Orient Green Power Company LtdQ4 FY27
Orient Green Power Company Ltd Q4 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹10.8P/E: 22.3Market Cap: ₹1.3K CrSector: Power
Management growth scorecard
Revenue
Category 3
Margin
Category 1
Fundraise
Yes
Order
N/A
Capex
Yes
3 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- →The company aims to grow capacity to 1 GW, currently at 380 MW, through a mix of Greenfield and Brownfield projects, with discussions underway for acquisitions.
- →New solar and wind projects (28 MW combined) are expected to commission by April-May FY 2026, adding incremental revenue.
- →Repowering 6 MW of older wind assets is underway, projected to increase EBITDA by Rs. 36 crores per annum alongside new Greenfield assets.
- →Seasonal nature of wind impacts volume; majority of generation occurs in first half of fiscal year.
- →Future growth will be driven by hybrid wind-solar projects enhancing operational efficiency and balancing portfolio sustainability.
- →Management is exploring fundraising options for expansion beyond FY 2027, expecting CAPEX funded through both internal resources and external means.
- →International expansion not planned; focus remains primarily on Indian market.
- →Overall, improved wind patterns, asset upgrades, and expanded solar capacity are expected to boost revenues and profitability over time.
Margin guidance
Category 1- →New capacity additions: 28 MW Greenfield projects (18 MW solar, 10 MW wind) expected to commission by April-May FY 2026, adding ~Rs. 36 crores EBITDA annually including repowering benefits.
- →Repowering: 6 MW wind repowering underway, improving plant efficiency and EBITDA contributions.
- →EBITDA growth: Operational improvements, favorable wind season, and repowering led to 14% YoY EBITDA growth in nine months FY 2026.
- →Net profit: Improved by nearly 54% YoY for nine months FY 2026, supported by better wind conditions, machine availability, and reduced finance costs.
- →Dependent on weather: Wind variability affects generation; management optimistic about monsoon and wind outlook.
- →Financing: Upgraded credit rating and refinance efforts aim to reduce interest costs further, supporting profitability.
- →Expansion: Targeting 1 GW capacity via acquisitions; organic growth alone is slower. Discussions ongoing, detailed plans expected in next quarters.
- →Overall: Growth expected from capacity addition, operational efficiency, repowering, and financial optimization leading to improved profits and EPS over next years.
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Fundraise plans
Yes- →The company plans to draw down about Rs. 120 crores of new debt for upcoming wind capacity, so debt will increase slightly next quarter.
- →Interest cost is currently about 9.15%, with ongoing negotiations to reduce it through refinancing or better lending terms.
- →For FY 2027, full CAPEX plans are pending; internal generation may not cover CAPEX needs.
- →The company is exploring fundraising options (debt or equity) to support CAPEX beyond FY 2026 spillover of about Rs. 240 crores.
- →There is no current public preference share (Pref) issue planned by the company.
- →A subsidiary (Delta) may issue Pref shares to select investors, mainly group captive customers.
- →Overall, no definite fundraising is finalized yet; discussions and plans are ongoing and expected to be clearer in upcoming quarters.
Order book
- →The company has closed contracts for developing around 28 MW of additional Greenfield capacity (18 MW solar + 10 MW wind).
- →These projects are targeted to be commissioned by April-May of FY 2026.
- →The 7 MW solar project was successfully commissioned in Q3 FY 2026.
- →Additional plans include repowering around 6 MW of older wind assets, targeted for commissioning by June of the same fiscal year.
- →For FY 2027, there is a spillover CAPEX of about Rs. 240 crores related to the 36 MW capacity under construction.
- →Fundraising options are being explored for further CAPEX beyond FY 2027.
- →The company is in discussions with multiple parties for achieving a 1 GW capacity but no specific details or timelines for pending orders were disclosed publicly yet.
Capex plans
Yes- →FY 2026 CAPEX includes spillover for 36 MW capacity, about Rs. 240 crores.
- →FY 2027 CAPEX plans are not finalized yet; company exploring fundraising options for new investments.
- →Rs. 120 crores of new loans expected in next quarter mainly for new wind capacity.
- →New projects: 7 MW solar already commissioned; additional 18 MW solar and 10 MW wind Greenfield targeted for commissioning by April-May 2026.
- →Repowering of 6 MW wind capacity expected to commission by June 2026 (using three 2.1 MW turbines).
- →Repowering guided by Tamil Nadu Repowering Policy; further repowering potential of 35 MW older turbines under consideration.
- →Company aims to reach 1 GW capacity, likely via acquisitions or strategic collaborations; no detailed public plan yet.
- →Focus on hybrid projects combining wind and solar for better land and grid utilization.
How does Orient Green Power Company Ltd rank vs peers in Power?
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