Oriana Power Limited, formerly known as Oriana Power Private Limited, has declared its unaudited financial results for the half year ended September 30, 2026. The Board of Directors met on November 13, 2026, and approved both standalone and consolidated results after recommendation by the Audit Committee. The board meeting commenced at 9:35 PM (IST) and concluded at 11:50 PM (IST). The results have been subjected to a limited review by the company's statutory auditors, JVA & Associates, Chartered Accountants.
The company is primarily engaged in the renewable energy sector, covering Engineering, Procurement and Construction (EPC) activities for renewable energy projects, as well as Renewable Energy Service Company (RESCO) activities involving the generation and sale of power. During H1 FY27, the company completed a significant corporate action — a sub-division (stock split) of its equity shares in the ratio of 1:5, with September 18, 2026 as the Record Date. Each existing equity share of face value ₹10 was sub-divided into five equity shares of face value ₹2 each. The authorised share capital remains unchanged at ₹24,50,00,000, now comprising 12,25,00,000 equity shares of ₹2 each. The subscribed and paid-up share capital remains unchanged at ₹20,31,91,500, now comprising 10,15,95,750 equity shares of ₹2 each. All EPS figures in these results reflect the post-split face value of ₹2 per share.
Standalone Profit and Loss: H1 FY27
| Particulars | H1 FY27 (Apr–Sep 2026) | H2 FY26 (Oct 2025–Mar 2026) | H1 FY26 (Apr–Sep 2025) | FY26 (Apr 2025–Mar 2026) |
|---|---|---|---|---|
| Unaudited | Audited | Unaudited | Audited | |
| Revenue from Operations | ₹98,409.85 | ₹1,02,486.03 | ₹76,448.20 | ₹1,78,934.24 |
| Other Income | ₹3,977.69 | ₹2,213.15 | ₹855.89 | ₹3,069.03 |
| Total Income | ₹1,02,387.54 | ₹1,04,699.18 | ₹77,304.09 | ₹1,82,003.27 |
| Cost of Material Consumed | ₹73,311.28 | ₹75,871.18 | ₹56,415.48 | ₹1,32,286.66 |
| Employee Benefits Expense | ₹3,132.71 | ₹3,458.87 | ₹1,335.76 | ₹4,794.63 |
| Finance Costs | ₹5,534.90 | ₹3,493.71 | ₹1,154.89 | ₹4,648.60 |
| Depreciation & Amortisation | ₹108.04 | ₹83.54 | ₹41.61 | ₹125.15 |
| Other Expenses | ₹2,054.82 | ₹2,057.09 | ₹2,205.01 | ₹4,262.10 |
| Total Expenses | ₹84,141.75 | ₹84,964.40 | ₹61,152.75 | ₹1,46,117.14 |
| Profit Before Tax | ₹18,245.80 | ₹19,734.80 | ₹16,151.34 | ₹35,886.13 |
| Current Tax | ₹4,251.79 | ₹5,606.34 | ₹3,971.67 | ₹9,578.01 |
| Deferred Tax | ₹8.42 | ₹(61.86) | — | ₹(61.86) |
| Profit After Tax | ₹13,985.59 | ₹14,190.32 | ₹12,179.67 | ₹26,369.98 |
| Basic EPS (₹, FV ₹2) | ₹13.77 | ₹13.97 | ₹11.98 | ₹25.96 |
All figures in ₹ Lakhs unless stated otherwise.
H1 FY26 vs H1 FY27 Comparison (Standalone)
Revenue from Operations: Increased by ~28.73% from ₹76,448.20 lakhs to ₹98,409.85 lakhs.
Total Income: Increased by ~32.45% from ₹77,304.09 lakhs to ₹1,02,387.54 lakhs.
Total Expenses: Increased by ~37.59% from ₹61,152.75 lakhs to ₹84,141.75 lakhs.
Finance Costs: Increased by ~379.39% from ₹1,154.89 lakhs to ₹5,534.90 lakhs, reflecting higher borrowings for project execution.
Profit Before Tax: Increased by ~12.97% from ₹16,151.34 lakhs to ₹18,245.80 lakhs.
Profit After Tax: Increased by ~14.83% from ₹12,179.67 lakhs to ₹13,985.59 lakhs.
Basic EPS: Moved from ₹11.98 to ₹13.77 (post-split, face value ₹2).
