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Orient Green Power Company Limited (GREENPOWER)

📊 NSE: GREENPOWER 🏢 Power Generation And Supply 📅 Last Updated: 12/14/2025 10:46

📢 Recent Corporate Announcements

ICRA Assigns 'BBB (Stable)' Rating Across ₹595 Cr Facilities for Key Subsidiaries

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 09 Sep 2026, 11:10 AM

ICRA has assigned an 'ICRA BBB (Stable)' credit rating to Orient Green Power's subsidiaries, Beta Wind Farm and Delta Renewable Energy, covering approximately 75% of the group's consolidated debt. For Beta Wind Farm, this represents a one-notch upgrade on its ₹458.63 crore existing loan facility from CRISIL BBB- (Positive), along with a BBB rating for ₹51.37 crore proposed limits for a 6.6 MW wind expansion. For Delta Renewable Energy, the rating covers ₹21 crore existing and ₹64 crore proposed facilities, supporting its 25 MW solar capacity plans. The improved ratings reflect long-term PPA visibility, improved receivable profiles, and could help reduce future finance costs.

ICRA assigned ICRA BBB (Stable) rating to ₹458.63 crore existing debt facility of Beta Wind Farm, marking a one-notch upgrade from CRISIL BBB-
Assigned ICRA BBB (Stable) rating to ₹51.37 crore proposed limits for Beta's 6.6 MW wind expansion
Delta Renewable Energy received ICRA BBB (Stable) rating for ₹21.00 crore existing loans and ₹64.00 crore proposed limits
Rated facilities cover ~75% of Orient Green Power's consolidated debt portfolio
Delta has commissioned 7 MW solar capacity and is completing 18 MW funded via rights issue proceeds

💡 Track subsequent quarterly finance costs for reductions following the rating improvement, and monitor the commissioning timeline of the 18 MW solar project and 6.6 MW wind expansion.

ICRA Assigns '[ICRA]BBB (Stable)' to Subsidiaries' Rs 595 Cr Debt Facilities

🟢 POSITIVE ⭐ 6/10

OTHER 📅 09 Sep 2026, 10:12 AM

Orient Green Power has announced that ICRA assigned a credit rating of '[ICRA]BBB (Stable)' to bank facilities of two key subsidiaries. Subsidiary Beta Wind Farm Private Limited received ratings for Rs 510.00 crore in facilities, including a Rs 458.63 crore IREDA term loan. Subsidiary Delta Renewable Energy Private Limited received ratings for Rs 85.00 crore in facilities, comprising a Rs 21.00 crore HDFC Bank term loan and Rs 64.00 crore unallocated limits. The total rated debt of Rs 595.00 crore reflects an investment-grade profile with moderate credit safety for the operating subsidiaries.

ICRA assigned '[ICRA]BBB (Stable)' rating to Rs 510.00 crore debt facilities of Beta Wind Farm Private Limited
IREDA long-term fund-based term loan of Rs 458.63 crore rated for Beta Wind Farm
Delta Renewable Energy secured '[ICRA]BBB (Stable)' on Rs 85.00 crore debt limits, including a Rs 21.00 crore HDFC Bank term loan
Total subsidiary debt facilities rated by ICRA stand at Rs 595.00 crore

💡 Track whether this rating profile assists in lowering interest costs or refinancing older facilities as part of management's target to reduce finance costs by 20%.

Q1 FY27 PAT Falls 16% to ₹23.94 Cr; 25.4 MW Capacity Addition Targeted by Sept 2026

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 08:33 PM

Orient Green Power reported a 16% YoY decline in PAT to ₹23.94 Cr for Q1 FY27, driven by lower wind availability due to a delayed monsoon. Revenue from operations fell 7% to ₹81.43 Cr, though the impact was partially mitigated by 16.9 MW of newly commissioned wind and solar capacity. The company is currently executing 17.6 MW of solar and 7.8 MW of wind repowering projects, both expected to be commissioned by September 2026. Management highlighted that while Q1 was muted, Q2 wind availability has shown improvement, and they maintain a long-term goal of reaching 1 GW capacity.

