> ## Content Index > Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt > Use this file to discover other available public pages before exploring further. # KPI Green's ₹2,410 Crore Wind Deal: What the Filings Say - URL: https://www.moatmarginresearch.com/kpi-green-alfanar-netra-wind-acquisition/ - Published: 2026-10-01T02:40:56.000Z - Updated: 2026-10-01T02:40:55.000Z - Description: KPI Green signed a binding offer for 507.9 MW of operating SECI-contracted wind at Bhuj. The price, the revenue it adds, and what the filings don't say. - Author: A K Karthikeyan - Tags: Moat Insights **On 29 September, KPI Green Energy signed a binding offer to buy two operating wind companies at Bhuj, Gujarat, with 507.9 MW between them, for an enterprise value of ₹2,410 crore in cash. It would be the company's first acquisition of this size and its first in wind. The plants already sell power to SECI under 25-year contracts. The filings give the price, the capacity and three years of turnover. They do not say how KPI Green will pay, or how much debt comes with the plants.** ## What KPI Green is buying The binding offer is for "100% of equity and all other equity like instruments" of two companies (\[D\]): | | Alfanar Energy (AEPL) | Netra Wind (NWPL) | | ------------- | --------------------- | --------------------- | | Capacity | 301.4 MW | 206.5 MW | | Commissioned | March 2021 | March 2024 | | Incorporated | 27 Dec 2016 | 9 Jan 2018 | | Turnover FY25 | ₹168.47 cr | ₹108.98 cr | | Turnover FY24 | ₹189.18 cr | ₹67.06 cr | | Turnover FY23 | ₹192.69 cr | nil (not operational) | Sources: \[D\] for capacity, incorporation and turnover; \[PR\] for commissioning dates. Both sell power to Solar Energy Corporation of India "under 25-year power purchase agreements". On a capacity-weighted basis the company puts the remaining contracted life at "approximately 21 years" (\[PR\]). Other terms (\[D\], \[PR\]): - **Price:** an enterprise value of ₹2,410 crore, paid in cash. - **Related party:** the disclosure says the deal is "not related party transaction". - **Conditions:** definitive documents still have to be signed, and lender, contractual and regulatory approvals obtained. - **Timing:** expected to close "on or before 28 February 2027". - **Scale:** KPI Green's installed IPP capacity rises "from 1.16 GW to approximately 1.67 GW". ## The numbers, side by side Our arithmetic on the filed figures: - **About ₹4.75 crore per MW** (₹2,410 crore ÷ 507.9 MW), for capacity that is already running. - **Combined FY25 turnover of ₹277.45 crore.** The enterprise value is about 8.7 times that. FY25 is the only year with both plants running. - **More than KPI Green's own power revenue.** In FY26, KPI Green's consolidated "Revenue from Sale of Power & Services" was ₹248.19 crore (\[Q1\]). The two targets' FY25 turnover is larger than that whole line. That last point shows what kind of deal this is. KPI Green's revenue is still mostly EPC work: in Q1 FY27, "Revenue from Sales of Captive Power Project" was ₹577.41 crore of ₹693.84 crore in revenue from operations (\[Q1\]). The acquisition shifts the mix towards long-term contracted power sales. A caution on the AEPL numbers. Turnover fell from ₹192.69 crore in FY23 to ₹168.47 crore in FY25 on the same 301.4 MW. The filings do not say why: wind conditions, availability and tariff are all possible, and none is disclosed. ## Moat and margin **Focus moat: D3, Contracted Revenue.