Sun Drops Energia Limited
1 MAbout Sun Drops Energia Limited
A Comprehensive Overview of Price & Journey
Understanding Sun Drops Energia Limited Inception and Growth
Overview
Sun Drops Energia is a wholly owned subsidiary of KPI Green Energy, incorporated in May 2019. Sun Drops is created after 11 years of KPI Green to specifically handle rapidly growing Battery Energy Storage System (BESS) and smaller Captive Power Projects (CPP).
Revenue of the company has approximately doubled – it reported INR 168.64 Cr in FY24 and INR 368.96 Cr in FY25.
The company has total portfolio (IPP + CPP) of 71+ MW In FY2024-25.
KPI Green Energy Ltd is the majority shareholder (65.87%) in Sun Drops, Dr. Faruk G Patel holds 16.62% and the remaining 17.51% is held by public and institutional shareholders.
Currently the company is traded in unlisted market, it grabs attention of investors since it operates in one of the lucrative business sectors.
As per the latest update the company is preparing its DRHP to launch its IPO, the top management is planning to bet of BESS as the next growth engine.
How does Sun Drops Energia Makes Money?
Sun Drops runs a narrow but high-quality business by leveraging KPI Green’s land, client relationship and execution infrastructure.
Segment 1 – Independent Power Producer
Sun Drop owns and operates solar and hybrid power plants, it produces electricity and sells to C&I clients such as Ascolite, JMT, Raghunandan, and VG Global Pvt Ltd via open access or bilateral agreements and to utility scale buyers like GUVNL under long-term PPA.
-
Current IPP portfolio of Sun Drops has crossed 22 MW
-
Hybrid Portfolio – 16+ MW
-
IPP segment services as long-term recurring revenue unlike EPC, which is onetime but secures higher margin at huge capital investment.
-
On an average the company earns INR 3- 7.50 per kWh, while the exact rate varies as per size of installation, durations and other dynamics.
Segment 2 – CPP (Captive Power Producer) EPC
Sun Drops also designs, builds and delivers ready to use solar plants for C&I clients who wants avoid electricity cost by developing their own source of power. Depends upon the contract the company also takes the responsibility to manage and operate it.
Recent CPP orders:
-
Received a repeat order for delivering 100 MW solar power project in Gujrat expected to be completed by FY 2026-27.
-
In January 2025, the company received multiple 62.20 MW orders by domestic clients under Gujrat’s DREBP policy and GERC Tariff orders.
-
In July 2025, Sun Drops received orders of 36.87 megawatts (MW) under the company’s Captive Power Producer (CPP) business segment.
This segment earns a one-time revenue realized in phases based on milestone achievement.
CPP portfolio of the company exceeds 49 MW of installed capacity.
Segment 3 – Operations and Maintenance
This is the ancillary business segment of Sun Drop where it provides operations and maintenance services bundled with EPC projects. It serves as the recurring revenue source.
Competitive Landscape
Sun Drop faces competition at operational level and its parent – KP Group competes against the largest renewable energy conglomerate in the country.
-
CleanMax Solar
-
Fourth Partner Energy
-
Spring Energy
-
Gh2 Solar
SWOT Analysis
Strength
-
Exponential Financial Growth – Revenue doubling in FY26 to INR 366.67 Cr (118% YoY), and PAT jumped to INR 51.25 Cr (88.6% YoY).
-
Strong Corporate Backing – Sun Drops leverages the management, infra and credit support from parent (KPI Green Energy).
-
Healthy Order Pipelines – Sun Drops has secured many project orders from domestic and utility scale clients.
-
Pioneering Grid-Scale Energy Storage (BESS) – executing massive orders in BESS.
Weakness
-
Geographical Concentration Risk – Operational footprints of the company is majorly focused in Gujrat, leaving it exposed to regulatory and grid level risk.
-
Capacity Ceiling within Corporate Group – KP Group the parent company intentionally restricted to small scale projects (<35 MW) and large-scale utility projects are bypass to the parent.
-
Margin Compression in Core EPC – Operating profits have experienced slight compression to 20.87% in FY25 down from 23.31% in FY24.
-
Initial Capital Intensity of Storage Assets -
Opportunities
-
Value unlocking via IPO
-
Booming Storage as Service Demand
-
Cutting -Edge Technological Alliance
Threats
-
Stringent Operational SLA Penalties
-
Strict Indigenous Content Mandates
-
Fierce Tendering Aggression
SHOW MORE...
Overview
Sun Drops Energia is a wholly owned subsidiary of KPI Green Energy, incorporated in May 2019. Sun Drops is created after 11 years of KPI Green to specifically handle rapidly growing Battery Energy Storage System (BESS) and smaller Captive Power Projects (CPP).
Revenue of the company has approximately doubled – it reported INR 168.64 Cr in FY24 and INR 368.96 Cr in FY25.
The company has total portfolio (IPP + CPP) of 71+ MW In FY2024-25.
KPI Green Energy Ltd is the majority shareholder (65.87%) in Sun Drops, Dr. Faruk G Patel holds 16.62% and the remaining 17.51% is held by public and institutional shareholders.
