Orient Green Power Company Limited (GREENPOWER)
₹7.83 -1.76% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Orient Green's revenue was ₹81.4 Cr, and net profit ₹23.9 Cr (against a loss a year earlier); the operating margin was 67.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹81.4 | — | +74.7% |
| Operating profit | ₹55.2 | from loss | +204.1% |
| Net profit | ₹23.9 | from loss | from loss |
| EPS (₹) | 0.20 | -20.0% | from loss |
| Operating margin | 67.8% | — | — |
GREENPOWER delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 52.4% of the GREENPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.26%. That is close to its usual level.
Delivery in the last 5 sessions: 38.9% · 61.1% · 59.2% · 74.0% · 52.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Orient Green Power Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Cameo Corporate Services Limited, the company's Registrar and Share Transfer Agent, dated October 1, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, confirmed to depositories, and listed on stock exchanges within stipulated timelines. This is a standard quarterly administrative filing with zero impact on operational or financial metrics.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers dematerialisation activities for the quarter ended September 30, 2026
- Issued by RTA Cameo Corporate Services Limited on October 01, 2026
- Filing officially submitted to BSE and NSE on October 14, 2026
Orient Green Power Company's step-down subsidiary, Clarion Wind Farm Private Limited, has postponed the completion timeline for repowering 7.8 MW wind energy generators. The target completion date has been revised from September 30, 2026, to November 30, 2026, subject to approvals from statutory authorities. The 7.8 MW capacity under repowering represents approximately 2.0% of the company's total wind portfolio of 382 MW. This minor two-month operational delay has limited immediate financial impact.
- Repowering project covers 7.8 MW of Wind Energy generators
- Target completion date extended from September 30, 2026, to November 30, 2026
- Revision approved by the Investment Borrowing and Banking Committee of Clarion Wind Farm
- Final commissioning remains subject to approval from statutory authorities
Orient Green Power Company announced that its subsidiary, Delta Renewable Energy, successfully commissioned a 17.60 MW AC (24.64 MW DC) solar plant in Tamil Nadu on September 22, 2026. Together with the 7 MW AC capacity commissioned in December 2025, the company's operational solar portfolio now totals 24.6 MW AC (34.44 MW DC). This commissioning fully completes the planned solar capacity expansion funded under the company's 2024 Rights Issue, supplementing its existing 382 MW wind asset base.
- Successfully commissioned 17.60 MW AC (24.64 MW DC) solar power project on September 22, 2026
- Total installed solar capacity reaches 24.6 MW AC (34.44 MW DC) including the 7 MW AC commissioned in December 2025
- Fulfills the solar expansion commitments outlined in the 2024 Rights Issue
- Project executed on EPC basis by Remon Solutions Private Limited in Thiruvannamalai District, Tamil Nadu
Orient Green Power Company's material subsidiary, Beta Wind Farm Private Limited, has formally executed an EPC contract with Renfra Energy India Limited for setting up 2 Wind Turbine Generators aggregating to 6.6 MW in Karur District, Tamil Nadu. The total contract consideration is approximately ₹62.00 crore (inclusive of GST), which represents ~21% of the company's TTM revenue of ₹295 crore. Commissioning is targeted on or before November 30, 2026, though it remains contingent upon completing pending land acquisition for the second turbine and securing regulatory approvals.
- Execution of EPC contract for 6.6 MW (2 WTGs of 3.3 MW each) on a turnkey basis with Renfra Energy India Limited
- Contract consideration stands at ~₹62.00 Crores (inclusive of GST), equivalent to ~21% of TTM revenue
- Target commissioning revised to November 30, 2026
- Land for one WTG acquired, while acquisition of land parcels for the second WTG is currently underway
Orient Green Power's material subsidiary, Beta Wind Farm Private Limited, received a credit rating upgrade from CRISIL Ratings to 'CRISIL BBB / Stable' from 'CRISIL BBB- / Positive'. The rating applies to ₹617.79 crore in Rupee term loan facilities from IREDA, where the actual outstanding amount stands at ₹456.68 crore (reduced from ₹478.74 crore as of March 31, 2026). Beta Wind Farm operates 241.6 MW of wind projects across four states, representing over 60% of the group's total 382 MW wind portfolio. The upgrade reflects improved generation, stronger cash accruals, and improved debt servicing capacity.
- CRISIL upgraded Beta Wind Farm Private Limited's rating to CRISIL BBB / Stable from CRISIL BBB- / Positive
- Upgrade covers ₹617.79 crore in IREDA Rupee term loan facilities across two tranches (₹187.00 cr and ₹430.79 cr)
- Actual IREDA outstanding debt reduced to ₹456.68 crore as of date compared to ₹478.74 crore as on March 31, 2026
- Beta Wind Farm operates 241.6 MW of wind assets across Tamil Nadu, Andhra Pradesh, Gujarat, and Karnataka
CRISIL Ratings has upgraded the credit rating for the bank loan facilities of Orient Green Power's material subsidiary, Beta Wind Farm Private Limited (BWFPL), by one notch to 'CRISIL BBB/Stable' from 'CRISIL BBB-/Positive'. The upgrade covers total bank facilities of Rs 617.79 crore, with actual outstanding debt to IREDA standing at Rs 456.68 crore as on September 16, 2026. This reflects operational improvements, including plant load factors (PLF) rising to 19.8% in fiscal 2026 from 18% in fiscal 2025 and recovery of ~Rs 76 crore in pending dues from AP discom. The company also maintains a debt service reserve account (DSRA) of Rs 69 crore alongside parent support undertakings.
- CRISIL upgraded long-term bank facilities rating by one notch to CRISIL BBB/Stable from CRISIL BBB-/Positive.
- Rated bank loan facilities stand at Rs 617.79 crore, with actual loan outstanding at Rs 456.68 crore.
- PLF improved to 19.8% in fiscal 2026 compared to 18% in fiscal 2025.
- Recovered ~Rs 76 crore of long-pending receivables from AP discom, reducing receivable days to 96 days as of March 31, 2026.
- Maintains a debt service reserve account (DSRA) of Rs 69 crore (equivalent to 6 months debt servicing) and free cash above Rs 32 crore.
Orient Green Power Company Limited responded to NSE's surveillance inquiry regarding a recent increase in trading volume. The company confirmed that no undisclosed, price-sensitive information is currently being withheld. It noted that ICRA Limited assigned a BBB rating with a stable outlook for two subsidiaries on September 08, 2026, which was communicated on September 09, 2026. Management also attributed market activity to regular seasonal strength in Q2 and previously disclosed capex initiatives.
- Clarification issued in response to NSE surveillance query dated September 09, 2026
- Confirmed no undisclosed price-sensitive information is pending dissemination
- Noted ICRA assigned BBB rating with stable outlook for two subsidiaries on September 08, 2026
- Attributed volume to historical Q2 seasonal performance trends and ongoing capex plans
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
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
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.
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.
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
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.
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.
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.
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.
Third Party Dependencies
Significant dependency on state DISCOMs for timely payments; however, realization has improved due to Central government pressure.
Technology Obsolescence Risk
Risk of aging wind assets; mitigated by ongoing component upgradation and diversification into solar technology.
Credit & Counterparty Risk
Receivable cycle risks from state utilities; liquidity is currently 'Adequate' due to improved recovery from Andhra Pradesh DISCOMs.
