Oriana Power Ltd Q2 FY26 – Solar Panels, Batteries, and Billion-Dollar Ambitions: India’s New Renewable Rockstar or Overcharged Panel?

1. At a Glance

Ladies and gentlemen, meetOriana Power Ltd, India’s latest solar sensation with more swagger than sunlight on a Rajasthan rooftop. As ofNovember 21, 2025, Oriana’s share trades at₹2,578, packing amarket cap of ₹5,239 croreand aP/E ratio of 22.6. The company’sQ2 FY26 revenuehit a scorching₹781 crore, whilePATcharged up to₹121 crore, showing117% YoYand150% profit growth, respectively. ROE? A sunburning48.4%. ROCE? A toasty42.3%.

But wait—there’s drama too. Despite delivering189% 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 adebt-to-equity ratio of 0.50, proving the company’s leverage is solar-powered, not explosive. From a modest₹64 crorehalf-year revenue in 2023 to₹781 crorenow, 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 Ltdwould take it home, powered by 100% solar energy. Born in2013, this Gurugram-based renewable hustler started by installing solar panels on rooftops. Today, it’s signingbillion-dollar MoUs with CanadaandRs. 10,000 crore deals with Rajasthan. Talk about moving from terrace lights to stadium floodlights.

Thesolar EPC (engineering, procurement, and construction)model has been Oriana’s bread, butter, and side salad — contributing98% of revenue in FY24. The other 2%? That’s the company dipping its toes intoRESCO, BESS (Battery Energy Storage Systems),green hydrogen, and evencompressed 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 a29 MWp captive open-access plant in Karnatakawhile quietly accumulating a500 MW solar EPC order bookand420 MW in BESS contracts. The ambitions don’t stop there — by 2030, Oriana dreams of becoming theRenewable Reliance, boasting6 GW of EPCand3.5 GWh of battery storage.

But before you start chanting “solar is the new oil,” let’s remember: Oriana’s working capital days have ballooned from32 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 doesOriana Power Ltddo 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 forO&M (Operations & Maintenance). Think of it as a solar wedding planner: the client funds the wedding, Oriana handles the venue, food, music, and lighting. Over80 MWof EPC projects are already shining across India and Africa — fromfloating solar farmstoindustrial 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-termPPA agreements (15–25 years). It’s like Netflix for electricity—customers don’t own the content, they just keep paying monthly. Clients includeHindustan Copper,Sona BLW, andMahindra CIE.

C) Deferred Capex/Hybrid IPP ModelsOriana 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 executinggrid-scale storage projectsandC&I (commercial and industrial)BESS setups, creating long-term O&M revenue.

E) Green Hydrogen & E-FuelsBecause “solar” wasn’t cool enough, Oriana addedgreen hydrogen, winningSECI’s 60,000 MT/year ammonia allocation at ₹52.25/kg.

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