A ₹2,025 crore work order for a 500‑MW solar plant in Rajasthan has landed on KPI Green Energy’s balance sheet, pushing its order book to a new high. Shares fell 4.8% to ₹373.70 on the BSE as traders digested the news.
The contract, granted by NACOF Oorja Private Ltd, covers full turnkey EPC from design to commissioning, with a 12‑month execution window. It includes civil works, PV modules, inverters, a 33‑kV transmission line and SCADA.
KPI Green Energy said the order follows a similar award from NTPC earlier this year, but the ₹2,025 crore figure is the largest single EPC deal the company has secured this fiscal year. The deal adds significant revenue visibility for the coming 12 months.
Analysts note that while the project enhances future cash‑flow prospects, the market priced in the transaction on the back of higher cost pressures in large‑scale EPC projects. The sector average margin for solar EPC in India sits around 12%, whereas KPI’s current gross margin is 15%.
The company will focus on delivering the project within the 12‑month timeline, with a projected cash‑inflow of ₹150 crore in 2028. KPI’s next quarterly filing is due on 31‑Oct‑2026, where it will report on the project’s progress and any new orders.