Orient Green Power Company Ltd (NSE: GREENPOWER) reported a mixed performance in its third-quarter FY2026 earnings discussion, marked by stable revenues but continued losses, even as management highlighted progress in renewable capacity additions and improved nine-month profitability trends.
For the quarter ended December 2025, the renewable energy independent power producer posted total income of around ₹40.06 crore, broadly flat compared with ₹40.40 crore in the year-ago period. However, the company reported a net loss of roughly ₹21–23 crore for the quarter, reflecting ongoing cost pressures and operational variability typical of wind-heavy generation portfolios.
Despite weak quarterly profitability, management pointed to modest revenue growth and a narrowing loss profile versus historical trends. Some financial trackers indicated revenue growth of roughly 4% year-on-year for the quarter, suggesting stability in core generation despite uneven seasonal wind patterns.
Nine-Month Performance Remains Stronger
While the December quarter remained subdued, the company’s nine-month performance painted a more constructive picture. Cumulative revenue growth for the first nine months of FY2026 was reported in the mid-teens percentage range, with profitability metrics improving materially year-on-year. Notably, profit before tax for the nine-month period saw a sharp rise, reflecting stronger operating leverage and better cost management across the portfolio.
Management attributed the divergence between quarterly and year-to-date performance primarily to seasonality in wind generation, a factor that continues to influence near-term earnings volatility.
Expansion and Portfolio Diversification
A key highlight from the earnings call was the company’s ongoing diversification into solar energy. During the quarter, Orient Green Power commissioned new solar capacity and reiterated its intention to scale hybrid renewable assets over time. The company also secured additional project orders, including new renewable capacity commitments totaling nearly 28 MW, underscoring its strategy to gradually rebalance the portfolio away from pure wind dependence.
Executives emphasized that solar additions and potential wind repowering initiatives are expected to support more stable generation patterns and improve asset productivity over the medium term.
Industry Context and Outlook
Operating in India’s renewable energy sector, Orient Green Power continues to navigate structural challenges such as tariff pressure, variability in generation, and financing costs. Management acknowledged that near-term earnings visibility may remain uneven but maintained confidence in longer-term fundamentals driven by renewable demand growth and regulatory tailwinds.
The company reiterated its focus on disciplined capital allocation and operational efficiency while leveraging incremental capacity additions to improve cash flows. Over the medium term, management expects renewable portfolio optimization and solar scaling to gradually enhance earnings stability. Overall, the Q3 FY2026 earnings call reflected a transitional phase for Orient Green Power. While quarterly profitability remains under pressure, improved year-to-date metrics and ongoing capacity additions suggest that the company is positioning itself for more stable growth as it executes its diversification strategy within India’s evolving renewable energy landscape.