KPI Green Energy Ltd (NSE: KPIGREEN) Q3 2026 Earnings Call dated Jan. 28, 2026
Corporate Participants:
Alok Das — Group Chief Executive Officer
Salim Suleman Yahoo — Chief Financial Officer
Vinod Jain — Vice President, Investor Relations
Analysts:
Harsh Patel — Analyst
Garvit Goyal — Analyst
Aman Soni — Analyst
Parth Kotak — Analyst
Wasim Ali — Analyst
Gaurav Sharma — Analyst
Anil Sarin — Analyst
Ritesh Bhagwati — Analyst
T Komal — Analyst
Samrat Shah — Analyst
Vikas Nayak — Analyst
Sahil Shah — Analyst
Nupur Gandhi — Analyst
Gaurav — Analyst
Paras Gulabchand Karania — Analyst
Aniket Panda — Analyst
Ashish Jindal — Analyst
Abhi Shah — Analyst
Sagar Doshi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the KPI Green Energy Limited Q3FY26 earnings conference call hosted by Shared India Securities Limited. 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 call please signal an operator by pressing star then zero on your touch tone phone. I now hand the conference over to Mr. Harsh Patel from Share India Securities Ltd. Thank you and over to you sir.
Harsh Patel — Analyst
Thank you and good afternoon everyone. Congratulations on a very good set of numbers. On behalf of Share India Securities I welcome you all to Q3FY26 earnings conference call of KPI Green Energy. We are pleased to have with us the management team represented by Mr. Soil Daboa, the old time Director, Dr. Alok Das Group CEO and Mr. Salim Yahoo, Chief Financial Officer of the company. We will have the opening remarks from the management followed by question and answer session. Thank you. Thank you and over to you.
Vinod Jain — Vice President, Investor Relations
Hi, good afternoon. Myself Vinod Jain. I have recently joined as a President investor relationship. I am almost one month old, baby. We are here to discuss and present and discuss the quarterly and nine months performance of KPI Green Energy Limited So Nahas has already introduced that. We have with us Dr. Alok Das who is our Group CEO. Mr. Sohail Laboria who is the whole time Director and Mr. Salin Yao who is the Group’s CFO. So now I hand over to Group CFO to present the quarterly and nine month performance.
Salim Suleman Yahoo — Chief Financial Officer
Thank you. Thank you. Thank you Vinod. Good afternoon everyone. I am Salim Yao, Chief Financial Officer of KPI Green Energy Ltd. It is my pleasure to present the financial and operational highlights for the third quarter and the nine month period ended December 31st, 2005. Once again we are proud to share that KPI Energy has delivered yet another landmark performance marking our seventh consecutive quarter of highest ever revenue and achieving our best ever results for the nine month period. The sustained momentum underscores our robust execution capabilities and our ability to scale rapidly across our solar and hybrid portfolio.
Starting with our quarterly performance, our total revenue for quarter three FY 2526 stood at Rupees 676 crore a strong 45% YoY growth. Our EBITDA increased to 251 crore reflecting a powerful 73% growth. Similarly, profit before tax rose to 170 crores marking a 48% increase while profit after tax stood at 126 crore also growing by 48% compared to the same quarter last year. Speaking about the nine month figures for the first nine months of the financial year our total revenue reached 1931 crore, a 64% increase over the previous year. Just to highlight that the previous year we had done 1700 crore in the entire year and we have already crossed that mark.
In the nine months. EBITDA for the period grew 701 crore up 71% and profit after tax reached 354 crores registering a 60% growth. This results highlight our focus on operational efficiency and disciplined financial management. I would like to highlight the significant Milestone regarding our 250 megawatt Gasolar project. I’m pleased to share that we have just commissioned 24.2 megawatt AC that is 35 megawatt DC of this project and we are ahead of schedule. Importantly, we will be recognizing part commissioning revenues from this project starting next month. Going forward our focus remains on completing the majority of the project capacity by the end of the June.
Our order book and strategic pipeline continues to expand and diversified rapidly. During quarter three we secured 152 megawatt floating solar EPC contract from GSECL at Kadana Dam and received a letter of intent From Gunl for 445 megawatts Obligate 90 megawatt milliwatt standalone Best project supported by Viability Gap funding. Further, we received balance of plant supply and on site services orders from adani Green totaling 300,534 megawatt at Kaavra. Additionally, we have signed a landmark MOU with Government of Botswana for a large scale renewable energy generation and energy storage with a potential capacity of approximately 5G hours.
We are progressing rapidly on this opportunity and aim to Commission an initial 500 megawatt project in a couple of years. In conclusion, with record breaking revenue, strong execution across our GNL project and a clear global expansion strategy, KPI Green Energy is firmly on track to achieve its long term vision of 10 gigawatt capacity by 2030. We expect this to achieve before our targeted date of 2030. I thank you all for their support and I thank you for continued trust and support that KPI Green Energy has limited as we happy now to take the Question and answer so we can open the floor for question and answer.
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the Question and Answer session. Anyone who wishes to ask questions may press STAR and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Also before we begin, a request to participants to please limit your questions to one per participant. Should you have follow up questions, we request you to rejoin the queue. The first question is from ca Garved Goyal from Serene Alpha.
Please go ahead.
Garvit Goyal
Hello. I’m audible.
Salim Suleman Yahoo
Yeah Garvit, you’re audible.
Garvit Goyal
Good afternoon and congrats for a good set of numbers.
Salim Suleman Yahoo
Thank you.
Garvit Goyal
The first question is regarding the LOI that we got from Bess. Can you put some more color on it? Like in terms of investment we will be doing here and the kind of IRR we are expecting from this project. Project. And when will this LOI will be converted into the confirmed order.
Salim Suleman Yahoo
So we are talking about. You’re talking about the best project, right? 445 megawatts and 890.
Garvit Goyal
Yes.
Salim Suleman Yahoo
So we have received LOI. We expect this project. We are just finalizing on this. But the IRR we expect around 13 to 14 is something that we are expecting in this project depending upon the viability because the battery prices are fluctuating and they are. We expect them to go downward trend. So we expect that we will be able to achieve the 13 to 14% IRR and shortly we’ll be doing the financial closures. We have a lot of our existing lenders have shown interest in associating with us for this particular project, best project. So we have a very good interest on the market, on the lenders and we have very good opportunities.
We are, we are associating with some of the top brains for executing this project when it comes to the association of designing and other parts.
Garvit Goyal
Also you didn’t mention the amount of investments are we committing here.
Salim Suleman Yahoo
Yeah, I, I told you know. So the investment that we are expecting is around. For example, if you look at just a Second, this is 445 megawatts, right. So it will be at around 2,000 to 3,000 crore. Kind of a total investment that we expect in this particular project along with the renewable power. Also.
Garvit Goyal
Understood. And so recently because of significant jump in the silver prices and we understand silver is one of the key commodity getting used in the solar panels and cells as well and silver paste which is getting imported from China because China is having the significant processing capacity there on they are putting some restrictions on export of these key components. So in this scenario how are we looking towards it? Like if the costs get increased because of the shortage of supply or increase in the input, how KPI Green is going to manage its margins?
Salim Suleman Yahoo
There Are two aspects to this. One aspect is that, you know, the capacity that has been built in house, domestic manufacturing capacity has also increased substantially. Okay. So the prices have settled down when it comes to the panel. As far as KPI is concerned, KPI is not a manufacturer of a panel. Okay? So you need to understand that whatever contracts we do with unl, the tender has a clause. We say that if there is an increase in the prices it will automatically factor in when in the increase in the tariff. So we are safeguarded from that.
