Oriana Power has delivered an exceptional performance in the first half of FY26, underscoring its emergence as one of India’s fastest-growing renewable energy companies. The company’s consolidated revenue from operations soared 117% year-on-year to INR 781.18 crore, while profit after tax (PAT) surged 150% to INR 121.63 crore.
This strong momentum in Oriana Power H1 FY26 reflects the company’s successful evolution from a traditional solar EPC provider to an integrated renewable energy (RE) leader, now spanning solar generation, battery energy storage systems (BESS), and green hydrogen & ammonia. With robust order wins, strategic partnerships, and expanding project execution capacity, Oriana Power is positioning itself as a key contributor to India’s clean energy transition.
Oriana Power H1 FY26: Financial Performance
Oriana Power’s performance during Oriana Power H1 FY26 highlights both scale and efficiency. The company not only doubled its revenue but also significantly improved profitability and margins, demonstrating operational strength in a competitive RE market.
| Particulars | H1 FY25 | H1 FY26 | YoY Growth |
| Revenue | 359.54 | 781.18 | +117% |
| EBITDA | 78.40 | 181.74 | +132% |
| EBITDA Margin | 21.81% | 23.26% | +6.65% |
| Profit After Tax | 48.57 | 121.63 | +150% |
| PAT Margin | 13.5% | 15.57% | ↑ 207 bps |
| Basic EPS | 24.84 | 59.77 | +140% |
| Debt/Equity | 1.67 | 1.54 | ↓ 0.13x |
| Current Ratio (x) | 2.01 | 1.67 | Slight dip |
Improved margins and lower leverage indicate Oriana’s ability to manage growth sustainably. The sharp rise in cash reserves further strengthens its financial flexibility for upcoming large-scale renewable projects.
Oriana Power H1 FY26: Operational Highlights
| Segment | Key Highlights (H1 FY26) |
| Solar Generation | Commissioned Rajasthan’s first Group Captive Open Access project; secured grid connectivity in Rajasthan, Haryana & Tamil Nadu; executed Goa’s largest project under Virtual Net Metering. |
| Energy Storage (BESS) | Signed BESPA agreements for 200 MWh; secured 170+ MWh hybrid solar + BESS projects; 2,000+ MWh capacity in pipeline. |
| Green Fuels (Hydrogen & Ammonia) | Received 60,000 MTPA Green Ammonia and 10,000 MTPA Green Hydrogen allocations from SECI; annual recurring revenue potential of INR 313 crore. |
| Corporate Developments | CRISIL rating upgraded to A-/Stable; workforce expanded from 250 → 350+; recognized as a Great Place to Work; strengthened governance and cybersecurity standards. |
Strategic Collaborations and Expansion
In Oriana Power H1 FY26, the company accelerated its growth strategy through high-value partnerships and capital recycling initiatives.
- Actis GP LLP Partnership:
- Sold ~238 MW solar assets for ~USD 108 million (~INR 957 crore), unlocking capital for future growth.
- Signed a 1 GW joint development agreement with USD 100 million (~INR 886 crore) equity infusion over two years.
- Expected to generate INR 4,000+ crore in revenue.
- Government Partnerships:
- INR 10,000 crore MoU with Rajasthan for 685 MW solar + 104 MWh BESS projects.
- INR 5,000 crore MoU with Madhya Pradesh for integrated RE solutions and green ammonia complex.
- INR 500 crore MoU with Assam for renewable expansion.
- Global Expansion:
- Invest Alberta (Canada) MoU worth USD 300–500 million (~INR 2,659 – 4,431 crore), scalable to USD 1 billion.
- Collaborations with global hydrogen licensors and energy management system providers.
New Projects and Future Pipeline
Oriana’s project pipeline expanded significantly during Oriana Power H1 FY26, positioning it for sustained multi-year growth.
- Solar Projects:
- 112.5 MW hybrid project with a Cement Conglomerate (Rajasthan).
- 70 MW open access project with a Navratna PSU (Gujarat).
- 300+ MW project for a state utility (Jharkhand, LOA awaited).
- BESS Projects:
- 125 MW / 250 MWh project with a Maharatna PSU (Rajasthan).
- 50 MW / 100 MWh each across Karnataka, Tamil Nadu & Telangana.
- Green Fuels:
- Feasibility work underway for 60,000 MTPA Green Ammonia & 10,000 MTPA Green Hydrogen.
- Exploring JV for 1,00,000 MTPA e-methanol plant in Egypt.
Vision 2030: Scaling the Clean Energy Frontier
Oriana Power’s long-term vision extends beyond solar, targeting leadership across the full renewable spectrum.
| Focus Area | Vision 2030 Target |
| Solar (EPC + IPP) | 6 GW EPC and 2.5 GW IPP capacity |
| Battery Energy Storage (BESS) | 20 GWh capacity by 2030 |
| Green Fuels (Hydrogen, e-Methanol, Ammonia) | 1 MTPA e-fuels and 2,00,000 MTPA production by FY28 |
| CCUS & Data Centers | Entry into carbon capture and data center energy enablement |
| Global Expansion | Exports to Japan, Europe & Egypt |
Management Commentary
“Oriana has evolved beyond an EPC company. Our integrated approach — spanning generation, storage, and consumption — uniquely positions us within the renewable ecosystem. The Actis partnership and expansion into green hydrogen and storage are milestones toward long-term value creation for all stakeholders.” — Oriana Power Management
Conclusion
The results of Oriana Power H1 FY26 reaffirm the company’s operational excellence and financial discipline. With strong earnings momentum, capital-efficient recycling, and new global ventures, Oriana Power is emerging as a next-generation renewable energy leader.
Backed by a robust pipeline exceeding INR 15,000 crore and a clear strategic roadmap, Oriana Power H1 FY26 has set the stage for sustained growth in India’s accelerating clean energy economy.
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