Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Orient Green Power Company Ltd (NSE: GREENPOWER) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
T. Shivaraman — Managing Director and Chief Executive Officer
Analysts:
Amit Agicha — Analyst
Unidentified Participant
Yash Nisar — Analyst
Disha — Analyst
Presentation:
Operator
Good morning ladies and gentlemen and welcome to the earnings conference. Call for Q4 and FY26 for Orient Green Power Co. Ltd. Orient Green Power Co. Ltd. Headquartered in Chennai, is one of India’s leading independent renewable power producers. The company operates over 380 megawatt of of wind power capacity across key Indian states and a 10.5 megawatt BIM power in Croatia. Also, the company developed a 7 megawatt solar capacity in Q3 FY26. As a reminder, all participant lines will be in the listen only mode.
There will be an opportunity for you to ask questions after the management discussion concludes. Should you need assistance during this conference call, please signal an operator by pressing star followed by zero on it at stone four. Let us now begin with the introduction of the management team we have with us today. Mr. T. Shivaraman, Managing Director and CEO of the company. Also joining us today is Ms. J. Kuteswari, Chief Financial Officer. I would now like to request Mr. T. Shivadaman, Managing Director and CEO to give his opening remarks and share the company’s performance in Q4 and FY26 with the audience.
Thank you. And over to you, sir.
T. Shivaraman — Managing Director and Chief Executive Officer
Thank you. Good morning everyone. I’m pleased to welcome you all to the Orient Green Powers earnings call for FY26 as well as Q4 of FY26. Thank you for taking the time to join us and your continued faith and support in our journey. FY26 was a breakthrough year for the company with many firsts. We commissioned our first solar power plant of 7 megawatts capacity in December 25 and overall in FY26 we achieved the highest profits in the history of the company. The favorable wind patterns in the first half of the year as well as the refund of excess interest charged in earlier periods helped offset slight reduction in wind and performance dip in the fourth quarter due to lower wind availability.
Overall, we have been able to achieve, as I said, the highest net profits in the history of the company. We have successfully added 9.9 megawatts of wind capacity in this fiscal. 6.6 was added in end of March 26 and 3.3 added in April 26. We are also in the process of constructing 17.6 megawatts of solar capacity which will be commissioned in Q1 and will probably enter full production during the course of Q2. In order to improve operating efficiencies, we have started the process of repowering 7.8 megawatts of our older wind turbines under the new repowering policy of the Government of Tamil Nadu.
This was pending for quite some years because the policy was not conducive to repowering. But with the new policy in force, we are proactively looking at all our other older wind assets to see which will benefit from repowering either purely with wind or with hybrid of wind and solar. The financial and liquidity position of the company is improving and the credit rating and outlook have also been enhanced for its key subsidiaries during the course of this year. Now quickly running through the performance highlights for FY26, the total income and EBITDA was around 316 crores and 206 crores respectively.
It’s about 13% and 10% improvement over FY25. PAT grew by 70% to 72 crores which is the highest in the history of the company. Other than the better wind and the refund of excess interest, we also had a significant reduction in interest costs by about 21% due to both decline in overall debt and 45 basis points reduction in the interest rate. In Our largest loan Q4 of FY26 the wind availability was somewhat lower compared to the similar period in the previous year which is not unusual given the higher wind that we had in Q1 and Q2 Q1 to Q3.
The generation from the solar power plant and the interest cost savings partially absorbed the reduction in generation from the wind assets, so total income and EBITDA were marginally lower at 46 crores and 18 crores respectively compared to Q4 of previous year. Loss before exceptional items and tax was at about 16.4 crores during this quarter as against 14.7 crores for the comparative period last year. Operationally, the wind assets continue to perform reliably through the wind season and we are all ready and waiting for the upcoming wind season which should start by the end of May.
The 9.9 capacity that has been recently commissioned will be fully available for this wind season. The generation from the company’s solar power plant will also be available throughout this fiscal so the full effect of these expansions will be seen from this fiscal onwards. The new capacity of 17.6 megawatts of solar as well as the repowering of the wind will also start showing results during the latter half of this fiscal. As I said earlier, we are looking at all our older capacity wind turbines, older vintage wind turbines to see which would benefit from the repowering policy and during the course of this year we will definitely look at adding more such repowering policies to our portfolio as at FY26 we have about 399 megawatts of operating capacity, consisting of 392 megawatts of wind and 7 megawatts of solar.