Standalone EBITDA and EBIT: H1 FY27
EBITDA Formula: Profit Before Tax + Finance Costs + Depreciation & Amortisation
Step 1: Profit Before Tax = ₹18,245.80 lakhs
Step 2: Finance Costs = ₹5,534.90 lakhs
Step 3: Depreciation & Amortisation = ₹108.04 lakhs
EBITDA = 18,245.80 + 5,534.90 + 108.04 = ~₹23,888.74 lakhs (~₹238.89 crore)
EBITDA Margin = 23,888.74 ÷ 1,02,387.54 = ~23.33%
For comparison, standalone EBITDA in H1 FY26: 16,151.34 + 1,154.89 + 41.61 = ~₹17,347.84 lakhs (~₹173.48 crore), with a margin of ~22.44%.
EBITDA change: Increased by ~37.71% from ~₹17,347.84 lakhs to ~₹23,888.74 lakhs.
EBIT Formula: Profit Before Tax + Finance Costs
EBIT = 18,245.80 + 5,534.90 = ~₹23,780.70 lakhs
Consolidated Profit and Loss: H1 FY27
| Particulars | H1 FY27 (Apr–Sep 2026) | H2 FY26 (Oct 2025–Mar 2026) | H1 FY26 (Apr–Sep 2025) | FY26 (Apr 2025–Mar 2026) |
|---|---|---|---|---|
| Unaudited | Audited | Unaudited | Audited | |
| Revenue from Operations | ₹99,990.11 | ₹1,03,248.82 | ₹78,118.41 | ₹1,81,367.23 |
| Other Income | ₹3,447.73 | ₹1,973.75 | ₹760.71 | ₹2,734.46 |
| Total Income | ₹1,03,437.84 | ₹1,05,222.57 | ₹78,879.12 | ₹1,84,101.69 |
| Cost of Material Consumed | ₹72,989.52 | ₹75,871.19 | ₹56,415.48 | ₹1,32,286.67 |
| Employee Benefits Expense | ₹3,139.54 | ₹3,468.92 | ₹1,335.76 | ₹4,804.68 |
| Finance Costs | ₹6,332.49 | ₹4,272.99 | ₹2,021.46 | ₹6,294.45 |
| Depreciation & Amortisation | ₹931.02 | ₹971.51 | ₹604.83 | ₹1,576.34 |
| Other Expenses | ₹2,314.23 | ₹2,151.96 | ₹2,321.67 | ₹4,473.63 |
| Total Expenses | ₹85,761.05 | ₹86,736.56 | ₹62,699.20 | ₹1,49,435.77 |
| Profit Before Tax | ₹17,676.79 | ₹18,486.01 | ₹16,179.92 | ₹34,665.92 |
| Current Tax | ₹4,265.13 | ₹5,609.66 | ₹3,977.79 | ₹9,587.45 |
| Deferred Tax | ₹(52.87) | ₹(164.64) | ₹38.66 | ₹(125.98) |
| PAT before Minority Interest | ₹13,464.53 | ₹13,040.99 | ₹12,163.47 | ₹25,204.45 |
| Minority Interest | ₹(99.77) | ₹(48.47) | ₹19.04 | ₹(29.43) |
| PAT (attributable to shareholders) | ₹13,564.30 | ₹13,089.46 | ₹12,144.43 | ₹25,233.88 |
| Basic EPS (₹, FV ₹2) | ₹13.35 | ₹12.88 | ₹11.95 | ₹24.84 |
All figures in ₹ Lakhs unless stated otherwise.
H1 FY26 vs H1 FY27 Comparison (Consolidated)
Revenue from Operations: Increased by ~27.99% from ₹78,118.41 lakhs to ₹99,990.11 lakhs.
Total Income: Increased by ~31.14% from ₹78,879.12 lakhs to ₹1,03,437.84 lakhs.
Total Expenses: Increased by ~36.78% from ₹62,699.20 lakhs to ₹85,761.05 lakhs.
Finance Costs: Increased by ~213.27% from ₹2,021.46 lakhs to ₹6,332.49 lakhs, driven by higher project-level borrowings at subsidiary level.
Profit Before Tax: Increased by ~9.25% from ₹16,179.92 lakhs to ₹17,676.79 lakhs.
PAT (attributable to shareholders): Increased by ~11.69% from ₹12,144.43 lakhs to ₹13,564.30 lakhs.
Basic EPS: Moved from ₹11.95 to ₹13.35 (post-split, face value ₹2).
Consolidated EBITDA and EBIT: H1 FY27
EBITDA Formula: Profit Before Tax + Finance Costs + Depreciation & Amortisation
Step 1: Profit Before Tax = ₹17,676.79 lakhs
Step 2: Finance Costs = ₹6,332.49 lakhs
Step 3: Depreciation & Amortisation = ₹931.02 lakhs
EBITDA = 17,676.79 + 6,332.49 + 931.02 = ~₹24,940.30 lakhs (~₹249.40 crore)
EBITDA Margin = 24,940.30 ÷ 1,03,437.84 = ~24.11%
For comparison, consolidated EBITDA in H1 FY26: 16,179.92 + 2,021.46 + 604.83 = ~₹18,806.21 lakhs (~₹188.06 crore), with a margin of ~23.84%.
