Orient Green Power Company Ltd (GREENPOWER)
🎯 Key Takeaways
- Orient Green Power is in a strategic simplification phase following the withdrawal of its OGPE merger and focus shift toward core solar operations. Management is prioritizing balance sheet stability and project execution, with near-term commercial production targeted for September 30, 2026.
- Revenue grew 111% QoQ to ₹81 in Q1FY27.
- ⚠️ Persistent profitability pressure with negative ROE (5.8%) and declining margins, exacerbated by delayed project timelines.
- Market Cap
- ₹1,035
- P/E Ratio
- 16.0
- P/B Ratio
- 0.90
- ROE
- 5.5%
- ROCE
- 7.4%
- Debt/Equity
- 0.44
- Promoter
- 24.4%
📖 The Story
Orient Green Power is in a strategic simplification phase following the withdrawal of its OGPE merger and focus shift toward core solar operations. Management is prioritizing balance sheet stability and project execution, with near-term commercial production targeted for September 30, 2026. The company exhibits financial stress with declining profitability and negative ROE, but governance remains stable with strong shareholder approval in recent AGMs.
📰 What's Happening
The company held its 19th AGM on July 22, 2026, where shareholders approved all resolutions, including audited FY2025 financials and director reappointments, reflecting governance confidence. On July 23, 2026, it announced the withdrawal of the OGPE merger in favor of voluntary liquidation, signaling a strategic pivot. The Board approved unaudited Q1 FY27 results on July 22, 2026, showing revenue of ₹81.43 crores (down 7% YoY), EBITDA of ₹60.01 crores (down 9% YoY), and net profit of ₹23.94 crores (down 16% YoY). Management cited a revised September 30, 2026 commercial production start date for repowering projects as a key near-term catalyst.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 131 | 36 | 39 | 81 |
| Operating Profit | 78 | -9 | -12 | 32 |
| OPM % | 59.8% | -24.4% | -30.3% | 39.8% |
| Net Profit | 81 | -21 | -17 | 24 |
| EPS | ₹0.69 | ₹-0.19 | ₹-0.15 | ₹0.20 |
Financial performance shows a clear downward trend in profitability, with net profit declining 16% YoY to ₹23.94 crores in Q1 FY27 and operating margins compressing to 39.8% from 59.8% in the prior quarter. The company posted losses in three of the last four quarters, including a ₹17 crore loss in Mar 2026, indicating operational headwinds. However, the sequential improvement from ₹195 crores OCF in Mar 2026 suggests liquidity is not immediately strained. The merger exit may reduce complexity but does not yet offset revenue headwinds or margin pressure from ongoing project ramp-up delays.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance beyond the September 30, 2026 commercial production start date for repowering projects. The focus remains on operational execution and capital efficiency, with no disclosed targets for revenue growth, margin improvement, or capex plans in the latest filings. The tone in disclosures is pragmatic, emphasizing simplification and regulatory compliance over growth ambitions.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 1,173 | 1,173 | 1,173 | 1,173 |
| Reserves | -98 | -58 | -21 | 18 |
| Borrowings | 552 | 602 | 503 | 490 |
| Total Liabilities | 1,662 | 1,773 | 1,732 | 1,721 |
| Fixed Assets | 1,316 | 1,352 | 1,365 | 1,291 |
| Investments | 14 | 0 | 2 | 14 |
| Total Assets | 1,662 | 1,773 | 1,732 | 1,721 |
The balance sheet shows stable equity at ₹1,173 crores but volatile reserves, which turned negative in FY2025 (-₹98 crores) before a partial recovery to ₹18 crores by March 2026. Borrowings remain elevated at ₹503 crores, though slightly down from ₹552 crores a year ago, indicating modest deleveraging. Total assets have increased marginally, but the lack of reserve growth and persistent debt suggest limited financial flexibility. No dividend was paid in FY2025, and no capital return plans are evident.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +195 |
| Investing | -97 |
| Financing | -64 |
| Net Cash Flow | +34 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 24.4% | 24.4% | 24.4% | 24.4% |
| FII | 0.9% | 1.0% | 0.8% | 0.6% |
| DII | 1.4% | 1.4% | 1.4% | 1.2% |
| Public | 65.8% | 65.8% | 66.1% | 66.5% |
| # Shareholders | 8,94,424 | 8,71,600 | 8,55,441 | 8,50,604 |
Institutional investor shareholding has declined from 0.99% in Q3FY26 to 0.64% in Q1FY27, while DII holdings remained flat at 1.17%. Promoter holding is stable at 24.38%. The number of shareholders has decreased slightly, from 8,94,424 in Q2FY26 to 8,50,604 in Q1FY27, suggesting possible retail exit or consolidation. No significant FII accumulation is visible, and no pledging or selling signals from promoters are reported.
