KPI Green Energy Ltd (NSE: KPIGREEN) Q1 2026 Earnings Call dated Aug. 06, 2025
Corporate Participants:
Unidentified Speaker
Sohil Yusufbhai Dabhoya — Whole Time Director
Alok Das — Group Chief Executive Officer
Salim Suleman Yahoo — Chief Financial Officer
Siddharth Thakur — Executive Assistant To CMD
Faruk G. Patel — Chairman and Managing Director
Analysts:
Unidentified Participant
Harsh Patel — Analyst
CA Garvit Goyal — Analyst
Aman Soni — Analyst
Deekshant Boolchandani — Analyst
Gaurav Sharma — Analyst
Kartik Sharma — Analyst
Hardik Gandhi — Analyst
Shubhankar Gupta — Analyst
Ajit Sethi — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the KPI Green Energy Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Harsh Patel. Thank you. And over to you sir.
Harsh Patel — Analyst
Thank you and good evening everyone. I would like to congratulate KPI Green on a very good set of numbers. On behalf of Share Index Security, I will welcome all to Q1FR26 earnings conference call of KPI Green Energy. We are pleased to have with us the management team represented by Mr. Sohail Zhugoya, the Wholesale Director, Dr. Alok Tas Group CEO and Mr. Salim Yahoo, Chief Financial Officer of the company. We will have the opening remarks from the management followed by Q and A sessions. Thank you. And over to you sir.
Siddharth Thakur — Executive Assistant To CMD
Yeah. Hello everyone. Good evening and welcome all to the KPI Greenergy conference call. Speaking first is Siddharth here, part of the Chairman’s Office at KP Group. And it’s a privilege for me to introduce you to the conference call of a company which is passionately committed to powering India’s sustainable future. Today we stand at the forefront of the very impressive and very fast growing renewable energy transition industry within India. And we are dedicated to developing a clean, innovative power solutions for the Indian landscape. As you would be well aware and for new investors who are joining in as well.
Our whole strength lies in harnessing our EPC expertise both through the inbuilt expertise we have gained since our incorporation in 2008. As well as leveraging the key strength of another sister company which are part of KP Group. We are not just building power plants, we are building a cleaner tomorrow. We strive to be a trusted partner in India’s energy journey, contributing to meaningful and national sustainability goals. As you would be aware, through the various network channels that we’re pushing out, we are also progressing very fast on the technology frontier. Having state of the art oms, NOC and robot facilities that we incorporate in our projects.
Now I would let our CFO Mr. Khalil Yahoo speak over what the performance has been in the last quarter and what we are aiming for in the future. Going right Salim sir, over to you.
Salim Suleman Yahoo — Chief Financial Officer
Thank you Siddharth. Good afternoon everyone. I am Salim Yam, CFO of KPI Green Energy Limited And I extend a warm welcome to all investors, analysts, stakeholders who have joined us today for the Quarter 1 FY 2526 earning call of KPI Green Energy Ltd. We are pleased to report yet another record breaking quarter making our fifth consecutive quarter of highest ever revenue driven by strong execution, customer trust and continued expansion across both our IP that is Independent power producer and CPV that is Captive power producer segments.
Speaking about the key highlights of this quarter on the financial side, if I give the synopsis of the financials. Total revenue stood at 614 crore, a robust growth of 75% over 350 crore. In quarter one of FY25. EBITDA rose to 217 crore, a 64% increase. CBT or profit before tax came in at 149 crore up 64% from 91 crore last year. Profit after tax grew by 68% to 111 crores compared to 66 crores in quarter one of FY25. The basic EPS grew by 44% reaching 5 rupees 28 paisa from 3 rupees 66 paisa. We also generated 163 crore in cash profit marking a strong 92% increase year on year growth.
Our financial performance reflects disciplined execution, prudent capital allocation and strong annuity income from our growing IPV portfolio. A bit highlight on the strategic projects and the revenue visibility. We currently have three major IPV projects under execution. A 250 megawatt solar project on the AC side. On the DC it will be calculated as 350 megawatt DC. A 370 megawatt hybrid project on the DC side. It will be 679 megawatt DC and 150 megawatt standalone wind project. Together this project represent a total execution size of 5000 crores. We are targeting completion of the 250 megawatt pure solar 370 megawatt hybrid project by September 26th in a phased manner.
Importantly, part commissioning and revenue recognition are expected to begin within the next few quarters leading to an hourly monetization and cash flow generation. These are backed by 25 years long term PPA signed with Jul, one of the best paymaster ensuring a stable annuity income and further enhancing our long term earnings. On the strategic development side, during our quarter we have undertook several initiatives to enhance our leadership and technological edge in the renewable space. We received LOI that is the letter of intent from GNL for our 150 megawatt grid connected wind project bolstering a hybrid pipeline.
We signed three strategic MOUs with Delta Electronic India focusing on battery energy storage system, green hydrogen and EV charging infrastructure solar PV inverters. These alliances combine Delta Global technology with KPI approval execution to deliver a next generation clean energy solution in India and globally. The overall snapshot of the company as on June 30, 2025 at the end of the quarter it stands at installed and upcoming IPP capacity stands at 1.7 gigawatt installed, an upcoming CPP capacity of 2.3 plus gigawatt, a total cumulative portfolio of 4 gigawatt, a land bank of 6,275 acres. Along with that we have power evacuation capacity of over 3.2 gigawatt.
Orders in hand exceeds 3 gigawatt including capacities where LOA is awaited presence across 108 project sites in multiple DISCOMFs and CTUs. We have network operation center with IBM maximum enabled for a real time monitoring and performance optimization. In conclusion, quarter one of FY26 has laid a strong foundation for an ambitious year ahead. With robust financial strategic alliance over 3 gigawatt in order and growing ITP portfolio of 503 + megawatt, we remain committed to deliver sustainable value to all our stakeholders. I sincerely thank our investors, partners, employees, board members, stakeholders for your continued trust and belief in the KPI Green Energy mission.
We now open the floor for your questions and answers. Thank you.
Questions and Answers:
operator
Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star then one on their touchstone phone. If you wish to remove yourself from the question queue, you may press Star then. Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Manav, an investor. Please go ahead.
Unidentified Participant
Hello.
Salim Suleman Yahoo
Yes, Manav.
Unidentified Participant
Yeah, congratulations on a good set of numbers. My question regarding on pledge shares. So when we had the December phone call it was mentioned that the loan has already been repaid and you guys are already in talks with SBI to release the pledge. Is there any update on that?
Salim Suleman Yahoo
Yes, Manu, we have already sent a request letter to SBI and SBI has already taken it in and the request is going to go into the board because we are one of the biggest, you know in Surat. If you compare, we are the biggest customer of sbi. So that is already proposed and SBI has given verbally green signal for that. Only that it has to be approved in the board and it will take little time for the procedure to be completed. But nevertheless we have already given the request and we have showed our intention to release this pledge from sbi.
Unidentified Participant
Any tentative timeline, sir, if you can.
Salim Suleman Yahoo
Sbic, I cannot control the board meeting of sbi. So I can assure you what we see that by next quarter I think we will have constructive at least approvals and sanctions from SBI later on the pledge and every the formalities and everything might take time but we are that the SBI board will approve it.
Unidentified Participant
Understood. Thank you sir.
operator
Yeah, thank you. Our next question comes from the line of CA Garved Goyal from Invest Analytics Advisory llp. Please go ahead.
CA Garvit Goyal
Hi, I’m audible.
Salim Suleman Yahoo
Yes Garvit, you’re audible.