Q1 FY27 Revenue of ₹81.43 Cr and EBITDA of ₹60.01 Cr decreased by 7% and 9% YoY respectively.
Commissioned 9.9 MW of incremental wind capacity and 7 MW of solar capacity available for the current fiscal.
Ongoing execution of 17.6 MW solar and 7.8 MW wind repowering projects with a September 2026 deadline.
Promoter pledge release is linked to a ₹400 Cr loan, of which 40% (₹160 Cr) has been repaid; final maturity is Sept 2027.
Management noted that Q1 wind generation was significantly worse than the previous year but expects Q2 to match or exceed last year's pace.

💡 Monitor the successful commissioning of the 25.4 MW combined solar and repowering projects by the end of September 2026 and track the reduction in promoter pledges which currently stand at 100%.

Orient Green Power Releases Q1 FY27 Investor Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 02:29 PM

Orient Green Power has released the audio recording of its investor call held on July 27, 2026, regarding the Q1 FY27 financial results. The company, which operates a 382 MW wind portfolio, is currently in a transition phase with a planned 25 MW solar expansion to create a hybrid portfolio. Given the high seasonality of wind power, where revenue can fluctuate significantly (e.g., Sep 2025 revenue of Rs 131 Cr vs Jun 2025 of Rs 0.86 Cr), management commentary in these calls is critical for understanding operational efficiency. The company maintains a low debt-to-equity ratio of 0.04, providing headroom for its stated brownfield acquisition strategy.

Audio recording of the July 27, 2026, analyst call is now publicly available on the company website.
The call discussed un-audited standalone and consolidated results for the quarter ended June 30, 2026.
Company is managing a 382 MW wind portfolio with a 25 MW solar expansion underway.
TTM revenue stands at Rs 214 Cr against a market capitalization of Rs 705 Cr.
Promoter holding has remained stable at 24.38% as of June 2026.

💡 Investors should review the recording for management's updates on the 25 MW solar project timeline (7 MW by Dec 2025 and 18 MW by June 2026) and any progress on reducing finance costs.

19th AGM: Shareholders Approve Material RPTs and Section 185 Loans/Guarantees

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Jul 2026, 08:46 PM

Orient Green Power's shareholders have approved all five resolutions at the 19th AGM held on July 22, 2026. Key approvals include the re-appointment of the Managing Director and authorization for material related party transactions (RPTs). A special resolution to provide loans or guarantees under Section 185 passed with 98.56% overall support, despite significant dissent from public institutions. The company continues to focus on its 25 MW solar expansion and deleveraging strategy.

Resolution 5 for loans and guarantees under Section 185 passed with 33.38 Cr votes in favor (98.56%)
Public Institutions cast 44.57 Lakh votes against the Section 185 resolution, representing 81.10% of their segment's votes
Material Related Party Transactions (Resolution 4) were approved with a 99.36% majority
Total votes polled for the re-appointment of MD Mr. T Shivaraman reached 33.87 Cr shares
The company's promoter group, holding 24.38%, voted 100% in favor of all resolutions where eligible

💡 Monitor future quarterly filings for the specific utilization of the Section 185 authorization and the nature of material related party transactions to ensure capital is allocated efficiently toward the 25 MW solar expansion.

Orient Green Power Concludes 19th AGM; Votes on Related Party Transactions and MD Re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jul 2026, 06:38 PM

Orient Green Power Company Limited held its 19th Annual General Meeting on July 22, 2026, with 54 shareholders in attendance. The meeting covered five key resolutions, including the re-appointment of Managing Director & CEO Mr. T Shivaraman and the approval of material related party transactions. Additionally, a special resolution was proposed to authorize loans or guarantees under Section 185 of the Companies Act. The company's CFO also highlighted an 'Emphasis of Matter' from the FY26 Auditor's Report during the proceedings.

