Orient Green Power Company Ltd (NSE: GREENPOWER) Q1 2026 Earnings Call dated Aug. 21, 2025
Corporate Participants:
Unidentified Speaker
Chandni Chande — Investor Relations
T Shivaraman — Chief Executive Officer
J. Kotteswari — Chief Financial Officer
Analysts:
Unidentified Participant
Faisal Hawa — Analyst
Sanjay Agarwal — Analyst
Sakshi Shinde — Analyst
Dhanat Olani — Analyst
Majid Ahamed — Analyst
Mahesh Seth — Analyst
Monika Patel — Analyst
Vinod Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1 FY26 results conference call of Orient Green Power Company Limited hosted by Kirin Advisors Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Ms. Chandni from Kiran Advisors. Please go ahead.
Chandni Chande — Investor Relations
Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Orient Green Power Co. Ltd. From management team. The call would be addressed by Mr. Shiva Raman, Managing Director and CEO Ms. Koteshwari, Chief Financial Officer. Now I hand over the call to Mr. Shiva Raman. Over to you sir.
T Shivaraman — Chief Executive Officer
Thank you. Thank you all for joining our call. It’s my pleasure to welcome you all to the OGPL Q1 FY26 earnings call. I would like to thank all our investors, stakeholders and partners for their continued support and confidence in our company. The first quarter of FY26 has been a landmark one for OGPL in recent past. A combination of internal and external factors have helped us deliver one of the best performance in recent years. The internal factors have been the completion of the component upgradation in a number of our wind turbines which were down for the last couple of years.
Almost all of them are currently online and they have been able to contribute significantly to generation this quarter. We’ve also been able to manage our finances much better and bring our interest costs down significantly. The external factor has been the early onset of the wind season which actually has returned to a normal pattern after two years of pretty poor wind. And this the wind has been sustained throughout Q1 and has also been fairly good even in Q2. So we have been able to achieve better revenues from our portfolio revenues going closer to the long term average of generation and obviously this has improved our capacity utilization, our EBITDA and our revenues.
Quickly running to our numbers. Total income was 93.17 crores for the quarter which is about 38.6% growth year on year. EBITDA is 65.92 crores, 46.4% better than last year and our EBITDA margin expanded by 378 basis points to about 70.75% net profit. That is PAT before discontinued operations was 28.85 crores which is 446% year on year growth and PAT margin is also 23% higher at 30.96%. This financial performance reflects the strength of our operating portfolio and also the benefits of our financial prudence. Our finance costs have declined by over 15% during the quarter and because of timely debt repayments and improved credit ratings going forward, we are currently constructing our 7 megawatt AC solar project in Tamil Nadu and final stages of awarding the contract for the 18 megawatt project totaling to 25 megawatts.
The delay in the 18 megawatt has been due to land due diligence issues which as you are all aware is always a problem in renewable space. But once now that we have almost frozen on the supply end, we should be in a position to quickly implement this project. We have already signed up with customers. To offer the power from this 25 megawatts of solar in combination with our wind so that we are able to give a diversified source of energy supply to our customers.
I think with the favorable wind conditions continuing till date in Q2 and expected. To continue to the end of the. Quarter, and with the commissioning of our. Solar project in the next few months, we will be in a position to deliver better results over the next few quarters. We are also looking at. Expansion as. We have earlier signaled that we would. Like to expand about a gigawatt over the next couple of years. We are in serious discussions on quite a few inorganic acquisitions as well as implementing certain repowering projects on our existing assets and we are confident that over the next couple of years we will be in a position to significantly grow our portfolio. Thank you for joining us today and we look forward to sharing more updates during the year and answering questions as they come up. Thank you.
Questions and Answers:
operator
Thank you sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Faisal Hawa from HE Hawa and company. Please go ahead.
Faisal Hawa
I have three questions. One is you talked about some acquisitions. So what route will we take to make these acquisitions as our cash positions or bank balance position is not that healthy and what are the kind of acquisitions we are looking at? Is it in wind and solar and in which state are we situated in? Second question is the better performance in the first quarter, how much of it would be due to the changes in our machinery and the old turbines which were off getting started and how much of it would be due to the better wind conditions? Third question is how much lower can our interest cost go to and what are they at present? And we did get some significant other income because of banks giving us back the extra interest that they had charged.
So what is the total amount of such other income that we could get from these banks? And sir, fourth question is that if the same wind conditions are continuing, you feel that the second quarter also the profits could be like two and a half to three times like, just like the first quarter.
T Shivaraman
Okay, so let me answer the questions that I can answer. As far as acquisitions are concerned, we are looking at across wind and solar. So and we are definitely looking at multiple states. There are a few projects in Tamil Nadu that we are evaluating, but there are quite a few projects which are outside of Tamil Nadu. So we are being quite agnostic and we were actually having a slight bias towards solar rather than wind because we need to balance our portfolio somewhat. Financing of these acquisitions we will work out as we get closer. There are multiple options, but I think that’s something that as the target kind of stabilizers we will figure that out.
