OGPL H1 profit falls 4% as prior-year one-off income lapses

Orient Green Power Company Limited reported consolidated H1 FY26-27 net profit of Rs 105.51 crore, down 4% year on year, as Rs 16 crore of prior-year one-time income did not recur. OGPL increased H1 total income 2% to Rs 232.81 crore and EBITDA 4% to Rs 176.56 crore.

What were OGPL's H1 FY27 consolidated results?

OGPL's unaudited consolidated total income for H1 FY26-27 was Rs 232.81 crore, compared with Rs 228.89 crore in H1 FY25-26, while earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 176.56 crore from Rs 170.23 crore. The respective year-on-year increases were 2% for income and 4% for EBITDA, showing improvement in the half-year operating result even as net profit declined.

OGPL reported H1 net profit of Rs 105.51 crore against Rs 109.56 crore a year earlier, a decline of Rs 4.05 crore. Its reported EBITDA margin rose to 76% from 74%, while net profit margin fell to 45% from 48% in H1 FY25-26. The November 11, 2026 results cover the six months ended September 30, 2026.

Why did OGPL's H1 profit fall despite EBITDA growth?

OGPL said H1 profit was lower because H1 FY25-26 included Rs 16 crore of one-time exceptional income, which was absent from the latest half-year comparison. This meant that EBITDA increased by Rs 6.33 crore year on year while reported net profit declined by Rs 4.05 crore. Management said the company achieved H1 profit above Rs 100 crore without the previous one-time gain.

OGPL attributed the improvement in operating profit to better wind availability in the second quarter and incremental generation from recently commissioned solar and wind capacity. Managing Director and Chief Executive Officer T Shivaraman said these factors reversed the generation deficit recorded in the previous quarter and produced surplus generation. The company described the resulting H1 operating-profit improvement as marginal, in line with the 4% EBITDA increase.

The margin comparison also separates operating performance from the net-profit result. EBITDA margin rose by 147 basis points, with one basis point equal to one-hundredth of a percentage point, from 74% to 76%, while net profit margin fell by 255 basis points from 48% to 45%. OGPL identified the absence of the Rs 16 crore exceptional income as the reason for this difference.

How did OGPL perform in Q2 FY27?

OGPL recorded Q2 FY26-27 consolidated total income of Rs 146.57 crore and net profit of Rs 81.57 crore, compared with Rs 135.45 crore and Rs 80.94 crore, respectively, in Q2 FY25-26. Income rose 8% year on year, while net profit increased 1%, following improved wind conditions and additional generation from commissioned capacity.

OGPL's Q2 EBITDA increased 12% to Rs 116.55 crore from Rs 104.31 crore, and reported EBITDA margin rose to 80% from 77%. Net profit margin was 56%, compared with 60% a year earlier. Management linked the quarter's operational recovery to wind availability improving from the moderate conditions experienced in the previous quarter.

OGPL's Q2 income of Rs 146.57 crore accounted for the larger share of H1 income of Rs 232.81 crore, while Q2 net profit of Rs 81.57 crore accounted for most of H1 profit of Rs 105.51 crore. This pattern is consistent with management's statement that generation recovered during the quarter. The announcement gives H1 results and project commissioning plans, rather than a full-year earnings target.

Which capacity projects has OGPL completed and planned?

OGPL commissioned a 17.6 megawatt, or MW, solar plant during Q2 FY26-27, adding to a 7 MW solar plant commissioned in the previous fiscal year. Management said the 17.6 MW addition fulfilled one objective of the rights issue. The company also said recently commissioned solar and wind capacity delivered incremental generation during Q2.

OGPL said its 7.8 MW wind repowering project was nearing completion and was anticipated to be commissioned in the upcoming quarter, subject to regulatory approvals. Separately, it entered an engineering, procurement and construction, or EPC, contract to expand wind capacity by 6.6 MW. Management expects the repowering and expansion projects to be available in full for the next wind season, subject to the required approvals.

The November 11, 2026 board update set revised commercial-production dates for subsidiary projects. Beta Wind Farm Private Limited's two 3.3 MW wind turbine generators are scheduled separately for December 31, 2026 and January 31, 2027. Clarion Wind Farm Private Limited's 7.8 MW repowering project is scheduled for December 31, 2026, with all dates subject to necessary regulatory approvals.

Conclusion

OGPL's H1 FY26-27 disclosure shows operating improvement without a matching increase in reported profit: total income rose 2% to Rs 232.81 crore and EBITDA rose 4% to Rs 176.56 crore, while net profit slipped 4% to Rs 105.51 crore. The central comparison factor was the Rs 16 crore of one-time income included in H1 FY25-26, rather than a decline in H1 revenue or EBITDA.

The next disclosed milestones are the planned December 31, 2026 commissioning dates for Clarion's 7.8 MW repowering project and Beta's first 3.3 MW turbine, followed by Beta's second 3.3 MW turbine on January 31, 2027. Investors will need to watch whether regulatory approvals arrive, because OGPL has made those approvals a condition of the commissioning schedule and anticipated next-wind-season availability.