19th Annual General Meeting successfully conducted on July 22, 2026, via video conferencing.
54 shareholders were present to satisfy the quorum requirements.
5 resolutions were transacted, including 1 special resolution regarding Section 185 loans and guarantees.
Voting results for all resolutions to be disclosed within 48 hours of the meeting conclusion.
Management addressed queries from registered speaker shareholders during the 50-minute session.

💡 Investors should review the upcoming voting results, specifically for the 'Material Related Party Transactions' and 'Section 185' resolutions, to assess corporate governance and capital allocation risks.

Q1 Net Profit Falls 16% to ₹23.94 Cr; Solar/Wind Project Timeline Revised to Sept 2026

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 22 Jul 2026, 05:55 PM

Orient Green Power reported a 16% YoY decline in consolidated net profit to ₹23.94 Cr for Q1 FY27, primarily due to moderate wind availability compared to a strong previous year. Revenue from operations fell 7% YoY to ₹81.43 Cr, though EBITDA margins remained high at 70%. The company has revised the commissioning timeline for its 17.6 MW solar and 7.8 MW wind repowering projects to September 30, 2026. Additionally, the board decided to liquidate its European subsidiary (OGPE) to expedite asset repatriation, replacing a previous merger plan.

Q1 FY27 Revenue decreased 7% YoY to ₹81.43 Cr due to lower wind availability.
Net Profit declined 16% YoY to ₹23.94 Cr, impacted by lower interest income and higher depreciation from new assets.
Revised commissioning date for 17.6 MW solar and 7.8 MW wind repowering projects set for September 30, 2026.
Utilized ₹221.66 Cr of the ₹250 Cr raised through the rights issue as of June 30, 2026.
Commissioned one 3.3 MW wind turbine during the quarter, following two similar units in the previous quarter.

💡 Monitor the successful commissioning of the 25.4 MW combined solar and repowering capacity by the September 30, 2026 deadline, as these are expected to contribute to H2 FY27 earnings.

16% Drop in Q1 Net Profit to ₹23.94 Cr; Solar/Wind Project Timelines Revised to Sept 2026

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 22 Jul 2026, 05:44 PM

Orient Green Power reported a 16% YoY decline in net profit to ₹23.94 Cr for Q1 FY27, driven by lower wind availability and increased depreciation from new assets. Revenue fell 7% YoY to ₹81.43 Cr, though EBITDA margins remained strong at 70%. The company has revised the commissioning timeline for its 17.6 MW solar and 7.8 MW wind repowering projects to September 30, 2026. Additionally, the board has opted to liquidate its European subsidiary (OGPE) to expedite asset repatriation instead of the previously planned merger.

Net Profit declined 16% YoY to ₹23.94 Cr in Q1 FY27 from ₹28.62 Cr in Q1 FY26.
Revenue from operations decreased 7% YoY to ₹81.43 Cr due to moderate wind speeds compared to a strong previous year.
Revised commissioning date for 25.4 MW of solar and repowering projects set to September 30, 2026.
Utilized ₹221.66 Cr of the ₹250 Cr rights issue proceeds as of June 30, 2026, with ₹28.34 Cr remaining in fixed deposits.
Commissioned one 3.3 MW wind turbine in Q1, following two 3.3 MW turbines commissioned in the previous quarter.

💡 Monitor the successful commissioning of the 25.4 MW capacity by the new September 30, 2026 deadline, as this is critical for revenue growth in H2 FY27.

July 27, 2026: Orient Green Power to Host Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Jul 2026, 08:58 PM

Orient Green Power has scheduled its Q1 FY27 earnings conference call for July 27, 2026, at 11:00 AM. This follows a period of high volatility, with the company reporting a net loss of ₹16.56 Cr in the March 2026 quarter despite a TTM PAT of ₹43 Cr. Investors will likely seek updates on the 25 MW solar expansion project and the impact of wind seasonality on recent performance. The company is currently focused on deleveraging to reduce finance costs by 20%.

