541+ MW orders in H1FY24: This mid-cap company bags new order for a 1.80 MW solar power plant; multibagger solar stock gains over 3,400 per cent!

Shares of the company gained more than 70 per cent in the last six months.

The shares of KPI Green Energy Limited have zoomed by 2.49 per cent on Friday and closed at Rs 1,346 making significant move amid following development.

KPIG Energia Private Limited, a wholly owned subsidiary of our KPI Green Energy Limited, has secured new orders for a 1.80 MW solar power plant under the 'Captive Power Producer (CPP)' segment. This addition brings our cumulative orders for solar power projects in the CPP segment to over 151+ MW, marking a significant milestone in our commitment to sustainable energy solutions.

Also on December 22, 2023, The Company, following its Issue opening on December 18, 2023, and closing on December 21, 2023, has received approval from the Board for the allotment of 25,35,925 Equity Shares to eligible QIBs at Rs 1,183 per Equity Share. The issue, inclusive of a premium of Rs 1,173 per Equity Share, amounts to Rs 300 crore, pursuant to the QIP. The paid-up equity share capital post-allotment stands at Rs 40.18 crore, comprising 4,01,88,405 Equity Shares.

The firm reported excellent Quarterly Results. The company's revenue for Q2FY24 was Rs 215.07 crore, up 34.55 per cent year on year. The company's operational profit was Rs 72.04 crore, while its profit after tax (PAT) was Rs 34.74 crore, up 64.22 per cent year on year.

In the previous three years, KPI Green Energy Limited has achieved multibagger returns of more than 3,400 per cent. In the last year, the stock has increased by more than 200 per cent. FIIs grew their shareholding in the firm to 4.24 per cent in September 2023.

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 a service provider to Captive Power Producer (CPP) customers. Promoter holding has increased by 1.85 per cent over last quarter and the company's dividend yield is at 0.12 per cent.

Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.