🔍 At a Glance
Oriana Power Ltd is a renewables EPC company on a sugar rush of government contracts, MoUs, and a 190% profit growth spree. With ₹987 Cr in FY25 revenue, ₹159 Cr PAT, and a stock that once doubled, this NSE-SME superstar wants to go from a smallcap darling to a giga-solar overlord. But rising debt and debtor days might dim this solar glow.
1. 🧩 Introduction with Hook
They say don’t stare at the sun directly. But investors clearly didn’t listen when Oriana Power listed.
- Stock hit ₹2,797 post-SME listing, now cooled to ₹2,116 (-25%)
- FY25 PAT: ₹159 Cr (+192% YoY), ROE: 48.3%
- FY25 Revenue: ₹987 Cr, OPM: 24%
- Secured battery storage, green hydrogen, CBG, and airport EPC orders in FY25
- Now targeting 6 GW EPC and 3.5 GW BESS by 2030 😳
🚨 Ambition level = Gautam Adani with a caffeine addiction.
2. 🏭 Business Model – WTF Do They Even Do?
🧱 Two key verticals:
- Solar EPC Projects
- Rooftop and Ground-mounted
- Hybrid Solar + BESS
- CBG (Compressed Biogas) for municipalities
- BOOT Projects (Build-Own-Operate-Transfer)
- On-site solar infra built and monetized for industrial clients
- Off-site open access plants for C&I (Commercial & Industrial)
🚀 Clients: Airports, state utilities, PSUs, and mega infra bodies
🧠 Their EPC is high-margin, fast-cycle, BOOT is asset-heavy, slower to monetize.
3. 💰 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 34 | 124 | 135 | 383 | 987 |
| Net Profit (₹ Cr) | 1 | 7 | 11 | 54 | 159 |
| ROE (%) | – | 51% | 51% | 48% | |
| OPM (%) | 10% | 10% | 14% | 21% | 24% |
🧠 5-year CAGR:
- Sales: 115%
- Profit: 189%
😳 These are not normal numbers. These are IPO-fueled-on-steroids numbers.
4. 📉 Valuation – Is It Cheap, Meh, or Crack?
- P/E: 27.1x — fair for hyper-growth renewable EPC
- P/B: 8.44x — eeks
- ROE: 48.3% (🔥)
- Fair Value Range: ₹2,250 – ₹2,500
📊 Based on FY26E EPS of ₹90 and forward P/E of 25–28x
💡 Premium justified IF they sustain momentum — but one bad quarter and valuation will burn like a faulty solar panel.
5. 🍿 What’s Cooking – News, Triggers, Drama
- ⚡ July 2025: ₹209 Cr Battery Storage (50MW/100MWh) contract in TN
- 🌞 ₹98 Cr EPC order for Bihar Solar Plant (20 MW) + 3-year O&M
- ✈️ ₹22 Cr solar project for Kannur Airport (5-year O&M)
- 🚀 ₹10,000 Cr MoU in Rajasthan + ₹500 Cr in Assam + more
- 💰 FY25 PAT: ₹159 Cr vs ₹54 Cr in FY24
- 🏗️ Plan: 1 GW solar BOOT by FY26, 6 GW EPC target by 2030
- 🎓 H1 FY25 concall: Focus on scaling infra, partnering for storage, hydrogen, and e-fuels
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Total Assets | ₹1,363 Cr |
| Equity Capital | ₹20 Cr |
| Reserves | ₹489 Cr |
| Borrowings | ₹271 Cr |
| Debt/Equity | ~0.5x |
| Fixed Assets | ₹269 Cr |
| CWIP | ₹49 Cr |
🚨 Massive asset jump in 2 years = rapid BOOT/solar infra buildout. Debt manageable for now.
7. 💸 Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | Capex | FCF (Est.) |
|---|---|---|---|
| FY23 | ₹16 Cr | ₹41 Cr | -₹25 Cr |
| FY24 | ₹3 Cr | ₹117 Cr | -₹114 Cr |
| FY25 | ₹290 Cr | ₹522 Cr | -₹232 Cr |
🧠 Free cash flow? LOL. Expansion phase = big outflows. But FY25 CFO of ₹290 Cr = solid operational discipline.
8. 📊 Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROCE | 42.3% |
| ROE | 48.3% |
| OPM | 24% |
| EPS | ₹78.03 |
| Debtor Days | 146 (🚩 up from 75) |
| Cash Conv. Cycle | 63 days |
| Working Capital Days | 100 |
⚠️ 🚨 Debtors up = money stuck. Something to watch — especially with state contracts.
9. 💵 P&L Breakdown – Show Me the Money
- Revenue: ₹987 Cr (up from ₹383 Cr)
- Net Profit: ₹159 Cr (192% YoY)
- EPS: ₹78
- PAT Margin: 16%
- OPM: 24% (expansion from 14% in FY23)
🧠 Their P&L screams efficiency — but they need to maintain it at 2x size now.
10. 🤼 Peer Comparison – Who Else in the Game?
| Company | CMP | P/E | ROCE | ROE | OPM |
|---|---|---|---|---|---|
| Oriana Power | ₹2,116 | 27.1x | 42.3% | 48.3% | 24% |
| Waaree Renewables | ₹995 | 44.6x | 84.9% | 64.9% | 19.5% |
| Premier Energies | ₹1,058 | 50.9x | 41.4% | 54% | 27% |
| Shilchar Tech | ₹5,594 | 43.6x | 71% | 52.8% | 29.6% |
🔥 Oriana is cheapest on P/E but only if they can keep executing. Otherwise… 💣
11. 🧮 Miscellaneous – Shareholding, Promoters
- Promoters: 58% (down from 61.4%)
- FIIs: Only 0.85%
- DIIs: Only 0.30%
- Public Holding: Now 41% (up 10% in 1 year)
- Retail Shareholders: 14,458 — up 10x in a year!
🧠 This is now a retail-stock darling. No institutional heavyweights yet.
12. 🧑⚖️ EduInvesting Verdict™
Oriana Power is the mid-cap rocket of the renewable EPC world.
✅ Sky-high ROE/ROCE
✅ MoU master — signing state deals like it’s a wedding planner
✅ ₹1,000 Cr to ₹4,000 Cr mcap in 18 months
⚠️ But debtor days, high asset intensity, and stock volatility are real
FV Range: ₹2,250–₹2,500
🧠 It’s a solar unicorn in SME clothing — just hope it doesn’t trip on its own cables.
✍️ Written by Prashant | 📅 July 6, 2025
Tags: Oriana Power, Solar EPC, Renewable Energy, SME IPO, BESS, BOOT Projects, Battery Storage, Hydrogen, Green Infra, Stock Analysis