CA Garvit Goyal
Good evening sir and congrats for decent execution. My question is on the sector level like do you see any change in the sector which can negatively impact kpx? Like. Like the current environment we are seeing there is a change in stance by government on the waiver of ISPS charges, right? So do you see any impact of this on newer order inflows in the industry and thus impacting the KPI green and for that matter any kind of negative stance that the government is taking. Do you see any, any such changes happening at the industry level which can impact our order inflows in near to medium term?
Alok Das
Yeah, this is Dr. Ralo speaking on KPI thing is like that whatever we are doing the project today it is restricted to state bidding only under SCU. While going forward your question about ISTs that benefit which is sunset has happened month of June. So if you see that policy it is a trajectory. So if there is a project beyond 2025 so firstly it is 100% then 75% then year 50 that is there. So obviously if any project is coming to the ist, so obviously there is some delta decrement is there while they are taking into them your tariff coating in the bidding process.
We are not even today participating any kind of ISPS project so we are included for that.
CA Garvit Goyal
So this kind of thing is not going to impact any projected order implosion at the internal level, right?
Alok Das
Yes, yes, yes.
CA Garvit Goyal
And secondly on the guidance part this quarter was pretty decent despite early mornings and all. Do you think like we will be able to easily outperform the guidance that we have given earlier for this year.
Alok Das
If you ask today there is a, there is a total gigawatt pending out of government guidance of the 500 gigawatt 230 to complete it. So balance is a 45 gigawatts and if you see the total bidding process happened, the tender process and all so it is all happening. So whatever your direction and guidance is coming but still there’s a demand because of now that conventional power plant is being replaced by the non conventional power plant. So where this type of guidance given I don’t particularly feel this would affect to the growth of the industrial tari.
CA Garvit Goyal
No actually sir, I’m asking about the KPI pov. Like this year we have earlier we have given the guidance of 60 to 70% top line growth.
Salim Suleman Yahoo
So yeah I got a point. So if you look at this quarter also we have done 60 to 70% of growth on all the parameters whether it is revenue, whether it’s profitability and everything. So we are pretty much on the line and we are quite confident that we’ll be able to touch the guidance which was given by our chairman and managing director Dr. Farooq sir. So we will be able to achieve.
CA Garvit Goyal
Got it. Thank you very much. That is for myself. Thank you.
operator
Thank you. Our next question comes from the line of Aman Soni from Invest Analytics Advisory llp. Please go ahead.
Aman Soni
Hello. Am I audible?
Siddharth Thakur
Yes Aman, you’re audible.
Aman Soni
My question is already answered.
Siddharth Thakur
Thank you Aman.
operator
Thank you. Our next question comes from the line of Dikshant B from DB Wealth. Please go ahead.
Deekshant Boolchandani
Hi management. Firstly congratulations on good execution in this quarter. Firstly we have seen that the rainy season has been a bit more in the Q2. So what kind of execution are we seeing in Q2? Will the seasonality hit us in Q2 versus Q1? Now.
Salim Suleman Yahoo
If you see the seasonality in the solar or we would say renewable energy, the rainy season there is less of execution that you happen to see usually all across the sector. But what happens, you know there is also a component that we can build, you know the supply component during that period. And so we are that we will be in line with what we have shown in the past. You know the quarter two will also be in line with what we have done in the previous year, quarter two. So yes there might be a slight, you know, curtailment because of the rainy season but we will be able to cover it up, you know, going forward.
Deekshant Boolchandani
Secondly, thank you for the Answer, sir. So secondly the question is on our part margins as we are now ramping up even our IPP execution, what kind of flat margins can we expect.
Salim Suleman Yahoo
The IPP? If you look at my IPP portfolio as I go forward, my IPP has an EBITDA of around 85 to 90% upcoming IPP project which I’ve already set up now and the new coming upcoming projects also. So IPP adds to the bottom line. So we expect that as we increase the IPP component in our revenue mix, our patent margin, we will be able to sustain our patent margin what we are showing right now.
Deekshant Boolchandani
So question being that right now let’s say we are saying that for the next few years we expect a 50 to 70% growth, I’m assuming let’s say 60%. So what kind of part margins can we see on the 60, 70% growth trajectory?
Salim Suleman Yahoo
Even if 60, 70% growth. See my IPP is, you know, what we say is fixed with the PPA rates, my PPA rate won’t change and my IPP provides me strong back margins. So accordingly I don’t see too much curtailment into the PAT margin but it will be in the range of 15 to 20%. That is what I see today. It is around 16 17, 16, 17%. So we will be able to maintain that.
Deekshant Boolchandani
Lastly, the previous participant also asked this question, but I just want to understand that we have a great sort of execution capability. The upside is looking very strong for us. But what is it the risk that we are seeing internally that can go wrong because there is government involved and there are delays by government. That is not so. That is an uncontrollable for everyone in the industry. But apart from that, what kind of negative risk that we see that cannot be sort of, that we may not be seeing right now, but the management is able to see it better.
Salim Suleman Yahoo
In any renewable energy project the major risk that is the execution rate and in the execution rate the two main component or the hurdles I would say are the availability of the land and the evacuation, that is a transmission and these two things. If you see at present I have 3 plus gigawatt of evacuation approval with me, I have 6,000 plus acres of land bank available with me. So these are the major. So I don’t see after that execution capability have more than a decade or two decades of experience in execution on the ground level.
So if I see the probability of any hurdle getting created is very less, very less. I mean success rate may be around 95 to 96% over that, over and above that I don’t see any other factor. Because even the PPA that we have signed are 25 years long term PPA they are signed. So those are also into the place. So I don’t see any. And the counterparty is GVNL which is an topmost a rated discom out of all the discoms that are there in the country. So we have taken utmost care that none of the risk factors should have any upper hand compared to the success of this particular projects and everything.
So other than the what you said, the government policies or anything, we don’t have any other risk factor that is there.
Deekshant Boolchandani
And so what about our sister company kpn?
Salim Suleman Yahoo
You’re talking about KP Energy, right?
Deekshant Boolchandani
Yes.
Salim Suleman Yahoo
Yeah. So we have a call of KP Energy tomorrow also. You can connect on it on the kp. So we’ll also explain there also. It is a very good seller result that we have given.
Deekshant Boolchandani
Okay, so thank you so much sir.
operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two each per participant and you may rejoin the queue for any follow up questions. Our next question comes from the line of Ashish Rampuria, an investor. Please go ahead.
Unidentified Participant
Thank you. First question. In the Tikra rating report they mentioned that for one of the ICT the project cost by 700 crores if I remember correctly. Any reason for that?
Salim Suleman Yahoo
See what happened when we first calculated the project design. When we did the first design it was a tracker based design. So at that time the AC DC ratio was one is to one Only later on when we thought that the land was getting bifurcated into multiple small pieces. So then we had to go for a fixed design. So for getting the same PLF in the fixed design we had to increase the AC DC ratio. So now the ACDC ratio is 1 is to 4. So because of that the cost of the project got a little bit higher compared to what it was canceled on.
Unidentified Participant
So does it mean we also get higher PLF and ends? Higher realization or revenue remains same.
Salim Suleman Yahoo
What happens that your revenue also will increase? Not to the extent of increase. Because what happens when you do a tracker base you get a PLF around 23% and when you do a thing you get a PLF around 19 to 20%. But the number of panel increases in a fixed base. So automatically. But still, I mean the pix base will have a higher revenue compared to tracker based revenue.
Unidentified Participant
Got it. But you see IRR will get impacted by many impact.
Salim Suleman Yahoo
IR will slightly improve.
Unidentified Participant
Perfect. Second, I think mentioned that I think the last phone call that hopefully by the end of this quarter or during this further which is where about large wings. That should even take care of the revenue for FY28. Any color on that?
