Oriana Power Slides 8% Despite Blockbuster FY26 Profits Surging to ₹252 Cr

Synopsis: Oriana Power Limited reported blockbuster FY26 consolidated results, with revenue nearly doubling to ₹1,813.67 crore and net profit surging to ₹252.34 crore. The Board met on May 28, 2026, approving both standalone and consolidated audited financials for the year ended March 31, 2026.

Shares of Oriana Power Limited, with a market capitalization of Rs.3,616.71 crore, are trading at a price of Rs.1,770.05 i.e. 8.03% down from its previous closing price of Rs.1,924.60. The stock touched an intraday high of Rs.1,812.50 and a low of Rs.1,656.10. It is trading at a P/E ratio of 15.52.

FY26

Oriana Power Limited, a fast-expanding renewable energy company operating under the TrueRE brand, held its Board of Directors meeting on May 28, 2026 where it approved the audited Standalone and Consolidated Financial Results for the half year and full financial year ended March 31, 2026. The results, audited by JVA & Associates, Chartered Accountants, carry an unmodified opinion on both standalone and consolidated financials.

The headline consolidated numbers are striking. Total revenue from operations for FY26 came in at ₹1,813.67 crore, an 83.7% surge year-on-year from ₹987.17 crore in FY25.

Total income including other income stood at ₹1,841.02 crore versus ₹998.07 crore last year. Profit before tax for FY26 was ₹346.66 crore, up 63.2% from ₹212.38 crore. After accounting for taxes of ₹94.61 crore (net of deferred tax adjustment), consolidated profit after tax attributable to shareholders came in at ₹252.34 crore — a robust 59.2% growth over ₹158.57 crore in FY25. Basic EPS jumped to ₹124.19 from ₹79.53, a year-on-year increase of approximately 56%.

On a standalone basis, the growth story is equally impressive. FY26 standalone revenue from operations reached ₹1,789.34 crore, up 75.7% from ₹1,018.67 crore. Standalone PAT for FY26 was ₹263.70 crore, up 61.4% from ₹163.35 crore. Standalone Basic EPS rose to ₹129.78 from ₹81.92 a jump of about 58%.

Business Model and Segment Breakdown

Oriana Power operates through two key business segments: the EPC (Engineering, Procurement and Construction) segment focused on renewable energy projects, and the RESCO (Renewable Energy Service Company) segment which generates and sells power under long-term contracts.

For FY26, the EPC segment contributed revenue of ₹1,780.61 crore versus ₹966.61 crore in FY25, growing approximately 84% this remains the dominant growth driver. The RESCO segment, while smaller at ₹33.07 crore, also grew from ₹20.56 crore.

Segment results for EPC showed pre-tax profit (before interest allocation) of ₹405.35 crore, while the RESCO segment reported a pre-tax loss of ₹12.20 crore, reflecting the capital-intensive nature of the power generation business. Capital employed surged to ₹1,271.98 crore for the group in FY26, up dramatically from ₹789.19 crore, underlining the company’s aggressive expansion.

The consolidated balance sheet has scaled meaningfully. Total assets grew to ₹2,563.27 crore from ₹1,319.04 crore. Trade receivables rose to ₹671.14 crore from ₹394.15 crore, tracking the revenue surge. The company had 74 subsidiaries as of March 31, 2026, of which 68 were operational. Of these, 54 have been included in the consolidation, while 14 are excluded under AS-21 as management intends to divest them in the near future. The company also instituted an Employee Stock Option Plan in 2025, granting 26,092 options at ₹10 per option, vesting over four years.

Company Overview

Oriana Power Limited, formerly known as Oriana Power Private Limited, is a New Delhi-headquartered renewable energy company operating under the TrueRE brand. The company focuses on engineering, procurement and construction of solar and hybrid energy projects (EPC) and long-term power generation under the RESCO model. With 74 subsidiaries and a rapidly expanding project portfolio across multiple Indian states, Oriana Power is positioning itself as a key player in India’s clean energy transition.

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