Orient Green Power Company Ltd(GREENPOWER)

NSE: GREENPOWERBSE: 533263

₹ 7.87-1.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 923 crWebsite: www.orientgreenpower.comUpdated: 24 Oct 2026

About

Orient Green Power generates and sells renewable power, its sole reported segment, from wind and solar assets in India and a wind asset in Croatia. Wind energy accounted for 97% of turnover in FY25. The company reported FY26 revenue of Rs. 292.95 crores.^[1][2][3]

Business segments

Generation and sale of renewable power is the company's sole reported segment as of FY25.^[2]
Wind energy generation accounts for 97% of turnover as of FY25; the company is expanding into solar through subsidiary Delta Renewable Energy Private Limited.^[2]
By geography in FY24, India contributed Rs 253.48 crore of revenue and Croatia (Europe) Rs 17.5 crore.^[4]
The Croatia 10.5 MW wind asset generates approximately EUR 1 million (~Rs. 9 crores) per annum in revenue, as of Q1 FY27.^[5]

Installed capacity

Total operating capacity was 399 MW as of FY26: 392 MW wind and 7 MW solar, across 42 plant locations in 4 Indian states and 1 international location.^[1]
9.9 MW of incremental wind capacity (6.6 MW end-March 2026, 3.3 MW in April 2026) was added during FY26.^[1]
Around 45 MW of wind capacity has exceeded 20 years of design life; 10 MW is being repowered and the remaining ~35 MW is under analysis for repowering or conversion to solar, as of Q3 FY26.^[6]
Components in identified windmills are being replaced with new technology to improve generation; completion was expected in the next fiscal as of FY25.^[2]

Plant load factor

PLF on newer wind assets was approximately 22% for 9M FY26; older wind assets ran at approximately 17% for the same period.^[6]
A delayed monsoon reduced wind availability early in Q1 FY27; Q2 FY27 wind availability was tracking roughly in line with Q2 FY26.^[5]

Customers and receivables

Power is sold to C&I consumers, state DISCOMs and the Energy Exchange; exports contribute nil to turnover, as of FY25.^[2]
Receivables average below 30 days across most customers; Andhra Pradesh assets average approximately 45 days but represent only 50 MW of the ~400 MW portfolio, as of Q2 FY26.^[7]
Management lists delays in recovery of dues from state-owned distribution companies, grid curtailment and OEM dependence as risks (FY25).^[2]

Expansion and repowering pipeline

The company targets 1 GW of installed capacity through wind, solar and hybrid projects (FY25).^[2]
Delta's Theni solar phase I was revised to 25 MW AC from 19.8 MW AC with no additional outlay; Rs 143.47 crore of rights proceeds were unutilised and placed in fixed deposits (FY25).^[2]
7.8 MW wind repowering at Clarion under the Tamil Nadu New Repowering Policy was targeted for end of September 2026, delayed from June 2026 by approval hold-ups.^[5]
FY28 repowering pipeline includes approximately 2.8 MW at Clarion and approximately 17.5 MW at Gamma, selected as lowest-PLF turbines.^[5]
At least 100 MW of additional solar could potentially be added as hybrid projects on existing wind farm land, subject to land, grid and Tamil Nadu policy clarity (Q1 FY27).^[5]
Battery storage for existing 25 MW solar projects is under evaluation, contingent on Tamil Nadu BESS regulatory clarity, as of Q1 FY27.^[5]
Debt-only expansion capacity is limited to a further approximately 20 - 25 MW; beyond that, equity is required for the 1 GW target (Q1 FY27).^[5]

Debt and ratings

All operating subsidiaries with banking facilities were rated BBB- as of FY25; the bulk of debt was upgraded to BBB during Q3 FY26.^[2]
Over Rs. 780 crores of secured borrowings were refinanced at rates approximately 300 bps lower in the prior year (FY25 report).^[2]
A Debt Service Reserve Account of about Rs 69 crore was created (FY24).^[4]
The group carries approximately Rs. 800 - 850 crores of accumulated losses, as of Q1 FY27.^[5]

Recent developments

A 17.6 MW AC (24.64 MW DC) solar project in Thiruvannamalai District, Tamil Nadu was commissioned on September 22, 2026, taking total solar capacity to 24.6 MW AC (34.44 MW DC).^[8]
The Netherlands intermediate holding company, with no operating assets, is being liquidated; the 10.5 MW Croatian wind asset is retained (Q1 FY27).^[5]
Promoter pledge is expected to be fully retired by end of FY27; approximately 40% of the loan had been repaid ahead of schedule as of Q1 FY27.^[5]
Multiple inorganic acquisition conversations are ongoing; no deal was Board-ready as of Q1 FY27.^[5]

Market Cap

₹923 Cr

High / Low

₹15 / 8

Stock P/E

14.8

Price / Book

0.8

Book Value

₹10

EPS

₹0.6

No. of Shares

117.3 Cr

ROCE

7.2%

ROE

6.2%

OPM

37.8%

Debt / Equity

0.44

Sales

₹293 Cr

Net Profit

₹72 Cr

Promoter holding

24.4%

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