Shares of KPI Green Energy Ltd are trading near their record high reached in February end this year. The multibagger stock, which closed at Rs 17.63 on April 9, 2021 stood at Rs 1762.70 in the previous session. An amount of Rs 1 lakh invested in the KPI Green Energy stock three years ago would have turned into Rs 99.98 lakh today, delivering over 9,700% returns during the period. In comparison, Sensex has risen 50.60 per cent during the period.
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The multibagger stock hit a record high of Rs 1,895.95 on February 26, 2024 and a 52 week low of Rs 286.64 on April 11, 2023.
In the previous session, KPI Green Energy stock ended 1.44% higher at Rs 1762.70 on BSE. On Wednesday, the power stock opened higher at Rs 1770 against the previous close of Rs 1762.70 on BSE.
KPI Green Energy shares have gained 83.10% in 2024 and risen 500% in a year. The stock has climbed 885% in two years. A total of 0.20 lakh shares of the firm changed hands, amounting to a turnover of Rs 3.54 crore on BSE. Market cap of the company stood at Rs 10,516 crore on BSE.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 64.7, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages.
As per the shareholding pattern, five promoters held 53.08 per cent stake in the firm and 1,18,949 public shareholders owned 46.92 per cent or 2.82 crore shares as on February 16, 2024. Of these, 1,16,012 resident individuals held 11.77 crore shares or 19.53% stake with capital up to Rs 2 lakh. Only 71 resident individuals with 12.18% stake held capital above Rs 2 lakh.
On April 1 this year, ICRA reaffirmed the credit rating to [ICRA] A-(Stable)/[ICRA]A2+ and also reaffirmed the outlook on long term rating to stable.
"The ratings reaffirmation factors in the improvement in scale and profitability at the Group level in the FY2024 following the significantly higher execution of captive power plant (CPP)/engineering, procurement and construction (EPC) orders and commissioning of the ~30-MW hybrid independent power producer (IPP) capacity under KPI Green," said KPI Green.
On March 30, the firm said, "We have obtained approval from the Chief Electrical Inspector (CEIG) for our 10 MW solar power projects within the Independent Power Producer (IPP) sector. These projects will be integrated into our power generation asset portfolio through M/s. KPark Sunbeat Private Limited, a wholly owned subsidiary of our company."
On March 15 this year, the company won a wind-solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL).
The tender was for the development of 500 MW hybrid renewable power projects with a greenshoe option of another 500 MW. The company said it received the Letter of Intent on March 14, for granting the 50MW (comprising of 16.80 MW Wind and 50MW Solar) project.
In the third quarter of the previous fiscal, KPI Green Energy logged a 84.21% rise in sales & a 46.87% YoY rise in net profit. As compared to the previous quarter, revenue grew 53.49% and the profit increased 45.66%.
KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism' and as service provider to Captive Power Producer (CPP) customers.
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