Similarly when we do on the EPC business, when we sign an EPC contract with private players or anything there also we have that, you know, we block the stock immediately. The moment we fix the contract or we sign the contract with the sales order at that time we also block the material. So we are naturally hedged over there. And as far as the bigger EPC contracts are concerned, automatically there also the price loss is there that in case if there is an increase in the prices of the panel beyond some extent 5% or something, then it automatically can be passed on to the what is it to the customer.
So we are well you can say hedge or well safeguarded ourselves in our all kind of businesses.
Garvit Goyal
Those 6,000 share order book that we are currently having, is it correct understanding that for entire order book we are having the price variation flows inbuilt?
Salim Suleman Yahoo
Yes. This 6000 crore audible is. It is also where we have the entire plant setup and building also there an order of balance of plants. Okay. So wherever we have an order 6,000 in this 6,000 majority is the utility scale of what we call it. Utility scale is the cil, sjvn, all government entities, ntpc. So there we already have a clause in that so we don’t have to worry about it. And as far as private, I told you we have already built up the cap, you know the inventory for the private orders that we.
operator
Thank you. A reminder to participants to please limit your questions to one per participant. The next question is from Aman Soni from Envis Analytics. Please go ahead.
Aman Soni
Hello. Hello.
Salim Suleman Yahoo
Yeah.
Aman Soni
Sir, my question is on the MoU of 36,000 cr investment in Botswana. I just wanted to understand who is going to invest such a big amount of. Is it the government of Botswana will finance it and KPI Green is supposed to leverage its CPC capabilities or how is it going to work? Also what is the size of revenue do we anticipate from this particular project over the next one to two years?
Salim Suleman Yahoo
We have already, you know, disclosed in the public domain that in next one to two years we are looking at 500 megawatt capacity out of the 5 gigawatt. The rest will come later on. So for find it megawatt capacity we already have it will be around 1500-1700 kind of a total project cost for that equity is already there. A lot of lender are also keen that you know they want to join hands with us for setting up business. So initially we can after that we can look at various other options. You know we can look at invade, we can look at different ways, you know or calling in for some investors in our Bose 1 entity.
So that is something that we have to plan after we complete this 500 megawatts. So initially we will be setting a 500 megawatt in next couple of years after that for the next 5 gigawatt. But yes this, this entire project will be IPV project for API and it will power will be sold to the neighbor Botswana and its neighboring countries. So there is no investment from the government but there will be a lot of support on the signing of PPAs and taking power purchases and using the transmission lines and all that will be supported by the Botswana.
Aman Soni
And what is the IRR do we.
Salim Suleman Yahoo
Naturally we are at present building up for this 500 megawatt. We don’t work below 12% IRR when it comes to any project. So we will try to maintain that. But I think the pricing, if you look at the tariff in Botswana it’s higher than what we have in India. So automatically my IRR will be far more better than what I am earning.
Aman Soni
Perfect. So for the current project guvnl projecting 13%. So there you are saying it will be better than 13%.
Salim Suleman Yahoo
Yeah, it will be higher than this.
Aman Soni
Okay. And secondly if I look at your last six months we have filed a lot of information about many initiatives being it the MOU with the South Korea on green hydrogen and ammonia or receiving the Category 1 power trading license or the MOU with the government of Gujarat for establishing the Hydrogen and EV fuel stations. So I just want to hear from you the further updates on all of these MOUs because I’m not seeing anything on this part. I understand that the things takes their own time but at least you can share the tentative timeline and the active status of these MOUs.
And when can we expect all of these initiatives to start generating to the revenue in a meaningful manner?
Salim Suleman Yahoo
Yeah, as you said you know these all are for example hydrogen. Hydrogen is a new product altogether when it comes to the, you know, for humanity. It’s a new project A new product. So for that it will take up time for it to materialize and to reach its cycle life cycle of a product. So not automatically all this has to start with an idea. It has to start with an mou. So we have started over there. Until start you will not be able to finish the race. So we are working on that actually. I mean sometime what happens if you look at the trajectory of solar, when it started it was very slow and slowly, slowly it started because there has to be a price parity that has to come into the picture.
From that point of view all these mouse. But as far as the other MoS are concerned, we are already working on those MoS. So like the Gujarat MoU and everything. So we are infusing funds, we are setting up plants in Gujarat. So there’s a part of the MoUs. Only the MoU said that you know we will be investing so much in Gujarat. So we are already investing in Gujarat more and more so that are already in place. But as far as the new projects are concerned or new products are concerned, it will take time and we will as and when we have major news in that we’ll surely disclose that on the BSE.
NAV is also for our investors.
operator
Thank you. Before we move to the next question, a reminder to participants to please limit your questions to one per participant. For follow up questions we request you to rejoin the queue. The next question is from Samrat Shah from who’s an individual investor. Please go ahead.
Samrat Shah
Good morning. Good afternoon sir. Congratulations for fantastic numbers. My question is for Salim sir. Actually it was a part of the question was already asked by the earlier participants. I wanted to just get a broad understanding that during February 2025 phone call there was a question based on IRA like tariffs in US due to which the panel sizes fel and there was a concern that it would be affecting our margins. So now the reverse has been happening since say December end. The panel prices have shot up and the earlier participant was raising concern on silver prices as well.
So whether the panel prices go up or down, the margins will remain impact is what I wanted to understand. And the other thing is the various products which have come up like battery energy storage system and green hydrogen and floating solar. You have entered into all these new products. I want to know how will it impact the net profit margins in the coming say two to three years. Will it remain stable at 18%? We have been maintaining 17 to 18% till now.
Salim Suleman Yahoo
So I’ll just take your second question first. The new product, as I told you they are at a nascent stage. So it is very. You know, right now it is not be able to discover flows that what is the margin impact. Because this project, the product itself has to reach his life cycle cycle complete its life cycle. Then only we’ll be able to explain because the prices will keep on moving. There will be a lot of change and everything. As far as the margin impact because of the panel prices, I already explained that one is IPP where we do our own plan.
So that that doesn’t have any impact on the margin because it’s a capex for me. So that is the funding and capex that is so automatically it will only generate the power. And when they sell the power the revenue comes. So it is not going to impact my IPP is not going to impact cpp. As far as CPP is concerned, I already explained that if it is a private customer, we are immediately. The moment we sign the sales order, we confirm the order. At that time we immediately block our finals also. And we factor it that our pricing should be such that our profit margins are maintained.
And as far as the bigger contracts are concerned like CIL and HDVM there we already have a clause in the tenders that which said that in case if the prices of the panel or the product goes too high beyond a 5% range or something then they will be re looking at the pricing that has been fixed earlier.
Samrat Shah
Okay, thank you sir. I’ll join back with you. Thank you.
Salim Suleman Yahoo
Thank you. Thank you.
operator
Thank you. The next question is from Parth Kotak from Plus 91 Asset Management. Please go ahead.
Parth Kotak
Hi sir. Just one question on our IPP business. In FY25 we ended the year with 503 megawatts. I’m assuming a large portion of this. Would be howda right. Because otherwise this year the unit generation should be northwards of 80 odd crore units. So please connect correct if I’m wrong somewhere.
Salim Suleman Yahoo
So how we had completed in FY25 but the delay in the offtake of the unit was because of the government substation not completed. The government has completed the substation recently in December. So now in the next quarter we’ll see the revenue from the cada. Because that is one major thing which will be seeing movement in our ipp.
