Oriana Power Ltd

Oriana Power Ltd delivered robust financial results in FY26, with consolidated revenue growing by approximately 84% to INR 1,814 crore. EBITDA increased by over 73% to INR 425 crore, and PAT rose by 59% to INR 250 crore, maintaining a healthy double-digit profitability of around 14%. This growth was achieved despite significant external challenges^🌐 including raw material price volatility (e.g., silver up 130-180%, copper up 30-40%), currency depreciation, and geopolitical issues.

The company is actively transforming into an integrated clean energy platform, moving beyond being solely an EPC or solar company. This strategy encompasses generation, storage, and consumption, with a focus on green fuels like green hydrogen and ammonia. Oriana aims to position itself across the entire renewable energy value chain, leveraging its 4,800-acre land bank and a pipeline of over 2.5 GWp in solar and 3,000+ MWh in BESS projects.

Oriana currently holds a strong order book of almost INR 7,000 crore, providing revenue visibility for the next two years. However, management adopted a conservative stance on new tenders, particularly in the BESS segment, due to aggressive competition and unviable market prices (e.g., current bids at INR 1.46-1.67 lakh per MWh compared to Oriana's winning bid of INR 2.16 lakh per MWh). This approach prioritizes profitability and sustainable growth over aggressive order booking in a volatile market.

The strategic partnership with Actis for monetizing ~238 MWp of operational solar assets was deferred beyond FY26 due to the increasing importance of storage and the need for alignment on platform structure. While this impacted FY26 profitability, the deal size has increased, and its booking is now expected in H1 FY27. Oriana's broader asset monetization strategy involves selectively monetizing high-quality, bankable projects (targeting 200 MWp every half-yearly) to recycle capital, improve return on equity, and strengthen its balance sheet, rather than holding every asset.

Oriana is making significant strides in green fuels, having signed a 10-year green ammonia purchase agreement with SECI, valued at ~INR 3,000 crore, to supply ~60 KTPA of ammonia per year. The company is also pursuing a 225 TPD e-methanol project in Rajasthan and UP, targeting 2 lakh metric tons per annum by FY28. While plans for a gigawatt electrolyzer factory are postponed due to cost competitiveness with Chinese imports, Oriana is actively discussing green hydrogen opportunities across multiple states for both domestic and export markets.

The company is implementing 'Zero Desk' (AI native workspace) across all functions to enhance efficiency, reduce dependency on individuals, and improve execution visibility. This AI integration is expected to multiply productivity and optimize costs. Oriana has set ambitious 2030 targets, including ~6 GWp solar EPC, ~2.4 GWp solar IPP, ~20 GWh BESS, and ~1 million metric tons of hydrogen. For FY27 and FY28, the company is targeting a conservative 40-50% CAGR in both revenue and PAT, with a potential to reach 70% if market conditions are favorable.

Oriana Power Limited reiterated its commitment to migrating from the SME platform to the main board. This move is a key strategic objective aimed at enhancing shareholder value, boosting stock liquidity, and attracting a broader base of investors. The company's internal teams are continuously monitoring eligibility criteria and building robust governance standards to facilitate this progression, with a definitive timeline to be announced upon board approval.