Siddharth Thakur
Sorry, I didn’t get your question properly in the previous quarter. What was that was.
Salim Suleman Yahoo
So you mentioned from a pipeline perspective there are big orders in pipeline that will not only take care of revenue for FY27 but even to a large extent for FY28. So any color on that pipeline. And you said that you should be able to announce that end of first quarter or during second quarter.
Siddharth Thakur
As I told you know, orders in hand. I’m talking about the CPP business. IPP. I already spoke that 5000 crore projects are in pipeline. So they are getting executed. On the CPP side we have approximately 1.8 gigawatt of order book which is in the pipeline and not the pipeline but the orders in hand. You can say that that itself is around 4000 crore. So automatically there will be also 26, 27 and as we go forward there is in the pipeline this order will keep on adding more and more order to this.
Salim Suleman Yahoo
Got it? No, but I think you’re referring to some particularly large orders that I got. I mean from all these folks. Is there any progress on that?
Siddharth Thakur
So last time, I mean if you see we have got SGV order after that CIL order was also infused. Now we have got the IPP150 mega GNL order also got added to that. So there are some tenders which we are already bid and we expect them to win. And mostly on the best side. Also better energy storage system which we are expected to get in this quarter. Majority of the tenders will be out. We are expected to because our success ratio is around 80 to 90% in case when wherever we are built.
Salim Suleman Yahoo
So my last question before I join if you can give some color because I think that’s not a starting business for us. How are we looking at best? Is this the vehicle that.
Siddharth Thakur
Can you repeat? Repeat. Your voice is cracking. If you can step little back from the mic is cracking.
Salim Suleman Yahoo
Hello.
Siddharth Thakur
Yeah, yeah.
Salim Suleman Yahoo
No, I was saying for best business, if you can give some color. How is the group looking at it? Is will KPI Green be the vehicle for best business? What is the potential that we see and any targets that we have for best going forward?
Siddharth Thakur
Yes. So best we have targeted our subsidiary Sundrop and GM5 Ltd. For setting up the best business so that we have a focused Approach over there. Because smaller project and best best we will start with a smaller project. So as per our management thought process will push majority of the best business with Sundrop and a bigger utility scale project. If it comes very high, big utility scale with big institutions then only we’ll put that in the KPI. But overall consolidation it will happen at a. Got it.
Salim Suleman Yahoo
Thank you. I’ll join the queue. Okay, thank you. Our next question comes from the line.
operator
Of Akhilesh Kumar, an investor. Please go ahead.
Salim Suleman Yahoo
Hello. I wanted to know about one subsidiary we were planning to list sometime. Wanted to know why we are keeping so many subsidiary which again are in the same line of business doing EPC for solar and want to list it separately. Why don’t we keep it as it is like we have other subsidiary as a whole you want.
Siddharth Thakur
Okay, let me just explain you. If you look at any of the bigger players, whether it is Adani, whether it is Adani Indian Energy or whether it is Mahindra Renewables or Aditya Birla Renewable. These people have separate, separate SPVs which you can call them as a subsidy 100% SPV. So the reason for that usually is that you know they have a special separate, separate project, have a separate SPVs or a competitive in case of KPI, you know. So that’s the phenomena of this particular characteristic of this business. Because capital intensive business. Every banker or lender would like to have a ring sense kind of a, you know, situation where they can target their own assets or look after their own assets.
In case of KPI. We only have, you know the major subsidy that we have was KPIG Energy and Sundrop. And now we have added a park where also the plant is there and Miani where we have the connectivity. The if you look at the KPI now for takes into its fold only the utility scale or a bigger size project where we assigned PPs with UNL or we are doing one big project of CIL and everything. When it comes to 0 to 35 megawatt those kind of project and best project will be taken into Sundrop so there as a clear cut demarcation and certified and about till 100 megawatts then we will be putting into KPIIG Energy.
The reason is that these are different, different customer sets and accordingly we have kept it differently. The reason again I mean if you see Sundrop has gone to its marketing team and everything. Whereas API has its own tender team. Because there are big project only comes in a tender kind of a form. Similarly KPIG Energy there is A separate, you know, corporate team which looks after the orders of more than 35 mega top 200 recently, I mean today we have uploaded approximately 96 megawatt of this. So there are separate teams, separate execution capabilities that needs to be tied up and separate resources.
Also like I have 100, I have find it megawatt of evacuation approval at one place. For that I will require a bigger project. Whereas in a small project I require 11 KB. Kind of do I have 20 megawatt, 30 megawatt in that particular substation I can get it done over there. So that is the reason because of the characteristic of the business we have kept separately to them.
Salim Suleman Yahoo
Okay, got it. So what were the subsidiary which we discussed last call that will be like planning to list list again.
Siddharth Thakur
That was Sundrop, that is, that is Sundrop Energy Private Limited. And hopefully, I mean we will be listing that we have already started the process of collecting the documents and everything will be finding the DRHP for that subsidiary.
Salim Suleman Yahoo
So that is not exactly an SPV for a particular project. But that is kind of a multiple.
Siddharth Thakur
Projects inside it is. It is an. It was a hundred percent subsidiary. Now we did a pre IPO small portion and that’s why KPI still is a majority holder or the parent company in that subsidiary also. So we don’t follow SPV kind of a structure. In SPV you can only do one project. In that SP if you add another lender it will create a problem. Whereas in subsidiary you can add 2, 3. So at least you’ll get us some. So creating 100 of SPVs will be a big problem. So that’s why, because we also do cpp.
You need to understand that if I do IPP and CPP together I get the benefit of taxation. Whatever profit I earn from the CPP that you know, I can be set off against the depreciation that I’m getting on the ipb. So that’s the reason I keep subsidiary and not an SP with small. Small sp.
Salim Suleman Yahoo
Okay, got it. And on the IPT project where you said that as per the credit report, 700 crores cost escalation. So that was on one particular project or it was on a whole for itp what we have on hand.
Siddharth Thakur
No, the project which I told you know, 250 megawatt and 370 megawatt for that project, the cost escalation.
Salim Suleman Yahoo
So how much impact it might have.
Siddharth Thakur
On bottom line, it’s not an escalation, it is just what we say. It’s not a cost escalation. It’s a change in the design and that’s why the cost has been as per the design. So it is not what we saw call it as a cost escalation. This is the. That is the price of that design and this is the price of design. So for example, if I want to say earlier it was you know, BMW and now it is Mercedes. So the Mercedes will have a higher cost compared to PM BMW kind of a thing.
So it’s a design change, not a process.
Salim Suleman Yahoo
Okay, got it. And I want to just thank you for like say your nice presentation for. I have been following the group for a long time for maybe three, four years. And it has always been very deliberate. Just wanted to give on feedback. Can you keep your group level things in a single slide or separately? Because somewhere we are talking about KPI will be doing this or handling this. Somewhere we are writing KP Group kind of like say hydrogen and all. So it kind of confuses the shareholders. Like.
Siddharth Thakur
I thank you for your appreciation. I take your suggestion. We’ll also try to inculcate one slide in all the presentation which will speak about the group all together. Yeah.
Salim Suleman Yahoo
Exclusively. Exclusively for separating. Because when we are talking about hydros and green hydrogen, ammonia and bears and all those projects but which is not specific to either KPI or kpm, we can separate it so that we go don’t get confused with the orders or the target set. No issues.
operator
No issues.
Siddharth Thakur
We’ll keep that in mind. Thank you very much. Thanks for your search.
operator
Thank you. Our next question comes from the line of Gaurav Sharma from GS Enterprises. Please go ahead.