Parth Kotak
Interesting, sir. Interesting. So. So in all probability we should reach. The quarterly run rate of whatever that number is of say 20 crore units. Per quarter from the fourth quarter onwards. If my understanding is correct.
Salim Suleman Yahoo
See, we will be targeting that only. But usually when the plant is set up there is a stability period. So there will be stability period. When there’s a checking and everything keeps on happening. Hopefully we’ll try to match that. You know the quarterly target, that which has been given. But in case there will be a short up and down because of the stability, because the plant is new, it has to stable after that a quarter or something. Then it will be stable. Then it will keep on generating the same revenue for next 25.
Parth Kotak
Super. Super. I think that’s all from my end and I will join back the queue for further questions.
operator
Thank you. Next question is from Wasim Ali from Legrand. Please go ahead.
Wasim Ali
Hello. Yes, good afternoon everyone. I think first of all congratulations for your good set of numbers. So I think one question which was. You already answered. I think 240 megawatt. This project is not yet synchronized. It has to be synchronized in Jan something or in fab something. What do you think?
Salim Suleman Yahoo
No, I said that the substation, government substation which has to take the power from us where we have to input our power that sufficient was not ready till December. Now it has ready and they have charged it also. So now we have started. You know what we say, they have started taking the power. So we have started off taking the power to the government substation.
Wasim Ali
So it means in this quarter, quarter.
Salim Suleman Yahoo
Four we expect the revenue. Yes.
Wasim Ali
Yes. Okay. And second question is Mr. Saleem that you know this, your Sun Drop IPO. When do you expect to bring this IPO? What is your timeline?
Salim Suleman Yahoo
See we are expecting in the next financial year, most probably, you know, for first half year of the next financial year they’re expecting to close it. The the reason for that we are expecting big orders in best because sometimes we’ll be focusing more on battery energy solar system which is a new product altogether. So once we have that good object also we will float the IPO as early as possible. Most probably in the first half of the next financial.
Wasim Ali
Okay. Okay. Okay. Okay. Okay. Okay. Great. Thank you. Thank you so much for. Thank you.
operator
Thank you. Next question is from Gaurav Sharma from Anujay Properties. Please go ahead.
Gaurav Sharma
Good afternoon, sir. Congratulations on an excellent set of results. My question, sir. I hope you’re doing well. My question is regarding the 1 GW IPP commissioning by March 26 as it was discussed in our last con call. Are we on track to commission that?
Salim Suleman Yahoo
Yes. Before we start the question. Answer. I had given a speech in that speech, I’ve already said that out of that 1 gigawatt we have already charged and we have started sending power for 50 mega, 35 megawatts altogether. So it will be done in a piecemeal and we are very much in line to achieve our target for that.
Gaurav Sharma
Okay, so thank you. I’ll rejoin the two for the questions.
operator
Thank you. The next question is from Vikas Nayak who’s an individual investor. Please go ahead.
Vikas Nayak
Congratulations on the continent growth, sir. This question on the IPV part, as of this quarter, maybe how much IPP megawatt is actually contributing to revenue and how do you see maybe the year ending and maybe first off of this next year and also the end of next year how much megawatt might be actually contributing to the revenue.
Salim Suleman Yahoo
In this. If you, if you see the actual megawatt that we have done is around. If you see. I’ll just explain this. Hold on. So my IPP is around 500 megawatt installed capacity. Out of this capacity, as we discussed a couple of minutes back that you know, 240 megawatt was howdah, which you know, the government substation was not energized. That’s why you are not able to see the revenue over there. But in coming quarters you will see the revenue from that. So you can see that you know, 50% of this was energized, you know, in March only.
But the revenue started, started post that also 15 megawatt hybrid which we have set up which is also with GNS that also started generating revenue. We have got revenue in Jan also January. So we are expecting another 250 will start generating revenue in the last quarter and after that will continue. So the, if you can say that actual what megawatt has given is around 250 megawatt is something that, which has. Sorry, 200 megawatt is something that has given us the revenue in this nine months.
Vikas Nayak
Okay, okay, okay. Basically the margin seems a bit higher just for this quarter. If 9% is the IPP revenue. So and, but the overall composited margins are around 36. So the CPP margin seems maybe 30, 31. But on a regular basis we have 20 or 22. And if this is correct, maybe could you help me understand maybe what, what has caused this maybe almost 50% jump in the morning?
Salim Suleman Yahoo
Yeah. Let me explain you. The IPP adds to the bottom line. IPP EBITDA is around 85 to 90% because I don’t have any cost once I set up the flat. Okay. So my ebitda is around 85 to 90 whereas CPT is around 18 to 20%. So combined if you see the cumulative EBITDA will come around 30 to 35 kind of. And as we go down with other the cost and everything my you know paddle is around 18 odd percent. The reason for getting very good margin in the CPD also is that we have evacuation, we have land bank so we you know we charge a premium because we can give plan within shortest period.
All the factors help me to charge a premium for that. And we have that long standing our you know track record of execution and whatever I do for CPB I have my IPV plans over there also. The customer is quite comfortable with us that you know that these are not a flying by night operator or somebody who’s going to close the shop. So they as far as the utility scale are concerned, you can understand that, you know so because we are at a big scale now, we have economies of large scale so that help us to reduce the pricing and profit margin over there.
Vikas Nayak
Thanks so much for. Thank you.
Salim Suleman Yahoo
Thanks.
operator
Thank you. The next question is from Opi Gandhi from Siddhi Technology. Okay, that line seems to be on hold. We move to the next question. Next question is from Sahil Shah is an individual investor. Please go ahead.
Sahil Shah
Hi sir, am I audible?
Salim Suleman Yahoo
Yes, hello.
Sahil Shah
Yeah, you have an excellent set of numbers.
Salim Suleman Yahoo
Thank you. Sahin.
Sahil Shah
Sir, given current leverage and pledging. Levels how does management balance growth, debt reduction and shareholder value creation as the share has quite underperformed.
Salim Suleman Yahoo
Besides you need to understand the share has not underperformed. It’s the external factors that are impacting and it is not impacting cape, it is impacting all over the market because of the uncertainty in the world economy or you can say the relationship between countries and the uncertainty over there. As far as your concern on the debt equities, if you see my Debt Equity is 1.95. My total borrowing which includes my short term borrowing and long term borrowing it is 1.95 is to 1 which is 1 of the best in the industry for our companies which are into capex mode.
Right. So you are, you might see if you compare it with other big players there are things with a 66ish to one and all. So I am very well placed when it comes to the tech equity. And as far as the results are concerned we have been giving good results year on year, quarter and quarter. So there is nothing from the company side. It is only the economic factors, external factors which are impacting and that is impacting every company whether it is doing good or bad. So there nobody has a control. So once the what we say there is a stability in the international markets automatically you will see the prices going up.
Sahil Shah
Correct. Thank you so much. That helps a lot. Thank you. And all the best, sir.
Salim Suleman Yahoo
Thank you. Thank you.
operator
Thank you. The next question is from anil Sarin from K16 Advisors. Please go ahead.
Anil Sarin
Yeah, thank you for the opportunity. I have a bunch of questions, but. Given the paucity of time, I’ll just stick to one. You know, there is a lot of orders that we keep hearing about. It would be nice if you told us what was the previous quarter ending order book and only for cpp. Because IPP is your own perhaps. I mean, speaking only for myself, I’m more interested in what you’re doing for third parties in terms of order book. What is the new incremental order book and what is the CPP closing order book? And after you tell me this, if you could also tell me like you know, the scale is increasing quite a bit.
