Orient Green Power Company Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Orient Green Power Company Ltd filed with BSE on 29 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Orient Green Power reported Q1 FY27 revenue of Rs. 81.43 crore and EBITDA of Rs. 60.01 crore, down 7% and 9% year-on-year respectively due to lower wind availability, while PAT fell 16% to Rs. 23.94 crore on lower interest income and higher depreciation. Management said wind availability was weak in Q1 due to a delayed monsoon but had improved in Q2, and it expects the current fiscal year's wind generation to be closer to two years ago than to last year's strong season. The company also discussed progress on a 17.6 MW solar project and 7.8 MW wind repowering, both expected to be commissioned by end of September 2026, along with a promoter share pledge scheduled to be released after loan repayment by September 2027.
Numbers mentioned
Revenue from operations: Rs. 81.43 crores (Q1 FY27)
p. 3
“In Q1 FY27, the revenue from operations and EBITDA were Rs. 81.43 crores and Rs. 60.01 crores respectively.”
T. Shivaraman, page 3 of the filed PDF · View the filing
EBITDA: Rs. 60.01 crores (Q1 FY27)
p. 3
“In Q1 FY27, the revenue from operations and EBITDA were Rs. 81.43 crores and Rs. 60.01 crores respectively.”
T. Shivaraman, page 3 of the filed PDF · View the filing
PAT: Rs. 23.94 crores (Q1 FY27)
p. 3
“PAT for the quarter came in at 23.94 crores, 16% lower than the corresponding period last year.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Average interest rate: 9.1% (Q1 FY27)
p. 7
“Interest rate is 9.1%. The average interest rate for us. It's about 9.1%.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Quarterly interest cost: Rs. 13 crores
p. 7
“No, interest will be around Rs. 13 crores per quarter.”
J. Kotteswari, page 7 of the filed PDF · View the filing
Debt repayment for current year: Rs. 90 crores (FY27)
p. 7
“So, the current year, we will be repaying around Rs. 90 crores of debt.”
J. Kotteswari, page 7 of the filed PDF · View the filing
Total debt: Rs. 535 crores (FY27 year-end)
p. 7
“And we will have Rs. 535 crores debt, which is slightly lower than last year.”
J. Kotteswari, page 7 of the filed PDF · View the filing
Andhra Pradesh interest provision: Rs. 6.5 crores on Rs. 20 crores outstanding
p. 10
“As of now, it is about Rs. 6.5 crores on a total outstanding of around Rs. 20 crores. So, about 30% of it has been provided for.”
T. Shivaraman, page 10 of the filed PDF · View the filing
Promoter loan repaid: close to 40%
p. 17
“As of now, we have repaid loan close to 40%, which is much more than whatever is the installment.”
J. Kotteswari, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Repowering and solar capacity commissioning — 7.8 MW wind repowering and 17.6 MW solar · end of September 2026
stated firmly by T. Shivaraman
p. 3
“we hope to commission both of them by the end of September 2026”
T. Shivaraman, page 3 of the filed PDF · View the filing
Revenue and EBITDA for FY27 — better than last year · FY27
stated conditionally by T. Shivaraman
p. 16
“as of now, we look to be equal to or better than last year, but we have to see how things move”
T. Shivaraman, page 16 of the filed PDF · View the filing
1 Gigawatt capacity target — 1 Gigawatt
stated as an aspiration by T. Shivaraman
p. 7
“There is a lot of potential. We have to now make it happen.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Blended interest rate — around 9%
stated as an aspiration by J. Kotteswari
p. 12
“I think we will be able to achieve 9% as the blended interest rate going forward.”
J. Kotteswari, page 12 of the filed PDF · View the filing
Promoter share pledge release — full release · September 2027
stated conditionally by J. Kotteswari
p. 17
“So, hopefully actually, September ‘27 is the promoter loan's final due. So, as per the terms, it will be September ‘27 that will get released.”
J. Kotteswari, page 17 of the filed PDF · View the filing
Tamil Nadu regulatory clarity on battery storage — resolution of open issues · next two, three months
stated conditionally by T. Shivaraman
p. 14
“As far as Tamil Nadu is concerned, we are expecting that all the open issues will get closed in the next two, three months.”
T. Shivaraman, page 14 of the filed PDF · View the filing
Wind capacity leveraging existing assets — another 20-25 megawatts
stated conditionally by T. Shivaraman
p. 12
“We have probably potential for another 20-25 megawatts we can do by just leveraging the existing assets.”
T. Shivaraman, page 12 of the filed PDF · View the filing
FY28 repowered capacity addition — 15 to 20 megawatts · next fiscal
stated as an aspiration by T. Shivaraman
p. 15
“We will probably add 15 to 20 megawatts of repowered assets in the next fiscal.”
T. Shivaraman, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they are working on it but have not fully leveraged existing assets and are exploring fundraising options, with progress slower than anticipated.
Answered by T. Shivaraman
Asked by Faisal Hawa: Is the company still pursuing its 1 Gigawatt target given the low share price limits capital raising options?
p. 4
“we are currently not fully leveraged on the assets that we have added”
T. Shivaraman, page 4 of the filed PDF · View the filing
Management said the season looks weaker than last year but comparable to the year before, with Q2 tracking closer to last year's pace.
