Orient Green Power Company Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Orient Green Power Company Ltd filed with BSE on 15 May 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 FY26 total income of about INR 316 crore and EBITDA of about INR 206 crore, up 13% and 10% year-on-year, with PAT growing 70% to INR 72 crore, the highest in the company's history. Management attributed the gains to favourable wind in the first half of the year, a refund of excess interest charged in earlier periods, and a 21% reduction in interest costs, which offset a Q4 decline caused by lower wind availability. The company added 9.9 megawatts of wind capacity during the fiscal, commissioned a 7 megawatt solar plant in December, and is constructing a further 17.6 megawatts of solar capacity alongside repowering 7.8 megawatts of older wind turbines.
Numbers mentioned
Total income: INR 316 crores (FY26)
p. 3
“For FY26, the total income and EBITDA was around INR 316 crores and INR 206 crores respectively.”
T. Shivaraman, page 3 of the filed PDF · View the filing
EBITDA: INR 206 crores (FY26)
p. 3
“For FY26, the total income and EBITDA was around INR 316 crores and INR 206 crores respectively.”
T. Shivaraman, page 3 of the filed PDF · View the filing
PAT growth: 70% to INR 72 crores (FY26)
p. 3
“PAT grew by 70% to INR 72 crores, which is the highest in the history of the company.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Interest cost reduction: 21% (FY26)
p. 3
“we also had a significant reduction in interest costs by about 21% due to both decline in overall debt and 45 basis points reduction in the interest rate in our largest loan.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Total income: INR 46 crores (Q4 FY26)
p. 3
“So, total income and EBITDA were marginally lower at INR 46 crores and INR 18 crores respectively compared to Q4 of previous year.”
T. Shivaraman, page 3 of the filed PDF · View the filing
EBITDA: INR 18 crores (Q4 FY26)
p. 3
“So, total income and EBITDA were marginally lower at INR 46 crores and INR 18 crores respectively compared to Q4 of previous year.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Loss before exceptional items and tax: INR 16.4 crores (Q4 FY26)
p. 3
“Loss before exceptional items and tax was about INR 16.4 crores during this quarter as against INR 14.7 crores for the comparative period last year.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Operating capacity: 399 megawatts (FY26)
p. 4
“As of FY26, we have about 399 megawatts of operating capacity consisting of 392 megawatts of wind and 7 megawatts of solar.”
T. Shivaraman, page 4 of the filed PDF · View the filing
Depreciation increase: around INR 1 crore (Q4 FY26)
p. 7
“Depreciation is around INR 1 crore on account of this higher capitalization.”
J. Kotteswari, page 7 of the filed PDF · View the filing
One-time write-off expense: INR 1.67 crores (Q4 FY26)
p. 8
“we had one-time expense of around write-off some long overdue was there for around INR 1.67 crores.”
J. Kotteswari, page 8 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.
Solar project revenue and EBITDA (17.6 MW) — revenue of about INR 14.5 crores and EBITDA of about INR 12.8 crores on a full year basis · FY27
stated conditionally by T. Shivaraman
p. 7
“So, the solar project, the 17.6 megawatts will give us a total revenue on a full year basis of about INR 14.5 crores and an EBITDA of about INR 12.8 crores.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Wind expansion revenue and EBITDA (9.9 MW) — revenue of about INR 14 crores and EBITDA of about INR 10 crores in a normal wind year · FY27
stated conditionally by T. Shivaraman
p. 7
“In terms of the 9.9 megawatts of the wind, in a good, in a normal wind year, we should get again about INR 14 crores of revenue and about INR 10 crores of EBITDA.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Solar capacity commissioning — 17.6 megawatts · Q1 and Q2
stated firmly by T. Shivaraman
p. 3
“We are also in the process of constructing 17.6 megawatts of solar capacity, which will be commissioned in Q1 and probably will enter full production during the course of Q2.”
T. Shivaraman, page 3 of the filed PDF · View the filing
Renewable energy capacity target — 1 GW
stated as an aspiration by T. Shivaraman
p. 5
“The target is on. How we achieve it while still retaining control of the company is something that we are looking at.”
T. Shivaraman, page 5 of the filed PDF · View the filing
Repowering capacity additions — during the course of this year
stated as an aspiration by T. Shivaraman
p. 4
“And during the course of this year, we will definitely look at adding more such repowering capacities to our portfolio.”
T. Shivaraman, page 4 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 all options are being examined, with acquisitions being the fastest route, but strategic initiatives have slowed given market conditions.
Answered by T. Shivaraman
Asked by Faisal Hawa: How will equity for the 1 GW target be raised, and is a preferential issue, rights issue, or asset takeover being considered?
p. 4
“We are looking at all options. Obviously, the fastest way is to acquire operating assets and there are a few things which are working.”
T. Shivaraman, page 4 of the filed PDF · View the filing
Management declined to give a timeline, citing market volatility, and said an update might come next quarter.
Answered by T. Shivaraman
Asked by Faisal Hawa: Is there a timeline for reaching the 1 GW target?
p. 5
“Yes, but I am not in a position to give you a timeline right now. I think the market is a little too volatile for that.”