If you can talk about your organization building to address this dramatically higher scale of operations, I wonder or I worry that you may not be able to execute. So if you could answer these two questions for me, I’d be grateful.
Salim Suleman Yahoo
I’ll just touch up this question and I’ll also give to my colleague, our CEO Dr. Alok S before he pitching. And if you look at our presentation also you know, on the CPP segment, if you see if we. The order book in the FY25 last quarter of FY25 which was at 1.96 on the CP stand has gone up to 2.57 gigawatts. So there is a substantial growth in the order book as far as the indigenous breakup is concerned. I’ll just let my alo sir to sit down.
Alok Das
Good afternoon. Basically your question was there the segment type about IPP and cpp, right? So if you ask questions, if you see that the Q2, the Q2 but FY26 your CPP was 2426 megawatt and Q3 the refy 26 is 2572 megawatt. I am just segmented only for the CPP. Similarly, just to give a hints about IPP, there was a 17th year 26 and Q3 it has come 2171 it is there in the public domain. Also we have.
Salim Suleman Yahoo
.And also I would like to throw light on your fear factor of whether we will be able to execute or not. There is one factor which we need to understand that whenever we complete an order until unless we complete the entire entire order. For example, if I have find it megawatt until I complete the entire 500 megawatt, I might not put it on the board that I have completed finance though I might book the revenues because I might have done 200 megawatt. But the order entire order the complete is complete only after that we put so that there will always be, you know, a little bit, you know, gap between what has been seen in the presentation.
Because we don’t put until unless you complete the entire order. So that’s why if the growth is there, the revenue is booked. That means there is a progress that is happening and there are now we are going to big orders. Until we complete the big order, we will not so suddenly. You might see in one quarter, you might see find it 600 megawatt added to it. So we might have completed one order big order over there. But the revenue for that has come over a period of time in different quarters that we have.
Anil Sarin
Got it. Just one additional one, that now that. You will be getting Kavla revenue, which was due to evacuation problem, you were not able to book the revenue. Would the combined or the blended EBITDA margin go up materially from what it was in the third quarter? Like as you roll forward to the. Next year, not only the top line will go up, but due to the. Nature of the mix, the IPP is very high margin. So it would be going up sharply.
Salim Suleman Yahoo
No, no. The reason is that simultaneously I’m also increasing my CPP portfolio. So my growth in CPP will automatically let off the profit that is added from the ipp. So automatically, once I increase my tpp, if you see my top line is going at a 50 to 60% year on year. So that growth is coming from the CPP business mostly. And if you even we add more and more, it will not have major impact until unless I have seen something like 1 gigawatt or 2 gigawatt added to the IPP portfolio immediately, then only it will grow.
But at the same time, I mean, you can understand that CPP will not remain constant. It will increase automatically. My in value terms, EBITDA will increase, but the margin terms it will most probably remain in the same range.
Anil Sarin
So that means EBITDA and top line will grow at a similar ratio or similar percentage in the coming year.
Salim Suleman Yahoo
Yes, they will remain at the similar percentage will be able to maintain them in absolute terms they will increase.
Anil Sarin
No, absolutely. But it won’t be that top line moving by X and the bottom line will move X something.
Salim Suleman Yahoo
That I am saying again that the margin will remain same. So for example, if the top line is increasing, it will be on that top line. So your absolute profitability Will increase and the margin will remain same. So margin will not increase. That what I’m doing.
Anil Sarin
Great. Thank you very much. And you would not be any equity. In the coming year?
Salim Suleman Yahoo
Nothing at present. We have no ideas on that. We will surely. If there is something we’ll disclose that on the bsa. I’d like to clarify on the initial question you had asked right. When you mentioned the order book. We had shared the megawatt number. But I believe you won the numbers in monetary terms. So with monetary terms we are comfortably 5,500 plus crore order book only for EPC as of this quarter.
Anil Sarin
Got it. And the increment has been in Ruby. Terms increment for this quarter gone by.
Salim Suleman Yahoo
Small person. Can you repeat a question?
Anil Sarin
The increase increase during the quarter in the rupee value of order book. Like we are at 5500 now. Previous quarter ending we were at what rupee value it was.
Salim Suleman Yahoo
It was around 4,000 odd crore. And this year we have 5,500. So there is also some which is added which is. And also some which we have completed. So you can say that. Wonderful. Such a growth now.
Anil Sarin
Thank you very much.
Salim Suleman Yahoo
Thank you.
operator
Thank you. Next question is from Nupur Gandhi from Siddhi Technology. Please go ahead.
Nupur Gandhi
Yeah. Hi. I had a question on the subsidy Sunroth Energy. Yeah. I wanted to know what was the revenue for this quarter and what is the current capacity that we have there.
Salim Suleman Yahoo
So we. We have. You know in this quarter we have approximately 150 odd crore done in Sundrop. We expect because as I told you there are a lot of orders which billing has to be done and it will mostly get completed in the last quarter. We expect the last quarter will be a bumper again for central.
Nupur Gandhi
Okay. And any like revenue target for next year going forward?
Salim Suleman Yahoo
We have our. I mean targets we cannot say. But as we have told in our various public Forums we expect 50 to 60 growth year on year. That is the minimum. But we might as far as. That is as far as.
Nupur Gandhi
Okay. And the capacity.
Salim Suleman Yahoo
I mean the capacity. You are talking about the ipp.
Nupur Gandhi
Yeah.
Salim Suleman Yahoo
See now when we are entering to best. I mean it will not be right to just manage the capacity because there will be a energy storage system also that will be adding to Sundrop. So. Okay. Renewable energy capacity. And there is also EPC business or DRE VP and other projects that we are doing in Central. So capacity wise, I mean if we add that will be around 400 plus 800 megawatts of batch and managed energy storage that will be adding up in.
Nupur Gandhi
The next okay, thank you sir. That’s all from my side.
operator
Thank you. Next question is from CA Garved Goel from Serene Alpha. Please go ahead.
Garvit Goyal
Hi, thanks for the follow up. Just one question on our subsidies IPO only. What is the purpose behind bringing this IPO and are the existing shareholders going to get the shareholder quota while applying for the ipo?
Salim Suleman Yahoo
Sundrop has a motive of setting up the entire battery energy storage system businesses and also doing smaller projects which are 35 megawatt and below kind of a project. So the purpose of the object is to enter into battery energy storage system which is a separate business altogether and also cater to the MSME or a small clientele which also are into the corporate which also is very big what we say sector for us. So idea is that. And as far as the quota and everything is concerned, there is no decision as of now on the quota or anything.
But once we declare that the procedures at that time we will declare on the 4000.
Garvit Goyal
No, sir, actually the reasons you mentioned these are not aligning with bringing the ipo. Ipo Maybe you are bringing just because of raising the funds or something like that. So is that the thought process behind bringing the IP or what?
Salim Suleman Yahoo
As I told you, the IPO is for battery energy storage system. We are setting up a separate vertical for that is battery energy storage system and that is a new product project all together or a product all together. And that requires a lot of funding. So that’s why we are diluting ourselves and getting the IPO in central so that we can excel ourselves in the battery energy storage system which is also a requirement of the renewable energy power that is being generated in other companies.
