KPI Green Energy Limited — Credit Ratings, 30-07-2025: Credit Rating

ICRA has reaffirmed KPI Green Energy's long-term rating at [ICRA]A with a 'Positive' outlook and its short-term rating at [ICRA]A2+. This stability reflects the group's substantial scale and profitability growth in FY2025, driven by strong execution of captive power plant (CPP) and EPC orders, plus new independent power producer (IPP) capacity. Consolidated revenue hit Rs. 1,736 crore, supported by a healthy Rs. 4,800 crore EPC order book. While the positive outlook highlights expected sustained earnings and project progress, future leverage could moderate due to debt-funded utility-scale IPP projects. This rating action broadly supports investor confidence and helps maintain strategic room for operations.