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Oriana Power Limited (ORIANA)

📊 NSE: ORIANA 🏢 Engineering - Turnkey Services 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Oriana Power's revenue was ₹1,032 Cr (+64.3% year on year, +32.1% on the previous half-year), and net profit ₹130 Cr (+18.2% year on year); the operating margin was 21.1%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹1,032	+64.3%	+32.1%
Operating profit	₹218	+37.1%	+20.8%
Net profit	₹130	+18.2%	+6.9%
EPS (₹)	64.42	+19.0%	+7.8%
Operating margin	21.1%	—	—

Full quarterly financials → Results calendar →

ORIANA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 60.93% of the ORIANA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.25%. That is close to its usual level.

60.93%Delivery, 16 Oct

60.25%Own 20-session average

0.7×Volume vs its average

₹268.05NSE close · -2.72%

Delivery in the last 5 sessions: 71.5% · 68.6% · 62.5% · 54.6% · 60.9%

Delivery across the market →

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

Oriana Power Issues Postal Ballot for Material RPT with Oriana USolar JV

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Oct 2026, 03:43 PM

Oriana Power Limited has issued a Postal Ballot Notice seeking shareholder approval via ordinary resolution for material Related Party Transactions (RPT) with Oriana USolar Joint Venture Private Limited. The remote e-voting window runs from October 10, 2026, through November 8, 2026, with the cut-off date set at October 2, 2026. Specific monetary caps and transaction values for the joint venture were not detailed in the brief disclosure extract. The company operates at a TTM revenue base of Rs 2,801 Cr and market cap of Rs 615 Cr.

Postal Ballot Notice dated October 6, 2026, issued to shareholders.
Seeking approval for material Related Party Transactions with Oriana USolar Joint Venture Private Limited.
Remote e-voting opens on October 10, 2026, at 9:00 a.m. IST and concludes on November 8, 2026, at 5:00 p.m. IST.
Cut-off date for voting eligibility was Friday, October 2, 2026.

💡 Track the outcome of the postal ballot voting post-November 8, 2026, and watch for disclosures detailing the exact monetary size and commercial terms of the RPT with the JV entity.

Oriana Power Expands Corporate Guarantee to 100% for Rs 460 Cr Loan to JV Subsidiary

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 06 Oct 2026, 10:59 PM

Oriana Power Limited's Board has approved revising its corporate guarantee from 74% to 100% to secure the entire Rs 460 crore working capital facility availed by its subsidiary, Oriana Usolar Joint Venture Private Limited. The loan facility from State Bank of India finances the development of a 234 MW (AC) floating solar PV project at DVC Maithon Dam Reservoir, Jharkhand. The guarantee represents a substantial contingent liability of Rs 460 crore, which equals ~58.5% of Oriana Power's net worth (Rs 786 crore) and ~75.8% of its current market cap (Rs 607 crore). The facility carries an initial tenure of 12 months with yearly renewal options, and the guarantee is subject to shareholder approval.

Corporate guarantee increased from 74% to 100% of the working capital facility
Secures working capital borrowing of Rs 460 crore from State Bank of India
Finances a 234 MW (AC) Grid-tied Floating Solar PV Plant at DVC Maithon Dam Reservoir
Guarantee is valid for an initial tenure of 12 months, repayable on demand, subject to shareholder approval

💡 Track the upcoming shareholder voting outcome for guarantee approval and monitor project milestones for the 234 MW DVC Maithon Dam floating solar project.

Oriana Power AGM Concludes; Shareholders Approve All Resolutions With Requisite Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 06:13 PM

Oriana Power Limited has submitted the voting results and scrutinizer's report for its 13th Annual General Meeting (AGM) held on September 28, 2026. All resolutions set out in the AGM notice were approved by shareholders via remote e-voting with the requisite majority. The formal filing was submitted under Regulation 44(3) of SEBI LODR on September 30, 2026. This represents a procedural milestone with no unexpected governance hurdles reported.

