A prominent player in the renewable energy sector offering low-carbon energy solutions, which involve on-site solar project installations, is worth watching closely. We’re talking about Oriana Power Limited, which operates across various segments of the power industry, encompassing power generation, engineering, procurement, and construction (EPC) of power projects, as well as operation and maintenance services.
Additionally, it offers consultancy expertise in manufacturing, operations, and maintenance of power projects. The company also undertakes activities akin to a general electric power supply firm, involving the construction, installation, and maintenance of essential power infrastructure such as stations, cables, and lines.
Its operations extend to the generation, accumulation, distribution, and supply of electricity to both public and private entities, showcasing a comprehensive involvement in the power sector value chain.
In this article, we’ll take a closer look at the company’s financial performance, order book position, expansion initiatives, management guidance, and other key aspects. With a market cap of Rs. 5,281 crores, shares of Oriana Power Limited hit a 5 percent upper circuit at Rs. 2,598.9 on Wednesday.
Business Highlights & Order Book
In the solar segment, the company has cumulatively delivered over 400 MW, including 200+ MW in FY25, and is currently executing more than 550 MW of additional capacity. It is on track to achieve its 1 GW installed solar capacity target by FY26.
In Battery Energy Storage Systems (BESS), the company secured 403 MWh of projects in FY25 and has initiated discussions for its first hybrid solar + BESS project for the commercial and industrial (C&I) segment. It aims to cross 1 GWh of BESS capacity by FY26.
Within Green Hydrogen and e-fuels, the company has received an allocation of 10,000 MTPA of Green Hydrogen capacity under the SIGHT Scheme and has acquired land in Madhya Pradesh for a Giga-factory development. A 225 TPD e-Methanol project is currently under review for state subsidy support. As of June 2025, the order book of Oriana Power stands at over Rs. 2,500 crores.
Managament Guidance
Under its Vision 2030, the company has outlined ambitious growth targets across its key business segments. In solar, Oriana Power aims to reach 6 GW of cumulative EPC capacity by 2030, with an additional 2.5 GW as an independent power producer (IPP). For BESS, the target is 3.5 GWh by 2030, with management noting that this milestone could potentially be achieved ahead of schedule.
In the green hydrogen and e-fuels space, the company plans to set up 500 MW of electrolyser capacity by FY26, scale to 1 GW of electrolyser manufacturing by 2030, and achieve 1 million MTPA of green hydrogen/derivatives production by 2030. In compressed biogas (CBG), the company aims to scale up production, targeting an annual growth rate of 25 percent. Management emphasised that the company has entered the “Gigawatt Era,” moving from megawatt-scale to gigawatt-scale opportunities.
For FY26, the company has projected revenues in the range of Rs. 2,000-2,500 crore, representing a growth of about 153 percent compared to Rs. 987 crore in FY25. Roughly 80 percent expected from EPC (covering solar, BESS, CBG, and IPP EPC) and the remaining ~20 percent from BESS and other businesses. No hydrogen-related revenue is anticipated in FY26, though the contribution from BESS is expected to increase meaningfully in the following years. Margins are expected to remain in line with FY25 levels.
At year-end, trade receivables stood at Rs. 400 crore, primarily due to Q4-heavy billing. Management expects full realisation in Q1 of the next fiscal, stressing there are no bad debts and that receivables are backed by strong LC-based payment structures. Positive cash flows are supported by LC-backed billing and the use of surety bonds for EMDs.
By FY27-FY29, BESS is projected to rise to 30-35 percent of revenues, while hydrogen and derivative businesses are expected to become material contributors beyond 2028.
Financial Performance
In H2 FY25, Oriana Power reported a consolidated revenue from operations of Rs. 628 crores, a significant growth of around 74 percent HoH and 97 percent YoY. Similarly, the company’s net profit for the quarter more than doubled to Rs. 110 crores, representing an impressive rise of nearly 126 percent on both HoH and YoY basis.
Written by Shivani Singh
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