Garvit Goyal
Okay, and what will. What will be the holding of KPI Green and that that company after. After the IPO?
Salim Suleman Yahoo
Sir, I can assure that KPI will always be the majority stakeholder. It will have 51% and upwards.
Garvit Goyal
Means that numbers will continue to get consolidated in KPI Greens, right?
Salim Suleman Yahoo
Yes, yes, yes. We we have that will consolidate in KPI.
Garvit Goyal
Understood, Understood. And just regarding the pledge part, although you mentioned last time also we are seeking to the pledge to be released by March 27. But what is the progress on that side like? Can it not happen like it should be in a phased MANNER and by 27 it should be like 0% pledge holding. Should not it be like that way?
Salim Suleman Yahoo
The condition of the pledge, as I explained last time also was that once we complete this 1 GW project which we have taken funding from SBI SBI said that once you complete this project after that within six months I’ll remove all the plates. The target is around September or something that we have given to the SBI will complete the 1 giga September 26th. And within then six months or something we will provide March 22nd we’ll be able to release that. Now project we have already, you know energized 35 megawatt out of the 250 megawatt we have set up.
We are will be energizing some in February. So pledge cannot happen with. You know that they will release a couple of shares this month and next month. It’s a total procedure. There’s a legality which has to be taken into consideration and everything. So it is only after. After completion of everything project. After that they will get the COD and then they will give us the release of pledge.
Garvit Goyal
Understood, sir. And in continuation to the earlier participant when he was trying to understand about the margins profile of i2P business. So you mentioned 80 to 85 kind of EBITDA we will be having in the IPP segment. So once that mix is going to be towards the IPP segment. Let’s say currently we are having 20 from IPP. If that mix is going towards the 30 to 50 fundamentally the overall EBITDA margin should increase. So why you are saying a bit of margins will remain the same? That I’m not able to understand.
Salim Suleman Yahoo
If. Are you expecting me to not do increase the CPP business if I’m not in business?
Garvit Goyal
No, no. Actually in the.
Salim Suleman Yahoo
That’s what I’m saying. Let me. Let me complete. Let me complete. First of all, 9% is my IPP revenue. As on the. Okay. From the total now to move from 9 to 20% also it will take lot of time. Because my CPP is also growing substantially. If I have 6000 crore ordered right now and if I complete my CPV will go up to the next year. It might go up to 4,000 crore. And for 4,000 crore I need to have that much revenue from IPV. And you need to understand that as I grow I will also grow my cpp.
So that’s the reason the margin will remain same. It will not get diluted. But if I only grow my CPV and not grow IPV then my margin will go down.
Garvit Goyal
CPP is also like expected to grow at a faster rate only.
Salim Suleman Yahoo
Yes. Right. Right.
Garvit Goyal
Understood. I think that’s from. That’s my picture and all the. Thank you.
operator
Thank you. The next question is from Gaurav who’s an individual investor. Please go ahead.
Gaurav
Numbers. Am I audible?
Salim Suleman Yahoo
Yeah. Yeah. You’re audible.
Gaurav
So sir, you have done for 5G award. The whole KPI group has done that. I want to understand like what is the percentage of KPI energy in the. In this. In this 5G robot. Like how much exactly KP energy will hold.
Salim Suleman Yahoo
KPI? You are asking about KPI green, right? Yeah. So KPI team will be the leader in this particular. There will be a lot of IPV project which will be set up in Botswana company which will somehow will be consolidated to the KPI Green only. So automatically and whatever the EPC work and everything will go to either. If it is a wind, it will go to KP Energy and the infrastructure requirement will go to KP Green Engineering. And that’s why we have signed with the group. Because the entire group is into renewable energy at various vertical.
So it will benefit everything. But the entire plant or the IPV plant will be setting up. It will be mostly with the KPI agree either through subsidiaries shut down subsidies or diaries.
Gaurav
Okay, understood. So can I assume like segment everything with KPI green is on the solar part at least?
Salim Suleman Yahoo
Yes. So EPC segment will be either to KP Energy. When it comes to wind and solar, they will do it. And then the material as I told you will come from KPV engineer.
Gaurav
Understood. Makes sense. And one more thing. Our deadline and inventory rates have increased Q on Q and year on year. So are we expecting like to settle it down in the upcoming quarters? Like if it will remain same.
Salim Suleman Yahoo
Two things in this. One is that we are growing substantially and automatically as I told earlier. Also whenever we book an order we have to lock the inventory. And that’s why you can see the inventory have gone up. And as you know the quarter end majority of the billing happens in the December and the March March quarter. That’s why the data stays up. It will, it will cool down as we go forward in the month of April and everything again March will be seeing a little bit hike and then again April, May, June you’ll see the, you know, cooling down of that debtors and inventory.
Gaurav
So what kind of return on equity like on general basis.
Salim Suleman Yahoo
What we have usually been around 20 to 24% kind of return on equity that we are being giving. As you know that you know this quarter we don’t recur the balance sheet. So that’s why we have not given the this quarter figures that on the return on. But we will be in the range of 20 to 24.
Gaurav
Thank you sir. Thank you so much.
operator
Thank you. The next question is from Ritesh Bhagwati. From Alpha plus Capital. Please go ahead.
Ritesh Bhagwati
Hi. First of all, thanks for taking my question. Well, I just wanted to understand like what sort of CPP and IPP execution, you know, we can do on a full year basis. I mean if you can just little bit clarify on your question, what kind of CPP and ICP execution we have done in the quarter. No, no, for the full year. What kind of execution can we do for this financial year?
Salim Suleman Yahoo
Okay, so when it comes to the megawatts, when it comes to the itp, itp, as I told you, you know we are planned to have 1 gigawatt by September 26th. So this year, you know, a proportion of that will also be, you know, energized by March. On the TPP side, as I told you, you know, it sits on the, what we say, the amount wise we will be growing, but installation, you know, as we complete the entire page, then only we count it as a fully installed. So that’s why you will see the revenue coming up in the next quarter and the quarters after that, whatever the orders that we have.
But the capacity will slowly, slowly increase as we go forward.
Ritesh Bhagwati
Okay, so like just back of the envelope calculation, like last year we did rough year on 447 megawatts in CPT. Can we expect roughly around 600 to 800 mega? 600 is what we have already done by Q3, so around 800 is what we can expect by the Q4 end.
Salim Suleman Yahoo
Yeah, you can expect 800 or more than that. Also because the last quarter is my bumper card.
Ritesh Bhagwati
Okay, okay, fair enough. That’s one thing. Also I just wanted to understand like from what I understood, correct me if I’m wrong, in regards to the panel costing like for cpp, for our private customers we block the panel cost as and when we get the orders. And for the bigger orders we have the cost escalation clause, you know, that basically insulates our panel price rise. Now what I want to understand is for the IPP contracts like for that order book, how are we, you know, taking the costs in ipp?
Salim Suleman Yahoo
Also if you read the PPS that we have signed with UNL and everything there, also the clause is there that if there is any substantial increase in the panel prices before the blocking the panel or anything, so automatically the tariff will be revised. So that clause safeguards me when it comes to the IP so my IRR doesn’t get hit.
Ritesh Bhagwati
Okay, but will that lead to some sort of slowdown or in, in terms of execution just in case the price parity doesn’t match? Up between both the parties.
