Company Overview
Orient Green Power Company Limited (OGPCL) is a renewable energy power generation company focused on developing, owning, and operating renewable energy assets with 396 MW installed capacity (389 MW wind, 7 MW solar). The company filed its annual report and financial statements for FY 2025-26 under SEBI Listing Regulations.
Financial Performance Highlights
Consolidated FY26 Results:
- Net Profit: ₹72 crore (↑70% YoY from ₹42 crore)
- Total Income: ₹316 crore (↑13% from ₹279 crore)
- Revenue from Operations: ₹293 crore (↑13% from ₹260 crore)
- EBITDA: ₹205 crore (↑10% from ₹187 crore)
- Interest Expense: ₹57 crore (↓21% from ₹72 crore)
Key Ratios Improvement:
- Return on Net Worth: 6.23% (from 4.17%)
- Debt-Equity Ratio: 0.44 (from 0.50)
- Net Profit Margin: 24.54% (from 12.95%)
Standalone Performance: Revenue of ₹251.2 lakhs with loss of ₹69.3 lakhs, reflecting the holding company structure.
Operational & Business Developments
- Capacity Expansion: Commissioned first 7 MW solar plant in December 2025 with 18 MW project underway (expected September 2026)
- Wind Repowering: Initiated repowering of 7.8 MW old wind turbines under Tamil Nadu's repowering policy
- Rights Issue Utilization: Raised ₹250 crore through rights issue - utilized ₹178.65 crore for solar projects, debt repayment, and lending to subsidiaries
- Subsidiary Mergers: Board approved mergers of Bharath Wind Farm Limited and Orient Green Power Europe BV with holding company to streamline operations
Corporate Governance & Compliance
- Board Composition: 6 directors including independent chairman K S Sripathi and MD & CEO T Shivaraman
- AGM Details: 19th AGM scheduled for July 22, 2026 via video conference with book closure from July 15-22
- Regulatory Compliance: Filed BRSR report, complied with Secretarial Standards, no material regulatory orders impacting going concern
- Labour Codes: Implemented new labour codes effective November 2025 with no additional past service costs identified
Financial Position & Investments
- Total Assets (Consolidated): ₹1,47,805 lakhs
- Total Equity: ₹1,15,463 lakhs
- Borrowings: ₹50,496 lakhs (reduced from ₹53,655 lakhs)
- Investments: Significant investments in subsidiaries including Beta Wind Farm (₹4,936 lakhs), Gamma Green Power (₹3,368 lakhs), and Bharath Wind Farm (₹5,045 lakhs)
Material Litigations & Risks
- APDISCOM Dispute: Beta Wind Farm vs. APDISCOM over tariff and withheld payments of ₹593 lakhs (appeal pending before APTEL)
- Arbitration Proceedings: Company vs. Centrum Capital Limited arbitration pending
- TNPDCL Petitions: Disputes regarding Captive Generating Plant status (liability considered remote)
Forward Outlook & Strategy
- Focus on completing 18 MW solar expansion by September 2026
- Commission repowered wind capacity (7.8 MW) in FY27
- Continue operational efficiency improvements through component upgradation and repowering
- Maintain growth trajectory through optimized capital structure and lower borrowing costs
Shareholding & Corporate Actions
- Promoter Holding: 24.38% as of March 31, 2026
- Rights Issue: 19,23,07,692 equity shares issued at ₹13 per share
- Dividend: No dividend declared due to inadequate profits
- Subsidiary Ratings: Operating subsidiaries received BBB- to BBB ratings from CRISIL, India Ratings, and Infomerics