Detailed Narrative
Record-Breaking FY26 Performance
Orient Green Power achieved its highest-ever profits in FY26, with PAT growing 70% to INR 72 crores. The company's total income for the fiscal year reached INR 316 crores, marking a 13% improvement over FY25, while EBITDA increased by 10% to INR 206 crores. This strong performance was bolstered by favorable wind patterns in the first half of the year and a significant 21% reduction in interest costs, driven by a decline in overall debt and a 45 basis points reduction in the interest rate of its largest loan.
Q4 FY26 Performance and Cost Analysis
Q4 FY26 saw a marginal dip in performance compared to the previous year, with total income at INR 46 crores and EBITDA at INR 18 crores. This reduction was primarily attributed to lower wind availability, a seasonal factor that was more pronounced this year and affected the entire wind sector. The company reported a loss before exceptional items📎 and tax of INR 16.4 crores in Q4 FY26. Other expenses in Q4 increased due to higher legal and consultancy charges, alongside a one-time📎 write-off of INR 1.67 crores for long overdue items. Depreciation impact from new capitalization was approximately INR 1 crore, with new assets benefiting from free O&M in their first year.
Capacity Additions and Expansion Pipeline
In FY26, Orient Green Power successfully added 9.9 MW of wind capacity, with 6.6 MW commissioned in March '26 and an additional 3.3 MW in April '26. The company also commissioned its first 7 MW solar power plant in December '25. Looking ahead, 17.6 MW of solar capacity is currently under construction, slated for commissioning in Q1 FY27 and full production in Q2 FY27. The company has also initiated the repowering of 7.8 MW of older wind turbines under the new Tamil Nadu policy and is exploring further repowering opportunities, with potential additions expected in the latter half of FY27.
Strategic Growth and Diversification
The company maintains its long-term target of reaching 1 GW of renewable energy capacity, exploring various financing and acquisition options, though a specific timeline is currently impacted by market volatility🌐. As of FY26, operating capacity stands at 399 MW (392 MW wind, 7 MW solar). Management indicated a continued focus on wind expansion, while adopting a cautious approach to solar due to grid oversupply during daytime hours. The company is actively investigating battery storage solutions for solar projects to enable 24x7 power supply and enhance customer offerings.
Financial Health and Operational Stability
Orient Green Power's financial and liquidity position has shown improvement, reflected in enhanced credit ratings and outlook for its key subsidiaries. The company's operational assets continue to perform reliably, and it is prepared for the upcoming wind season. Management expressed confidence in the full impact of recent capacity expansions, including the 9.9 MW wind and 7 MW solar, to be realized from FY27 onwards, with the 17.6 MW solar and repowering projects contributing in the latter half of the fiscal year.
Receivables and Curtailment Outlook
Addressing sector-specific concerns, management confirmed that receivable collection from State Electricity Boards (DISCOMs) is stable. Exposure is limited to Andhra Pradesh and Gujarat, with Gujarat maintaining a clean payment record and AP's payments having smoothed out in recent years, supported by central government initiatives. The company reported minimal curtailment in recent years, primarily technical in nature, and does not anticipate significant curtailment issues during the upcoming peak wind season, ensuring consistent generation.