Currently the company is traded in unlisted market, it grabs attention of investors since it operates in one of the lucrative business sectors.
As per the latest update the company is preparing its DRHP to launch its IPO, the top management is planning to bet of BESS as the next growth engine.
How does Sun Drops Energia Makes Money?
Sun Drops runs a narrow but high-quality business by leveraging KPI Green’s land, client relationship and execution infrastructure.
Segment 1 – Independent Power Producer
Sun Drop owns and operates solar and hybrid power plants, it produces electricity and sells to C&I clients such as Ascolite, JMT, Raghunandan, and VG Global Pvt Ltd via open access or bilateral agreements and to utility scale buyers like GUVNL under long-term PPA.
-
Current IPP portfolio of Sun Drops has crossed 22 MW
-
Hybrid Portfolio – 16+ MW
-
IPP segment services as long-term recurring revenue unlike EPC, which is onetime but secures higher margin at huge capital investment.
-
On an average the company earns INR 3- 7.50 per kWh, while the exact rate varies as per size of installation, durations and other dynamics.
Segment 2 – CPP (Captive Power Producer) EPC
Sun Drops also designs, builds and delivers ready to use solar plants for C&I clients who wants avoid electricity cost by developing their own source of power. Depends upon the contract the company also takes the responsibility to manage and operate it.
Recent CPP orders:
-
Received a repeat order for delivering 100 MW solar power project in Gujrat expected to be completed by FY 2026-27.
-
In January 2025, the company received multiple 62.20 MW orders by domestic clients under Gujrat’s DREBP policy and GERC Tariff orders.
-
In July 2025, Sun Drops received orders of 36.87 megawatts (MW) under the company’s Captive Power Producer (CPP) business segment.
This segment earns a one-time revenue realized in phases based on milestone achievement.
CPP portfolio of the company exceeds 49 MW of installed capacity.
Segment 3 – Operations and Maintenance
This is the ancillary business segment of Sun Drop where it provides operations and maintenance services bundled with EPC projects. It serves as the recurring revenue source.
Competitive Landscape
Sun Drop faces competition at operational level and its parent – KP Group competes against the largest renewable energy conglomerate in the country.
-
CleanMax Solar
-
Fourth Partner Energy
-
Spring Energy
-
Gh2 Solar
SWOT Analysis
Strength
-
Exponential Financial Growth – Revenue doubling in FY26 to INR 366.67 Cr (118% YoY), and PAT jumped to INR 51.25 Cr (88.6% YoY).
-
Strong Corporate Backing – Sun Drops leverages the management, infra and credit support from parent (KPI Green Energy).
-
Healthy Order Pipelines – Sun Drops has secured many project orders from domestic and utility scale clients.
-
Pioneering Grid-Scale Energy Storage (BESS) – executing massive orders in BESS.
Weakness
-
Geographical Concentration Risk – Operational footprints of the company is majorly focused in Gujrat, leaving it exposed to regulatory and grid level risk.
-
Capacity Ceiling within Corporate Group – KP Group the parent company intentionally restricted to small scale projects (<35 MW) and large-scale utility projects are bypass to the parent.
-
Margin Compression in Core EPC – Operating profits have experienced slight compression to 20.87% in FY25 down from 23.31% in FY24.
-
Initial Capital Intensity of Storage Assets -
Opportunities
-
Value unlocking via IPO
-
Booming Storage as Service Demand
-
Cutting -Edge Technological Alliance
Threats
-
Stringent Operational SLA Penalties
-
Strict Indigenous Content Mandates
-
Fierce Tendering Aggression
Fundamentals
Financials
All values are INR Cr except per share value
| P&L Statement |
|---|
| Revenue |
| Other Income |
| COGS |
| Gross Profit |
| Total Expense |
| EBIDTA |
| D&A |
| EBIT |
| Interest Expense |
| PBT |
| TAX |
| PAT |
| Diluted EPS |
| Basic EPS |
| Total income |
ASSETS
| CURRENT ASSETS |
|---|
| Cash and Cash Equivalents |
| Trade Payables |
| Inventory |
| Other Current Assets |
| Total Current Assets |
| NON CURRENT ASSETS |
|---|
| Plant Property and Equipment |
| Long Term Investment |
| Other Non Current Assets |
| TOTOAL NON CURRENT ASSSETS |
| Total Assets |
|---|
| CURRENT LIABILITES |
|---|
| TRADW Payable |
| Other Current Liab |
| Total Current Liab |
| NON CURRENTLIABILITIES |
|---|
| Long Term Debt |
| Deffered Tax Liab |
| Other Non Current Liab |
LIABILITIES
| EQUITY |
|---|
| Share Capital |
| Reserves And Surplus |
| Other Equity |
| Retained Earnings |
| share Equity |
| Total Liabilities |
|---|
| CASH FLOW STAT |
|---|
| Cash Flow from operating |
| Cash Flow from financing |
| Cash Flow from investing |
| Net cash flow |
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Sun Drops Energia Limited varies depending on the category of the investor:
-
Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
-
For AIF investors of Category-II are not subject to any lock-in.
-
Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
-
You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
-
Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
-
You would also get email confirmation of credit of shares via email.
-
The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
-
When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.