SMC Global Securities Limited

8️⃣ What about international aspirations? PSBs are being encouraged to: → Expand presence in GIFT City → Tap opportunities in India International Bullion Exchange (IIBX) → Support India’s rise in global financial services

Margins matter. Here’s how it looks: 🪙CPP margins: 20-22% 🪙IPP margins: 85-90% As the IPP share increases, blended EBITDA margins are expected to move towards 32-33% This means as they grow, they also become more profitable https://t.co/o5LnnAPY4Z

What’s the CAPEX plan for all this expansion? ₹4,000 Cr total for IPP build-out Funding mix: – 75% debt – 25% equity (already secured) And yet, they improved net debt-equity from 0.5x in FY24 ➔ 0.33x in FY25 The equity part is already secured via past QIP + internal https://t.co/qVm0iShjaI

Healthy leverage means faster scalability with lower financial stress Strategic wins in FY25: ✅300 MWAC project from Coal India ✅100 MWAC project from MAHAGENCO These large clients add stability and credibility to KPI’s growth story KPI Green is also looking beyond India https://t.co/TtYb9MSCcc

But what about FY26? Management expects another 60–70% revenue growth in FY26 Is it realistic? They have the pipeline to back it They have a solid order book: ✅CPP order book: 1.76 GW = ~₹3,000 Cr revenue in 18-24 months ✅IPP pipeline: 1.5 GW under development over 2-3 https://t.co/V8oq5oqY0O

In short, KPI Green is positioning itself as a scalable, margin-expanding, renewable energy play in India With: • Growing revenues rapidly • Doubling profits • Improving margins • Maintaining balance sheet health • Expanding strategically It’s a small-cap playing a

Free cash flow in FY25: ₹200 Cr This supports future investments while keeping the balance sheet clean Net debt-to-equity improved from 0.5x to 0.33x https://t.co/bERLV7ZOel

They aren’t stopping at solar KPI confirmed battery energy storage plans with prototypes under development, ensuring grid compliance They also announced early plans to explore green hydrogen, leveraging synergy with their renewable assets https://t.co/gKdlzLo0Wt

But what are the risks? ⚠️Capital intensity of IPP projects ⚠️Execution timelines for large-scale projects ⚠️Regulatory changes in the renewables sector Investors should watch these carefully while tracking the growth story