⚖️ Peer Comparison — Power Generation & Distribution
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ADANIPOWER | 3.79 L Cr | 26.6 | 18.3% | — | 0.86 |
| NTPC | 3.11 L Cr | 11.2 | 10.1% | — | 1.34 |
| POWERGRID | 2.44 L Cr | 15.3 | 10.5% | — | 1.47 |
| ADANIGREEN | 2.04 L Cr | 118.6 | 7.3% | — | 5.21 |
| ADANIENSOL | 1.57 L Cr | 53.0 | 10.5% | — | 1.92 |
| TATAPOWER | 1.16 L Cr | 29.9 | 11.1% | — | 1.80 |
| ENRIN | 1.14 L Cr | 76.4 | 46.2% | — | 0.00 |
| JSWENERGY | 91,124 | 44.3 | 7.3% | — | 2.52 |
| NTPCGREEN | 77,640 | 129.8 | 3.7% | — | 1.54 |
| NHPC | 74,836 | 21.1 | 5.0% | — | 1.26 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent profitability pressure with negative ROE (5.8%) and declining margins, exacerbated by delayed project timelines. 2. Strategic ambiguity post-merger exit, with no clear growth pathway beyond repowering projects. 3. High shareholder dispersion (8,50,604 shareholders) may limit governance responsiveness. 4. Weak reserve position and modest deleveraging raise concerns about resilience to operational setbacks.
📋 Recent Filings
- Announcement2026-09-29The company announced that its trading window will close on October 1, 2026, for insiders and their relatives until 48 hours after publishing un-audit…
- 🔴 Insider Trading2026-09-25On September 24, 2026, Janati Bio Power Private Limited disclosed an extension of its existing pledge on 28,59,52,084 shares of Orient Green Power Com…
- 🔴 Insider Trading2026-09-25Catalyst Trusteeship Limited disclosed an extension of the existing pledge over 26,59,52,084 equity shares of Orient Green Power Company Limited held …
- 🔴 Insider Trading2026-09-25On September 24, 2026, Orient Green Power Company Limited disclosed that promoter Janati Bio Power Private Limited extended an existing pledge on 26,5…
- 🔴 Corporate Action2026-09-23Orient Green Power Company announced the commissioning of a 17.60 MW AC (24.64 MW DC) solar plant in Tamil Nadu, raising total solar capacity to 24.6 …
- 🟡 Board Meeting2026-09-17Orient Green Power announced on September 17, 2026 that its subsidiary Beta Wind Farm approved an EPC contract with Renfra Energy India for two 3.3 MW…
- 🔴 Announcement2026-09-16Orient Green Power Company announced that CRISIL upgraded Beta Wind Farm Private Limited's debt rating to BBB/Stable from BBB-/Positive, reflecting im…
- 🔴 Announcement2026-09-16Orient Green Power announced that CRISIL upgraded Beta Wind Farm Private Limited's credit rating to BBB/Stable from BBB-/Positive, reflecting improved…
- 🔴 Announcement2026-09-09Orient Green Power announced that ICRA assigned BBB (Stable) ratings to debt facilities of its subsidiaries Beta Wind Farm and Delta Renewable Energy,…
- 🔴 Announcement2026-09-09ICRA assigned BBB (Stable) credit ratings to Orient Green Power's subsidiaries Beta Wind Farm and Delta Renewable Energy, covering Rs 458.63 crore exi…
🧠 Analyst's Read
Orient Green Power is undergoing a strategic reset with governance stability but no near-term earnings catalyst. Investors should monitor execution progress on the September 30, 2026 production target and any updates to project economics or capex plans in upcoming quarters.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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