Oriana Power: Charting a Sustainable Future Across the RE Value Chain

Oriana Power Limited, a prominent player in India's renewable energy sector, has unveiled its H1 FY26 performance and strategic roadmap, showcasing a remarkable transformation from a pure solar EPC company to an integrated renewable energy powerhouse. The company's journey is now defined by its comprehensive presence across the entire RE value chain: generation, storage, and consumption. This strategic evolution, backed by robust financial performance and ambitious growth targets, positions Oriana Power as a key enabler of India's sustainable energy transition.

For the first half of the fiscal year 2026, Oriana Power reported a consolidated revenue from operations of INR 781.18 Crore. The company achieved a Profit After Tax (PAT) of INR 121.63 Crore, with an EBITDA of INR 181.74 Crore, reflecting a healthy PAT margin of 15.57%. The Basic Earnings Per Share (EPS) stood at INR 59.77. These figures underscore the company's strong operational capabilities and its ability to deliver consistent financial results amidst a dynamic market environment.

Financial Highlights (Consolidated - H1 FY26)

Oriana Power's strategic shift is evident in its diversified business segments. In generation, the company has delivered over 575 MW of projects and has another 550 MW under execution, targeting 2 GW+ as an EPC company by March 2026. The storage segment, particularly Battery Energy Storage Systems (BESS), is a key focus, with 800+ MWh projects won and under execution, and a pipeline of 2000+ MWh. The company has revised its BESS target from 3.5 GWh to an ambitious 20 GWh by 2030, demonstrating its confidence in this rapidly expanding market. On the consumption front, Oriana Power is making significant strides in green hydrogen and its derivatives, having secured a 60,000 MTPA green ammonia allocation and targeting 2,00,000 MTPA production by FY28. This integrated approach ensures resilience and captures value across the entire renewable energy ecosystem.

Segmental Revenue Split Guidance (FY26)

A significant highlight of the period is the company's upgraded credit rating to A-/Stable by CRISIL, a testament to its strengthening financial position and robust business model. This improved rating is crucial for attracting institutional funds and supporting future growth initiatives. Oriana Power has also forged strategic collaborations, including a joint development agreement with Actis GP LLP for 1 GW of RE assets, which is projected to generate over INR 4,000 Crore in revenue over the next two years. This partnership, involving a USD 100 million equity commitment from Actis, exemplifies Oriana's asset recycling strategy, unlocking capital to accelerate RE asset development. Further MoUs with Invest Alberta (Canada) and various state governments across India (Rajasthan, Madhya Pradesh, Assam) underscore its commitment to expanding its footprint both domestically and internationally.

Management's commentary emphasized a proactive approach to market dynamics. The company entered the BESS sector in 2024, anticipating its growth, and is now building capabilities in green molecules and AI-driven solutions. While acknowledging some revenue spillover in H1 FY26 due to external factors like GST changes and monsoon rains, management assured that the full-year plan remains intact. They also addressed concerns about working capital cycles, stating that efforts are underway to improve cash flow generation. Oriana Power's focus on strategic land acquisition near power evacuation substations aims to enhance project efficiency and reduce transmission losses, further solidifying its competitive edge.

In conclusion, Oriana Power Limited is demonstrating strategic clarity and disciplined execution in its pursuit of sustainable growth. By diversifying its offerings across the RE value chain, securing key partnerships, and proactively adapting to market trends, the company is not just reacting but shaping the future of renewable energy. Its commitment to operational excellence and financial prudence, combined with an ambitious vision for BESS and green fuels, positions Oriana Power as a compelling entity in India's rapidly evolving clean energy landscape, reinforcing investor trust and long-term value creation.