Earnings conference call scheduled for July 27, 2026, at 11:00 AM IST
Company manages a 382 MW wind portfolio with significant seasonal revenue variance
Ongoing 25 MW solar expansion represents a 6.5% increase in total capacity
Targeting a 20% reduction in finance costs through deleveraging and credit upgrades
Recent March 2026 quarterly revenue stood at ₹46.62 Cr with a net loss of ₹16.56 Cr

💡 Monitor the earnings call for management commentary on the execution timeline of the 18 MW solar phase due by June 2026 and updates on PPA-based brownfield acquisitions.

Orient Green Power submits quarterly share dematerialization certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 05:58 PM

Orient Green Power Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed by the Registrar, Cameo Corporate Services Limited. The registrar verified that the securities are listed on the stock exchanges and that physical certificates were mutilated and cancelled as per regulations. This is a standard administrative procedure with no impact on financial performance.

Compliance certificate covers the quarter ended June 30, 2026
Registrar Cameo Corporate Services Limited issued the certificate on July 01, 2026
Confirmation that security certificates were mutilated and cancelled after due verification
Name of depositories substituted in the register of members within stipulated time limits

💡 This is a routine regulatory filing. Investors should focus on upcoming quarterly earnings results for operational updates.

Rs 21.96 Cr Investment in Delta Renewable for 24.6 MW Solar Expansion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Jul 2026, 07:19 PM

Orient Green Power has completed a Rs 21.96 Cr equity infusion into its subsidiary, Delta Renewable Energy, as part of a final preferential issue tranche. This investment maintains the company's 70% stake in Delta, which is the primary vehicle for its solar diversification strategy. Delta has already commissioned a 7 MW solar project and is currently executing an EPC contract for an additional 17.6 MW project in Tamil Nadu. The investment amount represents approximately 10.2% of the parent company's TTM revenue, marking a significant step in its hybrid wind-solar portfolio transition.

Allotted 2,19,59,094 equity shares at a face value of Rs 10 each in the final tranche.
Total investment in this tranche amounts to Rs 21,95,90,940 (Rs 21.96 Cr).
Subsidiary Delta has already commissioned 7 MW AC solar capacity as of December 2025.
A further 17.6 MW AC solar project is currently under progress via an EPC contract.
Post-allotment, the parent company's equity holding in Delta remains unchanged at 70%.

💡 Investors should monitor the commissioning timeline of the 17.6 MW solar project and the subsequent impact on consolidated OPM, as solar typically offers more stable generation profiles than wind.

100% Pledge Disclosure by Promoter Group PAC Janati Bio Power for FY26

🔵 WATCH ⭐ 4/10

REGULATORY 📅 01 Jul 2026, 01:01 PM

SVL Limited and Janati Bio Power Private Limited, promoters of Orient Green Power, have submitted their annual disclosure regarding share encumbrances for the year ended March 31, 2026. The filing reveals that Janati Bio Power Private Limited holds 28,59,52,084 shares, which constitutes nearly the entire 24.38% promoter stake. Critically, 100% of Janati Bio Power's holding is encumbered (pledged). SVL Limited holds a nominal 5,000 shares, with minor administrative transfers pending from merged entities Syandana and Nivedana.

Total promoter and PAC shareholding stands at 28,59,70,024 equity shares as of March 31, 2026.
Janati Bio Power Private Limited has 100% of its 28,59,52,084 shares encumbered.
SVL Limited holds a direct stake of only 5,000 shares, with corporate actions for another 12,940 shares pending.
The promoters declared that no new encumbrances, direct or indirect, were made during FY26 beyond existing disclosures.

💡 Investors should monitor the company's deleveraging progress, as a 100% pledge of the primary promoter entity's stake (within a relatively low 24.4% total promoter holding) remains a significant risk factor during market volatility.