Gaurav Sharma
Hello. Hello. Hi. My question is to Mr. Salim sir and congratulations on an excellent set of results. I just want to know the timeline of completion of our 1.2 gigawatt IPP and 1.8 gigawatt.
Salim Suleman Yahoo
September 26th is our timeline that we are targeting. So hopefully we’ll complete that 1.2 gigawatt of DCE capacity. That is 2.5378.
Gaurav Sharma
Okay, thank you. And what was the order book value of the 1.8?
Gaurav Sharma
Around 4000 plus crore. Is that the build amount or the unbilled amount?
Siddharth Thakur
No, no, this is the order in hand. What we are talking 8.1.8 gigawatt. This.
Salim Suleman Yahoo
Yeah, I. I got that. Has that come into our sales or is it new? Because we do the billing on the milestone basis. Right.
Siddharth Thakur
It will be really a million on the milestone basis. So I mean you cannot compare the execution capacity visa vis the revenue because every milestone has got the different, you know, for example, there might be a service portion, there might be a supply portion. So it will be difficult to calculate. But overall 1.8 gigawatt comes up to 4000 plus crore of a order book altogether.
Salim Suleman Yahoo
4000. 4000 crore revenue still to come.
Siddharth Thakur
Yes, that’s what I’m talking about. 1.8 gigahertz. If I execute this entire order book that I have, I the total calculates up to 4,000 plus crore. So it might be 4,100, 200 kind of thing.
Salim Suleman Yahoo
Okay, thank you.
Siddharth Thakur
Thank you.
operator
Thank you. Our next question comes from the line of anil Sarin from K16 Advisors. Please go ahead.
Unidentified Participant
Hi, good evening everyone. I must appreciate the way you people are executing not just in recent quarter but over the past many years at least. I’ve been in the market for around 31 years now. I haven’t seen too many other companies that can execute at the level at which the KPI group is executing. So all credit to management and the promoters.
Salim Suleman Yahoo
Thank you Karthi. Thank you.
Unidentified Participant
I just have some suggestions. Your PPT is very informative and it gives almost all the things that one would need to make up one’s mind about the investment prospect. However, if you could add, you know, operational data like how many megawatts was delivered in the quarter in CPP and also the revenue breakup between CPP and IPP that would further educate, you know, people like myself. Right now it’s not immediately apparent but you would agree that you know, on a quarterly basis, I mean these are foundational things that need to be put up front and it will really add value to your presentation if you would do that.
Salim Suleman Yahoo
Yeah, I understand. It is not immediately apparent because we give the total revenue and you know, since the total financials or the PNL or what we say the income statement is uploaded on the BSE and NSE there we have clearly mentioned what is from the ir from the sale of power, from the sale of plant. So it is over there. Nevertheless we will try to add it over here also that gives more clarity to you. Okay. And any other thing that you said was on the capacity that you are seeing, right? So there is one slide which speaks about the capacity of IPP capacity of cpb.
Also the only thing you want that how much done for the quarter it becomes that Also if you see it is already mentioned on the slide which is I think slide number five in our presentation. If you see that there’s a CPP capacity in the installed in the quarter, if you see it 0.5 gigawatt auto scene hand is 1.8 gigahertz. So all the data is there, I think. I mean, I understand it is very. I mean for a layman it becomes little difficult. I take your point. Next time we’ll present it in a way that it. It’s more visible and more upfront rather than in the figures and charts.
Unidentified Participant
Yeah, yeah, yeah. And just one question I had regarding the question asked by the earlier participant and your answer to that regarding the ICRA rating etc and the cost escalation somehow, I mean, just by listening to it, I felt that, you know, some further elaboration was required. That is if the cost goes up, the PPE revenue will not go up. So if the cost is going up, then how the IRR will not suffer. I would think that the IRR would. Come down if the cost goes up and the revenue remains the same.
Salim Suleman Yahoo
No, no, no, no. I think there was a little bit understanding issue over here. I’m saying the cost goes up accordingly the revenue because the PLF also goes up. There’s a difference between fixed and tilt fixed and tracker based, you know what we said solar panel, other system. So in case of tracker base you have a PLF of 23% and in case of what is a fixed it is around 19 to 20%.
Now what happens in. In tracker base we do one is to one that is every for 240 for 250 megawatt I’ll put a panel up to 250 megawatt only. But in case of fixed I have because I have to achieve the PLF that is given by the given that I have to achieve. So in that case I increase the number of panels. So as I increase the number of panel the cost goes up, but simultaneously it will have a more PLF compared to what all together the tracker base will give you. So here it is 23. If I do one, one is to four that every, you know, one panel will have a point for additional panel.
So automatically number of panel increases the generation integer. Automatically the revenue will also to that extent increase and simultaneous the IRR will not get impacted too much.
Unidentified Participant
Okay, so you mean UVN or the. The entity that is signing the ppa they are okay with extra output from.
Salim Suleman Yahoo
Yes, because we are giving them the. We are giving them the PLF which is. We have a, you know what we say a PLF range that you have to give PLF. For example, I am signing for a PLF of 20 or 20 so the contract say that 15 to 20% kind of additional I can give so I am adding that 15 to 20%.
Unidentified Participant
And that allows you to maintain the.
Salim Suleman Yahoo
Yeah, that allows me to maintain the ir.
Unidentified Participant
Great. Thank you very much and wish you all the best.
Salim Suleman Yahoo
Thank you.
operator
Thank you. Our next question comes from the line of Karthik Sharma from Anandrati Institutional Equities. Please go ahead.
Kartik Sharma
Congratulations on the great side numbers. I hopke I’m audible.
Salim Suleman Yahoo
Yeah. Karthik, you’re on you.
Kartik Sharma
So I recently saw the interview also. Of Mr. Patel on Money 9th earlier this afternoon. I see that the company has an ambitious target of 10 gigawatts of portfolio. So could you help us understand the revenue potential from this and especially how much of that is expected to come from IPP versus CPP segment once they are fully commissioned? And also, is there an average per megawatt revenue realization or a benchmark you. Work with for IPP versus PPV projects.
Salim Suleman Yahoo
At present, if you see my IP CPP revenue mix is around 12 to 13%. Last year it was against IPP and against which CPP was 86 to 87%. Going forward we have an ambitious target of 10 GHz in which we plan to have at least 25% of revenue coming from IPP business and remaining 75% from the CPP business. If I tell you the existing IPP that I have in hand, if I calculate all together, my average will come around 3 rupees 5 peso or 6 paisa per unit because I have almost no 15, 11 megawatt DC capacity which is upcoming.
So looking forward at 10 gigahertz also we like to maintain that 3 rupees per unit kind of average for the revenue. Now it depends upon the mix of IPP and CPP as we go forward for the 10 gigawatt. So that will define the revenue that revenue defined the what we said the profitability also depend upon that. That’s why you want to increase the IPP because it adds more to the profitability.
Kartik Sharma
Understood, sir, Understood. Thank you so much. I just have one more question if I can real quick. While your EBITDA margins improved quarter on quarter yet down year on year, could you walk us through the key drivers of this volatility and your approach to margin stabilization going forward?
Salim Suleman Yahoo
This is an important thing we need to understand is the seasonality of the. That is for the IPP and for the other CPP also this is seasonality. So what happens when we, you know, we have. We build on a milestone basis. So when we build the service component at that time my margins are a little bit higher and When I build the supply component or the material component, the margin. So there is depend upon the way I do the billing. My margins will keep on rotating on in some of the quarters and at the final it will be at around margin of 16 to 18% kind of a margin.