The capacity additions and repowering is already discussed earlier. So we remain focused on operational excellence, prudent capital allocation while maintaining a healthy balance sheet. We believe that moving to the higher capacity turbines as well as diversifying solar will to a great extent diversify our income sources and our generation and we will build a sustainable and balanced, efficient portfolio of renewable assets going forward. So overall, FY26 is a good year and it’s laid for us a good base for us to take it forward in the years to come.
Thank you for joining us today and we appreciate your continued support. Look forward to your questions. Thank you.
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press Star and two Participants, you are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue. A reminder to all you may press Star and one to ask a question. A reminder to all the participants, you may press Star and one to ask a question.
We will take the first question from the line of Cecil Hawa from HG Hawa and company. Please go ahead
Questions and Answers:
Amit Agicha
Sir. We had previously also said that our target is now to reach 1 GW of renewable energy. So with the where will the equity of this coming from and are we still looking at a preferential issue or we will now look at it as a rights issue and do we still want to do it as a takeover assets which are available in the market or we are now looking at some other way to do it.
T. Shivaraman
We are looking at all options. Obviously the fastest way is to acquire operating assets and there are a few things which are working. Unfortunately with the market the way it has been over the last few months, our strategic initiatives have slowed a little. But we are hoping that things will stabilize and we can start moving to the next level on this. Which is why in the last quarter we have been focusing mostly on internal projects while the strategic stuff is kind of working on and waiting for situation to improve.
Amit Agicha
But how will we do the financing if it is something completely
T. Shivaraman
When we have the kind of clear project in hand we will. We will come back to you. There are multiple options there a timeline
Amit Agicha
To it because in previous also we have mentioned that.
T. Shivaraman
Yeah I. I’m not in a position to give you a timeline right now. I think the market is a little too volatile for that. So we will should be able to give you some answers in in the next quarter or so. But we see
Amit Agicha
As such with your promoter stake also you are very much constrained that you know to do so. I mean to me it looks almost impossible that we will be able to reach this 1 GW target. So is this target even now on or do we now take it as a three year target from today?
T. Shivaraman
The target is on. How we achieve it while still retaining control of the company is something that we are looking at and like I said we will need to wait before we come to any answer.
Amit Agicha
Can we take it from the management that if if we are not going to buy any new assets so this almost. Will it be used to repay the loans and make the company at least debt free so that the shareholder can at least get some dividend?
T. Shivaraman
No. See these loan repayment keeps happening. The in fact the our loan terms are such that most of the surplus cash flow is used to repaying the lo so the availability of especially on our main loan on the main subsidiary Beta there is a cash sweep that the excess cash flow is used for kind of early prepayment of loans, early payment of loans. So that in any case will happen. And that’s not really where we were hoping to look at the capital for expanding because that will not give us sufficient capital for any huge large scale expansion.
We can do small expansions like we have been doing now with internal resources like the 9.9 megawatts and the other stuff we can do. We can generate equity internally but anything larger will definitely require external equity sources and that is something that we are continuing to work on. We have had a few setbacks due to the situation as we are in right now but I think we should get out of it soon.
Amit Agicha
So with the present arrangement I think another 50 MW is is the best we can do
T. Shivaraman
With internal resources. Yes. Without raising money from the market. Yes.
Amit Agicha
Since you are also the president of the association etc. So what would like our 450 NW be worth to if you were to be in the market for selling the asset?
T. Shivaraman
I think that is something that you can see in the market. Frankly if you look at from a PE ratio or an EV EBITDA ratio we are undervalued compared to the other renewable listed renewable energy companies. So they are much larger
Amit Agicha
Also.
T. Shivaraman
No, the other renewable energy companies there are those which are much larger like your Adani Green and NTPC Green are much larger than us.
Unidentified Participant
Obviously their valuations are different. But even others of similar size
T. Shivaraman
Are currently trading at slightly better multiples. So that’s something that we are working on.
Amit Agicha
So since it has been like a long period and to your credit we have been able to turn around the company quite well. So I mean can we take a decision either way? Either we expand or we go towards probably reducing the stake and make it a part of a larger entity or something. Because this way even after two rights issue, he has not been able to get much of a return. I
T. Shivaraman
Understand, I understand. You are saying this is something that is very kind of high in our priority list. This is something that we are working on to see how we can increase shareholder value. It’s obviously good for you. It’s also good for us as promoters. So it’s. We are both in the same boat from that point of view. So something that we are working on 247 but at the moment we, I don’t have anything that we can announced to the, to the world as to what we are doing.