Trading Window Closure for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 07:20 PM

Orient Green Power Company Limited has announced the closure of its trading window effective July 1, 2026, as per SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is in anticipation of the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The window will remain closed for all Designated Persons and their immediate relatives until 48 hours after the results are publicly disclosed. This is a standard administrative procedure and does not indicate any change in business fundamentals.

Trading window closure begins on July 01, 2026
Closure pertains to the financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the official publication of results
Applicable to all Designated Persons and their immediate relatives

💡 Watch for the upcoming announcement of the Board Meeting date where the Q1 FY27 financial results will be discussed and approved.

19th AGM Scheduled for July 22, 2026; Annual Report FY26 Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 05:18 PM

Orient Green Power Company Limited has scheduled its 19th Annual General Meeting (AGM) for July 22, 2026, to be conducted via video conferencing. The company has released its Annual Report for FY 2025-26 and is notifying shareholders who have not registered their email addresses to access the report via a provided web-link. Key administrative dates include a cut-off for e-voting on July 15, 2026, and an e-voting window from July 19 to July 21, 2026.

19th Annual General Meeting (AGM) to be held on July 22, 2026, at 11:00 AM IST.
Cut-off date for determining e-voting eligibility is set for July 15, 2026.
Remote e-voting period is scheduled from July 19, 2026 (10:00 AM) to July 21, 2026 (05:00 PM).
Annual Report for FY 2025-26 is now publicly available on the company and stock exchange websites.

💡 Investors should review the Annual Report for updates on the 25 MW solar expansion and progress on the 20% finance cost reduction target. No immediate action is required other than participating in the e-voting process if desired.

Orient Green Power Releases FY26 Business Responsibility and Sustainability Report

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Jun 2026, 10:36 PM

Orient Green Power Company Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 as per SEBI requirements. The report highlights that the company's renewable energy generation process results in zero emissions and requires no raw material inputs, relying only on maintenance spares. An independent practitioner provided reasonable assurance on key sustainability indicators, including energy consumption and Scope 1 and 2 GHG emissions. This filing is a mandatory disclosure reflecting the company's adherence to ESG standards.

Submission of BRSR for FY 2025-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations.
Independent reasonable assurance report issued by K Rajagopal for sustainability indicators.
Company confirms zero-emission production process from its wind and solar energy farms.
Reporting covers 9 principles including Ethics, Product Life Cycle Sustainability, and Employee Well-Being.
Disclosures include energy intensity, water consumption, and greenhouse gas emissions (Scope 1 and 2).

💡 This is a routine regulatory filing and does not impact financial fundamentals. Investors should review the full annual report for operational and financial performance metrics.

View All GREENPOWER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Generation revenue for Q3 and Q4 FY26 is expected to be similar to the previous year, plus or minus a few percent. Wind generation typically contributes 70% of annual revenue in Q1 and Q2, with the remaining 25-30% in Q3 and Q4.

Geographic Revenue Split

Operations are concentrated in South India, specifically Tamil Nadu and Andhra Pradesh, where the company's 402.3 MW wind portfolio is located. International subsidiaries in the Netherlands, Macedonia, and Croatia suggest a minor geographic split in asset holding.

Profitability Margins

Net profit margins have improved significantly due to a 20% reduction in finance costs. Standalone profit from continuing operations reached INR 8.46 Cr in FY25, compared to a loss of INR 5.69 Cr in FY24, marking a turnaround in core profitability.

EBITDA Margin

EBITDA remains stable as operating costs are fixed; however, net margins are expanding as interest costs decline. 60% of the recent profitability improvement is attributed to better wind conditions and 40% to operational efficiency gains.

Capital Expenditure

The company is investing INR 25 Cr to INR 30 Cr of internal generation into new capacity. This includes a 7 MW solar project due by December 2025 and an 18 MW solar project scheduled for completion by June 2026.

Credit Rating & Borrowing

Beta Wind Farm's rating was upgraded to IVR BBB/Stable, triggering a 25 basis point (0.25%) reduction in interest rates from IREDA. Total consolidated debt stands at approximately INR 525 Cr.

