1. At a Glance

Orient Green Power Company Ltd — the renewable power producer that’s seen more storms than a Tamil Nadu monsoon — is back in the spotlight after Q2FY26. The stock trades at ₹14 (down 2.6%), with a market cap of ₹1,639 crore and a P/E of 29.4x. The September quarter (Q2FY26) numbers show the company’s turbines finally catching some serious wind: revenue of ₹131 crore and PAT of ₹67.8 crore. That’s not just a breeze; it’s a full-blown gust of profitability.

Return on capital employed? 6.65%. Return on equity? A humble 3.84%. But hey — when you’ve survived a decade of losses and restructuring, even single-digit returns feel like Everest climbs. The company’s operating profit margin hit a cool 76%, making it one of the most efficient “wind whisperers” in India.

Debt? ₹490 crore — not exactly feather-light, but down sharply from ₹2,200+ crore a decade ago. Promoter holding has been sliced down to 24.4%, and yes, it’s 100% pledged. That means even the promoters’ shares are working overtime as collateral — talk about “wind power leveraged edition.”

In short: Orient Green Power is that friend who finally got his life together after years of chaos — slimmer debt, fatter profits, and a few new solar dreams. The question is, can this glow-up last?

2. Introduction

Orient Green Power has been around long enough to have seen both the “renewable hype” bubble of 2010 and the painful hangover that followed. Back then, it was the poster child for India’s green dreams — IPOs, flashy wind farms, and PowerPoint slides promising “carbon-neutral nirvana.” Fast forward to 2025, and the story feels more like a comeback special on Netflix: “How I Lost My Debt and Found My Wattage.”

After years of being buried under interest payments and tepid cash flows, the company is finally showing signs of financial resurrection. PAT in FY25 touched ₹72 crore (versus ₹38 crore in FY24), with operating margins holding at a stellar 63%. Revenues have grown modestly to ₹294 crore, but the quality of earnings is what has analysts smirking — not just turbines spinning, but cash too.

Still, there’s that small matter of pledged shares. 100% of promoter holding is encumbered to Catalyst Trusteeship. If renewable energy is about “unleashing freedom,” this is ironic — every share is literally tied down.

Yet, in a market where Adani Green trades at 80x P/E, Orient Green’s 29x looks… affordable? Or at least, less insane. It’s like comparing a Maruti Alto to a Tesla — both are cars, but only one fits the Indian wallet and the other fits the fantasy.

The company’s wind assets, spread across Tamil Nadu, Andhra, and Gujarat, generate over 380 MW, while its new 7 MW solar project aims to make it a hybrid powerhouse. And guess what — it even has a 10.5 MW wind farm in Croatia, because apparently, the wind there speaks Tamil too.

3. Business Model – WTF Do They Even Do?

So, whatdoesOrient Green actually do when it’s not pledging shares or chasing ombudsman refunds?

The company’s business model is as breezy as it gets — generate power using wind (and soon, solar), sell it to state utilities or through power purchase agreements (PPAs), and collect payments based on monthly meter readings. Essentially, it’s like running a really expensive ceiling fan for the nation — except the fan costs ₹1,700 crore and sometimes doesn’t get paid on time.

Revenue streams are split between:

• Sale of Power (97%)— the core money-spinner, billed and metered monthly.
• RECs & Other Income (3%)— includes renewable energy certificates, incentives, and O&M services for windmills.

Geographically,India contributes 93%of revenue, whileCroatia adds 7%— because global diversification apparently means “one wind farm in Europe.”

Orient’s long-term dream is to scale from 402 MW to1 GW of renewable capacity, combining wind, solar,