Oriana Power Ltd. (ORIANA)
SME CapPower stocks · SME cap · NSE
Oriana Power is an integrated renewable energy company operating across the RE value chain: generation, storage, and consumption. It delivers solar projects, battery energy storage systems (BESS), and is advancing into green hydrogen and derivatives, with a focus on AI-enabled execution.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +224% YoY · PAT +165% YoY · +32% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,032 Cr | +223.5% | +32.1% |
| EBITDA | ₹218 Cr | +37.1% | +21.1% |
| Operating margin | 21.0% | -400 bps | -200 bps |
| PAT | ₹130 Cr | +165.3% | +6.6% |
| PAT margin | 12.6% | -492 bps | -302 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 83.7% YoY to INR 1,81,367 Lakhs, with PAT up 59.1% YoY to INR 25,234 Lakhs. EBITDA increased 73.4% YoY to INR 42,537 Lakhs, but PAT margin declined to 13.91% from 16.06% in FY25.
Reported FY26 financials were impacted by deferred asset monetization, which was expected to contribute significantly to profits. However, management asserts underlying operational performance and strategic progress remain on track, with strong growth in core areas.
Battery Energy Storage Systems (BESS)
BESS division expected to contribute 30-40% of overall revenues by FY27, with 1000+ MWh under execution and 3000+ MWh in pipeline.
Green Hydrogen & Derivatives
Signed a 10-year binding Green Ammonia Purchase Agreement (GAPA) with SECI for 60,000 TPA, valued at ~INR 3,135 crore.
Strategic Partnerships
Signed a 1 GW joint development agreement with Actis GP LLP for renewable energy assets, with USD 100 million equity deployment.
Asset Recycling
Proposed divestment of ~238 MW operational solar assets to Helioact Power India 1 Pvt. Ltd. (Actis group) at ~USD 108 million enterprise value.
Solar Capacity
700+ MW solar capacity under execution, 2,500+ MW solar capacity in pipeline.
BESS Capacity
1000+ MWh BESS projects under execution, 3,000+ MWh BESS capacity in pipeline.
Green Ammonia Project
60,000 MTPA Green Ammonia Agreement signed; 1200+ acre land identified in MP for green ammonia development.
Actis Joint Development
1 GW of RE assets to be developed under joint development agreement with Actis over two years.
Government Policies
Supportive government policies around storage, hybrid renewable projects, and firm power are expected to strengthen integrated solutions.
VGF Support
Secured VGF worth ~INR 150 Crores, enhancing project viability, financial returns, and providing clear execution visibility for BESS.
India's Green Growth
Fully aligned with India's ambitious renewable energy targets and its mission of achieving energy independence.
External Challenges
Geopolitical uncertainties, global supply chain disruptions, and evolving regulatory frameworks impacted the year.
Cost Pressures
Sharp rise in commodity and module pricing, along with a rise in dollar exchange rates, posed challenges.
Grid Infrastructure
Continued pressure on grid infrastructure and curtailment issues affected operations.
Regulatory Delays
Planned asset monetization was deferred due to external circumstances and certain regulatory delays.
Regulatory & Execution Delays
Asset monetization transaction deferred to Q1 FY27 due to external circumstances and regulatory delays, impacting FY26 profitability.
External Market Volatility
Geopolitical uncertainties, global supply chain disruptions, and commodity/module price increases pose ongoing risks.
Grid Infrastructure Constraints
Continued pressure on grid infrastructure and curtailment issues could impact project commissioning and power evacuation.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents audited financial data comparing FY26 to FY25, making year-over-year analysis most appropriate for assessing annual performance trends.
Solar Projects Delivered
835+ MW Solar Projects delivered.
Solar Capacity Under Execution
700+ MW Solar capacity under execution.
BESS Projects Under Execution
1000+ MWh BESS Projects under execution.
BESS Capacity in Pipeline
3,000+ MWh BESS capacity is in pipeline.
BESS Contribution
BESS division expected to contribute 30-40% of overall revenues by FY27, becoming a key growth engine.
Green Fuels Contribution
Meaningful revenue contribution from green hydrogen and green fuels expected from FY28 onwards.
Asset Monetization
Planned asset monetization expected to be executed in Q1 FY27, unlocking substantial premium value and strengthening the balance sheet.
AI Integration
Embedding AI-enabled systems across engineering, procurement, construction, O&M, finance, and compliance functions for efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Asset Monetization Completion | Deferred from FY26. | Successful execution of the ~238 MW solar asset divestment in Q1 FY27 and its impact on profitability. |
| BESS Revenue Contribution | Expected to be a key growth engine. | Progress towards BESS contributing 30-40% of overall revenues by FY27. |
| Green Fuels Revenue | Meaningful contribution expected from FY28. | Timely execution of green hydrogen and derivatives projects and their revenue generation. |
| Debt to Equity Ratio | 0.67x in FY26. | Trends in debt levels as the company pursues significant capacity additions and project development. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
24Bearishfull bear SMA stack · SMA20 -11.3% / mo · MACD + · near 52W low
Technical chart
ORIANAdaily · 1Y · AUTO-33.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.7% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 60.9%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Valuation is weaker at 20/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 61st percentile within Power. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 58%. Key concern: Promoter holding fell 3.4%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 61st pctile, median 65 · SME: 66th pctile, median 64
14 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58%.
- ▸Promoter pledge is zero.
- ▸ROCE is 39.6%.
Trust risks
- ▸Promoter holding fell 3.4%.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 9.71
- P/B
- 3.21
- EV/EBITDA
- 7.15
- Market Cap
- 2450.00Cr
Profitability
- ROE
- 39.60%
- ROCE
- 39.60%
- ROA
- 9.83%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 122.00%
- EPS 5Y
- 223.00%
- Revenue 3Y
- 138.00%
- EPS 3Y
- 188.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 6.32×
- Altman Z
- 2.55
- Book Value
- 376.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 337.00 Cr
- EPS TTM
- 124.19
Shareholding
- Promoter Hold
- 57.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.