EBITDA change: Increased by ~32.62% from ~₹18,806.21 lakhs to ~₹24,940.30 lakhs.
EBIT = 17,676.79 + 6,332.49 = ~₹24,009.28 lakhs
Segment Performance: H1 FY27 (Consolidated)
| Segment | Revenue H1 FY27 | Revenue H1 FY26 | PBT H1 FY27 | PBT H1 FY26 |
|---|---|---|---|---|
| EPC Segment | ₹97,813.09 | ₹76,413.83 | ₹17,967.64 | ₹16,151.32 |
| RESCO Segment | ₹2,177.02 | ₹1,704.58 | ₹(290.85) | ₹28.59 |
| Total | ₹99,990.11 | ₹78,118.41 | — | — |
All figures in ₹ Lakhs unless stated otherwise. PBT figures are segment results before interest allocation.
H1 FY26 vs H1 FY27 Segment Comparison
EPC Revenue: Increased by ~27.99% from ₹76,413.83 lakhs to ₹97,813.09 lakhs.
EPC Segment PBT: Increased by ~11.24% from ₹16,151.32 lakhs to ₹17,967.64 lakhs.
RESCO Revenue: Increased by ~27.72% from ₹1,704.58 lakhs to ₹2,177.02 lakhs.
RESCO Segment PBT: Moved from a profit of ₹28.59 lakhs to a loss of ₹(290.85) lakhs, reflecting higher finance costs allocated to this segment.
Subsidiary Structure and Divestment Strategy
As of September 30, 2026, Oriana Power Limited has 86 subsidiaries, all operational. Of these, 72 subsidiaries — including 6 step-down subsidiaries — have been consolidated in accordance with AS 21. The remaining 14 subsidiaries have been excluded from consolidation under paragraph 11 of AS 21, as they are held exclusively with a view to disposal in the near future, in line with the company's approved divestment strategy.
The company has entered into Share Purchase Agreements (SPAs) with a private equity fund managed by Actis India for the divestment of two subsidiaries: TrueRe GUJ SPV Private Limited and TrueRe Current Private Limited. Consideration towards these proposed divestments has been received, marking progress in executing the divestment plan. The divestment of remaining identified subsidiaries is progressing at various stages of fulfilment of Conditions Precedent (CPs), with certain timelines impacted by revised Standard Operating Procedure (SOP) requirements introduced by the respective DISCOMs.
The consolidated results include the interim financial results of 59 subsidiaries with total revenue of ₹2,769.23 lakhs and net loss after tax of ₹517.16 lakhs for H1 FY27, reviewed by their respective independent auditors. The statement also includes interim results of 13 subsidiaries, 7 wholly owned SPVs and 6 step-down subsidiaries, with total revenue of nil and net loss of ₹3.88 lakhs for H1 FY27, reviewed by JVA & Associates.
Standalone Balance Sheet Highlights
| Particulars | Sep 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Share Capital | ₹2,031.92 | ₹2,031.92 |
| Reserves and Surplus | ₹90,734.73 | ₹76,555.05 |
| Long-Term Borrowings | ₹29,055.38 | ₹10,403.63 |
| Short-Term Borrowings | ₹20,103.37 | ₹15,723.22 |
| Trade Receivables | ₹96,579.66 | ₹69,950.00 |
| Cash and Bank Balances | ₹20,819.15 | ₹27,504.33 |
| Inventories | ₹10,828.81 | ₹4,049.34 |
| Non-Current Investments | ₹12,861.68 | ₹12,642.18 |
| Total Assets | ₹2,98,470.68 | ₹2,32,231.51 |
All figures in ₹ Lakhs unless stated otherwise.
March 31, 2026 vs September 30, 2026 Comparison (Standalone Balance Sheet)
Total Assets: Increased by ~28.52% from ₹2,32,231.51 lakhs to ₹2,98,470.68 lakhs, reflecting significant scale-up of EPC project execution.
Long-Term Borrowings: Increased by ~179.29% from ₹10,403.63 lakhs to ₹29,055.38 lakhs.
Short-Term Borrowings: Increased by ~27.86% from ₹15,723.22 lakhs to ₹20,103.37 lakhs.
Trade Receivables: Increased by ~38.06% from ₹69,950.00 lakhs to ₹96,579.66 lakhs.
Inventories: Increased by ~167.47% from ₹4,049.34 lakhs to ₹10,828.81 lakhs.