13th Annual General Meeting concluded on September 28, 2026
Resolutions passed by shareholders through remote e-voting with requisite majority
Scrutinizer's report formally submitted on September 30, 2026

💡 Track the subsequent disclosure of individual resolution details to identify any capital structure approvals or operational authorizations passed during the AGM.

Oriana Power Completes Tranche-1 Asset Divestment to Actis Entity at ₹176 Cr Enterprise Value

🟢 POSITIVE ⭐ 7/10

M&A 📅 30 Sep 2026, 08:27 AM

Oriana Power has completed the first tranche of its subsidiary divestment to Leo Energies Private Limited (an Actis GP LLP group entity). Under this tranche, the company received consideration for its 74% stake in Truere Current Private Limited, which houses a 40MWp solar and 20MWh Battery Energy Storage System (BESS) project. The subsidiary has an Enterprise Value of approximately ₹176 Crore, representing about 28% of Oriana's market cap (₹629 Cr). Proceeds will be recycled into the company's planned solar and BESS development pipeline.

Received consideration and completed first tranche divestment of 74% equity stake in Truere Current Private Limited
Truere Current project comprises approximately 40MWp solar capacity and 20MWh Battery Energy Storage (BESS)
Enterprise Value of the divested subsidiary is ~INR 176 Crore (subject to SPA closing adjustments)
Buyer is Leo Energies Private Limited, an entity of Actis GP LLP
Divestment represents ~28% of Oriana Power's market cap of ₹629 Cr

💡 Track the execution and closing timelines of subsequent divestment tranches under the SPA, as well as the redeployment of cash proceeds into new project pipeline execution.

Oriana Power Promoters Achieve 100% Pledge-Free Holding Post Release of 11.31% Equity Stake

🟢 POSITIVE ⭐ 6/10

OTHER 📅 29 Sep 2026, 11:45 AM

Oriana Power has announced the release of pledged shares held by its three key promoters—Rupal Gupta, Anirudh Saraswat, and Parveen Kumar. Each promoter had 38,30,000 shares released (16,05,000 from LRSD Securities and 22,25,000 from Rajasthan Global Securities), representing 3.77% of total share capital each. In aggregate, 1,14,90,000 shares, or approximately 11.31% of the total share capital, were released on September 28, 2026. Following this transaction, 100% of promoter holdings are now entirely free from encumbrance.

Pledge released on 38,30,000 shares each for Rupal Gupta, Anirudh Saraswat, and Parveen Kumar
Total of 1,14,90,000 shares released across the three promoters, representing ~11.31% of total share capital
Each promoter had 19.5% of their individual holding unpledged (8.17% from LRSD Securities and 11.33% from Rajasthan Global Securities)
Pledges were formally released on September 28, 2026
Promoter shareholding is now 100% pledge-free across all three promoters

💡 Monitor upcoming quarterly shareholding patterns to confirm the reduction of encumbered shares to zero and track overall promoter holding stability.

Oriana Power Completes Tranche 1 Sale of SPV to Actis Entity; EV at ~INR 325 Crore

🟢 POSITIVE ⭐ 9/10

M&A 📅 25 Sep 2026, 08:31 AM

Oriana Power has received consideration and completed the first tranche of divesting its 74% stake in subsidiary Truere Guj SPV Private Limited to Leo Energies (an Actis GP LLP entity). The subsidiary holds a ~70 MWp solar project with 30 MWh Battery Energy Storage (BESS) at an Enterprise Value (EV) of ~INR 325 crore. The EV of this project represents ~52% of the company's current market cap of Rs 626 crore. Proceeds will be used to reinforce liquidity and fund its upcoming pipeline of solar, open access, and BESS projects.

Completed first tranche divestment of 74% stake in Truere Guj SPV Private Limited to an Actis GP LLP group entity
Asset entails ~70MWp solar capacity coupled with 30 MWh Battery Energy Storage (BESS)
Subsidiary Enterprise Value pegged at ~INR 325 Crore, subject to SPA closing adjustments
Proceeds received to support asset recycling strategy and redeployment into new projects

💡 Track subsequent tranches of asset sales under the Actis SPA and monitor cash inflows and debt reduction in the upcoming half-yearly balance sheet.

