KPI Green Energy Limited — Credit Ratings, 08-08-2025: Credit Rating

ICRA has assigned a provisional [ICRA]AA+(CE) (Stable) rating to KPI Green Energy's proposed ₹75 crore Non-Convertible Debentures (NCDs). This high rating is largely driven by a partial credit guarantee from GuarantCo Limited (Moody's A1 Stable), covering 65% of the NCD value. Fundamentally, KPI Green is showing strong operational momentum, with FY25 revenue jumping 70% YoY to ₹1,736 crore and a robust ₹4,800 crore EPC order book as of March 2025. While the company plans significant debt-funded capex of ₹4,100 crore for new 0.9 GW IPP projects, long-term power purchase agreements with strong counterparties like GUVNL underpin revenue visibility. This favorable rating suggests lower borrowing costs for the NCDs, enhancing investor confidence and providing valuable strategic flexibility for their large-scale renewable energy expansion.