ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

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KPI Green Energy Limited: Provisional rating finalised for the Rs. 670-crore NCD programme; rating reaffirmed and withdrawn for the Rs. 30-crore NCD programme; ratings outstanding for bank lines

20 Aug 2025

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

29 Jul 2025

KPI Green Energy Limited: Ratings reaffirmed for bank facilities

07 Jan 2025

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

31 Mar 2024

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

09 May 2023

KPI Green Energy Limited: Ratings reaffirmed; rated amount enhanced

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
Proposed non-convertible debentures (NCD)	--	--	Withdrawn	--
Non-Convertible Debentures (NCD)	--	--	[ICRA]AA+(Stable)(CE)	--
Cash Credit	--	--	[ICRA]A(Positive)	--
Non-fund-based Bank Guarantee	[ICRA]A2+	--	--	--
Term Loans	--	--	[ICRA]A(Positive)	--
Working Capital Demand Loan	[ICRA]A2+	--	--	--
Unallocated Limit	[ICRA]A2+	--	[ICRA]A(Positive)	--
CEL Limits	[ICRA]A2+	--	--	--

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