As far as the increased performance due to, whether it is due to the, should we say increased generation or increased machines. So compared to Q1 of last year, we had about 12.46 crore units as against 9.5 crore units last year, which is about 3 crore units extra, out of which almost 1 crore unit is because of improved machine availability in our machines, that is the retrofitting of the machines. And the balance 2 crore units is because of better wind. So that’s the kind of split between the two. As far as the Q2 is concerned, we are still halfway through the quarter.
So till date things are looking good. But last year was particularly bad in Q1 because the wind was was low last year. In fact, the year before last also Q1 wind was quite sad. So I don’t think Q2 will see as big a jump in terms of the wind availability. But there are other benefits on reduced interest rates and things like that. So I think we will be able to achieve decent results in Q2. Obviously we have to wait for the quarter to end. As far as interest costs are concerned, we are, I think last year we were at about 9.45%.
Today our interest cost is about 9.25%. So and we are pushing towards a figure of about 8.7, 5% which we should be able to achieve in the coming hopefully by the next year. That’s the target that we have. Another 0.5% interest reduction is what we’re looking for. I think that’s pretty much what is.
Faisal Hawa
The blended per unit realization that we are getting. And at the acquisitions we are looking at, what is the per unit realization?
T Shivaraman
See, that’s a little difficult to say that. You see that as far as acquisitions are concerned there are two types. One is that we are looking at certain assets which are in long term BPs, which have lower realization. But, but then they have a 15, 20 year PPA. So that’s a different kind of animal. And the, our group captive assets have, I mean each, I think we have an average around 5 rupees plus from our group capital assets which will be more or less similar if we acquire more such assets. So, so the combination is different.
Obviously when we are acquiring assets, operating assets, if the tariff is lower, we would be paying a slightly lower price. And where we acquire operating assets with higher tariff, the price that we pay is higher. But there are pluses. If I, when I have acquired assets with long term PPS, there is a 15, 20 year stability of income, whereas with the group captive assets, the PPA durations are typically shorter.
Faisal Hawa
I’ll come back into the Q for more questions.
T Shivaraman
Okay, thank you.
operator
Thank you. A reminder to all participants, you may press Star in one to ask a question. The next question comes from the line of Sanjay Agarwal, an individual investor. Please go ahead.
Sanjay Agarwal
Thank you very much. First of all, I would like to congratulate the team for a very good set of numbers. Am I audible?
operator
Yeah, perfectly audible.
Sanjay Agarwal
All right. Yeah. So the first question that I want to check, what are how we are doing the energy storage solution inside for the wind farmer? If you can show some color on that, that’s question number one. And question number two, I heard you saying that the 7 megawatt solar capacity we have entered into the contract. So do we have any timeline like when we expect this to be commissioned and is there a possibility we can start seeing the revenues coming from the solar capacity in this financial year? And the third question is, can you give us any revenue guidance for this? 25, 26 and 2627 collectively on a consolidated basis.
Thank you.
T Shivaraman
Let’s take a. I didn’t catch your last question. What was that?
Sanjay Agarwal
The revenue guidance on the consolidated basis.
T Shivaraman
Okay. Okay. So firstly on energy storage, we are currently evaluating the feasibility of energy storage both on the solar and the wind side. At current battery costs, it looks quite tight. It looks not really viable without some kind of a subsidy which is not available to ipps unless you go to a government ppa. But we are seeing battery prices dropping continuously. So this is something that we are closely evaluating and I would think that we would be kind of getting into battery storage sooner rather than later. But the timeline will depend on when the numbers start making sense from an IRR point of view.
With regard to the 7 megawatt solar project, I think we are looking at about November or December of this year when the project will get commissioned revenue guidance. Typically we do not give going forward because two reasons. One is we are in the wind industry, so it depends a lot on how the Vayu Bhagavan helps us. And the second part of course is that since there are conversations happening, the baseline itself may change. So we normally do not provide forward looking guidance.
Sanjay Agarwal
Thank you and.
T Shivaraman
Thank you.
operator
Thank you participants. You may press Star and one to ask a question. The next question comes from the line of Sakshi Shinde from Orient Green Power company. Please go ahead.
T Shivaraman
Hi.
Sakshi Shinde
Hello. My question is what is the current average operational efficiency of wind turbines? And as it improves as compared to the last year.
T Shivaraman
Now the turbine efficiency. Does not change year on year much because we already have the turbines, they’re fixed. So it is dependent. I mean the only thing that we can do is ensure that they operate 24 by 7 during the wind season. So it’s more or less the same. It’s only when our generation difference is dependent mainly on wind and reducing breakdowns or downtime.
