Orient Green Power Co Ltd (BOM:533263) Q3 2026 Earnings Call Highlights: Strong Profit Growth ...

This article first appeared on GuruFocus .

Release Date: February 16, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Orient Green Power Co Ltd ( BOM:533263 ) successfully commissioned a 7-megawatt solar power project, marking its first solar project.

• The company has closed contracts for developing 28 megawatts of additional greenfield capacity, including 18 megawatts of solar and 10 megawatts of wind.

• Debt has been upgraded to BBB, allowing for more competitive borrowing rates.

• The company is the first to commission a project under the new Tamil Nadu repowering policy, enhancing operational efficiency.

• Net profit grew by nearly 54% year-on-year, supported by favorable wind patterns and improved financial management.

Negative Points

• The company's performance is highly seasonal, with significant generation occurring in the first half of the fiscal year, leading to lower generation in the second half.

• The current debt stands at 507 crores with a blended interest cost of about 9.15%, indicating a significant financial burden.

• The company has no immediate plans for international expansion, limiting its growth to domestic markets.

• The older wind assets, totaling around 45 megawatts, require repowering, which involves additional investment and analysis.

• The company's performance in Q3 was subdued due to the seasonal nature of wind power generation, impacting overall profitability.

Q & A Highlights

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Q: What is the realistic roadmap and timeline to achieve the 1 GW capacity which is announced? A: We are in conversations with multiple parties, as achieving 1 GW through organic acquisition will take time. We expect to provide more information in the next couple of quarters. - CEO

Q: Can you share the current consolidated debt-equity ratio and the blended cost of interest post refinancing? A: Our current total debt is 507 crores with a blended interest cost of about 9.15%. This is post refinancing, with the bulk of the debt from Irida, HDFC, and COB. - CEO

Q: Can you give details of the Tamil Nadu repowering scheme and the expected yield improvement? A: The policy allows turbines over 20 years old to continue operating after inspection. It also relaxes spacing requirements for repowering, allowing more turbines in the same area. For our first repowering project, we expect PLF to increase from 6-7% to over 30%, with EBITDA rising to about 7.5 crores from less than a crore. - CEO