Oriana Power Wins ₹3,870 Cr 900 MW/1800 MWh BESS Orders from MSEDCL

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 21 Sep 2026, 08:38 AM

Oriana Power has received two Letters of Award (LOAs) from MSEDCL for setting up 900 MW / 1800 MWh of Battery Energy Storage Systems (BESS) in Maharashtra. The total estimated consideration is approximately ₹3,870 Crore over a 15-year Battery Energy Storage Purchase Agreement (BESPA) term, representing about 138% of its TTM revenue of ₹2,801 Crore. Additionally, the project is backed by an expected Viability Gap Funding (VGF) support of ₹324 Crore under the PSDF scheme. The projects comprise 500 MW/1000 MWh at ₹2,38,000/MW/month and 400 MW/800 MWh at ₹2,40,000/MW/month tariffs.

Bagged 900 MW / 1800 MWh aggregate capacity out of 2000 MW / 4000 MWh tender from MSEDCL
Total contract value estimated at approximately ₹3,870 Crore over a 15-year period
Tariff awarded at ₹2,38,000/MW/month for 500 MW and ₹2,40,000/MW/month for 400 MW
Expected Viability Gap Funding (VGF) of ₹324 Crore based on estimated project costs
Generates ~₹258 Crore in aggregate annual revenues across the 15-year BESPA term

💡 Track the formal execution of the BESPAs, announced Scheduled Commissioning Dates, and financing arrangements for capex rollout given the large scale relative to the company's balance sheet.

Oriana Power to Invest up to ₹65 Cr in EPC Subsidiary Oriana Usolar Joint Venture

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 14 Sep 2026, 07:55 PM

Oriana Power Limited's Board has approved an equity investment of up to ₹65 Crore in its 74%-owned subsidiary, Oriana Usolar Joint Venture Private Limited. The capital will be deployed in one or more tranches over the next 60 days to support the subsidiary's EPC services business. The proposed investment equals ~8.3% of Oriana Power's net worth (₹786 Cr) and ~2.3% of TTM revenue (₹2,801 Cr). Oriana Power's shareholding percentage in the joint venture will remain unchanged at 74%.

Board approved investment of up to ₹65 Crore in equity shares at face value
Company maintains its 74% shareholding in Oriana Usolar Joint Venture Private Limited
Funds will be deployed in cash in one or more tranches within 60 days from September 14, 2026
Target entity had nil turnover and a net loss of ₹0.32 lakh in FY 2025-26 following incorporation in December 2025

💡 Track the deployment of funds over the next 60 days and look for contract wins or revenue contributions from Oriana Usolar Joint Venture in upcoming quarterly filings.

Oriana Power Approves ₹340.4 Cr Corporate Guarantee for 234 MW Floating Solar Project

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 14 Sep 2026, 07:50 PM

Oriana Power's Board has approved a corporate guarantee covering 74% of a ₹460 crore working capital facility (amounting to ₹340.4 crore) availed by its subsidiary, Oriana Usolar Joint Venture Private Limited, from State Bank of India. The facility supports the development of a 234 MW (AC) Grid-tied Floating Solar PV Plant at DVC Maithon Dam Reservoir, Jharkhand. The guarantee is subject to shareholder approval and represents a contingent liability, equivalent to ~43.3% of the company's net worth (₹786 crore). The facility is repayable on demand with an initial 12-month tenure renewable yearly.

Board approved corporate guarantee limited to 74% of a ₹460 crore working capital facility (~₹340.4 crore).
Guarantee issued to State Bank of India on behalf of subsidiary Oriana Usolar Joint Venture Private Limited.
Facility funds the 234 MW (AC) Grid-tied Floating Solar PV Plant on DVC Maithon Dam Reservoir, Jharkhand.
Facility tenure is initially 12 months (repayable on demand), renewable yearly, and guarantee requires shareholder approval.