Kartik Sharma
Understood? Understood. Thank you so much.
operator
Next question comes from the line of Harvik Gandhi from HPMG Shares and securities Private Limited. Please go ahead.
Hardik Gandhi
Hello sir. Congratulations on an absolutely good set of numbers. Just two questions from my end. What would be the rate of the new green bonds at which we are issuing?
Salim Suleman Yahoo
I think today only we have uploaded the rating AA plus from Crisil and another rating agency has also given. So you can understand is the second highest rating after AAA and which is one of the best ratings when it comes in. So we are. We have yet not decided on the rate. But we will try to get the lucrative rate from the market because this entire bond is guaranteed by guarantor which is a triple A entity when it comes to Indian rating. So most probably we will try to keep it as lean as possible so that we can get both benefit out of.
Hardik Gandhi
Understood, Understood. So any ballpark number like a 7 and a half 8% or is it on a higher side?
Salim Suleman Yahoo
If you ask any CFO, my ballpark will be 0%. I would like to get it at a 0% but most probably looking at the current market I somewhere around 8 8ish or something. We would like to close it.
Hardik Gandhi
Understood, Understood. So and on the best BSF front, can you elaborate what is your strategy going on? You mentioned that we’ll be starting with smaller projects and you have a hit rate of 80 to 90% of the upcoming tenders. That is your ideal rate in the new tenders. So just wanted to know what kind of revenue or order book are we expecting just from BSS front and what would be the timeline? Just assuming that if you get one one small order versus one state order like a big order. What would be the timeline to execute and what would be the margins on that front?
Salim Suleman Yahoo
Just timeline. Yeah, I got it. For these projects also timeline would be around two years to kind of a one to two years kind of timeline. Between 18 to 24 month kind of a timeline that will be given by the depending upon different projects will have different timeline margins. I mean best is a very what we say, you know, very evolving kind of a business. And so margin. I mean we will be tracking the margin very closely but we will always try to have a healthy margin on this. We will not you Know compromise too much on the margin.
But yes. I mean the business is new and we want to enter this business. We’ll have a adjusting kind of a margin which will give us a better. You know, better stability also. But we want to enter this because this is. This is an future. Because only best can give you RTC around the clock. And the stability in the power for a green energy power.
Hardik Gandhi
Yes. So any just like revenue target revenue. How much are we expecting from it? Or order book. Like just the size of tender maybe like which we will be targeting.
Salim Suleman Yahoo
I can tell you the pipeline tender. I can tell you the tender pipeline that we have already decided to bid for is around 3,000 to 4,000 crore of tenders.
Hardik Gandhi
Understand. That will be in which states like just.
Salim Suleman Yahoo
We will be in Maharashtra. We’ll be in Gujarat. We’ll be in Rajasthan. We’ll be in different states also.
Hardik Gandhi
And this is in at least first half of the year. Is that assume like second. Sorry. Second half of the year.
Salim Suleman Yahoo
Yeah. Mostly because the tenders are expected to be in the second half.
Hardik Gandhi
Understood? Understood. Yeah. Thank you sir. All the best.
operator
Thank you. Our next follow up question comes from CA Garvik Goel from Invest Analytics Advisory llp. Please go ahead.
CA Garvit Goyal
Just a follow up on ESS part only for this kind of project that you spoke about 3000 group pipeline project. We will be treating for the technology part. Will it be in house technology for KPI Green?
Salim Suleman Yahoo
As I said in my opening remarks we already signed an MOU with Delta. So we will. We have collaborated with Delta specifically for this technology. So we’ll be. Our association will help us to cater to the latest technology in the best from Delta.
CA Garvit Goyal
Understood. And secondly on in your PPT you mentioned about solar panel robot cleaning. So is this product are we able to sell in the open market. And over the years we will be able to generate a new revenue stream for us.
Salim Suleman Yahoo
At present my own requirement I’m trying to fulfill because I have around 5.9 gigawatt of executed plus upcoming projects and everything. So which requires you. So if you see last the previous presentation of Quadra 4 was around 180 mega robots. Now it is 500 plus robot we have installed. So we are trying to fulfill our internal requirement post that it’s a management call that they will decide whether they want to commercialize this particular product or they want to go into O and M and get the operation maintenance done for others also.
CA Garvit Goyal
Understood. And lastly on this subsidiary listing we mentioned about we will be listing it separately. Will the existing investors get the shares of the subsidiary because otherwise it will lead to earnings delusions. Right.
Salim Suleman Yahoo
Okay. If you look at. There is no system which KPI is the holder of this company. Okay. When it does the listing it will dilute 25% and that will be in the open market. So yes, you can apply from the IPO section and then you can be get. If you are lucky you can get the, you know, shares directly from the market.
CA Garvit Goyal
In the IPO there will be shareholder profile.
Salim Suleman Yahoo
Yeah. See there’s no such scheme from SEBI or something that you know, existing shareholders quota or something which I have not heard about, is there? I mean nevertheless we value our existing shareholders also. But we. We can’t give separately as you know, carve out and give out for any portion.
CA Garvit Goyal
And after the dilution of the 20% will that entity still be consolidated in KPI green like KPI will be the majority.
Salim Suleman Yahoo
At any given point of time we’ll see to it that that KPI green holds more than 51% in front of.
CA Garvit Goyal
Got it. Got it. Okay. That is from my teacher. All the rest of the video.
operator
Thank you. Next question comes from the line of Ashish Rampuria, an investor. Please go ahead.
Unidentified Participant
Yes. Three to four thousand crores that we said pipeline is for dhs. Right? And beyond that the typical solar and hybrid that we do. What is the pipeline for that?
Salim Suleman Yahoo
As I told you know, pipeline for the solar and hybrid might go up to 4 to 5,000. Another what I’m talking is pipeline that where we are tenders, where we are bidding we are doing for so around 4500 any given point of time. We have 4 to 5000 crores of pipeline where people are discussing. I think my BD team or tenant team is working on it.
Unidentified Participant
So we are seeing overall between 8. To 9,000 crore pipeline we have between. VES and work that we did on solar and wind and hybrid and so on, so forth. Would that be fair statement?
Alok Das
Just to clarify, I’m Dr. Radu. So basically this is all the bidding process is happening pan India basis. And we being a KPI we are target to participate to the bid bid. And based on the procedure of the bid week we will test as a target for that type of CAPEX investment by which we can get the order running. So it is not typically pipeline where we confirm. It is our order confirmed. So it is a target to participate to the bid and teachers.
Unidentified Participant
Yeah, I understood that. I also, I think, I think back to back in the four or five days we had announced four subsidiaries and forgetting names, the same name and then 1, 2, 3, 4. What was. What were those subsidies created for?
Salim Suleman Yahoo
Getting the evacuation in different states. So as we are expanding to different states, we need evacuation that state. So that’s why we have to form separate companies for the getting those evacuation.
Unidentified Participant
And I think we’ve got a evacuation capacity at ISPS level about 600 odd megawatt. Any progression color on that? Are we looking at cpg, IPP there and so on so forth?
Alok Das
Yeah, yeah. On this whatever we have got about you know 642 plus 100 years and from that there are various type of discussion is under pipeline and you will be getting the good response in appropriate time very shortly.
Unidentified Participant
Good, fair enough. And any color that you want to share on the other states and international if there’s any progress, meaningful progress .
Salim Suleman Yahoo
This for the larger test. There are particularly you know in the domain there are three states we have signed our MOU and there also we are trying to create a resource like land and pecans and it is under process and based on this we should participate in future. It is already there in place also.
Unidentified Participant
Got it. And international any update.