Sakshi Shinde
Thank you.
operator
Thank you. The next question comes from the line of Dhana Tolani, an individual investor. Please go ahead. Please go ahead with your question and unmute yourself in case if you’re on mute. Now, please go ahead with your question. Since there is no response, we will move to the next participant. The question comes from the line of Faisal Hawa from H.G. hawa and Company. Please go ahead.
Faisal Hawa
So what is our per unit generation that we are getting from the private players at this point of time and how sustainable it is because overall the renewable energy rates have fallen to almost 2.75 or 2.5 units rupees per unit and do you feel that this can sustain any effect of the US tariffs on us because most of our customers are also in the garmenting industry. And second question is what is the kind of priority now this company holds for the Shiram Group because most of the other companies have been sold off or have been classified as Not Sriram Group companies and promoter holding also remains extremely low.
So will this company and its operations get a lot of priority? Because we have been talking of going to one GW from a very long time and even the annual report does not give any perfect roadmap for it. So is it a correct assumption that we will now go to one gw say in one year’s time from today?
T Shivaraman
Okay, see that I’m not. I don’t think I can give you a timeline on the gigawatt. So the only thing I can say is that we are working very hard on it and all of us are kind of committed to doing it. There’s a lot of work happening on the ground, but it’s not at a stage where we can kind of communicate it formally to shareholders. As far as the sustainability of the tariffs that we have, we have decent PPs. Our exposure to the garment industry is not very large. We have a lot more exposure to auto component and other manufacturing and relatively small exposure to textile and garments.
So we are not from that point of view, we don’t see an issue with the US Tariffs in terms of reduced costs. See, the drop in price is primarily a lot of it is on solar. We are not so much on the wind side. Wind has also dropped in price, but not that much. And if you see new capacity addition in Tamil Nadu has not been that dramatic in the wind side because of tightness in availability of suitable wind lands. So we don’t see. We do see some competition in terms of pricing, but it is not dramatic and it’s not really putting a significant downward pressure.
The other part is that a lot of our customers are still not achieved 100% renewables. Their target is to achieve 100% renewables by 2030 or before. Therefore, most of our guys are still at 40, 50%. So there is quite a bit of headroom even within the existing customer base to expand our supply. And our constraint actually has been supply that we have not been able to generate enough power to supply the customers rather than not having enough customers to buy our power. Which is why this solar makes sense and which is why we will look at hybrid and repowering some of our older turbines to increase generation within the existing portfolio.
So we are quite comfortable on that front. We do have support from our promoters to go forward and we will find structures that work for growing the company. Thank you.
Faisal Hawa
My question about the unclaimed so far interest which banks had overcharged us, how much is that that still recoverable and is in litigation with OMBUDSMAN that question still remains unanswered.
J. Kotteswari
That will be depending on the banks. We have lodged a claim of around total. In total 50 crores out of which 9.3 crores. Bank of Baroda has given the balance 40 crores. Depends on how banking Ombudsman gives us the award.
Faisal Hawa
And so suppose some of these acquisitions do not go through because of any technical reasons or some reasons on price factors. What is our plan B? Because we have raised food issues for expanding the capacity and on ground that capacity increase has really not taken place.
T Shivaraman
Yeah, see, there has been a delay. In the solar because we had signed up, I mean an agreement with EPC contractor on 25 megawatts. Unfortunately, when we went into the detail of the diligence of the land, we found that was a big hole in the land. So we were forced to reallocate our. Should we say this thing to two other contractors to keep moving because we could not take that risk.
As far as the acquisitions are concerned. I think we have currently far more conversations than we can. So there are multiple options available. So the probability that all of them will go for it is not. Is very, very low. So we have more options than we need. So I’m fairly confident that we will be able to get there. Organic growth will take more time because these projects take quite some time to develop in terms of land and in terms of evacuation. And especially Tamil Nadu Windland has become an absolute massive bottleneck because most of the places where the wind is viable have been already filled up.
And the few other places that are available, grid connectivity bottleneck. So I think the way to go in Tamil Nadu at least will be only inorganic. And also repowering. We have a fairly substantial repowering portfolio. We were constrained by government regulation not being conducive. There were quite a few kind of holes in the government regulation for repowering. Most of those have been ironed out. There is still a little bit of work that needs to be done with the electricity authority and the regulator. We hope to get that done in the next month, month and a half.
And then we will be able to start the repowering process on our existing old assets. That will give us the advantage that you already have the grid, you have the land. You only need to knock down the old turbine and put in a new turbine which, which will substantially improve generation without as low a cost as possible.
Faisal Hawa
And sir, what are the per unit or per MW price that we are looking at if we acquire, say solar and. Or is the acquiring. So what is the kind of capital that we need because any shareholder would need this figure to understand how much your equity will expand or how much your debt will expand in future.
