Oriana Power FY26: Growth scales up as storage and asset recycling take center stage

Oriana Power Limited reported a strong FY26 on a consolidated basis, with revenue from operations rising to INR 1,813.67 crore, up 83.7 percent year on year. EBITDA increased to INR 425.37 crore, up 73.4 percent, and profit after tax reached INR 252.34 crore, up 59.1 percent. Basic EPS was reported at 124.13.

The year also showed a clear strategic shift. The company positioned itself as a player across the renewable energy value chain from generation to storage to consumption, with Solar and BESS execution now sitting alongside a longer-dated push into green hydrogen derivatives such as green ammonia. Management also stated that reported profits did not fully reflect earlier expectations because a planned solar asset monetization could not be completed within FY26 and is now expected in Q1 FY27, subject to approvals.

FY26 performance in numbers and what changed

The consolidated income statement shows revenue from operations of INR 1,813.67 crore and other income of INR 27.34 crore, taking total income to INR 1,841.02 crore. Cost of materials consumed was INR 1,322.87 crore, while employee costs were INR 48.05 crore. Finance costs rose to INR 62.94 crore and depreciation and amortization stood at INR 15.76 crore. PAT for the year attributable after minority interest was INR 252.34 crore.

The presentation also highlights a shift in profitability metrics. PAT margin was 13.91 percent in FY26 versus 16.06 percent in FY25, despite the growth in absolute profits.

Balance sheet expansion and cash flows

The balance sheet expanded materially in FY26. Total assets and liabilities increased to INR 2,563.27 crore from INR 1,319.04 crore in FY25. On the liabilities side, long-term borrowings rose to INR 328.44 crore and short-term borrowings rose to INR 180.11 crore. Other current liabilities increased sharply to INR 1,019.55 crore from INR 328.96 crore.

On the assets side, trade receivables increased to INR 671.14 crore from INR 394.15 crore. Cash and bank balances increased to INR 286.08 crore from INR 70.39 crore. Capital work in progress rose to INR 146.50 crore from INR 49.06 crore.

Cash flow data indicates operating cash flow of INR 337.04 crore in FY26. Investing cash flow was negative at INR 506.07 crore, while financing cash flow was positive at INR 185.34 crore. Net cash and cash equivalents at year end were INR 76.28 crore.

The combination of higher receivables, higher borrowings, and large investing outflows indicates a scale-up phase where execution and working capital management become central to sustaining returns.

Operational traction: solar execution, BESS scale-up, and green ammonia visibility

Oriana reported 835 plus MW of solar projects delivered and 700 plus MW under execution, with a stated solar pipeline of 2,500 plus MW. In storage, it disclosed 1,000 plus MWh of BESS projects under execution and a 3,000 plus MWh pipeline.

During FY26, the company highlighted several wins. On the solar side, it secured one of the world’s largest floating solar installations at Maithon Dam in Jharkhand and entered Latin America through a solar project at an international airport in Guyana. It also commissioned its first ISTS-connected solar project at Prayagraj, Uttar Pradesh.

On the BESS side, it secured its first utility scale solar plus BESS hybrid project of 100 MW and 300 MWh connected at CTU, and signed multiple BESPA agreements including 250 MWh for a Navratnas PSU and 100 MWh each across Rajasthan, Tamil Nadu, and Karnataka. The presentation also states VGF of about INR 150 crore was secured.

In consumption, the key data point is the 10-year binding Green Ammonia Purchase Agreement with SECI for 60,000 tonnes per annum, with an estimated contract value of about INR 3,135 crore. Management stated meaningful revenue contribution from green hydrogen and green fuels is expected from FY28 onwards.

Partnerships, asset recycling, and the move toward a platform model

A central strategic item is the Actis partnership. The presentation describes a proposed divestment of about 238 MW of operational solar assets to Helioact Power India 1 Pvt. Ltd., a group entity of Actis, at an enterprise value of about USD 108 million. It also describes a 1 GW joint development agreement with Actis with an execution horizon of two years, and Actis intent to deploy up to USD 100 million as equity through Actis-backed entities and SPVs. Oriana is positioned as the exclusive EPC plus O&M partner.

Management also addressed timing risk directly. The planned monetization could not be completed within FY26 due to regulatory delays and is now expected to be executed in Q1 FY27, subject to necessary approvals and closure formalities. It also stated that the reported financial performance may not fully reflect earlier expectations due to the deferment of this transaction.

Alongside capital recycling, the company positioned its next phase as AI-enabled execution. The presentation describes an on-premise AI implementation with complete data privacy and security, spanning project scheduling, predictive analytics for solar and BESS performance, automation of repetitive tasks, demand forecasting, and land acquisition and site selection.

What to track from here

FY26 establishes that Oriana is scaling quickly. Revenue growth and execution metrics are strong, and the company has disclosed meaningful pipelines in both solar and BESS. At the same time, the balance sheet expansion, higher leverage metrics, and receivables growth indicate that working capital and transaction execution timelines will matter as much as order wins.

The near-term swing factor, based on management commentary, is the completion of the deferred solar asset monetization expected in Q1 FY27. Beyond that, management has set clear directional goals: BESS could become 30 to 40 percent of revenue by FY27, while green fuels are expected to contribute meaningfully from FY28, with a stated ambition to scale to 100,000 MTPA by FY30.

If the company executes on these milestones while keeping cash conversion and leverage under control, the FY26 narrative points to a business attempting to evolve from a solar EPC and IPP operator into a broader clean energy platform spanning generation, storage, and consumption.