T. Shivaraman, page 5 of the filed PDF · View the filing
Management indicated internal resources could support around another 50 MW, with anything larger requiring external equity.
Answered by T. Shivaraman
Asked by Faisal Hawa: How much capacity can be added using only internal resources without raising external equity?
p. 5
“With internal resources, yes. Without raising money from the market, yes.”
T. Shivaraman, page 5 of the filed PDF · View the filing
Management attributed the Q4 decline to lower-than-normal wind availability, describing it as an inherent seasonal and year-to-year variation in the renewable business.
Answered by T. Shivaraman
Asked by Yash Nisar: What caused the decline in Q4 FY26 revenue despite full-year growth?
p. 7
“Basically, there was lower wind in Q4. See, Q4 is typically a very low wind quarter because the main wind for us is in Q1 to Q3, there is not much wind happening in Q4.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Management said tariffs were fixed throughout the year and there were no material power evacuation issues; the decline was purely due to wind availability across the industry.
Answered by T. Shivaraman
Asked by Yash Nisar: Were there delays in power evacuation or lower tariffs affecting Q4 revenue?
p. 7
“No. The tariffs were fixed throughout the year because a significant percentage of our capacity is C&I.”
T. Shivaraman, page 7 of the filed PDF · View the filing
Management said depreciation rose modestly due to higher capitalization, while O&M costs were not impacted in the first year of new assets due to a free O&M period.
Answered by J. Kotteswari
Asked by Rohan Singh: What was the impact of higher depreciation and maintenance costs on Q4 profitability?
p. 7
“So, we will not have any O&M impact in the first year. So, only due to the depreciation, it will be there.”
J. Kotteswari, page 7 of the filed PDF · View the filing
Management attributed the increase to higher legal and consultancy charges and a one-time write-off expense.
Answered by J. Kotteswari
Asked by Rohan Singh: What drove the sharp year-on-year increase in other expenses during Q4?
p. 8
“Other expenses primarily, there is legal and consultancy charges had increased.”
J. Kotteswari, page 8 of the filed PDF · View the filing
Management said wind patterns cannot be predicted and that comparisons should be made against the same quarter of the prior year rather than sequentially.
Answered by T. Shivaraman
Asked by Disha Shah: Is the company expecting Q1 FY27 profitability to recover with improved wind seasonality?
p. 8
“So, in the renewable energy business, you cannot compare sequential quarters. You will have to compare the same quarter against a similar quarter last year.”
T. Shivaraman, page 8 of the filed PDF · View the filing
Management said wind will remain the larger focus given existing capacity, while solar expansion will be more cautious due to grid oversupply during daytime, with battery storage being considered.
Answered by T. Shivaraman
Asked by Disha Shah: Which segment will drive future growth more — wind, solar, or repowering?
p. 8
“So, we will be a little more cautious in our expansion on solar, whereas wind, we will continue to expand.”
T. Shivaraman, page 8 of the filed PDF · View the filing
Management said exposure is limited to Andhra Pradesh and Gujarat electricity boards, with Gujarat always smooth and AP improved in recent years, aided by central government pressure on states to pay renewable producers on time.
Answered by T. Shivaraman
Asked by Shanaya Vishwa: Are there any receivable collection risks from State Electricity Boards?
p. 9
“So, we have exposure to only the AP and the Gujarat Electricity Boards where we are selling power to the electricity board itself.”
T. Shivaraman, page 9 of the filed PDF · View the filing
Management said there are currently no curtailment issues beyond occasional technical breakdowns, and that next year's capacity plans are still being worked out.
Answered by T. Shivaraman
Asked by Shanaya Vishwa: Are there curtailment issues in key states affecting generation, and what is the targeted capacity by FY27 and FY28?
p. 9
“At the moment, there are no curtailment issues.”
T. Shivaraman, page 9 of the filed PDF · View the filing
Risks flagged
Lower wind availability in Q4 reduced generation and profitability
p. 2
“The favorable wind patterns in the first half of the year as well as the refund of excess interest charged in earlier periods helped offset slight reduction in wind and performance dip in the 4th Quarter due to lower wind availability.”
T. Shivaraman, page 2 of the filed PDF · View the filing
Market volatility has slowed strategic initiatives such as acquisitions
p. 4
“Unfortunately, with the market the way it has been over the last few months, our strategic initiatives have slowed a little, but we are hoping that things will stabilize and we can start moving to the next level on this”
T. Shivaraman, page 4 of the filed PDF · View the filing
Glut of solar power on the grid during daytime creating a mismatch with customer demand
p. 8
“So, we will be a little more cautious in our expansion on solar, whereas wind, we will continue to expand.”
T. Shivaraman, page 8 of the filed PDF · View the filing
Past payment delays from Andhra Pradesh Electricity Board
p. 9
“AP, we had a few little issue in the previous years, but in the last couple of years, things have been quite smooth.”
T. Shivaraman, page 9 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.