Orient Green Power Q1 FY27 Results: Profit Down 16% to ₹23.94 Cr; Board Approves Merger Withdrawal
Orient Green Power reported Q1 FY27 consolidated revenue of ₹81.43 crore, down 7% YoY. Net profit declined 16% to ₹23.94 crore due to lower wind availability and reduced interest income. The Board approved withdrawing the merger proposal with its subsidiary OGPE and initiating its liquidation. Revised commissioning date for repowering projects is September 30, 2026.
The withdrawal of a merger proposal and initiation of liquidation for a subsidiary, along with a decline in financial results, has a moderate impact on the company's operations and strategic direction.
The company reported a year-on-year decline in revenue, EBITDA, and net profit for the quarter, indicating a negative financial performance.
Orient Green Power Company Limited (OGPL) announced its financial results for the first quarter of FY2027, ending June 30, 2026. The company reported consolidated revenues from operations of ₹81.43 crore, a decrease of 7% compared to ₹87.38 crore in the same quarter last year. EBITDA stood at ₹60.01 crore, down 9% year-on-year. Net profit for the quarter was ₹23.94 crore, a decline of 16% from ₹28.62 crore in Q1 FY26.
The company attributed the lower year-on-year revenues and EBITDA to moderate wind availability during the quarter. Recent capacity additions helped mitigate the impact of the shortfall. The decline in net profit was primarily due to reduced interest income following the utilization of rights issue proceeds, which were previously held as deposits, and an increase in depreciation from new capacity additions.
During the quarter, OGPL commissioned a 3.3 MW wind turbine, adding to the two 3.3 MW turbines commissioned in the previous quarter. The company's repowering initiatives and solar capacity additions are progressing as per schedule and are expected to commence generation in the second half of the fiscal year. The overall capex program is anticipated to be completed in the upcoming quarter.
In a significant corporate development, the Board of Directors approved the withdrawal of the previously proposed merger of its wholly-owned subsidiary, Orient Green Power Europe B.V. (OGPE), into the holding company. Instead, the Board has initiated the voluntary liquidation of OGPE, subject to applicable laws and regulations. This decision aims to minimize delays and expedite the repatriation of assets.
The Board also acknowledged satisfactory progress in the execution of solar and wind repowering projects and revised the commencement date for commercial production to September 30, 2026, subject to regulatory approvals.
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