Orient Green Power Company Limited reported its highest-ever net profit in FY26, with the Board of Directors approving the audited financial results at its meeting held on May 11, 2026. The company disclosed the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 via a newspaper advertisement published on May 12, 2026 in Financial Express (English) and Makkal Kural (Tamil), pursuant to Regulation 30 read with Schedule III and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board also accorded in-principle approval for the merger of two wholly owned subsidiaries — Bharath Wind Farm Limited (BWFL) and Orient Green Power Europe B.V. (OGPE) — into the holding company, subject to shareholder and statutory approvals. Subsequently, the transcript of the Investors/Analysts Call held on Wednesday, May 13, 2026, on the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, has been made available on the company's website pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FY26 Financial Performance

On a consolidated basis, Orient Green Power delivered a strong performance for the year ended March 31, 2026, driven by favourable wind patterns, the commissioning of its first solar plant, and one-off interest refunds. The following table summarises the key consolidated financial metrics:

The company registered its highest-ever net profit in its operating history despite a seasonal dip in wind patterns and muted performance in the last quarter. Total income and net profit increased by 13% and 70% respectively during the year. Interest costs declined from ₹71.99 crores to ₹57.18 crores, reflecting a reduction of approximately 21%. The company also received a refund of approximately ₹16 crores of excess interest charged in earlier years/periods.

Commenting on the performance, Mr. T Shivaraman, Managing Director & CEO, said: "In FY26 favourable wind patterns observed especially in the first half of the fiscal year, benefited the generation and revenues for the fiscal. In addition, commissioning of the first ever solar plant of 7MW in Dec 2025 also supported the topline. Further, in the previous quarters, receipt of one off refund of excess interest charged in earlier years also boosted the profits for the entire fiscal. Overall, total income and net profit increased by 13% and 70% respectively during the year and the impressive performance over large part of the year enabled the company to register its highest ever net profit in the company's operating history despite the seasonal dip in wind patterns and muted performance in the last quarter. In addition to successfully commissioning its first solar plant of 7 MW, the company has also contracted to add another 17.6 MW solar capacity. Other than solar additions, the company has also enhanced its wind portfolio by recently completing expansion with 9.9 MW larger capacity rated wind turbines and has also taken strategic initiatives to improve operating efficiencies by repowering about 7.8 MW of old wind turbines capacity, a first under the new repowering policy. The investment plans are anticipated to be completed in the fiscal FY2026-27 and to generate returns from next fiscal. Overall FY26 was a fantastic as well as a breakthrough year for the company with many firsts."

Earnings Conference Call: Key Management Highlights

During the Q4 & FY26 Earnings Conference Call held on May 13, 2026, Mr. T. Shivaraman – Managing Director and CEO and Ms. J. Kotteswari – Chief Financial Officer addressed investors and analysts. The company currently operates over 380 megawatts of wind power capacity across key Indian states and 10.5 megawatts of wind power in Croatia, in addition to the 7-megawatt solar capacity commissioned in Q3 FY26. As of FY26, the total operating capacity stands at approximately 399 megawatts, comprising 392 megawatts of wind and 7 megawatts of solar.

On Q4 performance, management noted that lower wind availability in Q4 was the primary driver of the sequential revenue dip, a pattern consistent across the Indian wind energy sector. Tariffs remained fixed throughout the year, with a significant portion of capacity tied to Commercial & Industrial (C&I) customers and the remainder under long-term Power Purchase Agreements (PPAs). Management confirmed no material power evacuation issues during the period.

On the capacity expansion outlook, the following revenue and EBITDA projections were shared for new assets on a full-year basis:

Management clarified that the 17.6 MW solar project is expected to be commissioned in Q1 and enter full production during Q2 of the upcoming fiscal. The 9.9 MW wind capacity recently commissioned will be fully available for the upcoming wind season. On cost impacts, depreciation increased by approximately INR 1 crore due to higher capitalisation, while O&M costs for new assets are covered under a free O&M arrangement in the first year.

Strategic Outlook and Investor Q&A

On the company's stated target of reaching 1 GW of renewable energy capacity, Mr. Shivaraman acknowledged that strategic initiatives have slowed due to market volatility, but confirmed the target remains active. He noted that with internal resources, the company can support approximately 50 MW of incremental capacity additions, while any larger-scale expansion would require external equity. Management indicated that multiple financing options are being evaluated and further clarity is expected in the coming quarters.