Alok Das
Internationally to be the very thing it is under you know, stage of discussion. Probably we cannot disclose there now. So we’ll be getting the appropriate news going forward.
Unidentified Participant
Got it. Okay, thank you.
operator
Thank you. Our next question comes from the line of Soham from RV Investments. Please go ahead. Your line is unmuted. Please proceed with your question.
Unidentified Participant
Hello, I’m audible.
Salim Suleman Yahoo
Yes.
Unidentified Participant
Yes sir. This 1.2 gigawatt IPP which is in a working progress we have shown in our PPT this will be added by September 2026, right? So this 1.2 will be added in one go or we will be having in the phase manner.
Salim Suleman Yahoo
It will be in a phase. It will be in a phase wise manner. So yeah, start adding it from this financial year and we’ll keep on adding to the next financial.
Unidentified Participant
So by FY26 and what installed capacity we will be having in IBB we are expecting like.
Salim Suleman Yahoo
In place is around IPP. If you see 171 plus 240 plus 50 and that is with DC capacity. Find it. And 3 megawatt that is existing capacity that we have plus 1.2. So it will be 1.7 gigawatt kind of a capacity that will be ..
Unidentified Participant
By FY26 and this year and what installed capacity we’ll be having like we will be adding it in phase manner. Right.
Salim Suleman Yahoo
But these financial Years it depends upon our execution run rate. So we the ivision run rates can be different at different time depending upon the seasonality also. But at least we plan to have half of this capacity of 1.2 gigawatt to get before this financial.
Unidentified Participant
Okay sir, understood. And like you said that last year our IPP share was like 13% of our revenue and this quarter it is 10%. So going forward with this 60 70% top line growth we are expecting for this year what will be the ITD share.
Salim Suleman Yahoo
So we, we our target is around 25% should be the IPC share. But going forward I think by end of this year we might move up to 17, 18% kind of.
Unidentified Participant
Okay sir. And on the unit generation 5 sir, last year Q1 what installed capacity did we add?
Salim Suleman Yahoo
So last year if you see my capacity was around 171c5. Talk about the running capacity. 171 megawatt was up and running. The new capacity which I installed during the last quarter was 240 and 50. So altogether if you are 240 and 99. 240 and 92 megawatts. So this capacity have the capacity of generating unit of 65 crore units. But this will come in the upcoming October or the after post September. Because the cod of that particular of the GST what we call as government substation is going to happen by September. So post that this will also be updated this time what we generated unit of 6.9 crore unit.
They were generated from the our existing 171 megawatt capacity that we have already running.
Unidentified Participant
Okay sir, understood. So by year end what units we can expect from the current .
Salim Suleman Yahoo
So you can take, so you can take out of the 65 crore. You need 50% because six months it will be running so around 35 crore additional unit over and above. So what 171 mega. What capacity has given.
Unidentified Participant
Okay, understood. Thank you. That was helpful.
operator
Thank you. Our next question comes from the line of Shubankar Gupta from Equity Capital. Please go ahead.
Shubhankar Gupta
Hi sir. So just two questions from my end. So I was actually confused. In the PPP I read that so far we’ve installed around 1 gigawatt of capacity. So within that how much of it is getting utilized so far? That is one. And what is the split between CPP and IPP thus far in protein aggregate? That is one second is I want to understand the revenue unit economics. That is revenue per megawatt and CPP and revenue per megawatt in ITP. I think what you mentioned earlier was CTP revenues a complete double order book of 1800 megawatt.
It is 4000 which would be around 2.2.5 crores per megawatt. Is that correct? And then what do. What are the economic.
Salim Suleman Yahoo
Multiple questions. If I go line by line, the first question was about the utilized capacity in this particular. Right. So as I told you, you know, in this, particularly in this particular quarter, if you see I have have the. The energized or the portion where which has Generated revenue is 171 megawatt. Total capacity of the IPB I have is around 0.5 gigawatt. That is 504 megawatt. Yeah. But out of that 250 and 92 was something. 240 and 92 was something which was energized in the last this quarter only. So the revenue will start coming from the third quarter onwards. Yeah. What was the second question you said?
Shubhankar Gupta
Just want to understand the revenue economics for both CPP and itt.
So I think one of the questions you said that 4000 crores. If you complete the whole CPP, 4000 crores can be tested. Which would mean 2.2 crores per megawatt. So if that is correct, what is the same split for IPP?
Salim Suleman Yahoo
Let me explain this. 4000 crore or 1.8 ghost includes order with panel and without panel. Also in some cases I have orders. They are only BOP orders. You can say that is without panel. So I don’t think you know, per megawatt you can say 2.4. It is around 3.5 to 3.25 kind or maximum 3.75 on the solar side.
On the wind side, 1 megawatt again will go up to 7 to 7.5 crores. But some cases we have got utility scale orders. We have got. They are without. Like for example this table order is without panels or without turbine. So in that case I’m only doing the BOP portion. So that’s why the calculation is not right. To get the entire order book into divided by the megawatt you’ll get. You will not get the exact per megawatt.
Shubhankar Gupta
Okay. Okay. So what. What would the megawatt look like for both CGI is the question still.
Salim Suleman Yahoo
As I told you. So let’s look it out from the solar point of view and from the wind point of view. The solar will be around 3.5 to 3.5. 3.6 also per megawatt and the wind will be from 7 to 7.5.
Shubhankar Gupta
What about IPP? Like is there Any listing exact revenue will be derived per megawatt.
Salim Suleman Yahoo
See, naturally IPP is my own product. So automatically the margin of the CPP will not be part of that. No, but what I’m giving the orders for the cpp. So automatically you can understand the margins that I have. I’ll read it. I’ll not explain you the what margin I’m doing because that is not something which I’ll be explaining on this public for.
Shubhankar Gupta
No, Got it sir, got it. If you rule my answers. One more question, a small one. So basically for the whole firm for this quarter, somewhere around 30, 35%, right? 34% to be exact. And then you say that 7580 is the E for the IPP. Right? So if I just back calculate CPP will be somewhere between 30 and 35. Is that correct?
Salim Suleman Yahoo
No, no. EBITDA would be somewhere around 20 or CPP. See, you need to. You can’t look at. You have to look at the weighted average. How much is the contribution of the CPP and how much is the contribution of the ipv. Then only you’ll be able to take like. But motor mode. If I want to calculate my EBITDA for IPB would be around 75 to 80% and my EBITDA CP is around 20. So blended AMITA will be around 30 to 32%.
Shubhankar Gupta
So that’s helpful. Thank you so much.
operator
Thank you. A reminder to all the participants. Please limit yourself to two questions each per participants as there are several other participants waiting for their turn. Our next question comes from the line of Akhilesh Kumar, an investor. Please go ahead.
Unidentified Participant
Thank you for giving me again a chance. I wanted to know about the debt level as of this quarter. I can’t see anything on PPT. And with the upcoming 7 and Cross NCD, what will be our debt to equity ratio and that we will be still maintaining 1.5 as communicated.
Salim Suleman Yahoo
Debt level in this quarter, if you calculate it will be 0.5 is to 1. That is, you know, I’m very low leverage you can say with the NCD and upcoming project also we will not cross two is to one. So we are very much, you know, in a comfortable position in spite after doing the capex and everything.
Unidentified Participant
Okay, it will help us like if you can put that thing in ppt the absolute and that ratio as well.
Salim Suleman Yahoo
Yeah, naturally. Whenever every quarter when we start raising at that time the debt equity balance sheet comes out only during half year and full year financial at that time it surely put that. But I have given you this quarter also. We at present we are point five.
Unidentified Participant
So our target is one is to.
