Sun Drops Energia: FY26 Financial Performance, BESS Expansion & IPO Outlook

18 August 2026

Financial Performance (FY26 Numbers):

The total revenue of Sun Drops Energia Limited was at ₹586.0 crore in FY26, registering a healthy increase of around 58.8% YoY as compared to ₹369.0 crore in FY25 (and a massive exponential growth from ₹4.79 crore in FY22). Turnkey EPC for CPP and utility-scale commercial solar make up the majority of revenue, along with growing annuity-based Independent Power Producers (IPP). The Net Profit (PAT) is ₹97.0 crore with Net Profit Margin at 16.55%, witnessing an increase of ~89.1% YoY from ₹51.3 crore in FY25. With the help of its increasing order book and IPO, the valuation of unlisted equity of Sun Drops Energia was about ₹1,995 crore (ranging from ₹230 per share).

Operational Metrics:

The company Sun Drops Energia works on an integrated "IPP + CPP Turnkey EPC" business model which enables the company to cover the entire life cycle of projects starting from acquisition of land, engineering and power evacuation infrastructure to procurement, commissioning and maintenance. The company has a clean and healthy balance sheet structure with the Debt to Equity ratio of only 0.16x for FY25, which signifies low leverage and absence of dependence on external financing even with fast pace of asset creation. Sound financial control is evident with the help of an Interest Coverage ratio of 15.68x (FY25) and a Current ratio of 3.36x (FY25), thereby leaving sufficient margin for working capital. The operating leverage is a result of standard engineering templates and centralized module procurement in the KP group environment.

Key Project Executions & Order Book:

It has developed a solid execution history in the areas of utility-scale solar and industrial microgrids, which entails developing and commissioning several interconnected grid-scale solar projects in high-irradiance belts of Gujarat and Maharashtra states under the framework of the Distributed Renewable Energy Bilateral Purchase (DREBP). It has quickly established itself as one of the major market leaders in the storage category by winning 565 MW / 1,130 MWh BESS standalone projects from Gujarat Urja Vikas Nigam Limited (GUVNL), which include 445 MW / 890 MWh project award and 120 MW / 240 MWh BESS Purchase Agreement (BESPA). Abroad, Sun Drops is developing solar and battery energy storage solution with the Fabtech Group and F+ Healthcare Technologies in UAE.

Strategic Developments & Outlook:

Sun Drops Energia is an incorporated firm established in Surat, Gujarat, in May 2019 and serving as one of the major subsidiaries of KPI Green Energy Limited. Sun Drops Energia is specially selected to act as the dedicated arm of the KP Group to develop utility BESS and clean energy hybrid systems. Currently, the firm is gearing up to go for its own independent Initial Public Offering (IPO) in FY27. Given that India is looking at 500 GW of non-fossil fuel capacity by 2030 and the mandatory inclusion of RTC renewable energy, Sun Drops Energia is one of the early players in the utility-scale BESS space.