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View Promises →Orient Green Power Company Ltd — Q4 FY26
Orient Green Power reported a strong FY26 with ₹316cr revenue (+13% YoY) and ₹72cr PAT (+70% YoY), the highest ever.
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2-Minute Summary
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Orient Green Power reported a strong FY26 with ₹316cr revenue (+13% YoY) and ₹72cr PAT (+70% YoY), the highest ever. Q4 was weak due to lower wind availability, with revenue of ₹46cr and EBITDA of ₹18cr, both marginally down YoY. The company commissioned 9.9MW wind and 7MW solar in FY26, and is building 17.6MW solar expected to contribute ~₹14.5cr revenue annually. Management highlighted a 45bps reduction in interest costs and a 21% decline in interest expense. The 1GW target remains but is delayed due to market volatility; internal resources can support only ~50MW without external equity. Key risk: wind variability remains a significant factor, as seen in Q4's underperformance.
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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Wind variability impacting quarterly results
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Read Transcript →Quarter Snapshot
Total Operating Capacity
399 MW
+4.5% YoY
Comprises 392 MW wind and 7 MW solar as of FY26 end.
Interest Cost Reduction
21%
-21% YoY
Driven by debt reduction and 45 bps lower rate on largest loan.
Wind Capacity Added in FY26
9.9 MW
+2.6% YoY
Commissioned in March 2026; fully available for upcoming wind season.
Solar Capacity Under Construction
17.6 MW
+151% YoY
Expected to commission in Q1 FY27, full production by Q2.
What Changed vs Last Quarter
NEW
17.6 MW solar project to generate ~₹14.5cr revenue annually
Full-year revenue of ₹14.5cr and EBITDA of ₹12.8cr, but partial contribution in FY27 due to commissioning timeline.
NEW
9.9 MW wind expansion to generate ~₹14cr revenue in normal wind year
Expected revenue of ₹14cr and EBITDA of ₹10cr, assuming normal wind conditions.
NEW
Internal resources can support ~50 MW additional capacity without external equity
Management stated that without raising market funds, about 50 MW of expansion is feasible.
DROPPED
28 MW greenfield capacity commissioning by May 2026
18 MW solar and 10 MW wind projects to be commissioned by April-May 2026.
DROPPED
6 MW repowering commissioning by June 2026
Repowering of 6 MW wind capacity using 3x2.1 MW turbines from Suzlon, expected to add ~₹7 crore EBITDA.
DROPPED
New capacity to add ₹36 crore annual EBITDA
Combined EBITDA contribution from greenfield and repowering projects estimated at ₹36 crore per annum.
DROPPED
Debt to increase by ~₹120 crore for new capacity
Company will draw down ~₹120 crore debt to fund new wind capacity, increasing leverage temporarily.
NEW RISK
Wind variability impacting quarterly results
Q4 FY26 saw lower wind availability, causing revenue and EBITDA declines. This is an inherent risk in wind power.
NEW RISK
1 GW target delayed due to market volatility
Management acknowledged that strategic initiatives have slowed and no timeline can be given for the 1GW target.
NEW RISK
Equity constraints for large-scale expansion
Without external equity, only ~50 MW can be added internally, limiting growth ambitions.
NEW RISK
One-time expense of ₹1.67cr write-off in Q4
Other expenses increased due to write-off of long-overdue receivables, indicating potential collection issues.
RISK GONE
Wind seasonality and weather dependency
Q3 performance was subdued due to low wind season; future earnings depend on monsoon and wind patterns.
RISK GONE
1 GW target dependent on acquisitions
Management acknowledged organic growth insufficient; acquisition talks are ongoing but not finalized, creating uncertainty.
RISK GONE
Promoter pledge overhang
100% promoter pledge currently depresses valuation; management targets unpledging by mid-next month but no guarantee.
RISK GONE
European asset sale stalled
Efforts to sell the 10 MW Croatia asset have not progressed due to minority partner and small size, limiting strategic flexibility.
Fast read
Guidance and risk preview
Full-year revenue of ₹14.5cr and EBITDA of ₹12.8cr, but partial contribution in FY27 due to commissioning timeline.
Q4 FY26 saw lower wind availability, causing revenue and EBITDA declines.
View Risks →