Oriana Power Ltd(ORIANA)

NSE: ORIANA

₹ 240-3.85%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,438 crWebsite: orianapower.com/Updated: 24 Oct 2026

About

Oriana Power (TrueRE), established in 2013, is an integrated clean energy company covering solar EPC and power generation, battery energy storage (BESS), green hydrogen and its derivatives, and compressed biogas. It is listed on NSE Emerge under the scrip name ORIANA and operates in 24 states in India and on 3 continents. In FY26 it reported revenue from operations of Rs 1,813.67 cr.^[1][2]

Business segments

The EPC segment made up 98.2% of revenue in FY26 (Rs 1,780.61 cr), with an EBIT margin of 22.8%. It is the company's only reported segment.^[3]
Management expected the FY26 revenue mix to be about 90% solar and 10% BESS, moving to about 60% solar and 40% BESS in FY27 (H1 FY26 call).^[4]
As of the Q4 FY26 call, BESS is targeted to make up about 30-40% of revenue by FY27, with meaningful green hydrogen and fuels revenue from FY28.^[5]

Products and services

The portfolio spans solar EPC and IPP, BESS, green hydrogen and its derivatives, and compressed biogas, covering power generation, energy storage and clean energy consumption (FY26).^[1]
The company has been allocated 10,000 MTPA of green hydrogen (FY26).^[1]
It also offers AI enterprise solutions in markets such as Canada and Oman (FY26).^[1]

Order book and execution

As of FY26, more than 835 MW of solar projects had been delivered and 700+ MW was under execution, compared with 575+ MW delivered and 550+ MW under execution in H1 FY26.^[1][4]
The solar pipeline was more than 2.5 GWp in FY26, up from 2 GW+ in H1 FY26.^[1][4]
BESS under execution was 1,000+ MWh in FY26, up from an 800+ MWh order book in H1 FY26. The BESS pipeline was 3,000+ MWh in FY26, up from ~2.8 GWh.^[1][4]
The order book was Rs 2,500 Cr+ in FY25, and 403 MWh of BESS projects were secured in FY25.^[6]
About Rs 150 cr of viability gap funding (VGF) had been secured as of FY26.^[5]

Operations and land bank

The land bank was about 4,780 acres in FY26, up from 3,500+ acres in H1 FY26. Open-access grid connectivity was expanded in Rajasthan, Haryana and Tamil Nadu.^[1][4]
BESS projects are under active execution in Rajasthan, Karnataka and Tamil Nadu (FY26).^[1]
Solar parks as of FY25: Rajasthan 385 MWp (110 MWp sold), Tamil Nadu 140+ MWp (all sold), UP 280+ MWp and Haryana 200-300 MWp.^[6]

Customers and markets

Customers are industrial, commercial and government, including AA and AAA rated clients, in sectors such as cement, oil and gas, FMCG and data centres (FY26).^[1]
The company operates in 24 states in India and on 3 continents, including Africa and Latin America. It entered Latin America with a solar project at an international airport in Guyana (FY26).^[1]
A partnership with Invest Alberta, Canada, was signed for $300 - 500 Million and can scale to $1 Billion over five years (FY26).^[1]
The company signed BESPA agreements for 550 MWh of BESS capacity with a Navratna PSU and in Rajasthan, Tamil Nadu and Karnataka (FY26).^[1]

Expansion plans

A Rajasthan MoU worth Rs 10,000 cr has been initiated, covering a 685 MW solar plant and 1,450+ MWh of BESS (Q4 FY26 call).^[5]
Green hydrogen and derivatives production is targeted at 2 lakh MTPA by FY28 (Q4 FY26 call).^[5]
Vision 2030 targets: 6 GW+ EPC, 2.5 GW+ IPP, 20 GWh BESS and 1 MMTPA e-fuels.^[5]
The company targets 500+ MW of asset monetisation by FY27.^[5]
The FY25 plan was a 500 MW electrolyser gigafactory by 2026 at about $30 mn capex, 80% bank-funded, expandable to 1 GW by 2027.^[6]

Recent developments

FY26: a 10-year binding green ammonia purchase agreement was signed with SECI for 60,000 TPA, with an estimated contract value of about Rs 3,135 cr.^[5]
FY26: a proposed sale of ~238 MW of operating solar assets to an Actis entity at an enterprise value of ~USD 108 mn was deferred to Q1 FY27.^[5]
FY26: a 1 GW joint development agreement with Actis has about Rs 4,000 cr of revenue potential, with Oriana as exclusive EPC and O&M partner.^[5]
FY26: the company won a 234 MW floating solar project at Maithon Dam, Jharkhand, with a major public-sector power utility.^[1]
FY26: it won its first utility-scale CTU-connected project, 100 MW of solar plus 50 MW/300 MWh of BESS, and over 190 MWh of C&I hybrid orders.^[1]
FY26: CRISIL upgraded the credit rating to A-/Stable from BBB+/Stable.^[1]

Market Cap

₹2,438 Cr

High / Low

₹613 / 235

Stock P/E

11.0

Price / Book

4.4

Book Value

₹75

EPS

₹24.8

No. of Shares

10.16 Cr

ROCE

39.6%

ROE

39.1%

OPM

22.3%

Debt / Equity

0.67

Sales

₹1,814 Cr

Net Profit

₹252 Cr

Promoter holding

58.0%

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Oriana Power Ltd(ORIANA)

About

Business segments

Products and services

Order book and execution

Operations and land bank

Customers and markets

Expansion plans

Recent developments

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