Reserves and Surplus: Increased by ~18.52% from ₹76,555.05 lakhs to ₹90,734.73 lakhs.
Consolidated Balance Sheet Highlights
| Particulars | Sep 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Share Capital | ₹2,031.92 | ₹2,031.92 |
| Reserves and Surplus | ₹88,063.00 | ₹74,311.00 |
| Minority Interest | ₹711.73 | ₹778.18 |
| Long-Term Borrowings | ₹50,053.68 | ₹32,843.76 |
| Short-Term Borrowings | ₹22,590.00 | ₹18,011.32 |
| Trade Receivables | ₹93,461.00 | ₹67,114.36 |
| Cash and Bank Balances | ₹22,671.04 | ₹28,608.11 |
| Inventories | ₹24,357.05 | ₹4,117.48 |
| Total Assets | ₹3,43,653.56 | ₹2,56,326.86 |
All figures in ₹ Lakhs unless stated otherwise.
March 31, 2026 vs September 30, 2026 Comparison (Consolidated Balance Sheet)
Total Assets: Increased by ~34.07% from ₹2,56,326.86 lakhs to ₹3,43,653.56 lakhs.
Long-Term Borrowings: Increased by ~52.40% from ₹32,843.76 lakhs to ₹50,053.68 lakhs.
Short-Term Borrowings: Increased by ~25.42% from ₹18,011.32 lakhs to ₹22,590.00 lakhs.
Trade Receivables: Increased by ~39.26% from ₹67,114.36 lakhs to ₹93,461.00 lakhs.
Inventories: Increased by ~491.45% from ₹4,117.48 lakhs to ₹24,357.05 lakhs, indicating a large buildup of project materials.
Standalone Cash Flow Summary: H1 FY27
| Particulars | H1 FY27 (Sep 30, 2026) | FY26 (Mar 31, 2026) |
|---|---|---|
| Net Cash from Operating Activities | ₹6,660.04 | ₹35,399.12 |
| Net Cash from Investing Activities | ₹(17,990.04) | ₹(52,957.15) |
| Net Cash from Financing Activities | ₹18,079.77 | ₹19,147.12 |
| Net Change in Cash | ₹6,749.76 | ₹1,589.11 |
| Opening Cash | ₹6,622.08 | ₹5,032.98 |
| Closing Cash and Cash Equivalents | ₹13,371.84 | ₹6,622.08 |
| Cash and Bank Balances (incl. FDs) | ₹20,819.15 | ₹27,504.33 |
All figures in ₹ Lakhs unless stated otherwise.
FY26 vs H1 FY27 Cash Flow Comparison (Standalone)
Operating Activities: Generated ₹6,660.04 lakhs in H1 FY27, against ₹35,399.12 lakhs in full FY26.
Investing Activities: Used ₹(17,990.04) lakhs in H1 FY27 for investments in subsidiaries and capital expenditure, compared to ₹(52,957.15) lakhs in FY26.
Financing Activities: Generated ₹18,079.77 lakhs in H1 FY27, primarily from proceeds from long-term borrowings of ₹18,651.75 lakhs.
Closing Cash and Cash Equivalents: Grew from ₹6,622.08 lakhs at the start of H1 FY27 to ₹13,371.84 lakhs by September 30, 2026.
Auditor's Limited Review
JVA & Associates, Chartered Accountants (FRN: 026849N), carried out the limited review of both standalone and consolidated financial results for the half year ended September 30, 2026. The review was signed by Vaibhav Jain, Founder Partner (M. No.: 518200), from Noida on November 13, 2026. The auditors issued an unmodified conclusion, stating that nothing came to their attention that would suggest the financial results were not prepared correctly in accordance with applicable accounting standards and Regulation 33 of SEBI (LODR) Regulations, 2015.
The results were signed on behalf of the Board by Rupal Gupta, Managing Director (DIN: 08003344), and Shivam Aggarwal, Chief Financial Officer (BYSPA2481A), both from Noida on November 13, 2026.
On a standalone basis, Oriana Power reported revenue from operations of ₹98,409.85 lakhs (~₹984 crore) for H1 FY27, up ~29% from H1 FY26. The consolidated revenue from operations stood at ₹99,990.11 lakhs (~₹1,000 crore), up ~28% from H1 FY26. Consolidated EBITDA for H1 FY27 stood at ~₹249.40 crore, up ~33% YoY. The EPC business remains the dominant revenue driver, contributing over 97% of consolidated revenue. With a growing order book, an active divestment programme for RESCO subsidiaries, and a completed stock split that improves share liquidity, Oriana Power continues to build on its position as a diversified renewable energy player.