T Shivaraman
Once we, once we, once we finalize these deals, we will come to obviously have to come to the shareholders for approval for all doing all these things. So at that point I think it is today too premature to talk about it because this is a very wide range of assets that you’re looking at. So as soon as we have clarity, we have a handshake with some of these things, we will come to the, the shareholder for, for approval and obviously we will be at that point sharing all the data that we have on it.
Faisal Hawa
Are we discounting any of our outstanding customer.
operator
Could you please rejoin the queue for more questions?
Faisal Hawa
Okay, thank you so much.
operator
The next question comes from the line of Sakshi Singhanya from Unity Finance. Please go ahead. Please go ahead with your question and unmute yourself in case if you are on mute. Since there is no response, we will move to the next participant. The question comes from the line of Dhanat Olani, an individual investor. Please go ahead. Please go ahead with your question. Since there is no response, we will.
Dhanat Olani
Hello.
operator
Hello. Yes, please go ahead. Yes, not quite. You need to speak a little louder.
Dhanat Olani
Am I audible now?
operator
Yes, go ahead please.
Dhanat Olani
Yeah, I have a couple of questions with me. I’ll just start with the first one. I’ve seen the good growth in total income. What is the main key driver behind that?
T Shivaraman
Yeah, so two drivers. One is the. We had a few turbines which needed massive, I mean major component upgradation that we managed to do over the last year. So those have been fully operational this year generating about 1 crore extra units compared to last year. Second is that the wind season started a little early this year and has been quite sustained during Q1. So that added about 2 crores to our total 2 crore units to our generation. So we have total about 3 crore extra units basically split between these two.
Dhanat Olani
Also connecting to this question, like EBITDA, you also got margin expansion of around 350.
T Shivaraman
Our major cost in this business is. O and M which is more or less fixed and interest cost. So if as we generate more power with the same assets we will immediately have. I mean most of that falls to ebitda.
Dhanat Olani
Okay, so how much of this from volume and was it like, was it from cost efficiency or was it from volume?
T Shivaraman
No, we see there are in the profit side some of it is from. Interest efficiency because we have had lower interest costs this quarter. But from the operation Side it is. Basically operational efficiency because we have very few levers in cost. We have some cost efficiency gains in O and M costs but that is small compared to the overall cost of the overall cost of running the business. So in the wind business you have to look mostly at operational efficiency rather than at cost efficiency.
Dhanat Olani
Okay, so also if we check the like the bottom line exactly. It has increased tremendously. What are the main factor contributing to the factor? Because if you check the comparison between the ebitda and the PAT increased by 46 around person and PAD increased by around 400%. What does it mean? Like what. What makes this huge increase?
T Shivaraman
Yeah, because last year the EBITDA was. I mean the interest cost is fixed. So last year we had an EBITDA around 45 crores against which we had a finance cost of about 18 crores or 19 crores almost and deposition of 20 crores. So effectively we had only about 5.5 and a half crores of BBT from a 45 crore EBITDA. This year if you look at it, we had an ebitda of almost 66 crores. Our finance cost was lower. 19 crores came down to 16 crores. And depreciation is more or less the same. 20 crores more or is the same. So basically we had a saving of about 2 crores.
Almost 3 crores in finance cost and a higher EBITDA. So that entire difference drops to PPT.
Dhanat Olani
The main reason behind finance cost due to like the loan depend on their debt repayment or the credit rating process. What is the reason behind that?
J. Kotteswari
See, the interest rates are also come down marginally 20 basis points to 30 basis point. However the from the cost side. But major increases in the profit is due to the wind generation out of which already sir has explained that the ap some of the machines which were down they were restored and due to which at least the bottom line has increased at least 7 to 8 crores. And the balance is due to high wind. The wind season is onset is early. So because of that directly the entire wind which is additionally generated goes to the cash profit.
Dhanat Olani
Okay, so it is at an industry level like the got declining or do we have the like separate like or the mean benefit from.
T Shivaraman
I don’t. I don’t. I don’t understand the question.
J. Kotteswari
No, if you are asking about industrial level. See because all the industry which has been done Tamil Nadu the same higher generation would have been there Provided they have maintained their assets machine availability correctly. And with reference to interest year on year.
T Shivaraman
Actually this year Tamil Nadu only has outperformed Andhra, the wind is more or less similar to last year. And Gujarat also the wind was more or less similar to last year. So it is only Tamil Nadu in our portfolio which has actually outperformed this year compared to last year. Actually we have a last year. Actually Tamil Nadu underperformed. It would have been better last year but it was worse than what we had hoped for.
Dhanat Olani
So we can say we have a geographical benefit.
T Shivaraman
We had a bit of a geographical benefit this year.
Dhanat Olani
Okay. Okay. Thank you. Thank you. That’s all from us.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Majad Majid Ahmed from Pinpoint X Capital. Please go ahead. Yeah, you are audible.
Majid Ahamed
Yes, I have My first question. FY25. Can you just give me the number. Of units that has been sold versus the PLF? Can you give anything?
