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Revenue
₹36 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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What the record says.
Orient Green Power reported Q3 FY26 total income of ₹40.06 crore and a loss before exceptional items of ₹18.16 crore, an improvement of 17% YoY due to lower interest costs. For the 9-month period, revenue grew 16% YoY to ₹268.95 crore, EBITDA rose 14% to ₹187.3 crore, and net profit surged 54% YoY to ₹88.13 crore, aided by favorable wind conditions, better machine availability, and a one-time interest refund. The company commissioned its first 7 MW solar project and has 28 MW of greenfield capacity (18 MW solar, 10 MW wind) under construction, plus a 6 MW repowering project under Tamil Nadu's new policy. These initiatives are expected to add ₹36 crore to annual EBITDA. Management targets 1 GW capacity but relies on acquisitions; organic growth alone is insufficient. Key risk: wind seasonality and weather dependency could impact future earnings.
Colored figures show movement against the previous available record.
Guidance to track
- 18 MW solar and 10 MW wind projects to be commissioned by April-May 2026.
- Repowering of 6 MW wind capacity using 3x2.1 MW turbines from Suzlon, expected to add ~₹7 crore EBITDA.
- Combined EBITDA contribution from greenfield and repowering projects estimated at ₹36 crore per annum.
- Company will draw down ~₹120 crore debt to fund new wind capacity, increasing leverage temporarily.
Risks flagged
- Q3 performance was subdued due to low wind season; future earnings depend on monsoon and wind patterns.
- Management acknowledged organic growth insufficient; acquisition talks are ongoing but not finalized, creating uncertainty.
- 100% promoter pledge currently depresses valuation; management targets unpledging by mid-next month but no guarantee.
- Efforts to sell the 10 MW Croatia asset have not progressed due to minority partner and small size, limiting strategic flexibility.
Key quotes
- We are dependent on Vay Bhagwan.
- We definitely want to become a gigawatt size company. We have certain projects and thought processes which are in progress but the details we can't share with you until we are ourselves clear.
- The new capacity of solar plus the new wind plus the repowered wind totally will add about 36 crores of EBITDA.
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