Salim Suleman Yahoo
Max to max. I said I am not is not our target. We’ll try to keep it below that only. But max to max we might reach up to 2 is to 1 with the existing tie ups and that the project that are coming.
Unidentified Participant
So with the current
Salim Suleman Yahoo
If you are seeing industry are at five, six big. Big players are at six to seven kind of. Yeah.
Unidentified Participant
With big pipeline of in hand and upcoming tenders. What we are planning. Do you see that to maintain that ratio we need to raise again.
Salim Suleman Yahoo
Actually we. We have done our projections and on that basis I am telling you and me being a rating guy. We always keep a track of the debt to equity.
Unidentified Participant
I need to select whether we need to raise further equity as well to maintain that ratio for upcoming.
Salim Suleman Yahoo
No, at present. At present I don’t think any equity or dilution is requ by the promoter. To maintain this debt and equity for next couple of years I don’t think anything is required. Because our profitability is also strong. So that adds to the network.
Unidentified Participant
Okay, so in the near future when we are seeing that that our it will be peaking out like say kind of stabilizing or it will be every quarter it will keep going up.
Salim Suleman Yahoo
No, no, no. It depends upon the growth pattern. If we have seen the growth pattern, we are growing substantially. That’s why we are trying to. Trying to keep it two is to one. But as I told you, you know the moment you see there will be repayment, there will be additional profitability that will be increasing with the growth in the top line and everything. So these what we say the levels will be maintained by us at present at least for two to three years. After that surely I mean depend upon the business. Depending upon the you know, the market situations or everything. We’ll take a call on that. But we will never let us ourselves more leverage. Because that is very risky position.
Unidentified Participant
Thank you.
operator
Thank you. Our next follow up question comes from Gaurav Sharma from GS Enterprises. Please go ahead.
Gaurav Sharma
Hi. Thank you for the opportunity. I want to know by revenging. Hello.
Salim Suleman Yahoo
Yeah, yeah, go ahead.
Gaurav Sharma
Yeah, I want to know what will be the capacity of CPP by March 26 that we can install.
Salim Suleman Yahoo
Hey, as I told you know the CPP capacity as on. You know the order book that I had have in hand is 1.8 gigawatt. I might execute. But CTP capacity depends upon milestone basis. So we might book the revenue but we only book the capacity as a completed when we complete the entire project. So it is very difficult to tell you that exactly how much capacity will be there. But yes, I mean if you see the revenue wise, I mean we will do 60 to 70% growth in the revenue.
operator
Thank you. Our next question comes from the line of Ajit Sethi from ICO Quantum Solutions. Please go ahead.
Ajit Sethi
Yeah, thanks for the opportunity as we have good orders in hand. What kind of revenue what we are targeting for FY27.
Salim Suleman Yahoo
As we told I know whatever we do in FRC like last year we did 1700 so you can count 50, 60% of growth from there to 26 and again 60% growth from there to 27 because we have huge pipeline also.
Ajit Sethi
Similar pattern, 16 to 18%, right?
Siddharth Thakur
Yes. We will try to maintain a slide here and there, but we’ll try to maintain the path module.
Ajit Sethi
Thank you.
operator
Thank you. Our next question comes from the line of Samrat Shah, an investor. Please go ahead.
Unidentified Participant
Good afternoon sir. Thank you for the opportunity and congratulations for the wonderful results. My question is regarding the net profit margin. We are maintaining a steady margin of 18 percentage. Now if you have given the guidance of IPP share going up from 13 to say 17 to 18% for this particular financial year and overall target is of 25 percentage, shouldn’t the net profit margin also have an expansion?
Salim Suleman Yahoo
If you see the first quarter margins because of a lot of service component and first quarter margin margins are usually on a higher side then second quarter it little bit tapers down as I explained in previous question also. So we will be able to maintain the margin. The more we do the ipp it will help me to maintain the margin and not grow the money. Because accordingly CPP correspondingly CTP will grow substantially. Also at the same time because we are growing 60 to 70%. So my CPP has to go. So to net of that growth of CPU CPP is earning me around a bit of 20 and IPP is around 70, 75 to 80%.
So to net of that growth of CPP I have to increase my IPP also. So IPP login. I mean the margins will be maintained for the maintenance of margin. We are increasing the IPP also.
Unidentified Participant
Okay. And one follow up question sir. I wanted to know what is the current workforce that you are having in JPA Green energy? How much of it has been increased from previous year and what is the target workforce that you are. Because I see you are in that you are hiring a lot of. I mean the advertising for hiring in KPI. So I wanted to Know, what is the target for the next financial year as well?
Salim Suleman Yahoo
You know, we are growing and every growing organization requires new hands and you know, experienced people, professional people. So we are, you know, reaching out to the market to, you know, to hire new and new minds, additional people. So at present, you know, all together, I think 7, 800 to 900 workforce is there and there are a lot of engineers and accountants. There are stalwarts from the industries. So we are adding this year on year because as we grow, we don’t want to get curtailed on our executions or anything because of the shortfall of manpower remedy.
So if you see on my slide, around 568 cents is in KPI.
Unidentified Participant
if you Okay, and what is the target for this particular ballpark number if you could give?
Salim Suleman Yahoo
See manpower, you cannot decide. You know, it. It’s about proper utilization of the manpower that is more important. So I mean, I can add more and more people. But finally, I mean, you know, revenue per person is something that we keep on tracking and that’s good.
Unidentified Participant
Thank you. That is from my side.
operator
Thank you. Our next question comes from Dikshant B from DB Wealth. Please go ahead.
Deekshant Boolchandani
Hi. So. So you have mentioned that we have evacuation of around 3 gigawatts and around land parcel of around 6,000 acres. Does this include the September guideline that we have given the orders that we will be executing by September 2026? Is this inclusive of that or is this over and above that?
Salim Suleman Yahoo
No, no, this is inclusive of September also. Whatever orders we have, this 3.2 gigawatt include that one point, whatever we are executing.
Deekshant Boolchandani
So the evacuation and the evacuation and the land parcel is majorly for the orders that are going to be utilized in September.
Salim Suleman Yahoo
Yes, but EV and land acquisition. And the land acquisition is a real time process. We every day, I mean there is some or the other which is added to this and we keep on adding this or if you see my presentation, there is a track which is shown about the land acquisition over a period of time and also about the evatic. So it’s a real process. We keep on adding this more and more quarter and quarter year on year. We’ll be adding more because we focus on the pipeline that we have and accordingly we have to keep our resources ready for the pipeline when it converts into a order.
Deekshant Boolchandani
Okay, got it. So secondly, you have mentioned that for the next two because we will be doing a lot of capital raise from debt and from IPO proceeds. So this is the promoter holding that is now stable. Do you think the stable promoter holding will be for the next two to three years.
Salim Suleman Yahoo
Yes, it will be around. At present KPI promoter is holding 48.7 and it will be stable for next couple of years.
Deekshant Boolchandani
Okay. So lastly we don’t have a lot of DII holdings and are sort of company. We have good FII holdings. So a suggestion that. Do you think it would be a good idea for us to do more road shows to get more interest of dii because we are clearly growing and the market is looking at us.
Salim Suleman Yahoo
Yeah. See, I mean in the presentation we have only mentioned majorly the FIR. There are DII holdings also. But going forward, like for example the 700 crores bond which we are raising, it will be majorly focusing the insurance companies. And also we are focusing on adding more and more DII into this. Nevertheless, I mean we are happy that you know somebody like Vanguard Black, one of the marquee names in the international market who invest, who are, who is investing in a company. So that, that is also a good thing for us. Slowly, slowly, DI will also crop in once we show more and more size.