T Shivaraman
PLF is a little. See FY20 you’re talking about full year FY25. Yes sir. So full year FY25 we had a total of about 55 crore units which were generated. 55.5 crore units.
operator
Does that answer your question? Majid. Majid. You are not quite audible. You are not quite audible. No, you’re breaking up.
Majid Ahamed
Is it audible now? Can you hear me?
operator
Yes. Yes.
J. Kotteswari
Yes sir. The second question I have is in terms of receivables. I’ve seen around 19 to 20 crores of receivables. Is your receivable aging is around 2 to 3 years. Would be again any impairment of ECL.
Majid Ahamed
Expected credit loss or any receivable losses.
J. Kotteswari
Now this is a 20 crore money which is lying in the AP government interest. They have to pay us on the old outstanding dues which we went to court and got settled. And we received 75 crores last two years back. So this 19 crores again we are pushing for while the court has ordered it to be paid to us. But due to their financial difficulty they are delaying it. And as a practice because of the India’s applicability we do provide the ECL as part of the accounts which is a non cash expenditure that will be there.
Except for that there are no long term receivables. My our receivables will be less than 30 days.
Majid Ahamed
Got it sir. And final question I have sir is that is there any debt repayment or. Will happen sir, for this year. Strong. Cash flow generation routine repayment is going. On as per the.
J. Kotteswari
Around 100 crores will be the debt repayment for the current year.
Majid Ahamed
Okay. Thank you. Thank you, sir.
T Shivaraman
Thank you.
J. Kotteswari
Thank you.
operator
The next question comes from the line of Abhinav Singh, an individual investor. Please go ahead. Please go ahead with your question and unmute yourself in case if you’re on mute. Since there is no response, we will move to the next participant. The question comes from the line of Sanjay Agarwal, an individual investor. Please go ahead.
Sanjay Agarwal
Yeah. Thank you. Thank you once again. Just wanted to know, are you in a position to give us and estimate how much unit we have generated so far in Q2? Since you said that wind onset is still better for Q2.
T Shivaraman
I know, I didn’t get your question. Could you. Could you repeat yourself?
Sanjay Agarwal
No, I just wanted to understand how good the wind onset is for the current quarter. So we’ll have an. Yes.
T Shivaraman
Q2 is more or less. I think it is somewhat. It is better than last year, but it is not. The delta is not as much as. Q1 was because Q1 last year was particularly bad. So Q2 is okay. Q2 is fairly decent.
Sanjay Agarwal
But is it across?
T Shivaraman
We are still halfway through Q2.
Sanjay Agarwal
Yeah. And so another question, like since this wind generation is very seasonal, I just wanted to Understand like for Q3 and Q4, what kind of weather conditions really prevents and during this time, how do we supply to our customers and how the bi runs?
T Shivaraman
Yeah, we do have some amount of wind, some. Some amount of generation in the Q3, Q4. I think something like 70% of our generation happens in Q1, Q2 and 30% still happens in Q3 and Q4. So we do have some generation happening there. And in the state of Tamil Nadu. We have what is called banking where we are permitted to, at a particular cost essentially bank the power that we generate with the electricity board and draw on it in the off season. So typically what we do to support power to the customer in the off season is to draw on the banked power. There is a 14% cost for banking the power which we factor into our payment.
Sanjay Agarwal
Okay. Yeah. Thank you. So does it mean like you. During the Q3 and Q4, do we recover that cost from the client as well or is it a cost to the company?
T Shivaraman
Yeah, actually when we took it over. Average realization, we cover both the banking cost, transmission costs, all those things are recovered.
Sanjay Agarwal
Okay. Yeah, thanks. And I just wanted to say that, you know, it’s a great to see that you guys are coming out with this earnings call for the first time in many years. So can we hope that going forward, forward we. We will have this opportunity as a shareholder to, you know, interact with as a management, I’m committing that we will.
T Shivaraman
Have this earnings call every quarter.
Sanjay Agarwal
That’s really good. Wonderful. So I will not. I will store my questions for the next quarter and once again all the rest for the rest of the financial year. Thank you.
T Shivaraman
Thank you.
operator
Thank you. The next question comes from the line of Mahesh Seth, an individual investor. Please go ahead.
Mahesh Seth
Hello, good morning, can you hear me?
T Shivaraman
Yeah, we can hear you.
operator
Louder Maesh, a little louder.
Mahesh Seth
Okay, so my first question was like, can you elaborate on like plans to sell power under Group Captive model and any potential clients lined up for this?
T Shivaraman
No, we are already selling almost 300 megawatts of power on Group Captive. So this is something that we’ve been doing from day one of ogpl. So and we have a set of clients whom we have been supplying for more than a decade now and we continue to supply power to them. We have a few more clients whom we keep talking to. So there’s always a bit of a. And as we add capacity with the solar and repowering and things, we will definitely be looking at new customers. So that’s an ongoing activity.
