Overview

Detailed Summary

Orient Green Power Company Limited is an independent renewable power producer focused on developing, owning and operating a diversified portfolio of wind farms and recently added solar projects, with about 389 MW of operating capacity (approximately 382 MW wind and 7 MW solar) across India and a small European asset in Croatia.
Q3 FY2026 performance was seasonally muted with total income of Rs. 40.06 crores and EBITDA of Rs. 17.07 crores, while nine-month numbers show material improvement: total income rose 16% year-on-year to Rs. 268.95 crores and net profit surged nearly 54% to Rs. 88.13 crores, helped by favorable winds and lower finance costs.
Management has commissioned its first solar asset and closed contracts for ~28 MW greenfield development while executing a pioneering 6 MW repowering under Tamil Nadu’s new repowering policy, expected to improve operational efficiency and add about Rs. 36 crores of recurring EBITDA annually.
Financially the company has reduced borrowing costs following a bulk debt credit upgrade to BBB, reporting consolidated total debt of ~Rs. 507 crores and a blended interest cost near 9.15%, with a debt to equity ratio roughly 2:1 and active refinancing and deleveraging initiatives underway.
OGPL’s strategic ambition is to reach a 1 GW scale through a mix of acquisitions and selective green/brownfield development, while prioritizing repowering older low-PLF turbines, converting sites to wind-solar hybrids, and optimizing returns per hectare and per MW.

Sector: Power Generation & Distribution
Industry: Power Generation And Supply
Market Cap: 1,105 Cr
Volatility: High Risk
P/E Ratio: 15.1
Industry P/E: 24.1
PEG Ratio: 1.6
P/B Ratio: 0.9
52W High: 15.80
52W Low: 9.00

Sales CAGR

1Y: 1.53%
3Y: 0.28%
5Y: -16.54%
10Y: —

Profit CAGR

1Y: 9.40%
3Y: —
5Y: -27.05%
10Y: —

ROE

TTM: 4.73%
3Y: 4.56%
5Y: 2.59%
10Y: -7.21%

ROCE

TTM: 7.45%
3Y: 8.18%
5Y: 8.08%
10Y: 7.51%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BFUTILITIE	487.80	1,837 Cr	11.63	9.11	0.00	114.57	41.92	15.62
GREENPOWER	9.43	1,105 Cr	15.46	0.93	0.00	4.73	7.45	4.24
DPSCLTD	8.89	866 Cr	222.25	0.98	0.56	0.86	2.83	0.37
MCCHRLS-B	575.00	765 Cr	-5.48	11.76	0.00	-148.44	1.79	-11.50
BHAGYANGR	164.80	527 Cr	14.53	2.33	0.00	12.11	10.36	5.25
SURANAT&P	17.00	233 Cr	9.04	1.45	0.00	14.51	16.51	12.97
SHUBHSHREE	317.00	166 Cr	18.07	5.49	0.00	0.00	0.00	6.13

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	122	34	36	63	124	35	41	87	131	36
Expenses	22	20	22	23	22	24	26	27	31	23
Operating Profit	100	14	14	41	102	11	16	60	100	13
OPM %	82.08	40.88	39.64	64.34	82.41	31.25	37.57	68.81	76.23	36.09
Other Income	15	6.14	0.59	4.95	3.96	5.91	7.80	5.84	17	0.94
Interest	20	20	19	19	19	18	17	16	15	13
Depreciation	21	21	21	21	21	21	21	21	22	22
Profit Before Tax	75	-21	-25	6.12	66	-22	-14	29	81	-21
Tax %	0.00	0.00	-1.08	1.96	0.00	-0.22	-7.63	0.00	0.00	0.00
Net Profit	75	-21	-25	6.00	66	-22	-15	29	81	-21
EPS in Rs	0.77	-0.18	-0.22	0.10	0.60	-0.20	-0.14	0.25	0.69	-0.19

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	380	357	323	369	257	311	258	271	263	287
Expenses	106	99	97	107	93	87	87	84	94	99
Operating Profit	274	258	227	262	164	224	171	187	169	189
OPM %	72.13	72.30	70.09	71.10	63.89	72.07	66.22	68.86	64.30	65.66
Other Income	5.55	42	47	20	14	33	55	15	23	24
Interest	225	211	193	153	138	122	108	80	72	69
Depreciation	137	124	114	92	91	89	83	82	84	84
Profit Before Tax	-82	-35	-33	37	-51	47	35	39	36	59
Tax %	-3.34	-5.59	-0.41	0.00	0.00	0.00	0.00	0.70	3.43	1.90
Net Profit	-84	-37	-33	37	-51	47	35	38	35	58
EPS in Rs	-1.22	-0.61	-0.42	0.20	-0.49	0.30	0.28	0.45	0.36	0.61
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	740	740	751	751	751	751	751	751	981	1,173
Reserves	1.43	-145	-219	-255	-239	-295	-261	-227	-193	-98
Borrowings	1,767	1,386	1,499	1,393	1,258	1,178	1,238	1,091	754	552
Other Liabilities	525	858	342	348	316	260	103	78	76	34
Total Liabilities	3,033	2,838	2,373	2,236	2,087	1,895	1,831	1,692	1,618	1,662
Fixed Assets	2,549	2,345	1,881	1,762	1,731	1,639	1,543	1,463	1,393	1,331
CWIP	3.22	5.42	6.11	6.11	0.00	0.00	0.00	5.04	11	9.68
Investments	0.58	0.03	0.00	0.00	0.00	2.01	0.00	0.03	0.00	14
Other Assets	481	487	485	468	356	254	289	224	214	307
Total Assets	3,033	2,838	2,373	2,236	2,087	1,895	1,831	1,692	1,618	1,662

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	215	306	324	268	267	187	220	229	250	169
Cash from Investing Activity	-69	23	48	-25	25	61	21	3.07	-1.70	-153
Cash from Financing Activity	-143	-331	-371	-243	-294	-243	-246	-229	-189	-56
Net Cash Flow	2.93	-1.65	0.74	0.32	-1.23	5.13	-5.41	2.48	58	-40

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	32.53%	32.48%	32.48%	29.42%	29.42%	29.42%	26.89%	24.38%	24.38%	24.38%	24.38%	24.38%
FIIs	0.01%	0.00%	0.82%	1.29%	0.48%	0.51%	0.62%	0.74%	0.81%	0.68%	0.94%	0.99%
DIIs	3.58%	3.58%	2.74%	2.73%	2.73%	2.73%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%
Public	63.88%	63.95%	63.96%	66.56%	67.37%	67.34%	71.14%	73.53%	73.46%	73.59%	73.33%	73.28%
Total Shareholders	4,06,710	3,94,321	4,74,006	5,70,680	7,37,750	7,71,564	8,43,329	8,97,169	9,14,729	9,12,578	8,94,424	8,71,600

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