Salim Suleman Yahoo
No, no, no, it won’t slow down because the lender is also aware that if the prices go up, lender will increase the cost of the project and automatically they will whatever extra funding is required, they will do the funding. So I don’t think that impact anywhere. The what we said the speed of the project we have been executing. And then you need to understand panel is the last step in the execution before that there is infrastructure and everything. So panel is just setting up the panel so that doesn’t have it too much. It only takes 20, 30% of the entire time whereas the infrastructure takes 70 to 80% of the time.
So it nowhere has any impact on my speed.
Ritesh Bhagwati
Okay, fair enough. Like that’s it from my end. Thanks for the.
operator
Thank you. Next question is from Paras Gulabchan Karania who’s an individual investor. Please go ahead.
Paras Gulabchand Karania
Hello sir. Am I audible?
Salim Suleman Yahoo
Yes, you’re on.
Paras Gulabchand Karania
Yeah. Thank you so much for this opportunity. It’s my first interaction with you and it’s a privilege sir. Do we have any plans on acquiring OLM contracts from other IPP producers, wind and solar?
Salim Suleman Yahoo
We have as you’re aware that we have in house robotic cleaning. We have network operation centers which is one of, you know, the USP of our businesses at present. We have on our hand whatever our existing project or our own projects are there. We are focusing on that as we go forward. Surely we have that in on our what we said plan that when we go forward we’ll utilize or we encatch this capability or USB that we have. So at that time we will surely look into taking bigger projects for operation and maintenance.
Paras Gulabchand Karania
Exactly. The question came from the kind of capabilities that you guys have already built in house. So that was the reason for my question. So currently, how large is your OM book? Can you publish that from now? And the kind of revenues that we.
Salim Suleman Yahoo
Whatever IPP I am doing or CPP I am doing, that is my that every O and M is done by my house London companies.
Paras Gulabchand Karania
Okay, so it’s a part of the order book. Is it like the initial?
Salim Suleman Yahoo
Yes, like for example my IPV as on date which is energized is around 520megawatt and we are expecting to reach to 2.17 gigawatt. So all those will be O and M with my own company. Similarly CPP also going to 2.567 gigawatt. So that also will be. So whatever energy, whatever capability I have energized that all are done by my own company.
Paras Gulabchand Karania
Okay. May I ask one more question?
Salim Suleman Yahoo
You will have to. Sorry. But in the interest of time and others also, if you can just again join by the queue, that will be helpful.
Paras Gulabchand Karania
Yeah. Okay. Yeah. Thank you. Thanks sir.
operator
Thank you. The next question is from Aniket Panda who’s an individual investor. Please go ahead.
Aniket Panda
Hello, good afternoon sir. My question is the year on the quarter, on quarter growth, growth was around 45% impact but the previous quarter it was around 60 like year on year. So like are we expecting a slowdown because, because of the, you know, solar blood and all or are we on track of achieving 5060 growth next year?
Salim Suleman Yahoo
Also if you see the nine month figures, if you compare, we are at around 60 growth. So we are maintaining that and we’ll maintain that there is no slowdown or anything. We already have an order book in hand and we have very good execution capabilities. We have inventories with us. So I don’t think there will be any impact on that. And we will grow at whatever we have committed around 50 to 60% year off.
Aniket Panda
Okay. And last question sir. Regarding the government budget. Do you have any specific expectation from this budget which will help in you know increasing the push towards renewable Energy?
Salim Suleman Yahoo
We are honorable CMD Dr. Faru Patel has already given on various know public forums. He has given the expectation that is and whatever expectations are from our CMD sir, the same expectation we have. Dr. Alok, if you can just highlight those expectations.
Alok Das
See thing is like this CMD has suggested the policy is very conducive. Country is moving over 500 gigawatt but just to motivate the people and all because most of these, you know, distribution company, they are coming. So our CMD suggested there is a renewable purchase obligation is a tool that should be enforced. Rule will be there. But that reinforcement mechanism, that should be the one criteria. Second guidance given by our CMD about a green corridor in terms of the infrastructure development of power evacuation. So lands are there. If power education corridor established, obviously that type of trajectory of 500 gigawatt can be achieved.
So these are the two guidelines given. By our CMD to consider during this budget.
Aniket Panda
Okay, thank you sir.
Salim Suleman Yahoo
Thank you. Thank you.
operator
Thank you. The next question is from Ashish Jindal who’s an individual investor. Please go ahead.
Ashish Jindal
Hi, good afternoon sir. So many of our competitors are talking about entering into transmission EPC as well. But we haven’t heard anything from you on this. Can you throw some light on this?
Salim Suleman Yahoo
Yeah, we, if we get an opportunity we always look at you know, having an inorganic growth also organically we are going very good, as you are aware that is. And we will surely look at it. But at the present, I mean when it comes to the transmission epc, I mean for our project we are doing our own transmission lines and everything. So it is not a new what a new arena for us. We have a sector for us. We have already been into that. It’s only that how we get into them, you know, you know, this particular arena and take outside orders.
So we will surely look into this. We have been discussing internally also to expand inorganically also. So we have something on the table. As soon as something becomes, you know, constructive, we’ll surely disclose that in the process.
Ashish Jindal
Additionally. So if you can throw some light on our IPP revenue percentage to total revenue by let’s say FY 2030.
Salim Suleman Yahoo
We are planning to have around 25 to 30% minimum. That is what we are targeting. But let’s see, I mean how it goes forward because we are by FY 2030, I’m talking about.
Ashish Jindal
Sorry, sorry, please.
Salim Suleman Yahoo
Yeah, I’m saying we have Botswana, as you are aware that as in. But also simultaneously we are also increasing on the PPP side. So automatically there will be an increase in both the sector segments. So we are not only in Botswana, we’ll also go to other countries and we are setting up in other continents or something. So we have huge plans about that. But that is what is what we say a conservative plan that we have is. Minimum 25 to 30% is that we will try to put in IPP because we know that IPP is something which will give us long term revenue and gives a very comfort also to the investors and the stakeholders.
Ashish Jindal
Okay, thank you so much. Thank you.
operator
Thank you. The next question is from Vikas Nayak who’s an individual investor. Please go ahead.
Vikas Nayak
Just a query regarding the Botswana project. So definitely around two years. So we have a target of 500 megawatt is maybe a faster land pulling with Bona having land use land resource considered as maybe one of the factors which we. Because compared to maybe say state of Gujarat where maybe land might be spread across multiple regions and continuous land in Bosa, is that seen as maybe one of the maybe the triggers to maybe have this shorter implementation time of two years for 500 megawatts when we have finished 500 megawatts in India, maybe over a course of five or six years.
Salim Suleman Yahoo
As I told earlier also you know, we have very good support from the Botswana government. So that, that is the reason we are entering Botswana. They have, you know, they have promised us to support on the PPA side also signing it with the neighboring countries. They have a very good evacuation infrastructure and availability is also there. So that’s the reason we are going. And we know that these two factors when the government support is there on the evacuation and the land setting up a plant will not take too much time. So we. We are aware that these two things are managed by the government.
It will be done fast. So that’s the reason we are given in the short term. We have given and once we set up the find it because we’ll have to set up our team over there and everything that takes time. Otherwise for me, 500 megawatt one year is also more than enough. If I have a full one year without any season, I’ll complete the weekend complete 500 megawatts we have done in the past.
Vikas Nayak
Okay, completely understood, sir. Thanks so much and all the best for the future. Thank you.
operator
Thank you. Next question is from Abisha from City Tech. Please go ahead.
