Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:55 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 +16.1% / mo · MACD − · near 52W low
Stock trend: 43
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ORIANAD candles · FIT view-37.8%Latest close ₹259.00 on 2026-10-19
Bar
-3.4%
RSI
38
MACD hist
-5.51
52W pos
6%
2026-10-19O ₹268.00H ₹268.00L ₹258.00C ₹259.00Vol 2.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ORIANANifty PowerNifty 500
- ORIANA
- -10.1%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -4.5 pp
Chart stats
19 Oct 2026- From 52W high
- -57.7%
- 52W range position
- 6%
- ATR (14)
- 6.2%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹11 Cr
- 20D price channel
- ₹252 - ₹343.5
₹612.8
₹235 - ₹612.8
₹16.2
Latest completed session
20-session average
64.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED73
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +223.5% · PAT +165.3% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+58.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +224% YoY · PAT +165% YoY · +32% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,032 Cr | +223.5% | +32.1% |
| EBITDA | ₹218 Cr | NDF | +21.1% |
| Operating margin | 21.0% | NDF | -200 bps |
| PAT | ₹130 Cr | +165.3% | +6.6% |
| PAT margin | 12.6% | NDF | -302 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.40
- P/B
- 3.45
- EV/EBITDA
- 7.57
- Market Cap
- 2631.00Cr
Profitability
- ROE
- 39.60%
- ROCE
- 39.70%
- 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
- 6.33×
- Altman Z
- 2.61
- Book Value
- 75.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 337.00 Cr
- EPS TTM
- 24.84
Shareholding
- Promoter Hold
- 57.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,814+83.8% vs prev
Net Profit
₹ CrLatest: 252+58.5% vs prev
Return on Equity
%Latest: 33.0+5.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~13.9% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 58% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
6
RS percentile
Stage 4 Downtrend
1M return
-4.7%
3M return
-10.1%
6M return
-38.7%
1Y return
-55.4%
RS 1D
0
RS 20D
-1
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 19.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 53.04-2.37%
RS vs Nifty 50053
Valuation & peers
U-Score 73 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 73 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth23/25
Quality20/20
Balance Sheet5/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
73
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
73/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 58.5%.
- 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 18/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
10.4
PB
3.5
EV/EBITDA
7.6
ROE
39.6%
ROCE
39.7%
FCF Yield
—
Debt/Equity
0.7
MoS
+58.5%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
73
Previous: 73
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+58.5%
Previous: +58.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
73
73
73
73
73
73
73
73
73
73
73
73
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹204.87
-26.4% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹624.23
+58.5% MoS
PEG
0.05
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DANISH
SME
Danish Power Ltd.
Power
match 89
48
27.6
16.7%
-11%
FAIR VALUE
GIPCL
Small
Gujarat Industries Power Company Limited
Power Generation
match 87
79
7.8
14.2%
+60%
DEEP VALUE
PANAMAPET
Small
Panama Petrochem Limited
Power Generation
match 87
73
6.1
15.6%
+75%
UNDERVALUED
VEEDOL
Small
Veedol Corporation Limited
Oil & Gas
match 87
71
10.7
19.5%
+24%
UNDERVALUED
DPEL
SME
Divine Power Energy Ltd.
Power
match 87
37
56.6
20.7%
-125%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-20T18:11:19.891Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents audited financial data comparing FY26 to FY25, making year-over-year analysis most appropriate for assessing annual performance trends.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 62nd percentile within Power. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
14 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Power: 62nd pctile, median 65 · SME: 66th pctile, median 64
Evidence depth
Financial-only
14 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Oriana Power Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Credit ratingJun 2026
Jun 2026 · Credit Rating- Revision 24 June 2026 - CRISIL reaffirmed Oriana Power’s A-/Stable and A2+ ratings; assigned A-/Stable to Rs.200 crore NCDs.
Source: Nse
Credit ratingJun 2026
Jun 2026 · Credit Rating 24 June 2026 - Crisil reaffirmed Oriana Power's A-/Stable and A2+ ratings; assigned A-/Stable to Rs200 crore NCDs.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 5 Sep - 13th AGM on 28 September 2026; annual report FY2025-26 released, e-voting 25-27 September.
Source: Nse
Annual reportMar 2026
Sep 2026 · Copy of Newspaper Publication 4 Sep - Pre-dispatch newspaper ads issued on September 4, 2026 for 13th AGM notice and FY26 annual report.
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.