Superb results
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 17.8x FY26E
Disclosure: Invested
Oriana concall takeaways
Guidance:
2000-2500cr revenue for FY26
Similar/better OPM
Vision: 1000cr PAT by FY28
On track to achieve the same
Revenue mix shift (short term and long term) :
FY 26: 90% Solar; 10% BESS
FY 27: 60% Solar; 40% BESS
FY 28: 25-30% Solar; 50% BESS; 20% Hydrogen
FY 29: 20% Solar; 40% BESS; 40% Hydrogen + DataCenters
Current EBITDA and PAT margins are sustainable with improvements possible from current levels
D/E at 0.5x as on H1FY26
Quarterly results from Q1FY27
Current orderbook / projects and pipeline:
Solar : Current 550+MW
Target of 1GW+ RE capacity by FY26 end
BESS : 800+ MWh projects under execution
Signed BESPA agreements for 100 MWh of BESS capacity in Rajasthan / 100 MWh in Tamil Nadu
170+ MWh C&I order secured for solar + BESS hybrid projects
Achieved L1 position for a solar project in Latin America through Exim Bank ( 2.5 million USD)(LOA awaited)
Pipeline:
Solar : 2000+MW projects
BESS: 2000+ MWh projects pipeline by FY26
Target to reach 20 GWh by FY30 or earlier
10 GWh EPC
5 GWh BOOT
450 MWh BESPA expected within 2 months
Green Hydrogen and Ammonia:
60,000 MTPA allocated
3 years timeline
10,000 MTPA Green Hydrogen from SECI
Annual recurring revenue of ~313 Cr with better IRR (22-24%) than Solar
Target towards 2,00,000 MTPA by FY28
Land: 3,500 acre across India for operations
Signed an MoU with Invest Alberta (Canada) for RE Complex
300-500 million USD, scalable to 1 billion USD over 5 years
Pump storage:
Early stage discussions with few clients
GST changes did defer some revenues to H2
Almost 200cr revenues deferred to H2FY26
H2FY26 should be strong
Guidance intact
Plans to migrate to mainboard next year
A couple of questions regarding the company
The company is looking to work with Institutional Funds and Invits and assist them in making projects and also aims to recycle assets. Can anyone please clarify how does this work and what does Asset recycling mean here ?
Company is heavily involved in transactions with Promoter Group Companies. It seems as if the company is shifting the profits of Oriana and its Subsidiaries to the Promoter group companies. The data is taken from Consolidated Financial Report of FY 25 :
Any thoughts from investors on the above points ?
Anybody compared Oriana with Waaree Energies, Waaree Renewable or Premier
if you see March 2025 report - companies that are in this list is now moved to subsidiary category in Nov 2025 report. I verified atleast 7-8 names myself.
in March annual report they have provided list of all such companies that have promoter stake > 10%. most of these companies are now moved as subsidiary list in Nov 25 filing with a note as they become operational. This is standard RESCO model.
March report - companies that are termed as 10% or more promoter holdings.
https://nsearchives.nseindia.com/corporate/ORIANA_14112025144909_Financials.pdf
In above PDF you will find most of these names as subsidiary now with * marked.
They are / will be selling these subsidiaries further to third party via regular asset monetization.
