Key Financial Figures (Consolidated)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Total Income: ₹146.57 crore (up 8% YoY from ₹135.45 crore)
  • EBITDA: ₹116.55 crore (up 12% YoY from ₹104.31 crore)
  • EBITDA Margin: 80% (improved 251 bps from 77%)
  • Net Profit: ₹81.57 crore (up 1% YoY from ₹80.94 crore)
  • Net Profit Margin: 56% (declined 410 bps from 60%)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Total Income: ₹232.81 crore (up 2% YoY from ₹228.89 crore)
  • EBITDA: ₹176.56 crore (up 4% YoY from ₹170.23 crore)
  • EBITDA Margin: 76% (improved 147 bps from 74%)
  • Net Profit: ₹105.51 crore (down 4% YoY from ₹109.56 crore)
  • Net Profit Margin: 45% (declined 255 bps from 48%)

Earnings Per Share (Consolidated):

  • Basic EPS (Continuing Operations): ₹0.69 for Q2 FY27 (₹0.69 in Q2 FY26)
  • Diluted EPS (Continuing Operations): ₹0.69 for Q2 FY27 (₹0.69 in Q2 FY26)
  • Basic EPS (Total): ₹0.69 for Q2 FY27 (₹0.69 in Q2 FY26)

Operational Highlights

Capacity Additions:

  • Successfully commissioned 17.6 MW solar plant during Q2 FY27
  • Already commissioned 7 MW solar plant in previous fiscal
  • Total solar capacity now stands at 24.6 MW

Wind Project Updates:

  • Beta Wind Farm Private Limited (6.6 MW capacity): Revised commissioning to 1 WTG of 3.3 MW by December 31, 2026, and 1 WTG of 3.3 MW by January 31, 2027
  • Clarion Wind Farm Private Limited (7.8 MW repowering project): Revised commissioning to December 31, 2026
  • Commissioning subject to receipt of necessary regulatory approvals

Credit Rating Updates:

  • Material subsidiary Beta Wind Farm upgraded to BBB by CRISIL
  • Solar subsidiary Delta Renewable Energy rated BBB by ICRA

Rights Issue Utilization

  • Funds raised through rights issue: ₹250 crore (September 2024)
  • Amount utilized as of September 30, 2026: ₹228.56 crore (91.4%)
  • Unspent proceeds: ₹21.44 crore placed in fixed deposits with banks
  • Key utilization: ₹122.06 crore for solar project development, ₹60.36 crore for subsidiary loans, ₹13.64 crore for loan repayments

Regulatory and Legal Matters

REC Price Difference Provision:

  • Full provision of ₹20.71 crore made for expected credit losses on REC receivables as of March 2017
  • Provision includes ₹4.50 crore made during current quarter
  • Company confident of favorable Supreme Court decision on appeal against APTEL order

TNPDCL Captive Status Petitions:

  • Tamil Nadu Power Distribution Corporation Limited filed petitions questioning captive generating plant status of Beta Wind Farm, Gamma Green Power, and Clarion Wind Farm for certain earlier years
  • Claims for Cross Subsidy Surcharge and Additional Surcharge on energy consumed
  • Based on legal opinion and CGP compliance certificates, likelihood of any liability assessed as remote

Subsidiary Updates

Delta Renewable Energy Private Limited:

  • Preferential issue of equity shares in multiple tranches
  • Holding company's shareholding reduced from 100% to 70%
  • Equity share capital of ₹13.29 crore contributed by other shareholders included under Non-Controlling Interests

Orient Green Power Europe B.V.:

  • Board approved liquidation on July 22, 2026 (withdrew earlier merger proposal)
  • Aimed to optimize group structure and expedite asset repatriation

Management Commentary

Mr. T Shivaraman, Managing Director & CEO, commented:

  • Wind availability improved in current quarter compared to previous quarter
  • Incremental generation from recently commissioned solar and wind capacities reversed previous quarter's deficit
  • Repowering project of 7.8 MW old wind turbines nearing completion
  • Company entered contract for adding 6.6 MW of wind capacity
  • New capacities anticipated to be available for next wind season

Audit Qualifications

Auditors (G. D. Apte & Co.) issued unmodified limited review report with emphasis on:

1. Full provision of ₹20.71 crore for expected credit losses on REC receivables

2. Remote likelihood of liability from TNPDCL petitions on captive status

Board Meeting Details

  • Date: November 11, 2026
  • Time: 11:00 AM to 12:15 PM
  • Duration: 1 hour 15 minutes

Contacts

  • Company Secretary & Compliance Officer: G. Srinivasa Ramanujan
  • CFO: J Kotteswari