Abhi Shah
Yeah, so one of my previous participants talked about Sundrops revenue and you talked about the guidance also. So I want to add upon that question is that what is the current path and what is the EBITDA margin and what future part can we expect from this Sundrop ipo?
Salim Suleman Yahoo
As I told earlier, also Sundrop we have we are focusing on best battery energy storage system which is a big segment which is developing right now. And we are allocating Sundrop for that particular business along with its existing business of 35 megawatt and below. Kind of a project for MSME and small enterprises and everything so. And retail business like Dre VP and everything. So our vision is that this storage system is expected to grow substantially just but all going forward all renewable energy projects will have to compulsory have a battery energy storage system. And because of that we have a separate entity which will look into this particular segment which is going to grow big.
And that’s the reason we want to come up with an ipo. For that we’ll require fund for setting up the battery storage system.
Abhi Shah
Okay, okay, got it. But did you what is the EBITDA margin can we expect and part anything. Number you can provide us the address.
Salim Suleman Yahoo
In the EBITDA margin are same in the lines of what KPI is also showing at a consolidated level. It’s not totally difficult. At present it has the same business. It’s only that it has a smaller capacity of IPP and it also has a cpp. So at present you will see the margin would be at around range of on the EBITDA it would be combined, EBITDA would be around 25 to 30 kind of a person and then PAT would be around 17 to 18% kind of a thing. So there won’t be too much difference. But once we get enter into best, there will be a different margin because the BEST will also act as a, you know, EPC for or service provider for.
For saving the power from other sources also and selling it in the open market also. So all these factors will be taken into consideration at that time. The margins might fluctuate depending upon the project cost, depending upon the various factors, the demand and supply for the battery energy storage.
Abhi Shah
So next year what you expect Total turnover.
Salim Suleman Yahoo
As we told you know in all our companies we expect 50 to 60% minimum growth year on year.
Abhi Shah
So this year, this year what is the turnover expected?
Salim Suleman Yahoo
Yeah, that’s what I’m saying. This year we expect around what we have done last year. We expect 60% growth on that.
Abhi Shah
So last year what was the turnover of sun drop?
Salim Suleman Yahoo
Around just second around 300. That’s the difference. So this year you must be targeting 500 crore Xbox. Yes, somewhere around 500 to 600.
Abhi Shah
Okay, okay, okay. Thank you. Thank you.
operator
Thank you. The next question is from T. Komal from Juno Gender Insurance. Please go ahead.
T Komal
Yeah. Hi, my question is on account of debtors, how much is the debtors percentage of currently debtor days as of December or if you can share the value as of December.
Salim Suleman Yahoo
As of December the dental turnover ratio is around 133 days which was around 90. As I told you, these are my two bumper quarters, December and March. So during period majority of the building happens in the December and the March. So you’ll find a spike which will eventually cool down when you go into April, May.
T Komal
Got it. Also my question is on account of how much is this then the the company that you have got going with for IPO, how much is its financials composite of the entire nine months? 1900 crores of revenue.
How much that contributes both on revenue EBITDA and PAT.
Salim Suleman Yahoo
Right. From approximately I have done 300 odd crore out of 100. 1900 crore. Okay, so 1009. So around you can see 1700 is coming from KPI and its other subsidiary and 300 from Sundrop.
T Komal
Okay, how much will be a bit of the 700 crores for Sundrop?
Salim Suleman Yahoo
No, no, 300 is the top line in nine months that’s what we have done. Right. And every time you is around, if you look at combined every day it would be around 25 to 30. That range okay. In Sundrop.
T Komal
Okay. All right. Any guidance how much will be going ahead in terms of
Salim Suleman Yahoo
the EBITDA margin will be maintained. And as far as other things are concerned we will be getting our growth of 50 to 60% minimum. Okay. On the top line. So we will expect around 500 to 600 crore top line with an EBITDA of 25 to 30.
T Komal
All right. Of the entire order. How much is Sundrops order book? Can you help me with that number as well?
Salim Suleman Yahoo
But it would be around you know four and a 500 odd crore would be because there are retail orders, small orders. So that will be a lot. But that’s enough upcoming first quarter of the next year.
T Komal
All right. Yeah. Thank you. Thank you.
operator
Thank you. The next question is from Sagar from Clever Byte Capital. Please go ahead.
Sagar Doshi
So couple of questions. This is on the IPP side and. The recurring revenue that you will be generating. So can I assume for FY27 the number of units would be around let’s say 100 crore units and 300 crore revenue. So what is the trajectory for IPP. Recurring revenue for the next two to three years?
Salim Suleman Yahoo
Yeah, as I said, you know once we complete this 1 gigawatt what we are right now 250 and 370 on the AC side. And this is an API that are 50 also. So automatically we are expecting, you know, you know the revenue to grow substantially. Exact revenue is something that we found because it’s a stability period as I told earlier and first year of operation you will always have a fluctuation on the you know the units that are generated also on the season that if you see so there had been elongated rainfall this year.
So all those factor will have. So it cannot change. But yes, we will grow as we go forward. We’ll grow. And this is revenues are for next 25 years. That is here because we are PPAs are for next 25 years.
Sagar Doshi
Okay, so the 1 gigawatt. Yeah, go ahead.
Salim Suleman Yahoo
Yeah. So FY27 will complete the 1 gigawatt. FY26 27. And the revenue of that 1 gigawatt will start coming from the FY27 28.
Sagar Doshi
Okay, so FY28. What could be the peak revenue once this is materialized and stabilized for ipp?
Salim Suleman Yahoo
We have already in our presentation we have mentioned that 300 those kind of a unit generation that we have. You know there is a slide in our presentation also which clearly says that you know we expect around 300 crore units and they are at the rate of 3 rupees. On an average. So you can then figure it out.
Sagar Doshi
Thank you.
operator
Thank you. The next question is from Paras Karania who’s an individual investor. Please go ahead.
Paras Gulabchand Karania
Thank you again. So when can we expect the first orders from the states of Madhya Pradesh, Odisha and Andhra Pradesh.
Salim Suleman Yahoo
We have already started working over there. We need to understand when we take an order EPC order I can get. I think I know Floating solar we have got order which is I think in the state of Orita.
Alok Das
That is until speaking now. Because wherever we have signed an MoU like MP the Odisha that is the government they are coming with a floating solar. For example Odisha they are coming with the the UI and all. So now it is started moving itself. There is a 5 gigawatt potentials are there part of 100, 100 megawatt bit has been floating. So we are participating there. So something like other state they are coming with the like they’re following the model what Gujarat is doing. So all the states now in the Odisha declaration recently the renewable energy states by the mnre.
So these are the future destination where the project are expected in future. Particularly solar and floating solar they are in Odisha and amp there’s a hybridization are coming. KP are doing the resource creation. Because most of the regulatory framework work under the hybrid projects. Because now the regulatory says wind cannot solve the problem. Give the solution, Solar can give the solution. This time there is data generation and consumption. There’s a thing. So that is every status coming for the hybrid projects around the clock operations. So what KP is doing today we are creating a resource for all states like Rajasthan, MP and Odisha.
So you will get the timely some sort of good news out of that state.
Paras Gulabchand Karania
And so what are the plans for the data center opportunity and when. When does our MOU with Inox Social results? In the next one year, two years.
Alok Das
You see, I know that whatever we have done, we have already started our step. We are having their dialogue between the company. So we will be starting first probably some smaller capacity in the state of Gujarat. And after that you will come in the time you know we’ll be trying to dispose that thing. But that discussion around with Inox how to join both the company can do that.
