1. Opening Hook
When your quarterly profit jumps 38%, even the wind gods take notice. Orient Green Power’s FY26 half-year story is basically“we fixed the turbines, wind cooperated, and lenders paid us back for overcharging.”The result? Cash flows are breezy, interest costs lighter, and expansion dreams louder.
But here’s where it gets spicy — they’re now flirting with solar, chasing 1000 MW dreams, and hinting at “inorganic” growth (read: M&A gossip). Stick around, because what starts as a feel-good wind tale turns into a renewable ambition saga with Tamil Nadu policy drama and some solar seduction ahead. 🌬️⚡
2. At a Glance
- Total Income ₹135.45 Cr (↑10%)– No spreadsheet magic, just favorable winds.
- EBITDA ₹104.31 Cr (↑16%)– Turbines spinning and margins grinning.
- Net Profit ₹80.94 Cr (↑22%)– Interest refund said “hello profits!”
- Finance Cost ↓20%– Credit rating therapy worked wonders.
- Half-year Revenue ₹228.62 Cr (↑20%)– Wind and willpower combo.
- Stock reaction– Traders probably googled “wind PLF” after this.
3. Management’s Key Commentary
“We had good wind and better machine availability; profitability improved.”(Translation: When nature cooperates and your turbines don’t nap, money follows.😏)
“Finance cost declined 20% due to improved credit ratings.”(Translation: Banks finally believe we’re less risky than last monsoon.)
“We received a ₹16 Cr interest refund from lenders.”(Translation: Our bankers did an oopsie — and we cashed it happily.💸)
“A 7 MW solar project will be commissioned by December; 18 MW more by June.”(Translation: We’re adding some sunshine to our windy portfolio.)
“Target is 1000 MW capacity — sooner rather than later.”(Translation: ‘Soon’ = whenever policies, lenders, and luck align.)
“We haven’t focused much on investor engagement earlier.”(Translation: We were busy fixing the company; PR can wait.)
“Tamil Nadu’s new policy won’t derail us — mostly affects new assets.”(Translation: Thank god for grandfather clauses and bureaucracy.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Comment |
|---|---|---|---|
| Total Income | ₹135.45 Cr | +10% | Wind was kind this quarter. |
| EBITDA | ₹104.31 Cr | +16% | Margins held despite inflation. |
| Net Profit | ₹80.94 Cr | +22% | ₹16 Cr interest refund helped. |
| Finance Cost | ₹25 Cr (est) | -20% | Lower rates + debt repayment magic. |
| H1 Revenue | ₹228.62 Cr | +20% | Half-year record in recent times. |
| H1 Net Profit | ₹109.56 Cr | +38% | Wind, not hot air. |
| Debt Outstanding | ₹525 Cr | ↓ YoY | Still breezy, but under control. |
| Receivable Days | <30 days | Improved | Andhra still the slowpoke. |
(Wind PLF at 28% vs 24.5% last year — that’s the real hero here.)
5. Analyst Questions
Q:Why such strong EBITDA this quarter?A:Q2 is peak wind season — nature’s own bonus payout.
Q:Finance cost down 20%, sustainable?A:Interest rates down, but expansion = more borrowing. So… “yes, but no.”
Q:1000 MW plan timeline?A:“Soon.” (Investor translation: “Eventually.”)
Q:Any acquisitions brewing?A:“Multiple conversations.” (Read: NDA signed, fingers crossed 🤞)
Q:Carbon credits?A:Customers take the green brownie points; we just get the cash.
6. Guidance & Outlook
Management expects H2 generation to mirror last year — Q3 and Q4 will naturally see a dip as wind slows. Finance costs to stay lower YoY, margins to hold. The
