Kohinoor Energy

What Kohinoor Energy does

Kohinoor Energy Limited (KEL) is a Pakistan-listed Independent Power Producer (IPP), incorporated in April 1994 with paid-up capital of PKR 1,695 million. The company operates a furnace oil power station at 35-KM Link Manga Raiwind Road, Lahore, with a net capacity of 124 MW (gross 131.44 MW). Its principal activity is the generation and sale of electricity exclusively to WAPDA (Water and Power Development Authority), Pakistan's national power utility, under a long-term Power Purchase Agreement. KEL was jointly established by the Saigols Group of Companies (a multi-industrial Pakistani conglomerate) and Toyota Tsusho Corporation (Japan), with Wärtsilä Finland Oy later taking a 2% ownership stake.

The power generation facility's core technology stack includes eight Wärtsilä Diesel 18V46 Type Diesel Generators rated at 15.68 MW each, three ABB 63 MVA Step-Up Transformers converting output from 11 kV to 132 kV, and a Combined Cycle Heat Recovery System capable of delivering an additional 8 MW through a Peter Brotherhood Steam Turbine. This integrated architecture allows KEL to recover waste heat from the diesel generator exhaust stream, improving overall plant efficiency. The technology is mature industrial electromechanical equipment with no proprietary AI or software differentiation; competitive positioning rests on operational reliability and contractual positioning rather than technology leadership.

KEL's business model is a single-revenue-stream B2G utility model: all generated electricity is sold to WAPDA under the PPA, with no commercial or retail customers. The company holds an AA long-term / A1+ short-term entity rating from PACRA and received the Pakistan Stock Exchange Top-25 Companies Award for 2017. Ownership is concentrated, with the Saigols family holding approximately 62%, the general public 36%, and Wärtsilä Finland Oy 2%. Revenue has declined materially from PKR ~71 billion in 2022 to PKR ~15.3 billion in 2025, and the company continues to declare dividends (70% interim dividend for FY2024-2025), reflecting a mature, contracted but top-line-pressured utility operation entirely dependent on a single government counterparty.

Name

Kohinoor Energy

Legal name

Kohinoor Energy Limited

Website

https://kel.com.pk

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Kohinoor Energy Limited is a Pakistan-listed Independent Power Producer operating a 124 MW furnace oil power station in Lahore, selling all generated electricity exclusively to WAPDA under a long-term Power Purchase Agreement. Founded in 1994 as a joint venture between the Saigols Group and Toyota Tsusho Corporation (Japan).

Ownership category

akta.pro rank

Headquarters

HQ city

Lahore

HQ country

Pakistan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Others

Revenue model

1. Electricity Generation and Sales: KEL operates a furnace oil power station and sells all generated electricity exclusively to WAPDA (Water and Power Development Authority) under a long-term power purchase agreement. This is the sole revenue stream for the company.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Kohinoor Energy Limited owns, operates, and maintains a furnace oil power station with a net capacity of 124 MW (gross 131.44 MW) located at 35-KM Link Manga Raiwind Road, Lahore. The company generates electricity using eight Wärtsilä diesel generators, ABB step-up transformers, and a combined cycle heat recovery system, supplying all generated power exclusively to WAPDA (Pakistan's national power utility) under a long-term power purchase agreement.

Product overview

Kohinoor Energy Limited (KEL) operates as an Independent Power Producer (IPP) in Pakistan, owning and operating a furnace oil power station with net capacity of 124 MW (gross capacity 131.44 MW). The power generation facility is located at 35-KM Link Manga Raiwind Road Lahore and supplies electricity exclusively to WAPDA (Pakistan's national power utility). The main equipment includes Wärtsilä diesel generators, ABB transformers, and a Peter Brotherhood steam turbine for combined cycle operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Furnace Oil Power Station (124 MW net) Owns, operates, and maintains a furnace oil power station with net capacity of 124 MW (gross 131.44 MW). The power complex includes three ABB 63 MVA Step-Up Transformers (11 kV to 132 kV), eight Wärtsilä Diesel 18V46 generators (15.68 MW each), and a Combined Cycle Heat Recovery System delivering 8 MW through a Peter Brotherhood Steam Turbine. All generated electricity is supplied exclusively to WAPDA under a long-term power purchase agreement.