Amit Agicha
Is there any kind of a arrangement in which, you know, there could be a foreign investor which comes in and you know, even though we see control of.
T. Shivaraman
We can’t talk about all this until it happens. We are a listed company. There are a lot of things that we could, I mean until something rectifies to a point where it is, where we can inform the exchange, we can’t really have these conversations. So I can only say that we are working very hard on all options.
Amit Agicha
So at least can we give it a figure like that. This kind of asset would be worth almost like 6,000 crores for one GW. So we would be at least worth like say around 45% of that. Would that be a good estimate? Ours being almost like a 10 year old asset also?
T. Shivaraman
I can’t tell you, I can’t discuss all this on a public call, Faisal. It’s not. I mean these are numbers. I mean I cannot give forward looking estimates. I cannot tell you what the share price should be like. You have the data, you know what the competition is being valued at. You can do your own analysis.
Amit Agicha
I am only saying what is the asset could be worth?
T. Shivaraman
No, I would only say that the share. Yeah, I believe that the asset is currently undervalued. But that is based on competitive, I mean valuation of other companies. But that’s something that you will have to. You can do it, you can do the analysis yourself. There are enough renewable companies in the market now. It is not like it was five, six years back when there were hardly any companies to compare it. Today we have comparisons and you can definitely look at those comparisons.
Operator
Sorry to interrupt. In between. Cecil, I would request you to kindly rejoin the queue again for more questions. Thank you. Before we take the next question, a reminder to all the participants, you may press star and one to ask a question. We will take the next question from the line of Yash Nisar, an individual investor. Please go ahead.
Yash Nisar
Hello.
T. Shivaraman
I’m audible.
Operator
Yes,
T. Shivaraman
You’re audible.
Yash Nisar
Yeah. My question is, what were the key reasons for the decline in Q4 of FY26 revenue despite strong full year growth?
T. Shivaraman
Basically, there was lower wind in Q4. See, Q4 is typically a very low wind quarter because the main wind for us is in Q2 and Q3, Q1 to Q3, there’s not much wind happening in Q4, but this year the wind was even lower than normal. So that’s nothing, nothing, nothing we could do about it. It’s not okay.
Amit Agicha
But this variation will
T. Shivaraman
Be there in this, in the renewable energy business, this kind of a variation, quarter on quarter, year on year will always be there because we are kind of, we have to take the wind which comes.
Unidentified Participant
Okay. And were there any delays in power evacuation or like lower tariffs affecting Q4 revenues? No,
T. Shivaraman
No, no, no, no, no. The tariffs were fixed throughout the year because significant percentage of our capacity is C and D. The rest of it is at long term PPs. So in both cases the tariffs were the same throughout the year and we have not had any material power evacuation issues. So it is purely a wind availability. It’s across the board. It’s not just for ogpl. Every wind company in India had the same issue in Q4.
Unidentified Participant
Okay. Okay. That’s it from us. Thank you so much. Thank you, sir.
Operator
Thank you. Before we take the next question, a reminder to all the participants given a press star and one to ask a question. We will take the next question from the line of Rohan Singh, an individual investor. Please go ahead. Rohan, you need to take a question. Yes.
Amit Agicha
So my question was what is the expected revenue contribution for the upcoming 17.6 megawatts solar project and 9.9 megawatts wind expansion in financial year 27?
T. Shivaraman
Yeah. So the solar project, the 17.6 megawatt will give us a total revenue on a full year basis of what? 14.5 crores and an EBITDA of about 12.8 crores. That is assuming it is operating 12 months in the year. Since it is only going to be partially part of the Year we will have a proportionately lower generation in terms of the 9.9 megawatts of the wind In a good. In a normal wind year we should get about 14. Again about 14 crores of revenue and about 10 crores of EBITDA. But then that is assuming normal wind.
Both are assuming that the weather. Weather gods are normal. There will always be some variations.
Amit Agicha
Okay, so my other question is to what extended higher depreciation and maintenance cost? The Q4 profitability?
T. Shivaraman
Not much difference in maintenance and depreciation cost. It’s more or less depreciation
Unidentified Participant
Is around 1 crore on account of this higher capitalization. But in terms of O and M, normally new assets, the first year is free O and M. So we will not have any O and M impact in the first year. So only due to the depreciation it will be there. And going forward the interest on those loan in the new wind asset will have an impact. Other than that there won’t be any impact in the first year.
