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Orient Green Power Company Ltd

| Statement of Consolidated Audited Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤11th May 26

Summary : Orient Green Power achieved its highest net profit in FY26 driven by favorable wind patterns, new solar capacity, and strategic repowering initiatives, despite some regulatory and financial uncertainties.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Interest cost reduced by ~21% (from Rs. 71.99 crores to Rs. 57.18 crores).
  2. Consolidated Total Income FY26: Rs. 315.57 Crores (13% YoY increase).
  3. Standalone Total Income FY26: Rs. 3,735 Lakhs.
  4. Consolidated Cash from Operating Activities FY26: Rs. 19,458 Lakhs.
  5. Consolidated Cash from Investing Activities FY26: (Rs. 9,712) Lakhs.
  6. Consolidated Cash from Financing Activities FY26: (Rs. 6,351) Lakhs.
  7. Standalone Cash from Operating Activities FY26: (Rs. 1,518) Lakhs.
  8. Standalone Cash from Investing Activities FY26: Rs. 3,281 Lakhs.
  9. Standalone Cash from Financing Activities FY26: (Rs. 741) Lakhs.
  10. Provision of Rs. 1,580 lakhs for expected credit losses on CERC floor price receivables.
  11. Remote likelihood of liability from TNPDCL petitions on CGP status.
  12. Provision of Rs. 3,000 lakhs against Corporate Guarantee for AETPL's defaulted loan.
  13. Consolidated Total Assets FY26: Rs. 1,73,183 Lakhs.
  14. Consolidated Equity FY26: Rs. 1,15,463 Lakhs.
  15. Consolidated Non-current Borrowings FY26: Rs. 41,176 Lakhs.
  16. Standalone Total Assets FY26: Rs. 1,23,544 Lakhs.
  17. Standalone Equity FY26: Rs. 1,17,822 Lakhs.
  18. Merger of wholly-owned subsidiaries (Bharath Wind Farm, Orient Green Power Europe BV) with the holding company.
  19. Preferential issue of equity shares by Delta Renewable Energy Private Limited, reducing holding company's share to 70%.
  20. Pledge of investments in subsidiaries in favor of promoter (SVL Limited) and IREDA.
  21. Both Standalone and Consolidated Audited Financial Results are provided.

Corporate Overview

  1. India (Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka)
  2. Croatia, Europe
  3. Seasonal dip in wind patterns and muted performance in the last quarter of FY26.
  4. Favorable wind patterns for generation and revenue.
  5. Supportive renewable energy policies and regulatory environment.
  6. Independent renewable power producer in India.
  7. Focus on wind power generation and solar power operations.
  8. Expertise in optimal location identification, advanced turbine deployment, and generation efficiency.
  9. Optimistic about FY26 performance, calling it a 'fantastic and breakthrough year'.
  10. Highlights significant growth in net profit and total income.
  11. Emphasizes strategic initiatives for operational efficiency and capacity expansion.
  12. Confident in sustaining growth momentum and improved returns from investments.
  13. Generation of power through renewable sources (wind and solar).
  14. ~381.7 MW of wind power capacity
  15. 10.5 MW wind farm in Croatia, Europe
  16. 7 MW solar power plant commissioned in FY26 (Tamil Nadu)
  17. Contracted to add another 17.6 MW solar capacity
  18. Enhanced wind portfolio with 9.9 MW larger capacity rated wind turbines
  19. Repowering ~7.8 MW of old wind turbines capacity
  20. Commissioned first solar power plant in Dec 2025.
  21. Expanded wind capacity by 9.9 MW with larger capacity turbines.
  22. Initiated repowering of old wind turbines under new policy.
  23. Contracted to add another 17.6 MW solar capacity.
  24. Investment plans anticipated to be completed in FY2026-27.

Risk Factors

  1. Regulatory challenges on CERC floor price.
  2. Disputes over captive generating plant status.
  3. Uncertainty in recovering Beta Wind Farm finance income.
  4. New labor codes implementation evolving.

Key Drivers

  1. Achieved highest net profit in company history.
  2. Commissioned first solar power plant successfully.
  3. Expanded wind capacity, initiated repowering efforts.
  4. Credit rating upgraded, reduced interest costs.

Auditor’s Report

  1. Unmodified opinion (Consolidated and Standalone)
  2. Uncertainty regarding realization of receivables due to CERC floor price reduction, with provision for expected credit losses.
  3. Petitions by TNPDCL challenging CGP status of subsidiaries, with remote likelihood of liability.
  4. Non-recognition of finance income from Beta Wind Farm due to restrictive covenants and recovery uncertainty.

Board Commentary

  1. Board approved merger of Bharath Wind Farm Limited and Orient Green Power Europe BV into the company.
  2. Uncertainty in recovering finance income from Beta Wind Farm due to restrictive covenants.
  3. Potential liabilities from TNPDCL petitions regarding CGP status.
  4. Supreme Court stay on CERC order regarding floor price reduction; provision made for expected credit losses.
  5. TNPDCL petitions challenging CGP status of subsidiaries; company believes liability is remote.
  6. Dispute with S M Milkose Limited regarding biomass projects; company paid Rs. 648 lakhs interest.
  7. Rights issue of Rs. 250 Crores for equity shares, utilized Rs. 17,864.55 lakhs.
  8. Development of 25 MW AC solar project in Tamil Nadu.
  9. EPC contract for 9.90 MW wind turbines at Rs. 8,505 lakhs.
  10. Repowering contracts for 6.3 MW and 1.5 MW wind capacity at Rs. 3,287 lakhs and Rs. 861 lakhs respectively.

Corporate Governance

  1. Audit Committee reviewed and recommended financial results.
  2. Rights Issue Committee approved solar project changes and recommendations.
  3. Investment/Borrowing/Banking Committee approved repowering contracts.

Management Discussion & Analysis

Future Strategy

  1. Continue capacity expansion in solar and wind power.
  2. Implement repowering initiatives for older wind turbines.
  3. Focus on improving operating efficiencies.
  4. Utilize unspent rights issue proceeds for general corporate purposes.

Industry Overview

  1. Company plays a key role in advancing India's renewable energy transition.

Operational Focus Areas

  1. Improving operating efficiencies through strategic initiatives.
  2. Repowering older wind turbine capacity.

Performance Drivers

  1. Favourable wind patterns in the first half of FY26.
  2. Commissioning of 7 MW solar plant in Dec 2025.
  3. One-off refund of excess interest charged in earlier years.
  4. Reduction in interest costs by ~21%.
  5. Credit rating upgrade and 45 bps reduction in interest rates at material subsidiary.

Risk Control Measures

  1. Confidence in favorable legal decisions based on legal opinions.
  2. Strategic initiatives to improve operating efficiencies.

Critical Risks

  1. Market demand fluctuations for products/services.
  2. Highly competitive market for services offered.
  3. Ability to create, acquire, and grow new businesses.
  4. Attracting and retaining qualified personnel.
  5. Currency fluctuations and market conditions in India and elsewhere.
  6. Legal and regulatory challenges (CERC floor price, CGP status).
Orient Green Power Company Ltd (GREENPOWER) Quarterly Report Analysis & Insights | Dhanarthi