I think looking at one year’s revenue generated by the RESCO capacity is not entirely right thing to do because these are annuity projects which usually have PPA agreements spanning across 25 years. So the revenue contribution has to be looked from that POV.
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Hi Pratik,
While these assets have long useful lives, they must ideally generate enough annual revenue - and consequently operating profit - to earn a return on capital that is higher than the project’s cost of capital. Obviously, it is understandable that this may not be achievable in the first year or two after commissioning owing to stabilisation issues. But the revenue from this segment seems too long way off to say with any confidence that it will happen in future.
2 Likes
Very bullish guidance in the investor call. 1000 Cr rev in FY25, 2500 Cr rev in FY26 and an aspirational goal of PAT in FY28 = Rev in FY25.
The last bit seems aggressive to me but FY27 onwards with the BESS and GH2 businesses kicking into gear could lead to explosive growth.
Disc - Invested.
5 Likes
How Oriana Power is different than “GENSOL ENGINEERING”? Can someone throw light in this comparison? (Do Research for intresting insights)
Gensol Eng Seems Cheaper-Better-less risky
Solar Green hydrogen Emobility BESS power developments projects.
GENSOL ENG seems to have it all.
GENSOL Seems More promising
Disc- invested
My Entry price is 1849
I am invested in both - Gensol & Oriana. Gensol was the earlier investment and my thinking was similar to yours. Now, I realize that with these 2, execution is the key as they are very aggressive companies targetting/promising the moon and operate in new futuristic sectors. So potential seems huge, but how well they execute and sustain is crucial. Having said that, 2 differences are
- Oriana operates in related sectors only, while Gensol’s diversification into multiple areas including EV manufacturing/leasing and transactions with promoter held Blusmart makes Investors a bit wary
- Oriana operates/plans in Green Hydrogen sector, Gensol is only in the Green part. The Hydrogen (electrolyzer) part will be done by their sister concern Matrix gas. (again another promoter held entity)
2 Likes
Company clarified “As an EPC and IPP player without reliance on international markets or policies, we are uniquely insulated from external shocks. Oriana is well-hedged against potential impacts from international policy changes. Oriana is well-positioned to take advantage of increased solar module manufacturing capabilities of India”
6 Likes
Oriana rating upgrade. As per this FY25 revenue of 1000 cr at 15% profit margin also FY25 PAT can be 150 cr. At current market cap of 3k cr i.e FYWD FY25PE of 20
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I have just started researching this business and listened to H1 call.
Everything about the business looks good. Great Order book, seems to be well executed, etc. On the outset, looks to be generating cash but need to further research that.
However, Has anyone done research on the promoters? Appreciate your inputs.
- Concall Qs moderated by someone seems to be strange.
- Half the time Promoter presented, they seem to keep talking about thier integrity, pedigree and like how they are engineers and now they will be great in finance as well, etc. Shareholders get 3 great promoters running the business, complement each other, etc → I maybe completely wrong but felt like they were over doing it.
And yes, its a small company so probably could not get DIIs but don’t see good HNI investors as well, except for Prashant Jain and he reduce the stake recently.
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point 5…
I know they made strategic partnership with spill waters for hydrogen theme
Sometime around they have done one EPC for CBG plant…
Only Concern is do they have complete understanding business for CBG or they are outsourcing it
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As they are still small company may be they are projecting as much positive as possible to increase confidence of the investors I don’t see that much of this as red flag as long they are delivering on numbers
Only issue I see with Oriana now is they are not posting any orders since 3 months but they keep saying next year targets are on track
Just need to see how this turns out
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How should we interpret this? What could be the potential impact on all players esp. Oriana?
The said warning letter alleges violation of
Regulation 167(6) of the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2018
ORIANA_10032025183815_Update_OPL_100325.pdf (2.5 MB)
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I was just listening to the call. Order book is 2500 cr and I believe that it was 3000+ cr in Q3. Management did clarify that they are trying to set strategy in the last 3-4 months so there was not a lot of orders intake.
Management defended their higher margin. They think that margin can be sustained with high growth. They are diversifying and that will help margin as well.
Any thoughts from investors? I do not have this stock and reviewing the potential.
1 Like
Company started FY25 with an order backlog with a Rs 900crs backlog and delivered Rs987crs revenues with 16% PAT margin.
Company started FY26 with a order backlog of Rs 2500crs and has guided for revenues of Rs 2000-2500crs with similar margins
Management expects significant order additions in coming months after a period of strategic conservatism
At the lower end of guidance company is set to deliver Rs 320 crs PAT and trades at 13.9x FY26E
On FY25 PAT number this is how comparables trade:
Oriana Power 28.2x (100-150% growth guidance for FY26E)
KPI Green 29.4x (70% growth guidance for FY26E)
Waaree Renewable Technologies 44.3x (No guidance)
Sterling Wilson 87.8x (15-20% growth guidance for FY26E)
Disclosure: Invested
7 Likes
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Orders won by Oriana in 2025 so far:
| Date Awarded | Awarding Entity | Order Description | Order Amount (INR) | Execution Period | Project Location |
|---|---|---|---|---|---|
| Jan 20, 2025 | Solar Power Developer | 9 MW/903 kWh Hybrid Power Generating System (Solar & BESS) - EPC Segment | ₹ 38.40 Crores | 6 to 8 months | Rajasthan |
| Jan 21, 2025 | Renewable Energy (CBG) Developer | 21 Tons/Day Compressed Bio Gas (CBG) Plant - EPC Segment | ₹ 59 Crores | 12 months | Prayagraj, Uttar Pradesh |
| Apr 29, 2025 | Kannur International Airport Limited | 4 MWp Solar Power Plant - EPC including Operation and Maintenance | ₹ 21.65 Crores (Inclusive of GST) | EPC in FY 2025-26; O&M for 5 years | Kannur, Kerala |
| Jul 09, 2025 | Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) | 50 MW/100 MWH Standalone Battery Energy Storage Systems (BESS) | ₹ 188.61 Crores (over 12 years, Inclusive of GST) | 18 months from execution of BESPA | Jaipur, Rajasthan |
| Jul 14, 2025 | Karnataka Power Transmission Corporation Limited (KPTCL) | 50 MW/100 MWh Standalone Battery Energy Storage Systems (BESS) | ₹ 212.32 Crores (over 12 years, Inclusive of GST) | 15 months from the effective date of BESPA | Yadgir, Karnataka |
| Aug 18, 2025 | Cement Industry Client | 75 MW Solar Power Plant with 111.57 MWh Battery Energy Storage Systems (BESS) - EPC | ₹ 476.13 Crores (Inclusive of GST) | 8 months from order date and receipt of advance | Rajasthan |
| Aug 21, 2025 | Solar Energy Corporation of India Ltd. (SECI) | Production and Supply of 60,000 metric tonnes per annum of Green Ammonia | ₹ 313.5 Crores per year (for 10 years) | 36 months from the effective date of GAPA | Sagar, Madhya Pradesh |
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Podcast of Oriana CEO, Rupal detailing about main verticals(excluding CBG), important to note is his direction on Green Hydrogen cost curve, how it can come down
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Government view on Hydrogen costs
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Good read on Green Energy transition which involves Oriana core focus areas
Link : https://x.com/ionicwealth/status/1972538601759260985?s=48&t=sfb7ni3CZNeOSVlH2eQEfA
Good summary of green hydrogen initiatives across world
Link https://x.com/puneetk009/status/1973409016568000583?s=61&t=jh5AZ7YUVQPLDcgl6oBy4g
4 Likes