Credit Rating

KPI/MAT/SEP/2026/833 Date: September 22, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 Scrip Code: 542323 Symbol: KPIGREEN Sub.: Intimation under Regulation 30 - Credit Ratings of the Company by ICRA Limited Dear Sir/Madam, With reference to the captioned subject and pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ICRA Limited has reaffirmed the credit ratings of the Company for its bank facilities and Non- Convertible Debentures (NCDs). The summary of rating action is as under: 1. Credit Rating – Bank Facilities: Previous rated Current Rated Instrument Amount Amount Rating Action (Rs. crore) (Rs. crore) Long term – Fund [ICRA]A (Stable); reaffirmed and based - Term 4009.54 4937.61 assigned for enhanced amount loan Long term – Fund based - Cash 487.00 487.00 [ICRA]A (Stable); reaffirmed credit Short term – Working capital 223.00 223.00 [ICRA]A2+; reaffirmed demand loan Short term –Bill [ICRA]A2+; reaffirmed and 50.00 350.00 discounting assigned for enhanced amount Short term – Non- [ICRA]A2+; reaffirmed and assigned for fund based - 988.00 1036.00 enhanced amount Bank guarantee Short term – CEL 16.00 16.00 [ICRA]A2+; reaffirmed Long term/Short term - 1.46 0.39 [ICRA]A (Stable)/ [ICRA]A2+; reaffirmed Unallocated limits Non-convertible debentures 643.20 594.63 [ICRA]AA+ (CE) (Stable); reaffirmed (NCD)^ TOTAL 6418.20 7644.63 Note: The letters CE in parenthesis suffixed to the rating symbol stand for Credit Enhancement. A CE rating is specific to the rated issue, its terms, and its structure. CE ratings do not represent ICRA’s opinion on the general credit quality of the issuers concerned. In any of your publicity material or other document wherever you are using our above rating, it should be stated as “[ICRA]AA+(CE)”. The outlook on the long-term rating is Stable. The table above also captures ICRA’s opinion on the rating without factoring in the explicit credit enhancement. ^ NCDs of Rs.48.57 crore have been redeemed of Rs. 670.0 crore The rating rationale letter issued by ICRA, dated September 22, 2026, is annexed herewith. Request you to please take the same on your record. Thanking you, For KPI Green Energy Limited Krunal Bhatt Company Secretary and Compliance Officer September 22, 2026 KPI Green Energy Limited: Rating reaffirmed for the NCD programme; ratings reaffirmed and assigned to the enhanced amount for bank lines Summary of rating action Previous rated Current rated Financial Instrument* amount amount Rating action Sector (Rs. crore) (Rs. crore) Regulator# [ICRA]A (Stable); reaffirmed and Long term – Fund based - Term loan 4009.54 4937.61 RBI assigned for enhanced amount Long term – Fund based - Cash credit 487.00 487.00 [ICRA]A (Stable); reaffirmed RBI Short term – Working capital demand 223.00 223.00 [ICRA]A2+; reaffirmed RBI loan [ICRA]A2+; reaffirmed and assigned Short term – Bill discounting 50.00 350.00 RBI for enhanced amount Short term – Non-fund based - Bank [ICRA]A2+; reaffirmed and assigned 988.00 1036.00 RBI guarantee for enhanced amount Short term – CEL 16.00 16.00 [ICRA]A2+; reaffirmed RBI Long term/Short term - Unallocated [ICRA]A (Stable)/ [ICRA]A2+; 1.46 0.39 RBI limits reaffirmed Non-convertible debentures (NCD)^ 643.20 594.63 [ICRA]AA+ (CE) (Stable); reaffirmed SEBI Total 6418.20 7644.63 ^ NCDs of Rs. 48.57 crore have been redeemed. #SEBI’s grievance redressal / dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rating without explicit credit enhancement [ICRA]A *Instrument details are provided in Annexure I Note: The (CE) suffix mentioned alongside the rating symbol indicates that the rated instrument/facility is backed by some form of explicit credit enhancement. This rating is specific to the rated instrument/facility, its terms and its structure and does not represent ICRA’s opinion on the general credit quality of the entity concerned. The table above also captures ICRA’s opinion on the rating without factoring in the explicit credit enhancement. Rationale For the [ICRA]A (Stable)/[ICRA]A2+ rating The ratings reaffirmation factors in the improvement in the company’s scale and profitability in FY2026, driven by higher execution of captive power plant (CPP)/engineering, procurement and construction (EPC) orders and the commissioning of the additional independent power producer (IPP) capacity. ICRA expects the company to sustain its revenue and profitability growth in FY2027 as well, supported by the execution of CPP orders, increased contributions from the recently commissioned IPP projects, and the anticipated commissioning of under-construction IPP projects. The consolidated revenue and OPBDITA were Rs. 2,695.9 crore and Rs. 957.8 crore, respectively, in FY2026, against Rs. 1,736.8 crore and Rs. 562.6 crore, respectively, in FY2025. Further, in Q1 FY2027, the consolidated revenue and OPBDITA were Rs. 693.8 crore and Rs. 245.6 crore respectively, against Rs. 602.9 crore and Rs. 205.7 crore, respectively, in Q1 FY2026. The consolidated CPP/EPC order book continues to be healthy and stood at ~Rs. 4,700 crore as of June 2026 compared to ~Rs. 5.300 crore as of January 2026 and ~Rs. 4,800 crore as of March 2025. The order book includes a pending value of ~Rs. 665 crore for the order from Satluj Jal Vidyut Nigam (SJVN), ~Rs. 116 crore from Coal India Limited, ~Rs. 490 crore from Gujarat www.icra.in 1 Sensitivity Label : Public Page | State Electricity Corporation Limited (GSECL), ~Rs. 171-crore from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) along with a large order of ~Rs. 850 crore from the Adani Group. These orders are expected to be executed over the next 12-15 months. The remaining orders are from commercial and industrial (C&I) customers, to be executed over the next 6-8 months. The company has recently forayed into utility scale power projects, signaling its intent to scale up its renewable energy IPP portfolio. The ratings consider the commissioning of a 200-MWAc solar power project and a 50-MW (contracted capacity) hybrid power project, both contracted with a strong counterparty - Gujarat Urja Vikas Nigam Limited {GUVNL, rated [ICRA]AA (Stable)/[ICRA]A1+} in December 2025/January 2026. The company has demonstrated its execution capabilities by completing these projects in a timely manner, backed by the extensive experience of the key promoter in the renewable energy sector and allied power plant setting-up activities. The ratings also derive comfort from the long-term and medium-term power purchase agreements (PPA) for its IPP capacities with reputed counterparties and a track record of timely payment of bills from them. The ratings, however, are constrained by the expected moderation in the company’s leverage and coverage metrics in the medium term owing to the debt-funded nature of its sizeable project pipeline. This includes under-development utility scale IPP projects of ~1.2 GW installed capacity, battery energy storage system (BESS) projects being executed under subsidiary Sun Drops Energia Limited (Sun Drops; SDEL), and the high working capital borrowings required to support the growing captive power plant (CPP) order book. While the equity funding requirements for these projects are expected to be supported through a combination of internal accruals, available cash balances and the recent preferential warrants issue to the promoter group entity, the company’s credit metrics are likely to remain relatively elevated during the project implementation phase owing to the anticipated debt drawdowns for these projects. A timely execution of these projects without any major cost ove [Showing first 8,000 characters — download PDF for full document]