Mahesh Seth
Okay, got it. And like beyond the current solar addition, like what is your pipeline for future renewable energy project?
T Shivaraman
Right now the next project that we are looking to do, depending on the certain kind of governmental clearances, is repowering of some of our old wind assets where we will be putting new generation turbines within the existing wind farms. We will most probably add solar to those projects also. So we will it will be repowered as a hybrid of wind and solar to better optimally transmission resources that we have. So that is one thing that we will do. We are looking at a further 25 megawatts of 20 or 25 megawatts off. So now solar, once this is done, because the first project we are funding entirely with equity so we will have the headroom to take some take on some debt to finance another 25 megawatts of solar.
So that’s that. We will get going immediately after we complete, we finalize phase one and construction starts. So these two are the greenfield or brownfield projects that we are looking through. Repowering will keep us busy for a couple of years because there are a number of our sites that need to be repowered. But as I said earlier, there are some regulatory issues that need to be resolved before it becomes possible. So that’s something that we are working on along with the association, the wind turbine or the wind farm Wind Power Producers Association. So as part of the association we are pushing to get these things done.
Mahesh Seth
Okay, fine. And like as you mentioned the wind power. So like what are your expectations for wind generation in like next quarter which is due to FY26 and like will it impact our revenue?
T Shivaraman
So Q2, FY26 as I said right now the wind looks good. So we are hoping that we will be able to do better than we. Did in Q2 of last year. But I mean this is an area that we can’t predict. So we have to. The climate models are telling us that regeneration will be good but the model is only a model until it actually happens. So we are just looking at together.
operator
Does that answer your question, Mahesh?
Mahesh Seth
Yeah, fine, thank you. That’s it for my. Thank.
operator
Thank you. A reminder to all participants, you may press time one to ask a question. The next question comes from the line of Monica Patel, an individual investor. Please go ahead.
Monika Patel
Very good morning. Am I audible?
T Shivaraman
Yeah, you’re audible. Morning.
Monika Patel
Yeah. So thanks for the opportunity. I have a couple of questions. So my first question is like what is the competitive advantage over the other independent Parker users in India?
T Shivaraman
There are basically, okay, there are quite a few of us around. So one advantage that we have is that we have a set of customers who have been with us for a long time. We have that they have a comfort with us, we have comfort with them. So that’s. And they are very, very solvent customers number one. Number two, we have a bunch of assets in the older wind sites which once the repowering policy becomes usable we have the ability to repower those which greenfield project cannot do. And thirdly, our older assets are we have a much more favorable transmission and banking regulation that is not available to new assets.
All the old assets have these benefits grandfathered in for the life of the asset. So that’s an advantage that we get. For example, if I put up a brand new wind farm today, I can only bank the power within the month. I have to consume. Whatever power I generate, I have to consume it within the month. Whereas for the old assets that we have we can bank it for a full financial year. So these are benefits that for a customer, if he’s able to, I will be able to supply him power in the off season which a new inform cannot.
So these are the three kind of advantages that we have over a new ipp.
Monika Patel
Okay, great. So are there any expected policy changes or any incentives?
T Shivaraman
There are always policy changes though the policy in non renewables has been in a constant state of flux for the. Last so many years. So that’s something that we always have. Our purpose, both directly and through the, through an association of which we are part, is to try to see that the policy changes are positive for the industry. We have been successful in many cases. We have not been successful in some cases. We had, for example, some years ago a very good policy on renewable energy certificates. But unfortunately due to policy changes, that market pretty much died. But okay, we were able to kind of refocus and get out of that game. So I mean, but then this repowering and good capital policies is something that we are working to ensure that it continues to be positive for the industry.
So it’s part of life.
Monika Patel
Okay, fine. And how does it trend, particularly in Europe, affect your operation and expansion that you’re doing in Croatia?
T Shivaraman
We are not planning to expand Croatia. The Croatia is a very, very historical asset. We bought it a long time ago when we, we were supposed to get 160 megawatt license in Croatia. Unfortunately, we could not get the balance 50 megawatts. We had only 10 megawatts. So we have 50% of 10 megawatts that’s operating. There’s a local partner who runs it and we have no plans to expand in Croatia.
Monika Patel
Okay, all right, so my last question is that, can you please provide some guidance on the capex for FY26 including wind and solar addition?
T Shivaraman
We can’t do that right now. We have to. I think this, those are things which in terms of generation it depends on the weather and in terms of capacity expansion, it depends on many things. So I don’t think we can provide guidance.
Monika Patel
All right, thank you for answering my question.
operator
Thank you. A reminder to all participants, please press Star in one to ask a question. The next question comes from the line of Vinod Shah, an individual investor. Please go ahead.
Vinod Shah
Good afternoon, sir. Hello.
operator
Yes, go ahead, Vinod.