💡 Track the upcoming shareholder voting outcome to approve the corporate guarantee and observe project execution updates for the 234 MW floating solar plant.

Oriana Power to Invest up to ₹65 Cr in 74% Subsidiary Oriana Usolar JV

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 14 Sep 2026, 07:45 PM

Oriana Power has approved an equity investment of up to ₹65 Crore in its 74%-owned subsidiary, Oriana Usolar Joint Venture Private Limited. The transaction will be completed in cash in one or more tranches within 60 days from September 14, 2026. The funds will support the subsidiary's EPC services operations. Oriana's shareholding percentage will remain unchanged at 74%.

Board approved up to ₹65 Crore equity investment in subsidiary Oriana Usolar JV
Company retains its 74% majority equity holding post-allotment
Investment to be completed in one or more tranches within 60 days
Target entity was incorporated on December 29, 2025, and reported Nil turnover with a loss of ₹0.32 lakh in FY 2025-26

💡 Track subsequent disclosures on capital deployment and order execution timeline for Oriana Usolar JV over the next 60 days.

Oriana Power Approves Corporate Guarantee for ₹460 Cr Loan to Subsidiary for 234 MW Solar Project

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 14 Sep 2026, 07:40 PM

Oriana Power's Board has approved issuing a corporate guarantee limited to 74% of a ₹460 crore working capital facility (amounting to ₹340.4 crore) availed by its subsidiary, Oriana Usolar Joint Venture Private Limited, from State Bank of India. The facility supports the development of a 234 MW (AC) grid-tied floating solar PV plant at DVC Maithon Dam Reservoir in Jharkhand. The guarantee represents a contingent liability equivalent to ~43.3% of the company's net worth (₹786 crore) and is subject to shareholder approval.

Corporate guarantee approved for 74% of a ₹460 crore working capital facility (approx. ₹340.4 crore)
Guarantee issued in favour of State Bank of India for subsidiary Oriana Usolar Joint Venture Private Limited
Finances the 234 MW (AC) Grid-tied Floating Solar PV Plant on DVC Maithon Dam Reservoir
Initial tenure is 12 months with yearly renewal, subject to shareholder approval

💡 Track the upcoming shareholder voting on the corporate guarantee approval and execution milestones of the 234 MW Maithon floating solar project.

Oriana Power Approves Corporate Guarantee for Rs 460 Cr JV Credit Facility

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 14 Sep 2026, 07:37 PM

Oriana Power's Board has approved issuing a corporate guarantee limited to 74% of a Rs 460 crore working capital facility (amounting to ~Rs 340.4 crore) availed by its subsidiary, Oriana Usolar Joint Venture Private Limited, from State Bank of India. The facility supports the development of a 234 MW (AC) grid-tied floating solar PV plant on the DVC Maithon Dam Reservoir in Jharkhand awarded by Damodar Valley Corporation. The guarantee creates a contingent liability representing ~43.3% of the company's net worth of Rs 786 crore. The arrangement requires shareholder approval and carries an initial tenure of 12 months, renewable annually.

Corporate guarantee limited to 74% of a Rs 460 crore working capital facility (equating to ~Rs 340.4 crore)
Issued in favor of State Bank of India for subsidiary Oriana Usolar Joint Venture Private Limited
Backs execution of a 234 MW (AC) grid-tied floating solar PV plant project on DVC Maithon Dam Reservoir
Guarantee is initially valid for 12 months, renewable yearly, and subject to shareholder approval

💡 Track the upcoming shareholder voting outcome and monitor progress on the execution milestones of the 234 MW floating solar project.

Oriana Power to Invest up to ₹65 Cr in 74% Subsidiary Oriana Usolar JV

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 14 Sep 2026, 07:33 PM

Oriana Power Limited's Board has approved an equity capital infusion of up to ₹65 Crore into its 74%-owned subsidiary, Oriana Usolar Joint Venture Private Limited. The investment will be made in cash at face value in one or more tranches over the next 60 days. The funds are earmarked to support the EPC services rendered by the subsidiary, which was incorporated on December 29, 2025, and recorded nil turnover in FY 2025-26. Oriana Power's shareholding percentage will remain steady at 74%.

