Thank you. On behalf of ShareIndia Securities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.