Vinod Shah
Yes. What was the Q1 FY26 cash from operations.
J. Kotteswari
66 crores.
Vinod Shah
Okay. And free cash flow after the maintenance Capex?
J. Kotteswari
Maintenance Capex was this quarter very low. Probably it will be around 63 crores after capex.
Vinod Shah
And what was the average PLF across your Amin in Q1?
J. Kotteswari
17% plus between 18%.
Vinod Shah
And like how do you prioritize between wind and solar when expanding capacity, like even the current market environment?
T Shivaraman
Actually, I mean we wanted to do. 50 megawatts of solar because we needed the throughout the year power generation for some of our customers. So. So Greenfield, probably we will do solar. We may not do much of wind Greenfield, but we will continue to do wind repowering. Because that gives us actually a better IRR in terms of the project than greenfield solar or greenfield wind. Because obviously we have existing infrastructure that we are able to leverage. So at the end of the day. We look to see what makes more money. And depending on that.
Vinod Shah
Okay, that’s all from myself. Thank you.
T Shivaraman
Thank you, thank you.
operator
Next question comes from the line of Faisal Hawa from H.G. hawa and Company. Please go ahead.
Faisal Hawa
Sir. Our market cap at this point of time is only 1700 crores. And any one GW asset would be in wind power at least, would be worth at least $1 billion, which is 8,700 crores. So what is our debt at this point of time? So I guess our debt is around 500 crores. So we are valued only at 2200 crores. So at such low valuations, even if we dilute more and do more acquisitions, what is the advantage to the current shareholder? No, see, can you also say what is the, what is the current debt? Because I am assuming it’s 500 crores.
So the enterprise value comes to 2200 crores.
J. Kotteswari
Yeah, yeah.
Faisal Hawa
I hope you’re getting the gift of my question.
J. Kotteswari
Debt is about 550 crores.
Faisal Hawa
Yeah, so, so.
T Shivaraman
We will not be, we are not going to acquire assets or do stuff just for the heck of it or just for the sake of going to a gigawatt. We will not be acquiring any asset that does not make economic sense. So unless we see sensible, I mean. Serious economic sense in acquiring any particular asset, that is the only time that we will acquire. It is probable that we will not do any large deals because when you have these 500, 600 megawatt single assets which are available for acquisition, you find all your big multinational, your private equity funded companies which jump in. So our focus is on the mid size assets, the medium sized assets, which may not be as interesting to one of these large platforms, but which are very interesting to us because we have the capability to manage these mid sized assets having already been managing those assets.
So we will look at it and as I said, when we come to handshake level on any of these transactions, we will definitely come to the shareholders for the thing. I can assure you that we will not do anything that doesn’t make economic sense. If it does not make economic sense to you as a minority shareholder, it does not make economic sense to us as promoter shareholders. So if it does not add value to the shareholders, we are not going to do anything. And one thing which I have not been able to understand is that Sriram Group is, I will not even say it is one of the most respected group. To me it is, it is the, the most respected group in India because. So where does this, this asset or this company stand in our overall scheme of things? Because that is very important for me to understand as to how we will run this company say 10 years ahead or 5 years ahead. And I mean I’ve been reading annual reports of your company and various other things but I am not getting a clear answer to it.
Faisal Hawa
See. So I’ll just rephrase my question. So the way you know Sriram Finance has been built up on the ethics, the values and I mean with the corporate governance. I feel that even if you are able to do like 20% of that in this company, it could be. But finally, see you have so many assets and so many priorities. I want to really have an answer from you that what priority will this asset be given.
T Shivaraman
As far as the scheme is concerned? Our only priority is ogpn. See, Sriram Finance is a different setup. It’s a different business entirely. We have at the group level, the group has exited some of the, these, some of the businesses but there is no plan or no thought thought of exiting the renewable energy business. Unless I mean, so we are, we are here in, in this for the long run to create value as an entity which we believe that shareholder value will come automatically. As long as we are doing the running our business well and we are making the right choices in terms of acquisition, definitely we will do well.
OGPL has had a few, shall we say issues in the past. The most recent was the dispute that we had with the honorable government of Andhra Pradesh where we had at peak more than 100 crores of money stuck with the government for almost for over two years. And for a company with our top line having hundred crores stuck for two. Years is not a joke. So that, and before that we had other issues with our biomass and other assets. But our primary in the last four, five years the big issue has been Andhra. And that pretty much put any thought of expansion on hold for a few years. Now that that problem is completely behind us. We have been able to do the restructuring of the debt or the refinancing of the debt with Irida at a more reasonable rate because our, because of default with Andhra Pradesh our interest rates went up. Our debt service servicing was become a problem. It was, it had a lot of knock on effects.
