Synopsis:
Oriana Power won a ₹465 crore NTPC project to build a 125 MW/250 MWh BESS in Rajasthan under the BOO model.
The shares of a Small-Cap company, specializing in providing solar energy solutions to industrial and commercial clients, hit a 5 percent upper circuit upon receiving a Letter of Award (LoA) from NTPC Vidyut Vyapar Nigam Limited (NVVN) to build a Battery Energy Storage System in Rajasthan.
With a market capitalization of Rs. 4,463.30 crores on Tuesday, the shares of Oriana Power Limited hit a 5 percent upper circuit, making a high of Rs. 2,196.60 per share compared to its previous closing price of Rs. 2,092.00 per share.
Oriana Power Limited has announced that it has received a Letter of Award (LOA) from NTPC Vidyut Vyapar Nigam Limited (NVVN) for the development of a 125 MW / 250 MWh standalone Battery Energy Storage System (BESS) at the Giral Substation in Rajasthan.
This project, which will be executed under the Build-Own-Operate (BOO) model, marks a significant milestone for Oriana Power in the energy storage sector and highlights the company’s commitment to supporting India’s clean energy transition and the LOA was awarded through a tariff-based competitive bidding process.
The BESS facility, designed for complete two-cycle charging and discharging to enable on-demand usage, will play a vital role in enhancing grid stability by balancing supply and demand, reducing the risk of blackouts, and improving overall grid efficiency.
The total value of the contract is approximately Rs. 465.15 crore, which will be realized over 12 years from the scheduled commissioning date of the project. The execution timeline for the project is set at eighteen months from the effective date of the Battery Energy Storage Purchase Agreement (BESPA).
Financials & Others
The company’s revenue rose by 96.8 percent from Rs. 319 crore to Rs. 628 crore in H2FY24-25. Meanwhile, Net profit rose from Rs. 49 crore to Rs. 110 crore during the same period.
The company is performing well financially, with a price-to-earnings (P/E) ratio of 26.81, which is lower than the industry average of 32.85, making its stock relatively more attractive. The company also maintains a low debt-to-equity ratio of 0.53.
Additionally, Oriana Power has demonstrated strong profitability and growth, achieving an average return on equity (ROE) of 35.71% and return on capital employed (ROCE) of 21.51% over the past three years. The company has also delivered impressive average revenue growth of 45.63% and net profit growth of 98.52% over the same period.
Oriana Power Limited, founded in 2013 and headquartered in Noida, is a leading Indian renewable energy company specializing in solar power solutions for industrial and commercial clients.
The company operates across two main business models: Engineering, Procurement & Construction (EPC) and the Renewable Energy Service Company (RESCO) model, which includes Build-Own-Operate-Transfer (BOOT) projects. It delivers a wide range of solar solutions, including rooftop, ground-mounted, floating, and hybrid systems, as well as battery energy storage and green hydrogen initiatives.
Written by Sridhar J
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