Approved equity investment of up to ₹65 Crore in subsidiary Oriana Usolar JV
Company retains existing 74% shareholding post-infusion
Target entity was incorporated on 29th December 2025 with nil turnover in FY 2025-26
Investment to be executed in cash across tranches within 60 days

💡 Monitor how quickly the subsidiary deploys the capital to secure EPC contracts and track contribution in consolidated order book and revenues in subsequent quarterly filings.

Oriana Power Convenes 13th AGM on September 28, 2026; Issues FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 07:09 PM

Oriana Power Limited has issued the notice for its 13th Annual General Meeting (AGM) scheduled for September 28, 2026, alongside its FY2025-26 Annual Report. The company fixed September 22, 2026, as the cut-off date for voting eligibility, with remote e-voting running from September 25 to September 27, 2026. In its annual disclosures, the company highlighted an operational footprint spanning over 835 MW delivered solar projects and 700+ MW solar capacity currently under execution, alongside 1,000+ MWh BESS projects under execution.

13th Annual General Meeting scheduled for September 28, 2026, at 3:00 PM IST via Video Conferencing.
Cut-off date for voting eligibility set as September 22, 2026; remote e-voting open from September 25 to September 27, 2026.
Company disclosures reflect 835+ MW solar projects delivered and 700+ MW solar capacity under execution.
BESS projects under execution stand at 1,000+ MWh, with 10,000 MTPA green hydrogen allocated.

💡 Track shareholder voting outcomes post-AGM and monitor execution progress across the 700+ MW solar and 1,000+ MWh BESS project pipeline.

Oriana Power to Divest 26% in Dynospark to JK Lakshmi Cement for up to ₹16 Cr

🟢 POSITIVE ⭐ 6/10

M&A 📅 25 Aug 2026, 08:45 PM

Oriana Power's Board approved a Share Transfer and Shareholders' Agreement (STSA) to sell a 26% equity stake in its wholly owned subsidiary, Dynospark Private Limited, to JK Lakshmi Cement Limited for a consideration of up to ₹16 crore. Dynospark is developing a 25.00 MW AC / 36.25 MW DC solar power project with a 20.00 MWh Battery Energy Storage System (BESS) in Rajasthan under an open-access captive mechanism. Post-transaction, Oriana Power will retain a 74% controlling stake, ensuring regulatory compliance under the Electricity Rules for captive power procurement. The transaction is slated for completion in tranches over the next 3 months.

Oriana Power divests 26% stake in subsidiary Dynospark Pvt Ltd to captive user JK Lakshmi Cement Ltd for up to ₹16 crore.
Dynospark is executing a 25.00 MW AC (36.25 MW DC) solar plant bundled with a 20.00 MWh BESS in Rajasthan.
Oriana Power will retain 74% ownership and board control of the project company.
Dynospark contributed ₹47.14 crore (2.63%) to consolidated turnover in FY 2025-26.
The transaction is scheduled to close in one or more tranches within 3 months.

💡 Track the execution and commissioning timelines of the 25 MW solar and 20 MWh BESS project over the next 3-6 months, along with power offtake ramp-up by JK Lakshmi Cement.

View All ORIANA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations reached INR 987.17 Cr in FY25. For H1 FY26, consolidated revenue was INR 781.18 Cr, while standalone revenue stood at INR 764.48 Cr. The company is targeting a revenue milestone of over INR 2,000 Cr for the full year, representing a significant growth trajectory from previous periods.

Geographic Revenue Split

Not disclosed in available documents, though the company operates primarily in India with a land bank of 3,500 acres and is leveraging global insights for its CCUS portfolio.

Profitability Margins

Consolidated PAT margin for H1 FY26 was 15.57%, while the standalone PAT margin was 16.001%. The company expects a profitability increase of approximately 6% to 8% due to the strategic Actis deal and capital recycling efforts.