Paras Gulabchand Karania
Yeah. And the data center opportunity. Because we are doing a massive build out of data centers in India in the next five to 10 years. So how do you. How do you plan to play that Opportunity. Data center.
Alok Das
Yeah, it’s a data center. You know there is a data center when it is coming to data center. So we are having the Data center with around the clock operation power and for that a particular place like we are now planning some multiple state planning. So that data center needs the gigawatt scale power and they need all the wind, solar and storage. So all are under study now. So obviously storage and the data center will be coming some couple of times and needs to be in sync with the various trade policies. So we are having them study particularly Maharashtra some state in Gujarat we are under study.
Obviously it is in the nascent state. We’ll come back to you on this issue.
Paras Gulabchand Karania
So by when so could you expect something concrete on the data center opportunity.
Alok Das
This data center will be whatever the data center, whatever the inquiry will come. So generally takes about a 24 months time for the execution. So obviously from the from the RFQ level to execution will take it in or two years time. And mostly that grid connectivity which is coming from the central. So that is coming from 2829. So you can see that time that kind of registry where all the data center will work on the central grid.
Paras Gulabchand Karania
Okay. Okay. Thank you so much. I’ll get back.
Alok Das
Thank you.
operator
Thank you. The next question is from Aniket Panda who’s an individual investor. Please go ahead.
Aniket Panda
Sir, I just wanted to ask like regarding the as someone rightly said that we have the signed project with Odisha, Madhya Pradesh and all. So when are we planning that the you know the bulk orders we can receive at the company level.
Alok Das
You see the thing is like let’s say for Rajasthan we have already got certain BOS contract under you might be knowing from NTPC we have already got from Rajasthan. So that is your that is under planning stage. So and also the same state we are creating a resource for our small scale your retail customer there in Rajasthan mp as I said in the previous call. So that is resources under creations. So because that is to be done and Odisha already they have floated the inquiry and we are participating over there.
Aniket Panda
Answer the Patel said that we are looking for projects like Botswana in South Korea also. So any light when when can we expect the agreement or MOU to be signed?
Salim Suleman Yahoo
Already said that we will be setting up the entire plant or the infrastructure in Botswana and we will be dispatching power also to the neighboring countries. When in neighboring countries. South Africa is there, Zambia is there, Ghana is there. So all the neighboring countries will. So we’ll have a base or we’ll have the infrastructure in both Botswana and we will start selling power to all the neighboring countries also. So that is what is the thought process. Yes. As we go forward when we increase in scale. And if there is a requirement, we might enter South Africa also for setting up the infrastructure.
Aniket Panda
No, no, I meant South Korea.
Salim Suleman Yahoo
Korea. South Korea is about hydrogen. So as I told earlier is a new product and it has a nation said there are a lot of R and D which are going on. And we have already set up our own 1 megawatt hydrogen plant in our. So we are very confident that we will be you know, speeding up on the this segment.
Alok Das
Also just to top up the salary what I’m telling because green hydrogen ASAP that we have already started our prototype invention for that in our factory. Number one. Number two, when it is the green hydrogen there is a directive from the government. 5 million metric ton has been directed where they need to have a green Green hydrogen means they should provide particular state land and tea facilities. And we have already taken some of our real initiatives for the port development where it is to be export back to Korea. So these are the planning. We are making all dots separately. We will be making an all dot here together. So you’re doing the course of the time. We’ll just let you know what is the registry and when we can export for that.
Aniket Panda
Okay, that’s answered my question. Just one request. I know KP Green Engineering, you know publishes half your regime. Just one request will be if you can set some light on when you are planning to migrate it to main board. That will be great.
Salim Suleman Yahoo
There’s a. There’s a regulation that we have to minimum a couple of years you have to be on the SMA and after that as soon as we get that, you know pass that regulation, we will surely migrate to the main board. Because we we have done for our existing companies. We would also like to add to the main.
Aniket Panda
Okay, okay. You people are doing a great job. Thank you for answering all my questions.
Salim Suleman Yahoo
Thank you. Thanks.
operator
Thank you. The next question is from Faras Karania who’s an individual investor. Please go ahead.
Paras Gulabchand Karania
So thank you again sir. So I wanted to ask you. So now till 2030 we are pretty. Clear that the government of India will be executing that final data. What target that they have. But looking beyond that, the delta in increase of capacity will not be what it was in the decade that’s going on. So sir, what are your plans? How do you plan to keep growing? Will you cross boundaries? Will you go to the African nations, the Middle east nations? What is your long term mission for the growth of the company beyond 2030? Assuming executing till 2030. So I’m assuming the execution will be perfect. So what beyond 2030.
Salim Suleman Yahoo
See our focus as earlier also and we have increased our focus on ITP. When I say IPP, this is my 25 years annuity income. So automatically whatever I do or set up, for example, if today I am setting up 1 gigawatt by next year and then 10 gigawatt, this will keep on increasing and majority of the portion will increase on the IPP side. So once I set up an IPP, I have revenue for next 25 years. So that is what is going to be constant over there. And as far as the other projects are concerned, if you see, we have already diversified into multiple things.
We have into hydrogen, which are the new upcoming sector or the segment in the renewable energy and green hydrogen in offshore. So we have planned that as, as we go forward, if there is a change or a shift in the renewable energy with some newer products, you will always be there, whether it is an operation maintenance, whether it is offshore, whether it is green hydrogen, whether it is battery energy storage system. So we have been constantly, you know, updating ourselves or you know, improving ourselves from what we were last year. And we will surely catch up by 20.
After 2030 we will have clear game plan what will be there after 2030. But to give a comfort, IPP segment will always be there which will be keep on generating revenue for you with an EBITDA of 85 to 90.
Paras Gulabchand Karania
And which regions in the world do you see the most opportunity, apart from India going forward? Like which parts of the globe do you see?
Salim Suleman Yahoo
We see a lot of opportunity in the African continent and that’s why we are setting up in Botswana, because power tariffs are very good over there and there is availability of what is it, the land that is there. Infrastructure also to an extent is there. We can send them that infrastructure. So we see that there is a lot of opportunity in these countries. And the best part is that Botswana has the best radiation on the earth. So that is one of the key factor when it comes to solar. So all this factor, you know, whatever what we say, the tick marks are fulfilled in Botswana.
That’s why we see that African countries are one which or the continent is one where we see a lot of traffic action in the upcoming year.
Paras Gulabchand Karania
Okay, and would you be going through. With this through a GD or do. You plan to go through with this individual in the, in the future like when you, when you do more work in Africa?
Salim Suleman Yahoo
Yeah, so most probably we will plan in such a way that we want consolidation at a KPI level. Our KPI will get strengthened as we go forward. There might be to an extent. There will be a JV, but 51% will be held by either through step down subsidiaries or directly by KPI.
Paras Gulabchand Karania
Okay, so you have concrete plans with regards to all of this?
Salim Suleman Yahoo
Yes. Yes.
Paras Gulabchand Karania
Okay. Thank you so much, sir. Thank you.
Salim Suleman Yahoo
Thank you.
operator
Thank you very much. That was the last question in queue. I would now like to hand the conference over to the management team for closing comments.
Alok Das
Thank you. And I hope that we have given our answer to the satisfaction of the all the investors. And once again, thanks for all your. Support from the investing community. Thank you. Thank you.
operator
Thank you very much on behalf of share India Securities Ltd. That concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.