NSE: GREENPOWER · BSE: 533263
ORIENT GREEN POWER CO LTD
Generates electricity from wind and solar power across 44 plants in India, with operating capacity of 399 MW at end-FY26 split between 392 MW of wind and 7 MW of solar. Revenue comes from selling power to State Electricity Boards and to industrial and commercial customers seeking renewable supply, typically under long-term arrangements. FY26 total income was Rs 316 cr with a record Rs 72 cr net profit; Q1 FY27 revenue was Rs 81.43 cr, down 7% year-on-year on weaker wind availability. The business is asset-heavy: depreciation runs 29.4% of revenue and capex 65.9% of revenue, while fuel cost is zero because wind and sunlight are free inputs. Capacity is being added through a 17.6 MW solar project and 7.8 MW of wind repowering targeted for commissioning by September 2026, plus a 6.6 MW wind expansion in Karur, Tamil Nadu signed with Renfra Energy on a Rs 62 cr turnkey contract. A larger 25 MW solar project is being built by 70%-owned subsidiary Delta Renewable Energy using Rs 247.09 cr of rights-issue proceeds. Total debt stands at around Rs 535 cr with a blended borrowing cost of 9.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wind power generation, Solar power generation. Asset-heavy renewable power generation, wind-weighted, zero-fuel, high capex and depreciation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 311 | 258 | 271 | 263 | 293 |
| EBITDA (ex other income) | 241 | 193 | 191 | 172 | 193 |
| margin % | 77.7 | 74.6 | 70.6 | 65.5 | 65.9 |
| Owners' profit | 35 | 33 | 37 | 39 | 69 |
| EPS, as reported (₹) | 0.47 | 0.43 | 0.41 | 0.33 | 0.59 |
| ROE % · ROCE % | 7.5 · 9.4 | 6.5 · 9.1 | 4.9 · 7.9 | 3.9 · 7.0 | 6.2 · 8.1 |
| Debt / equity (x) | 2.53 | 2.08 | 0.94 | 0.50 | 0.44 |
| Cash from operations | 220 | 166 | 250 | 169 | 195 |
| Capex | (2) | (2) | (24) | (10) | (193) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 124 | 35 | 41 | 87 | 131 | 36 | 39 | 81 |
| Profit before tax | 66 | (22) | (14) | 29 | 81 | (21) | (16) | 24 |
| Net profit | 66 | (22) | (15) | 29 | 81 | (21) | (17) | 24 |
| EPS (₹) | 0.60 | (0.20) | (0.14) | 0.25 | 0.69 | (0.19) | (0.15) | 0.20 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.6 | 19.2 | 9 of 22 | 62% |
| P/B | 0.9 | 1.4 | 7 of 26 | 76% |
| ROCE | 4.5 | 2.7 | 12 of 29 | 61% |
| ROE | 6.2 | 5.3 | 13 of 26 | 52% |
| Debt / Equity | 0.4 | 0.8 | 11 of 26 | 60% |
| EBITDA margin | 74.0 | 53.8 | 7 of 24 | 74% |
| Revenue growth | (6.8) | 10.0 | 19 of 24 | 22% |
| Profit growth | (16.4) | 4.2 | 19 of 25 | 25% |
| Market cap | 1005 | 3356 | 19 of 29 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine compliance certificate for securities dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Repowering of 7.8 MW wind generators delayed to November 30, 2026 | capex operations | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Promoter Janati Bio Power extends existing pledge on 22.67 percent Orient Green Power shares | ownership changes | medium | — | — |
| 25 Sept 2026 · Orient Green Power - Promoter extends existing share pledge | ownership changes | medium | — | — |
| 25 Sept 2026 · Pledge of 22.67% Orient Green Power shares extended by debenture trustee | ownership changes | high | — | — |
| 23 Sept 2026 · Orient Green's subsidiary commissions 17.6 MW solar plant in Tamil Nadu | capex operations | high | — | — |
| 17 Sept 2026 · Orient Green Power signs Rs 62 cr EPC contract for 6.6 MW wind project | capex operations | high | — | — |
| 16 Sept 2026 · Beta Wind Farm subsidiary credit rating upgraded by CRISIL | credit debt | medium | — | — |
| 16 Sept 2026 · Subsidiary Beta Wind Farm credit rating upgraded by CRISIL | credit debt | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.