1. At a Glance – Blink and You’ll Miss the Profits
Orient Green Power Company Ltd is that renewable stock which has survived every possible cycle — wind booms, REC collapses, debt mountains, legal skirmishes, and now… solar ambition. At a current price of ₹10.8, market cap ₹1,260 Cr, and price-to-book of 1.06, the stock sits in that awkward zone where value investors say “cheap” and growth investors say “why though?”.
FY25 sales stand at ₹296 Cr, with a headline OPM of 63.7% — yes, wind power margins are still absurdly high. But before you celebrate, zoom into the quarterly numbers: Q3 FY26 PAT of -₹21.4 Cr, revenue of just ₹36 Cr, and EPS of -₹0.19. This is a company that prints EBITDA but struggles to consistently deliver net profits quarter after quarter.
Debt is down to ₹490 Cr, a huge improvement from the ₹2,200+ Cr nightmare a decade ago. ROCE is 6.65%, ROE 3.84%, and promoter holding has slid to 24.38%, with 100% of that pledged. Yes, all of it.
Three-month return: -22%. Six-month return: -19%. One-year return: -29%. Long-term holders are emotionally strong people.
So the big question before we go further:
Is this a turnaround story in slow motion or just a well-dressed zombie utility?
2. Introduction – The Comeback That Keeps Taking Tea Breaks
Orient Green Power is not new money. It’s old money that went through bankruptcy-adjacent trauma, survived, downsized, refinanced, and is now trying to look cool again in the renewable boom.
Back in the day, this company aggressively built wind assets across Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, and even Croatia. The assets were real. The cash flows were real. The debt… also very real.
From FY14 to FY19, interest costs were so high that even healthy operating profits couldn’t save the P&L. Then came restructuring, asset rationalisation, one-time settlements, and years of balance sheet dieting. By FY25, borrowings are down to ₹552 Cr, now ₹490 Cr by Sep 2025.
Operationally, the company is no longer bleeding. Financially, it is breathing. But thriving? That’s still under evaluation.
And now comes the pivot — solar, hybrid, repowering, EPC contracts, and a 1 GW dream. Management wants Orient Green
to stop being “that old wind company” and become a diversified renewable platform.
But let’s be honest — the market has heard this story from many power companies. Some became NTPC Green. Others became footnotes.
So let’s break this down slowly, without greenwashing.
3. Business Model – WTF Do They Even Do?
At its core, Orient Green does one simple thing:
It sells electricity.
Revenue Mix (FY25)
- Sale of Power: 97%
- REC, incentives & O&M: 3%
This is not a trading business. This is not merchant power. This is boring, contracted, meter-reading-based electricity sales. You generate units, DISCOMs or counterparties pay you (eventually), and you repeat.
Asset Base
- Total installed capacity: 402.3 MW
- India: ~382.3 MW (wind)
- Croatia: 10.5 MW (wind)
These assets are spread across high-wind states, mostly commissioned years ago. Capex intensity today is low because most assets are mature.
This maturity is why margins look fantastic — depreciation is steady, O&M costs are predictable, and there’s no massive capex bleeding the cash flow.
But maturity also means low growth unless you add capacity.
Which brings us to solar.
4. Financials Overview – Numbers That Look Better Annually Than Quarterly
So EPS annualisation rules apply accordingly.
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 36.0 | 35.0 | 131.0 | 4.2% | -72.5% |
| EBITDA | 13.0 | 11.0 | 100.0 | 18.2% | -87.0% |
| PAT | -21.4 | -22.0 | 81.0 | 2.7% | NA |
| EPS (₹) | -0.19 | -0.20 | 0.69 | NA | NA |
Yes, that QoQ collapse looks dramatic. But wind companies are seasonal. Q2 is always the darling quarter thanks to monsoons. Q3 is when reality returns.
Still, negative
