KPI Green Energy Limited has received a credit rating reaffirmation from CRISIL Ratings for its ₹670 crore Non-Convertible Debentures (NCDs). The rating remains at ‘Crisil AA+ (CE) /Stable’, indicating a high degree of safety regarding timely servicing of financial obligations. The reaffirmation is supported by the company’s strong market position, execution capabilities, and the robust credit enhancement structure for the NCDs.
CRISIL Reaffirms High Credit Rating for KPI Green Energy NCDs
KPI Green Energy Limited has announced the reaffirmation of its credit rating by CRISIL Ratings for its Non-Convertible Debentures (NCDs). The instrument, valued at ₹670 crore, has retained its ‘Crisil AA+ (CE) /Stable’ rating. This rating signifies a high level of confidence in the company’s ability to meet its debt obligations.
Key Rating Drivers
The rating reaffirmation is underpinned by several factors, including the structural features of the issuance, which include an unconditional and irrevocable partial guarantee provided by GuarantCo Ltd. The NCDs are also secured by a first-ranking, exclusive floating charge over receivables and all cash inflows from specified revenue-generating projects. Additionally, the structure is supported by a Debt Service Reserve Account (DSRA), a security deposit, and strong cash flow generation from the company’s renewable energy projects.
Company Profile and Outlook
KPI Green Energy is a prominent player in the renewable energy sector, with a strong market position in engineering, procurement, and construction (EPC) and Independent Power Producer (IPP) segments. The company boasts a significant execution track record and a robust order book. CRISIL Ratings believes KPI Green Energy will continue to benefit from its established market position and strong execution capabilities, maintaining a Stable outlook.
Financial Highlights
The detailed rationale highlights that as of September 2026, the outstanding principal on the NCDs was ₹572.85 crore. The amortisation schedule has led to an increase in the guarantee coverage to 76% of the outstanding principal. The company is also undertaking significant capital expenditure for new wind and Battery Energy Storage System (BESS) projects, which remains a key factor to monitor.
Source: BSE