Deekshant Boolchandani
Sure. So that’s just a humble suggestion from our side.
Salim Suleman Yahoo
Yeah, we’ll add. We’ll. We are trying to get more visibility in the market for the ir.
Deekshant Boolchandani
Thank you so much sir. Congratulations again.
operator
Thank you. Our next question comes from someone, Kumar, an investor. Please go ahead.
Unidentified Participant
Am I audible to you?
Salim Suleman Yahoo
Yes.
Unidentified Participant
Yeah. So this is again about Bess. I have heard of some of the. Some of the contracts that have gone to the competition on the BOO model. Right. So the. The thing that I want to understand. Is like in IPP wherein we we own the asset as compared to CPP. Which is basically any picture work that. We do for them. Right. Similarly for Bess, when it is coming. On BOA Boo, would we have to do the capital investment? So hypothetically if you are targeting a. Revenue of around 3,000 crore, does it mean that you would be investing this 3,000 crore upfront and then it will. Be recovered from the you?
Salim Suleman Yahoo
Yeah. So on the boo, what we look at, it’s a build, operate and own kind of a model. Now in this it is the battery is a service we provide. So for that the battery entire system is to be built by us. Now that the reason we are coming with an IPO in Sundrop and we are raising the equity over there so that we can invest that much funds over there. And actually when it build, own, operate and own, it will automatically be on your books and we will be raising in Suntoff for that Particular advertising center doesn’t have any too much of debt and everything. But as we grow that if we happen to click the entire, you know 2000 or 3000 crore of orders execution. So mostly it will be on our book.
Unidentified Participant
S o the company will have to do the capital investment up front and then we will be recovering.
Salim Suleman Yahoo
The reason I mean the object of the IPO is also somewhat to that extent only though.
Unidentified Participant
Thank you.
operator
Thank you. Next question comes from Rishabh Chaudhary, an investor. Please go ahead.
Unidentified Participant
Hi. My question is more on the industry. If the government has invited the bids again for the tenders that has gone to Jensel and if KPI is participating in those.
Salim Suleman Yahoo
See how few of the tenders the government has already. I mean which was recently but it was very low. So we do we participate. But we didn’t went aggressive with that. So government has already. I mean NTPC tender which was won by General is already out in the public and is already won by I think selling energy. So that is open in the market. So everybody knows that.
Unidentified Participant
All right. Thank you.
operator
Thank you. Our next question comes from Akhilesh Kumar, an investor. Please go ahead.
Unidentified Participant
Thank you for again. Give me a time. I wanted to know understand more about our equation capacity and the transmission lines like say in a physical. Xavier, I don’t have much idea but there were certain reports in the media where it said that around 25% of projects in Gujarat and other estates were stuck because of the evacuation capacity. Sorry, transmission lines delay or other problem. So when we say we have enough evacuation capacity that means we have already the infrastructure for evacuation in place or those things we are going to plan or do.
Salim Suleman Yahoo
Talk about the evacuation. 3.26 Visa board of evacuation in place that we have already blocked the substation where we have approval that this particular substation capacity is now allocated to KPI. So that is in that some portion we have already done the our substation, PSS substation. We have drawn the line from there to the GSS government substation also.
Unidentified Participant
Okay, so what kind of the. Like the transmission they think the issues might have come delayed. How it may impact us like those things has to be done. But this comes right.
Salim Suleman Yahoo
Sorry, let me just clarify your question. I have a bit…
Unidentified Participant
Like there has. To be expanding of transmission lines and infrastructure. I am not very technically aware of.
Salim Suleman Yahoo
Okay. Okay. I. I would. I would. I would. I would call. I would call in our Cmd. Sir. He has just arrived on the call. So he will be the best person because his master of that evacuation lines and everything. Has been doing it for more than two decades.
Faruk G. Patel
What is the question? Can you please repeat that question so I can give you some. What is the. What is the.
Salim Suleman Yahoo
I think the question that you are asking. Correct me if I’m wrong that evacuation is an issue. At present the government doesn’t have that much capacity or evacuation or the transmission lines are the issues.
Faruk G. Patel
F or us that is not an issue. Because we have already 3.2 hours evacuation with us and more in Gujarat, especially the government of Gujarat they have already planned for the 5 years 1 lakh will be investment in the transition line. And all over India also the government are thinking on this way only. And they are making the very heavy intercession for the transition line. The transition line is not the new issue. It is a. From the beginning. If you like a road you are making manufacturing. Your road is not there. Who will be? There will be a topic.
So there will be a topic. But in our case in your company you are safe enough. And in say two to three years. Expansion you have already taken in your portfolio. And we say this comes all the jet code. There is a two transition line. One is Jetco and one is discomfort. So this come on always be there. Is some small, small issues comes and be resolved. And in Jetco is a big transition. Line Mr. That you can get it. One year before or say two years before like that. So I think in your company translation. Line or the electrician is not an issue.
Unidentified Participant
Okay, great to hear that. Actually I was worried like because we are going at the faster pace. But the news is that okay transmission lines growth is not keeping up the pace with the growth in our renewal.
Faruk G. Patel
No, no. We we have enough, enough white line. So we can. We can draw the picture. No problem.
Unidentified Participant
Okay, that’s it. From my side. And nice to see Mr. Patel again. Coming back to the conference call after first I think.
Faruk G. Patel
No, no. Thank you very much. Actually I was not aware today I was somewhere else and I was in a completing engineer. So just I come to know that and I joined. Thank you. I, I, I. Do I know your name. Where you from?
Unidentified Participant
I’m in Bangalore.
Faruk G. Patel
You are in Bangalore. Very nice. In Bangalore we have one supplier Mr. Manufacturer. The oldest panel manufacturer in India is from Bangalore.
Unidentified Participant
And on panels like can you let me know how is the prices are for us. Like say we buy only Indian net. So how it is trending for us?
Salim Suleman Yahoo
No, no. It’s. We always in panel. Also we have high the panel of 1.7 gigawatt already had on the today’s rate so if in a future, if the rate goes up, we don’t have a problem. And if that is something from any other panel also we don’t have a problem because all Indian manufacturers.
Unidentified Participant
Okay, thank you. Thank you. That’s it from my side.
Salim Suleman Yahoo
Thank you.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to the management for closing comments.
Salim Suleman Yahoo
All right. Thanks everyone. Thanks to all the investors shareholders concerned person for joining this call. This was the end to our conference call of KPI Quarter 1 FY26. We would be having this call again in the next quarter and we expect all of you to join back again finally. You know it’s really great comprehension that all of you are so interested and the questions that we had are really engaging and really dive into the matter that you know opens up our both operational and execution capabilities. So right on the point the questions were asked and it feels like everybody is a part of our company and you have made us feel.
So for the final closing comments I’ll just hand over the call to our whole time director so in the boya and one final remark for to from Dr. Farooq Patel who we have the privilege of joining us for this conference call after a long time. So over to you.
Unidentified Speaker
Good afternoon and thank you for. Thank you for your trust and support. It gives us strength and motivation to move forward. At KPI Green Energy we believe in growing with purpose and building a better future together. Let’s continue this journey with the same belief and energy. Thank you once again and this last couple of words.
Faruk G. Patel
Thank you again and again. I always appreciate the concern and the guideline given to us by your people and I always appreciate your consent things and I looking forward the next phone call and I giving you the promise that you will be very happy in next one call more than this this quarter and that is my promise to you people and we are doing the work and from the all management and from the all about of directors I really thank to all of you. Thank you.
operator
Thank you on behalf of KPI Green Energy limited that concludes this conference. Thank you for joining us. You may now disconnect your lines.