Answered by T. Shivaraman
Asked by Manoj Bagadia: How does this year's wind season compare to last year?
p. 5
“It does not look at the moment to be as good as last year. It is probably as good as the year before last, but then we have to see.”
T. Shivaraman, page 5 of the filed PDF · View the filing
Management explained repowering decisions are made site-by-site depending on existing turbine performance and land value, noting some old turbines still perform well economically.
Answered by T. Shivaraman
Asked by Manoj Bagadia: What is the potential for repowering given site constraints?
p. 5
“That's a dynamic thing that we are doing on a farm-by-farm basis to figure out what makes sense to repower and what makes sense to defer.”
T. Shivaraman, page 5 of the filed PDF · View the filing
Management stated the average interest rate and expected debt levels for the year.
Answered by J. Kotteswari
Asked by Rakesh T: What is the interest rate and debt guidance going forward?
p. 7
“Quarterly interest cost will be around 9.1%”
J. Kotteswari, page 7 of the filed PDF · View the filing
Management clarified they are eliminating an intermediate holding structure, not the underlying Croatia wind asset, which remains with the company.
Answered by T. Shivaraman
Asked by Narendra: What is happening with the Netherlands subsidiary liquidation?
p. 8
“No, we are liquidating a 100% subsidiary in Netherlands, which has no assets. That was a holding company for the Croatia asset.”
T. Shivaraman, page 8 of the filed PDF · View the filing
Management said the interest dispute remains pending due to a non-functional regulatory commission, and the company has provisioned prudently while remaining confident of eventual recovery.
Answered by T. Shivaraman
Asked by Narendra: What is the status of the Andhra Pradesh dispute and provisioning?
p. 10
“Unfortunately, the Andhra Pradesh Electricity Regulatory Commission, which has to rule on this and which has to give the instructions for this payment, is currently non-functional because they don't have the necessary members to run the Electric Regulatory Commission.”
T. Shivaraman, page 10 of the filed PDF · View the filing
Management said margins are predictable due to fixed costs but revenue depends on wind availability, with an expectation to at least match last year.
Answered by T. Shivaraman
Asked by Diya Jain: Can the company sustain a 60% margin and what is the revenue target?
p. 11
“Yes, see the margins will be sustained because for us the O&M cost is more or less fixed.”
T. Shivaraman, page 11 of the filed PDF · View the filing
Management said only limited additional capacity can be added via debt leveraging existing assets, with equity needed for further growth.
Answered by T. Shivaraman
Asked by Faisal Hawa: How much capacity expansion is possible through debt alone?
p. 12
“We have probably potential for another 20-25 megawatts we can do by just leveraging the existing assets.”
T. Shivaraman, page 12 of the filed PDF · View the filing
Management estimated significant potential for additional solar capacity on existing wind sites, subject to land availability and grid constraints.
Answered by T. Shivaraman
Asked by Manoj Bagadia: How much hybrid wind-solar potential exists on existing sites?
p. 14
“Yes, see, on our existing wind farm sites, we can probably do at least another 100 megawatts of solar, probably more as hybrid.”
T. Shivaraman, page 14 of the filed PDF · View the filing
Management clarified the pledge release is tied to a phased promoter loan repayment schedule ending September 2027, not an immediate commitment.
Answered by J. Kotteswari
Asked by Shivam Tumma: Why hasn't the promoter share pledge been released as previously discussed?
p. 17
“No. Please, we have never said that. We had said it will be released in the phased manner, depending on the promoter company's loan.”
J. Kotteswari, page 17 of the filed PDF · View the filing
Risks flagged
Delayed monsoon reducing wind availability and revenue
p. 3
“As the monsoon was delayed this year, as all of you know, and therefore the wind season is also delayed and the first part of the wind season has also been a little muted compared to the previous year.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Low share price limiting capital raising options
p. 4
“Unfortunately, we don't have control over the share price and the markets.”
T. Shivaraman, page 4 of the filed PDF · View the filing
Regulatory delays from change in Tamil Nadu government affecting project approvals
p. 9
“There have been some delays because of the change in government in Tamil Nadu, a lot of the approvals got completely held up.”
T. Shivaraman, page 9 of the filed PDF · View the filing
Non-functional Andhra Pradesh regulatory commission delaying interest recovery
p. 10
“Unfortunately, the Andhra Pradesh Electricity Regulatory Commission, which has to rule on this and which has to give the instructions for this payment, is currently non-functional because they don't have the necessary members to run the Electric Regulatory Commission.”
T. Shivaraman, page 10 of the filed PDF · View the filing
Private equity investors preferring unlisted entities over listed ones due to mark-to-market losses
p. 6
“There is a challenge that many of the traditional private equity type investors are now more comfortable investing in unlisted entities than listed entities so that they don't have to take a mark-to-market loss every quarter.”
T. Shivaraman, page 6 of the filed PDF · View the filing
Rising battery storage costs affecting solar economics
p. 14
“Unfortunately, battery costs have gone up a little in the last year.”
T. Shivaraman, page 14 of the filed PDF · View the filing
Grid backdown of solar generation during peak wind season in hybrid projects
p. 14
“during the peak wind season, there is an element of backdown of solar because you cannot generate more power than is permitted to be connected to the grid in that substation”
T. Shivaraman, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.