It was not just 100 crores of money not being there. I think it probably cost us another 5060 crores, maybe even 100 crores in terms of extra, extra interest that we paid over the years that Andhra didn’t pay us and loss of opportunity in so many other places. So that is behind us. So we now think that we are in a position to really start, I mean put the pedal to the metal and start moving forward. This year I think has given us a good kick start because last year wind was terrible. But this year I think everything is kind of positive for us.
Now wind is good, the regulation is looking to get better for us in terms of re powering. There were some constraints or some questions on group captive in Tamil Nadu that is more or less behind us. We have good clarity on that also. So I think all the kind of stars are moving in the right direction. So let’s see how it goes.
Faisal Hawa
So is it a good assumption to make that sir, even after we expand to 1 GW we will, we know we may not have to expand the operations team that much and the current operation team itself or the maintenance team itself could take care of the new assets and there will not be much increase to operational cost and whatever the cost increase will be just from the cost of interest and equity. And so is that a good assumption to make? And secondly that can you give some light as to how our maintenance team is and who actually maintains these wind turbines and what could be the life of the present assets?
T Shivaraman
Yeah, so the operations team, the site team will expand maybe not proportionately because see there are two things. One is that there are a set of windmills which are wind turbines which are maintained by the OEM or by strong third party maintenance companies. So when we have those turbines they basically our site operations team is more monitoring their performance in ensuring that they don’t, they’re not asleep. Other than that we don’t do actual hands on maintenance. That is one set of assets. The other set of assets where we maintain it with our own in house team.
So we have both models operating at the moment. Certain turbines where we are not able to find a good third party maintenance company and the original equipment manufacturers are either not there or asking for a very unreasonable rates. We may and it asks us the newer assets. It will depend on what kind of should we say maintenance arrangements are available with them. If we are again third party or OEM maintained then our site cost will not automatically increase. Our head office cost definitely will not increase with other acquisitions because we will not need more CFOs and more MDs for running the company.
We will, I think we have enough Bandwidth to that. But site confidence increase will depend on. What what kind of asset acquisition happens. This both makes sense. In certain turbines it makes sense to let the OEM run it. But certain turbines it makes sense to. Maintain it as well. So that call we take, we have the ability, we are one of the people who have the ability to do it both ways. We are not like some IPP is. Completely dependent on third party maintenance. So we have the ability to do it with our own in house team who have now 10, 15 years of experience in maintaining our own turbines. We are currently maintaining turbines where the. Original equipment manufacturer has been bankrupt for 10 years and we are still running the turbines well.
Faisal Hawa
So you did mention that a lot of your customers have a mandate to go to renewable energy by 2030. So what could be the total addressable market in the 300km radius that you are in?
T Shivaraman
No, no, we in Tamil Nadu see it is not 300km the whole of Tamil Nadu. I mean let me be honest, I. Have today turning away more customers than I have. Everybody needs it. Yesterday I was in a meeting where. We were talking to officials from CPCL. They are wanting to buy 50, 60 megawatts of, sorry 100 plus megawatts equivalent of renewable power because they need the power for their own refinery in Chinese Chennai. I mean there are, we have not. Even see the bulk of the renewable purchase which is happening now is the export focused units in the auto sector and in the IT sector. So these are the two people who are increasingly buying renewables. It has not yet gone into the. Heavy engineering or the heavy chemical and the manufacturing, the hardcore manufacturing space, your cement, your steel. All these people are not buying renewables at the scale at which they need to buy. So I mean frankly the market is infinite. The more power that we generate and we are not restricted only to selling to group capital. If you go out of Tamil Nadu, we will be definitely doing bpa. We are very happy with the PPA that we have with Gujarat. There are certain projects that we are looking at there. So I mean we are, we are. I think to something 190 gigawatts is would be our total non thermal generation in India connected load or installed capacity target is to take it to 500 gigawatts by 2030 which okay, may not happen, but at least there is a target. Even then it will be a small. Percentage of the transaction total power generation that is happening in territory. So I think frankly we are not. Worried about the market for selling our power. Our worry is how do we generate power at a reasonable price. So that we are able to address the market and make a decent margin. The market is infinite. And frankly the competition is also not. I mean there is. If we don’t have that cutthroat competition that you see in some this thing that people are undercutting your prices. Competition is very same because everybody has. The same cost base. Everybody is looking at the same numbers. Everybody has the same interest. More or less the same interest cost. More or less the same capital cost. So. And everybody wants the same kind of ira. Everybody wants to make a decent irr. So we don’t see that as a major headache.
Faisal Hawa
Thank you, sir.
operator
Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to Ms. Chandmi for the closing remarks.
Chandni Chande
Thank you everyone for joining the conference call of Orient Green Power company limited. Further, if you have any queries you can write to us@researchadvisors.com Once again, thank you for joining the conference. Thank you, sir. Thank you, ma’. Am. Thank you, ma’. Am.
operator
Ladies and gentlemen, on behalf of Kiran Advisors Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.