1. At a Glance
Ladies and gentlemen, meet Oriana Power Ltd, India’s latest solar sensation with more swagger than sunlight on a Rajasthan rooftop. As of November 21, 2025, Oriana’s share trades at ₹2,578, packing a market cap of ₹5,239 crore and a P/E ratio of 22.6. The company’s Q2 FY26 revenue hit a scorching ₹781 crore, while PAT charged up to ₹121 crore, showing 117% YoY and 150% profit growth, respectively. ROE? A sunburning 48.4%. ROCE? A toasty 42.3%.
But wait—there’s drama too. Despite delivering 189% CAGR profit growth over 5 years, Oriana refuses to share the spoils — dividend yield remains 0%, as management apparently believes solar cash should stay where it belongs: under the corporate sunroof.
Debt? Manageable at ₹316 crore, with a debt-to-equity ratio of 0.50, proving the company’s leverage is solar-powered, not explosive. From a modest ₹64 crore half-year revenue in 2023 to ₹781 crore now, Oriana has gone full “sunrise unicorn.” Investors are glowing—literally and figuratively.
So, the million-rupee question: is Oriana the Tesla of Indian renewables or just another overhyped wattage wonder? Let’s plug in.
2. Introduction
If there was a “most improved kid” award in the renewable energy class, Oriana Power Ltd would take it home, powered by 100% solar energy. Born in 2013, this Gurugram-based renewable hustler started by installing solar panels on rooftops. Today, it’s signing billion-dollar MoUs with Canada and Rs. 10,000 crore deals with Rajasthan. Talk about moving from terrace lights to stadium floodlights.
The solar EPC (engineering, procurement, and construction) model has been Oriana’s bread, butter, and side salad — contributing 98% of revenue in FY24. The other 2%? That’s the company dipping its toes into RESCO, BESS (Battery Energy Storage Systems), green hydrogen, and even compressed biogas. Basically, if it’s renewable, Oriana wants to own it, operate it, and eventually transfer it (BOOT model pun intended).
In FY25, Oriana commissioned a 29 MWp captive open-access plant in Karnataka while quietly accumulating a 500 MW solar EPC order book and 420 MW in BESS contracts. The ambitions don’t stop there — by 2030, Oriana dreams of becoming the Renewable Reliance, boasting 6 GW of EPC and 3.5 GWh of battery storage.
But before you start chanting “solar is the new oil,” let’s remember: Oriana’s working capital days have ballooned from 32 to 81.5, meaning cash collection is slower than charging your EV at a rural highway station. Still, with profits growing faster than the Indian cricket team’s endorsement deals, Oriana’s sun seems far from setting.
3. Business Model – WTF Do They Even Do?
Alright, so what exactly does Oriana Power Ltd do besides giving the planet a vitamin D overdose?
Let’s break it down without frying your brain cells.
A) EPC Model (98% Revenue Share)
Clients pay upfront; Oriana builds shiny solar projects and sometimes sticks around for O&M (Operations & Maintenance). Think of it as a solar wedding planner: the client
funds the wedding, Oriana handles the venue, food, music, and lighting. Over 80 MW of EPC projects are already shining across India and Africa — from floating solar farms to industrial rooftops.
B) RESCO Model (1.5% Revenue Share)
Here, Oriana becomes the landlord. It invests in solar plants and sells power to clients under long-term PPA agreements (15–25 years). It’s like Netflix for electricity—customers don’t own the content, they just keep paying monthly. Clients include Hindustan Copper, Sona BLW, and Mahindra CIE.
C) Deferred Capex/Hybrid IPP Models
Oriana sets up solar plants, partially owns them, and gets steady annuity income. Smart, because recurring cash is better than one-time EPC sugar highs.
D) Battery Energy Storage Systems (BESS)
The sexy new kid on the block. Oriana’s executing grid-scale storage projects and C&I (commercial and industrial) BESS setups, creating long-term O&M revenue.
E) Green Hydrogen & E-Fuels
Because “solar” wasn’t cool enough, Oriana added green hydrogen, winning SECI’s 60,000 MT/year ammonia allocation at ₹52.25/kg.
F) Compressed Biogas (CBG)
When you’ve mastered the sun, why not monetize gas? Oriana’s setting up a 21 TPD CBG plant in UP, with a 100 TPD pipeline in the works. If methane had a fan club, Oriana would be president.
So yes, it’s a solar company. But it’s also a hydrogen scientist, biogas producer, and energy storage dreamer. Basically, the entire renewable buffet.
4. Financials Overview
| Metric | Latest Qtr (Sep FY26) | Same Qtr Last Year | Previous Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 781 | 360 | 628 | 117% | 24% |
| EBITDA (₹ Cr) | 180 | 75 | 159 | 140% | 13% |
| PAT (₹ Cr) | 121 | 49 | 110 | 147% | 10% |
| EPS (₹) | 59.8 | 23.9 | 54.1 | 150% | 10.6% |
Commentary: Oriana’s top line is doing cardio at lightning speed — doubling in a year, which is impressive for a company that literally sells sunlight. Margins remain robust at 23% OPM, a far cry from the sweaty single digits of FY21. If solar stocks were a cricket league, Oriana would be the power hitter smashing boundaries each quarter.
5. Valuation Discussion – Fair Value Range Only
Let’s play the valuation game. Three methods, zero price targets, and 100% educational intent.
A) P/E Method:
EPS (TTM):
