Shares of KPI Green Energy have delivered multibagger returns of 476% in two years and risen 192.56% in a year. The multibagger stock is set to see more upside after KPI Green Energy announced on Wednesday that it has achieved zero net debt status on a standalone basis. The renewable energy stock was trading 1.79% higher at Rs 880 on BSE today. Market cap of the firm rose to Rs 11,579 crore in the current session.
A total of 3000 shares of the firm changed hands, amounting to a turnover of Rs 26.26 lakh on BSE in early deals today. The stock hit a record high of Rs 1116 on August 12, 2024 and fell to a 52-week low of Rs 255.46 on September 12, 2023.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 36.2, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day but higher than the 150 day and 200 day moving averages.
According to a report by SBI Securities, the brokerage has assigned a price target of Rs 1246 and maintained its buy rating on the stock. “At the current price, the stock is trading at 47.2x/29.5x of its FY25E/FY26E earnings respectively,” SBI Securities said.
The company has a very strong order book.
The current book of the company as of Aug 7, 2024 stands at 2,327 MW comprising 1,260 MW IPP and 1,067 MW CPP. The company, during first 5 months of FY25 has received, 1,117 MW comprising of 916 MW IPP and 201 MW of CPP orders, the brokerage said.
In the first quarter of the current fiscal, the company reported a 99 per cent year-on-year rise in profit after tax at Rs 66.10 crore in the June quarter compared with Rs 33.30 crore in the same quarter last year. The company’s board declared a dividend of 20 paise per share and set August 21 as the record date for the same.
Revenue rose 83.6 per cent YoY to Rs 340.90 crore in the last quarter against Rs 190.60 crore in the corresponding quarter last year. EBITDA for the quarter was up 86 per cent YoY at Rs 312 crore from Rs 71 crore YoY.
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.