EBITDA Margin

Consolidated EBITDA for H1 FY26 was INR 181.74 Cr, representing an EBITDA margin of approximately 23.26%. Standalone EBITDA was INR 171.57 Cr.

Capital Expenditure

The company has entered a joint development agreement where Actis will invest up to USD 100 million (approx. INR 840 Cr) in equity over the next two years. Additionally, the company has acquired over 3,500 acres of land for renewable energy project development.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook from CRISIL. The debt-to-equity ratio improved significantly from 1.26 to 0.53 in FY25 due to effective capital management. Finance costs for FY25 were INR 10.40 Cr.

⚙️ Operational Drivers

Raw Materials

Solar panels and transformers are identified as the major cost components for project execution, representing the bulk of EPC project outlays.

Import Sources

The company is evaluating international tie-ups for containerized BESS (Battery Energy Storage Systems) solutions, though specific countries are not listed.

Capacity Expansion

Current monetization involves 238 MW of solar assets sold at an enterprise value of USD 108 million. The company is planning an additional 1 GW of power development over the next two years, supported by a 3,500-acre land bank.

Raw Material Costs

Raw material costs are a major component of the total expenses, which were INR 808.18 Cr on a standalone basis in FY25. Management notes that solar panel and transformer pricing significantly impacts project margins.

📈 Strategic Growth

Expected Growth Rate

100%

Growth Strategy

The company aims to achieve 2x growth by executing a 1 GW development pipeline expected to generate INR 4,000+ Cr in revenue over the next two years. This is supported by a USD 100 million equity infusion from Actis and a transition into high-margin verticals like BESS and CCUS to reach a target revenue of INR 20,000 Cr by 2030.

Products & Services

Solar power plants (EPC), Operations & Maintenance (O&M) services, Independent Power Producer (IPP) assets, Battery Energy Storage Systems (BESS), and Carbon Capture, Utilization, and Storage (CCUS) solutions.

Brand Portfolio

Oriana Power.

New Products/Services

Containerized BESS solutions and a CCUS (Carbon Capture) portfolio are being launched to diversify revenue streams beyond traditional solar EPC.

Market Expansion

Targeting a massive scale-up to INR 20,000 Cr revenue by 2030 by creating specialized industry verticals within the USD 200 billion renewable energy sector.

Strategic Alliances

Binding agreement and joint development agreement with Actis, a global investor managing USD 12.5B AUM, for asset monetization and future project equity.

🌍 External Factors

Industry Trends

India has seen a 3-fold growth in RE capacity to 232 GW over the last decade. The industry is shifting toward integrated solutions like BESS and CCUS to manage grid stability and carbon targets.

Competitive Landscape

Operates in a highly competitive solar sector; focuses on capital recycling and high-tech verticals (CCUS/BESS) to maintain superior margins compared to pure-play EPC competitors.

Competitive Moat

The moat is built on 'execution meeting financial engineering,' exclusive long-term O&M mandates (recurring until at least 2028), and a large 3,500-acre land bank which is a major entry barrier in the RE sector.

Macro Economic Sensitivity

Sensitive to India's GDP growth, projected at 6.4% for 2025-26, which drives industrial demand for clean energy solutions.

Consumer Behavior

Increasing corporate shift toward ESG compliance is driving demand for Oriana's IPP and CCUS offerings.

Geopolitical Risks

Potential trade barriers or supply chain disruptions affecting the import of solar components and BESS technology.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to shifting regulatory landscapes, including solar policy changes, subsidy withdrawals, and grid connectivity regulations.

Environmental Compliance

Not disclosed in available documents, though core business is ESG-aligned.

Taxation Policy Impact

The company's current tax expense for FY25 was INR 58.62 Cr on a standalone profit before tax of INR 221.95 Cr, implying an effective tax rate of approximately 26.4%.

Legal Contingencies

No proceedings are pending against the company as of March 31, 2025, for holding any benami property, and the company has not been declared a wilful defaulter by any bank.