ICRA Also Affirms KPI Green Bonds AA+ Rating

KPI Green Energy Limited announced on September 17, 2025, that ICRA Limited has converted the provisional rating of its non-convertible debentures (NCDs) – "GREEN BONDS" – to a final [ICRA]AA+(CE) (Stable) rating. These NCDs aggregate ₹670 crore. Concurrently, a provisional rating of [ICRA]AA+(CE) (Stable) for proposed NCDs amounting to ₹30 crore was reaffirmed and withdrawn.

The rating rationale, dated September 16, 2025, highlights that the final rating is based on executed transaction documents and a partial credit guarantee from GuarantCo Limited. This guarantee covers 65.0% of the initial NCD issuance amount. Other long-term and short-term bank lines maintain ratings such as [ICRA]A (Positive) and [ICRA]A2+ respectively, indicating a healthy financial profile.

The upgrade reflects the group's improved scale and profitability in FY2025, driven by higher execution of captive power plant (CPP) and engineering, procurement, and construction (EPC) orders. Consolidated revenue and OPBDITA for FY2025 were ₹1,736.00 crore and ₹564.31 crore, respectively, up from ₹1,024.15 crore and ₹337.10 crore in FY2024.