⚙️ Operational Drivers

Raw Materials

Natural wind and solar energy are the primary 'raw materials,' representing 0% of direct material cost. Operational costs are primarily fixed O&M (Operations and Maintenance) expenses.

Import Sources

Wind and solar resources are sourced locally at plant sites in Tamil Nadu and Andhra Pradesh, India.

Key Suppliers

Equipment and maintenance services are provided by specialized renewable energy vendors; component upgradation in Andhra Pradesh has specifically improved machine availability.

Capacity Expansion

Current wind capacity is 382 MW. Expansion includes 25 MW of solar power (7 MW by Dec 2025 and 18 MW by June 2026) to create a hybrid wind-solar portfolio.

Raw Material Costs

Direct raw material costs are negligible; however, operational efficiency improved PLF from 24.5% to 28% in Q2 FY26, a 14.3% increase in output efficiency.

Manufacturing Efficiency

Plant Load Factor (PLF) for the major asset (Beta) improved to 28% in Q2 FY26 from 24.5% YoY, driven by component upgrades and better wind availability.

Logistics & Distribution

Power is distributed through state-owned grids under long-term Power Purchase Agreements (PPAs) and to C&I customers.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Growth will be achieved through a 25 MW solar expansion (6.5% capacity increase), brownfield acquisitions of PPA-based projects, and a 20% reduction in finance costs through deleveraging and credit rating upgrades.

Products & Services

Wind power, Solar power, and Renewable Energy Certificates (RECs).

Brand Portfolio

Orient Green Power, Beta Wind Farm, Bharath Wind Farm, Gamma Green Power.

New Products/Services

Solar power generation (25 MW) and hybrid wind-solar supply portfolios for C&I customers, expected to contribute to revenue starting Q3 FY26.

Market Expansion

Expansion into the Commercial & Industrial (C&I) space and PPA-based project acquisitions to diversify away from state utility dependency.

Market Share & Ranking

One of the leading renewable power generating companies in South India with a 17-year track record.

Strategic Alliances

Partnership with IREDA for long-term project financing and state utilities for long-term PPAs.

🌍 External Factors

Industry Trends

The industry is shifting toward hybrid wind-solar models to provide balanced 24/7 power; the company is positioning itself by adding 25 MW of solar to its 382 MW wind base.

Competitive Landscape

Intense competition from larger renewable players and exposure to regulatory changes in tariff structures and wind policies.

Competitive Moat

Moat is built on a 17-year operational track record and established grid connectivity in high-wind states; sustainability is supported by long-term PPAs and GBI incentives for 75.6 MW.

Macro Economic Sensitivity

Highly sensitive to interest rates; a 25 bps reduction on INR 525 Cr debt significantly impacts consolidated net profit.

Consumer Behavior

C&I customers are increasingly demanding hybrid (wind + solar) portfolios to meet green energy targets and ensure stable supply.

Geopolitical Risks

Minimal, as operations are primarily domestic, though international subsidiaries face local regulatory risks in Croatia and Macedonia.

⚖️ Regulatory & Governance

Industry Regulations

Subject to state wind policies and GBI (Generation Based Incentive) schemes which provide 50 paise per unit for 75.6 MW of assets.

Environmental Compliance

Fully compliant with renewable energy standards; 133.3 MW of assets are registered under the REC mechanism.

Taxation Policy Impact

The company is currently exempt from Corporate Social Responsibility (CSR) expenditure due to the adjustment of losses from earlier years.

Legal Contingencies

The company reported a loss of INR 30 Cr from discontinued operations in FY25; standalone financial statements reflect ongoing compliance with Sections 185 and 186 of the Companies Act.

⚠️ Risk Analysis

Key Uncertainties

Inherent wind variability (60% impact on profit variance) and regulatory changes in tariff structures pose the highest risks to sustained profitability.

Geographic Concentration Risk

High concentration in South India (Tamil Nadu and Andhra Pradesh), making the company vulnerable to regional wind patterns and state-specific policy shifts.