Rs 30 to Rs 893: This solar stock turned into a multibagger in three years; down 11% from record high

Shares of KPI Green Energy Ltd have turned multibagger in the last three years. The solar power stock, which closed at Rs 30.35 on August 31, 2020 rose to Rs 893.65 on BSE in the current session, translating into a gain of 2,844 per cent during the period. The power stock opened lower at Rs 890.10 against the previous close of Rs 895.65 on BSE. KPI Green Energy shares have gained 93.39% in 2023 and risen 89.53% in a year.   

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A total of 0.48 lakh shares of the firm changed hands, amounting to a turnover of Rs 4.16 crore on BSE. Market cap of the company rose to Rs 3154 crore on BSE. The stock hit a record high of Rs 953.80 on August 29, 2023 and a 52-week low of Rs 345 on October 31, 2022. It has fallen 10.88% from the record high.  

In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 58.3, signaling it's trading neither in the overbought nor in the oversold zone. KPI Green Energy stock has a one-year beta of 0.7, indicating very low volatility during the period. The stock is trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day and 10 day moving averages.   

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Q1 earnings  

KPI Green Energy reported a revenue of Rs 190.6 crore in the June 2023 quarter against a revenue of Rs 122.8 crore in the corresponding quarter a year ago.    

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Profit rose to Rs 33.3 crore in Q1 against Rs 22.2 crore in the corresponding quarter of the previous fiscal. Operating profit climbed to Rs 69.3 crore in Q1 against Rs 41.9 crore in the corresponding quarter of the previous fiscal.   

For FY23, net profit climbed to Rs 109.6 crore against Rs 43.2 crore profit in FY22. Revenue from operations surged to Rs 647 crore in the last fiscal against Rs 231.22 crore for the fiscal ended March 2022.    

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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. 

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