** A 25-year SECI contract is about as close to a locked-in revenue line as Indian power gets. The buyer is a government enterprise, the term is long, and about 21 years remain. These plants do not have to win customers. What the contracts do not lock in is the margin. Wind output varies year to year, as AEPL's falling turnover shows, and the filings disclose turnover, not profit. The return to KPI Green depends on three numbers the filings leave out: the tariff, the plants' utilisation, and the debt that comes with them. The leverage question matters most. On the Q1 call, CFO Salim Yahoo said that "the debt to equity will be in the comfortable position of 3:1 max to max, which will be long-term debt to net worth" (\[TR\]). That was before this deal. A ₹2,410 crore acquisition paid in cash will move that ratio. How far depends on the funding and on the debt inside the targets, and neither is disclosed. ## MoatSCORE snapshot KPI Green Energy is **not yet scored** on the Moat Screener (\[MS\]). We have not scored it for this article. ## The bear case, taken seriously - **The funding is unknown.** ₹2,410 crore in cash, with no stated source. The group has raised money before: the investor presentation's timeline lists QIPs of ₹300 crore and ₹1,000 crore and a ₹670 crore green bond issue (\[IP\]). Another raise, more debt, or both would each change the per-share outcome. - **The debt inside the targets is not stated.** If a large part of the enterprise value is project debt KPI Green takes over, the cash outlay is smaller, but the balance sheet takes on that debt. - **AEPL's turnover has fallen two years running** on unchanged capacity. The filings do not explain it. - **The deal is not done.** It is a binding offer, not a share purchase agreement. Definitive documents, lender consents and regulatory approvals are all still to come, with five months to the long-stop. ## The case for the deal - **No construction risk.** The press release says it adds "scale immediately without construction or commissioning risk" (\[PR\]). Both plants are operating. - **A creditworthy buyer of the power.** SECI is a Government of India enterprise, on long contracts. - **A shift in the mix.** Contracted power revenue roughly doubles relative to KPI Green's FY26 power line, reducing reliance on lumpier EPC income. - **A new technology.** It is the company's "first in wind", in the Kutch corridor where it already operates (\[PR\]). ## What to watch 1. The definitive agreements: the split between equity price and debt taken over. 2. How KPI Green funds it: a QIP, new debt, internal cash, or a combination. 3. The September half-year balance sheet, the first to show borrowings since March (\[TR\]: the company prepares a balance sheet only at the half-year). 4. Any disclosure of the targets' tariffs, utilisation or profits. 5. Closing by 28 February 2027, or any extension. ## Sources - **\[D\]** [KPI Green Energy, binding offer disclosure, 30 Sep 2026](https://nsearchives.nseindia.com/corporate/KPIGLOBAL%5F30092026101722%5F7%5FKPI%5FGreen%5FAcquire%5FAlfanar%5F30092026%5FSigned.pdf) (NSE) - **\[PR\]** [KPI Green Energy, press release, 30 Sep 2026](https://nsearchives.nseindia.com/corporate/KPIGLOBAL%5F30092026102112%5F8%5FKPI%5FGreen%5FAcquire%5FAlfanar%5FPress%5FRelease%5F30092026%5FSigned.pdf) (NSE) - **\[Q1\]** [KPI Green Energy, Q1 FY27 results, 11 Aug 2026](https://nsearchives.nseindia.com/corporate/KPIGLOBAL%5F11082026111839%5FKPI%5FOutcome%5Fof%5FBM%5F11082026%5Fto%5FExchange%5FSigned.pdf) (NSE) - **\[TR\]** [KPI Green Energy, Q1 FY27 earnings call transcript, 18 Aug 2026](https://nsearchives.nseindia.com/corporate/KPIGLOBAL%5F18082026195034%5F20%5FIntimation%5FTranscript%5Fof%5FEarning%5FConference%5FCall%5Fto%5FExchange%5FSigned.pdf) (NSE) - **\[IP\]** [KPI Green Energy, investor presentation, 30 Sep 2026](https://nsearchives.nseindia.com/corporate/KPIGLOBAL%5F30092026151825%5F39%5FKPI%5FPresentation%5Fto%5Fexchange%5FSigned.pdf) (NSE) - **\[MS\]** [Moat & Margin, Moat Screener](https://www.moatmarginresearch.com/moat-screener/) and [How MoatSCORE works](https://www.moatmarginresearch.com/moatscore/) --- > Educational research, not investment advice. Every figure above is drawn from KPI Green Energy's own filings, read from the primary documents on 1 October 2026; derived figures are our arithmetic and are labelled as such. KPI Green is not yet scored on the Moat Screener. No buy/sell recommendations, no price targets. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.