Quantifiable outcome

• Net capacity of 124 MW (131.44 MW gross) of power generation

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Saigols Group of CompaniescoreStrategic or Co-development Partner · 1 April 1994Joint founding partner of KEL along with Toyota Tsusho Corporation. Saigols Group is a well-known multi-industrial group of Pakistan and part of the Saigols dynasty that migrated from Calcutta after partition and established businesses including Kohinoor Textile Mills Limited.
• Toyota Tsusho Corporation (Japan)coreStrategic or Co-development Partner · 1 April 1994Original joint venture partner (initially through Tomen Corporation Japan, later acquired by Toyota Tsusho Corporation). An eminent consortium of multi-industrial undertakings of Japan that partnered with Saigols Group to establish KEL as an Independent Power Producer.
• Wärtsilä Finland OycoreTechnology or IntegrationEquipment supplier and technology partner providing Wärtsilä Diesel 18V46 Type Diesel Generators. Holds 2% ownership stake in KEL. Wärtsilä is a Finnish multinational leading name in power generation and marine business since 1834.
• Pak Elektron Limited (PEL)coreStrategic or Co-development PartnerPart of the Saigols Group conglomerate. Associated company providing administrative support and shared corporate services. Multiple directors serve on both KEL and PEL boards.
• Kohinoor Industries LimitedminorOthersAssociated company within the Kohinoor/Saigols corporate group. Common board membership exists between KEL and KIL.
• Saritow Spinning Mills LimitedminorOthersAssociated company within the Kohinoor/Saigols corporate group. Common board membership exists between KEL and SSML.
• Kohinoor Power Company LimitedminorOthersAssociated power-related company within the Kohinoor/Saigols corporate group. Common board membership exists between KEL and KPCL.

Scale indicators9 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Saif Power Limited: PSX-listed Pakistani IPP operating thermal generation under a long-term WAPDA PPA. Comparable to KEL as a mid-sized thermal IPP serving the same national grid customer.
• Lalpir Power Limited: PSX-listed Pakistani IPP operating a furnace oil-based power plant supplying electricity to WAPDA. Closely comparable to KEL in fuel technology, scale, customer base, and listing status.
• Altern Energy Limited: PSX-listed Pakistani IPP with thermal generation capacity supplying the national grid. Comparable to KEL as a smaller-scale IPP operating under a long-term WAPDA PPA structure.
• Nishat Power Limited: PSX-listed IPP in Pakistan operating a thermal power plant with a PPA covering WAPDA offtake. Directly comparable in regulatory framework, customer concentration, and IPP business model.
• Hub Power Company Limited: Pakistan's largest IPP, listed on PSX, operating multiple thermal power plants under long-term PPAs with WAPDA/NTDC. Directly comparable to KEL as a PSX-listed fossil fuel IPP with similar customer structure and regulatory framework.
• Kot Addu Power Company (KAPCO): Major Pakistani IPP operating a multi-unit thermal power plant supplying WAPDA under PPA. Shares the same IPP business model, furnace oil/gas fuel base, and single-utility offtake structure as Kohinoor Energy.
• Engro Energy Limited: Subsidiary of Engro Corp operating thermal and renewable power generation in Pakistan. Comparable to KEL as a major Pakistani power producer serving industrial and grid customers under PPAs.
• Japan Power Generation Limited: PSX-listed IPP operating a thermal power plant in Pakistan with WAPDA offtake. Directly comparable to KEL in fuel type, scale, and contractual structure.
• Tri-Star Power Company Limited: PSX-listed Pakistani IPP operating thermal generation capacity under WAPDA PPA. Comparable to KEL as a smaller-scale IPP with similar fuel profile and customer structure.

Others

• Wärtsilä Corporation: Finnish power generation and marine technology company that is KEL's equipment supplier and 2% shareholder. Comparable as the OEM/technology partner providing the diesel generators and ongoing service support for KEL's plant.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kohinoor Energy