(1/n)
KPI Global Infra Ltd - Future as Bright as The SUN

A detailed thread on the most Undervalued co in the Solar Sector with Multibagger Potential

Do RT to educate more investor

(2/n)
KPI Global Infrastructure Ltd is a multi-dimensional solar energy player, with interest in power generation both as Independent Power Producer (IPP) & as a service provider to Captive Power Producers (CPP) under the brand name of 'Solarism'
Co has land bank of 450+ acres

(3/n)
Under IPP Segment, KPI develops and maintains grid connected solar power projects as IPP and generates revenue by selling power units generated from our solar plants through PPAs with reputed business houses

(4/n)
Under CPP Business Segment, KPI develops, transfers, operates and maintains grid connected solar power projects for CPP customers and generates revenue by selling these projects to CPP customers for their captive use requirements

(5/n)
Co has reported Best Ever Quarter during Q2FY22 despite Q2 being seasonally the weakest quarter (Gives an idea of things to come)
Revenue at 58cr vs 24cr (+136% YoY)
EBITDA at 24cr vs 14cr (+77% YoY)
PAT at 12.25cr vs 1.4cr (+795% YoY)
EPS of 6.78 vs 0.76 (+795% YoY)

(6/n)
Company earns 40% revenue in the 1st half of FY & remaining 60% in the 2nd half
Co has already reported Record Revenues & Record Profits during 1HFY22 & 2nd half will be even better
FY22 will be the best ever by a big margin
We estimate FY22 PAT of 45cr & FY23 PAT of 65cr

(7/n)
Installed Capacities
64.5 MW Cumulative capacity energised under IPP segment
23.4 MW Cumulative capacity energised under CPP segment
Total ~88 MW Cumulative capacity energised for both IPP and CPP

(8/n)
Lets have a look at its Stellar Growth over past few years
Revenue (3 year CAGR of 73%)
FY19 - 43cr
FY20 - 59cr
FY21 - 104cr

EBITDA (3 year CAGR of 67%)
FY19 - 21cr
FY20 - 27cr
FY21 - 59cr

PAT (3 year CAGR of 57%)
FY19 - 9cr
FY20 - 6cr
FY21 - 22cr

(9/n)
Total Capacity
FY19 - 18MW
FY20 - 47MW (+222% YoY)
FY21 - 58MW (+24% YoY)
1H22 - 88MW
FY22E - 110MW (+33% YoY)
In the last 2.5 years, co has already grown 5x capacity & a whooping 52% in just 6 month of FY22 so far

(10/n)
Units Generated
FY19 - 1.87cr units
FY20 - 4.61 cr units (+325% YoY)
FY21 - 7.94cr units (+73% YoY)
1H22 - 4.44 cr units
FY22E - 10.5 cr units (+90% YoY)
In 3yrs, Units Generated have grown by 460%
Portfolio CUF was 19.1% in FY20 has further improved to 21.5% in FY21

(11/n)
Huge Growth Plans
Current orders in hand - 15MW under IPP & 22MW under CPP
Co is targeting a cumulative Capacity of 700MW by 2025 i.e 8.5x capacity expansion in just 3.5 years

(12/n)
PPAs under IPP
Long-term focused PPA Portfolio (15-20 years)
85% with AA- or higher rated companies
Reputed clientele like UPL, L&T, Cadila Healthcare, Meghmani Organics, Polycab, Anupam Rasayan etc

(13/n)
CPP Segment
Ready to use Common Infrastructures to evacuate power
Recurring Income for 25 years against Operation & Maintenance of CPP Plants
Completed single 12.5MW CPP Project in record time of 4 months despite extensive & extended monsoon

(14/n) KPI Global Infra trades extremely cheap at P/E of less than 7x FY23EEPS (Deserves a P/E of 20x)
Further co has also declared its maiden Dividend during Q2FY21 which gives us more confidence in the management's ability to grow the Business further
Poised to be a MULTIBAGGER