About Sun Drops Energia Limited Unlisted Shares
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 i...
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.
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Current IPP portfolio of Sun Drops has crossed 22 MW
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Hybrid Portfolio – 16+ MW
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IPP segment services as long-term recurring revenue unlike EPC, which is onetime but secures higher margin at huge capital investment.
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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:
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Received a repeat order for delivering 100 MW solar power project in Gujrat expected to be completed by FY 2026-27.
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In January 2025, the company received multiple 62.20 MW orders by domestic clients under Gujrat’s DREBP policy and GERC Tariff orders.
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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.
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CleanMax Solar
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Fourth Partner Energy
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Spring Energy
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Gh2 Solar
SWOT Analysis
Strength
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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).
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Strong Corporate Backing – Sun Drops leverages the management, infra and credit support from parent (KPI Green Energy).
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Healthy Order Pipelines – Sun Drops has secured many project orders from domestic and utility scale clients.
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Pioneering Grid-Scale Energy Storage (BESS) – executing massive orders in BESS.
Weakness
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Geographical Concentration Risk – Operational footprints of the company is majorly focused in Gujrat, leaving it exposed to regulatory and grid level risk.
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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.
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Margin Compression in Core EPC – Operating profits have experienced slight compression to 20.87% in FY25 down from 23.31% in FY24.
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Initial Capital Intensity of Storage Assets -
Opportunities
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Value unlocking via IPO
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Booming Storage as Service Demand
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Cutting -Edge Technological Alliance
Threats
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Stringent Operational SLA Penalties
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Strict Indigenous Content Mandates
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Fierce Tendering Aggression
Fundamentals
Financials
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LIABILITIES
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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:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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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.
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Related News
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