Amit Agicha
Okay, I just had one more question. So other expenses increased sharply in YoY during Q4. What were the major cost components behind this increase?
T. Shivaraman
Just one second.
Unidentified Participant
See other expenses primarily there is legal and consultancy charges had increased and also we had one one time expense of around write off of some long overdue was there for around 1 and a half 1.67 crores.
Amit Agicha
Okay, that will be all from my side. Thank you.
Operator
Thank you. Before we take the next question, a reminder to all the participants. You may press star N1 to ask a question. We will take the next question from the line of Dishasha, an individual investor. Please go ahead.
Disha
Hi, I would like to know is the company expecting Q1 FY27 profitability to recover with improved wind seasonality?
T. Shivaraman
See, we can’t predict how the wind is going to be in Q1. You will have to compare it with last year’s Q1. So in the renewable energy business you cannot compare sequential quarters. You will have to compare for the same quarter against this similar quarter last year. So that is the real comparison because each quarter the wind pattern is different. So if you look at Q1 of last year, that will give you some kind of a Trend of where Q1 of this year can be. Assuming of course that the wind guards are favorable to us.
Disha
Okay. And which segment will drive future growth more like in wind expansion, solar projects or repowering existing assets.
T. Shivaraman
The wind will continue to be a heavyweight as far as we are concerned because we have far more wind capacity than solar capacity. And frankly the. I mean the Last few years, the amount of solar power that has got added to the grid. There is a glut of power during the afternoon as you can see. So we will be a little more cautious in our expansion on solar whereas wind we will continue to expand. We are in fact looking at whether it makes sense for us to add battery storage to the solar capacity in order to make it more kind of customer friendly because Our customers need 24.
7 Power and Solar power giving only in the daytime. There are some mismatches. So that’s something that we will look at going forward.
Disha
Okay. Okay. Okay. Thank you.
Operator
Thank you. A reminder to all, you may press star N1 to ask a question. We will take the next question from the line of Shanaya Vishwa and individual investor. Please go ahead.
Unidentified Participant
Hi, good morning. My question was are there any receivable collection risks from state electricity votes?
T. Shivaraman
Andhra Pradesh Electricity Board and the second is the Gujarat Electricity Board at the moment.
Operator
Sorry to interrupt in between. Sir, you’re not audible. I would request you to. So
T. Shivaraman
We have exposure to only the AP and the Gujarat Electricity Boards where we are selling power to the electricity board itself. And ap, Gujarat has always been. There has been no issue in payment ap, we had a few little issue in the previous years. But in the last couple of years things have been quite smooth. So we are not foreseeing any significant stickiness on that. There has also been a lot of support from the center, the power ministry and a lot of pressure on the various state electricity boards to pay their renewable energy power producers.
And that has resulted in reasonably kind of on time payment across the country. Not just for us in AP and Gujarat, but across the country from Tamil Nadu all the way up to Rajasthan. The state electricity boards are paying more or less on time. So I don’t see that as a challenge.
Unidentified Participant
Okay. And the next question is like what is the target capacity by FY27 and FY28 and are there any curtailment issues in key states affecting generations?
T. Shivaraman
At the moment there are no curtailment issues. We will have to see during the peak wind season this season year how it goes. The last few years we have seen very little curtailment. It has been only technical curtailment in the sense because of breakdowns and things like that, not curtailments as such. So we are not foreseeing any significant curtailment this year. But we have to see how it goes in terms of capacity addition, whatever we have planned for this year because any new capacity addition takes six to eight months to build.
So we’ve already covered what we plan to do this year. We may add a little more of repowering during the course of the year. Next year is something that is still a work in progress.
Unidentified Participant
Okay, thank you so much sir. Wish you all best of luck.
Operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. Participants, you may press Star and one to ask a question. A reminder to all, you may press star N1 to ask a question at this time. Thank you very much. As there are no further questions, I would now like to hand the conference over to Mr. T. Shivaraman, Managing Director and CEO, for the closing comments.
T. Shivaraman
Thank you. Thank you all. Thank you for your questions. Thank you for joining us today. As I had told Mr. Faisal earlier, we are working 24×7 to see how we can increase shareholder value in this company. And we hope that we should be able to continue to perform, improve our performance year on year and provide decent return to our shareholders. Thank you.
Operator
Thank you, members of the management. Ladies and gentlemen, on behalf of Orient Green Power Limited, that concludes this session, thank you for your participation. You may now disconnect your lines.