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Entity-Specific Rating Rationales

26 Mar 2026

KPI Green Energy Limited: Rating reaffirmed for the NCD programme; ratings reaffirmed and assigned to the enhanced amount for bank lines; outlook revised to Stable from Positive for bank lines

KPI Green Energy Limited: Rating reaffirmed for the NCD programme; ratings reaffirmed and assigned to the enhanced amount for bank lines; outlook revised to Stable from Positive for bank lines

16 Sep 2025

KPI Green Energy Limited: Provisional rating finalised for the Rs. 670-crore NCD programme; rating reaffirmed and withdrawn for the Rs. 30-crore NCD programme; ratings outstanding for bank lines

KPI Green Energy Limited: Provisional rating finalised for the Rs. 670-crore NCD programme; rating reaffirmed and withdrawn for the Rs. 30-crore NCD programme; ratings outstanding for bank lines

20 Aug 2025

KPI Green Energy Limited: Rating reaffirmed and rated amount enhanced for the NCD programme; ratings outstanding for bank lines

KPI Green Energy Limited: Rating reaffirmed and rated amount enhanced for the NCD programme; ratings outstanding for bank lines

08 Aug 2025

KPI Green Energy Limited: Provisional rating assigned to the NCD programme; ratings outstanding for bank lines

KPI Green Energy Limited: Provisional rating assigned to the NCD programme; ratings outstanding for bank lines

29 Jul 2025

KPI Green Energy Limited: Ratings reaffirmed for bank facilities

KPI Green Energy Limited: Ratings reaffirmed for bank facilities

07 Jan 2025

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

04 Sep 2024

KPI Green Energy Limited: Long-term rating upgraded to [ICRA]A and short-term rating reaffirmed; outlook changed to Positive from Stable

KPI Green Energy Limited: Long-term rating upgraded to [ICRA]A and short-term rating reaffirmed; outlook changed to Positive from Stable

31 Mar 2024

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

09 May 2023

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

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Entity-Specific Credit Perspective Reports

17 Oct 2025

KPI Green Energy Limited

KPI Green Energy Limited (Non-SF)

16 Oct 2024

KPI Green Energy Limited

KPI Green Energy Limited (Non-SF)

02 Jun 2023

KPI Green Energy Limited

KPI Green Energy Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Long-term – Fund-based – Term Loan -- -- [ICRA]A(Stable) --
Short-term – Fund-based – Bill discounting [ICRA]A2+ -- -- --
Short-term – Fund-based – Working Capital Demand Loan [ICRA]A2+ -- -- --
Long-term – Fund-based – Cash Credit -- -- [ICRA]A(Stable) --
Short-term – Non-fund Based – Bank Guarantee [ICRA]A2+ -- -- --
Long-term/Short-term – Unallocated limits – Unallocated limits [ICRA]A2+ -- [ICRA]A(Stable) --
NCD -- -- [ICRA]AA+(Stable)(CE) --
Short-term – Non-fund based – Others [ICRA]A2+ -- -- --
Proposed non-convertible debentures (NCD) -- -- Withdrawn --

Our Analysts

Analyst 1

Rishi S Tekchandani

Analyst 2

Rachit Mehta

Sector Head

Girishkumar Kashiram Kadam
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