On receivables, management confirmed exposure to Andhra Pradesh and Gujarat Electricity Boards, with payments described as running smoothly in recent years. No significant curtailment issues were reported, with past curtailments attributed to technical factors rather than grid-level constraints. On the growth mix, management indicated wind will remain the dominant segment given the company's existing portfolio, while solar expansion will be approached cautiously given the current surplus of solar power on the grid during daytime hours. The company is also evaluating battery storage additions to its solar capacity to better serve C&I customers requiring round-the-clock power supply.

On repowering, management confirmed active evaluation of all older vintage wind turbines under the New Repowering Policy of the Government of Tamil Nadu, with potential additions of hybrid wind-solar repowering configurations being explored.

Business Highlights of FY26

• Achieved highest net profit in the company's history
• Commissioned the company's first solar power plant of 7 MW in December 2025
• Expanded wind capacity by 9.9 MW with 3 × 3.3 MW larger capacity turbines
• Initiated repowering of 7.8 MW of old wind turbines, first under the new repowering policy of Tamil Nadu
• Interest cost reduced from ₹71.99 crores to ₹57.18 crores (~21% reduction)
• Received refund of ~₹16 crores of excess interest charged in earlier years/periods
• Credit rating upgrade and 45 bps reduction in interest rates at material subsidiary
• Contracted to add another 17.6 MW solar capacity
• Total operating capacity as of FY26: ~399 MW (392 MW wind + 7 MW solar)

Merger of Wholly Owned Subsidiaries

The board approved in-principle the merger of two wholly owned subsidiaries into Orient Green Power Company Limited. Key details of both mergers are presented below:

Merger 1: Bharath Wind Farm Limited (BWFL) into OGPL

*Includes discontinued operations of Rs. 86.34 Lakhs

BWFL is a wholly owned subsidiary of OGPL. Both entities are engaged in Operations & Management (O&M) services with the same nature of business. The rationale for the merger is to simplify the group structure and reduce administrative expenses. As BWFL is a wholly owned subsidiary, the requirements under Section 188 of the Companies Act, 2013 will not apply to this transaction in terms of General Circular No. 30/2014.

Merger 2: Orient Green Power Europe B.V. (OGPE) into OGPL

OGPE, domiciled in the Netherlands, has no ongoing business operations and holds investments in step-down subsidiaries in Europe. The proposed merger is pursuant to Section 234 of the Companies Act, 2013 and the Foreign Exchange Management (Cross Border Merger) Regulations, 2018. The rationale is to simplify the group structure and reduce administrative expenses. Both mergers are subject to shareholder approval and requisite statutory/regulatory approvals including from the National Company Law Tribunal, Regional Director, and Ministry of Corporate Affairs.

Capacity Expansion and Repowering Initiatives

During the year, subsidiary Gamma Green Power Private Limited entered into an EPC contract to set up 3 Wind Turbine Generators (WTGs) of 3.30 MW each, aggregating to 9.90 MW, at an estimated cost of Rs. 8,505 lakhs in Tiruchirappalli District, Tamil Nadu. Two WTGs were commissioned on March 20, 2026, with the remaining one commissioned on April 27, 2026.

On the repowering front, subsidiary Clarion Wind Farm Private Limited entered into a contract for procurement of 3 WTGs of 2.1 MW each, aggregating to 6.3 MW, with Suzlon Energy Limited at an estimated cost of Rs. 3,287 lakhs, along with a supervisory and commissioning agreement at an estimated cost of Rs. 485 lakhs. Additionally, Clarion approved a contract for procurement of 2 P57 WTGs of 750 KW each, aggregating to 1.5 MW, with Pioneer Wincon Energy Systems Private Limited at an estimated cost of Rs. 861 lakhs for repowering at Devarkulam site, Tamil Nadu.

Orient Green Power Company Limited disclosed that its application for waiver of regulatory fines imposed by stock exchanges has been rejected, confirming a total penalty of Rs 3,20,960 for alleged non-compliance with SEBI listing regulations.

Penalty Details and Background

The penalties were imposed by both BSE Limited and National Stock Exchange of India Limited for alleged violations of Regulation 17(1A) of SEBI (LODR) Regulations, 2015 for quarters ended June 30, 2023 and September 30, 2023. The company had initially received notices about these fines on August 21, 2023 and November 21, 2023 respectively.

Waiver Application Rejection

The company had submitted a waiver application to BSE Limited as the designated stock exchange, following SEBI circular SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020. However, the Internal Regulatory Oversight and Review Group (IRORG) of BSE Limited rejected this application, with the decision communicated via email on April 30, 2026.

The company emphasized that the waiver application was made in good faith and not due to any deliberate or material non-compliance with regulatory requirements.

Financial Impact Assessment

The company confirmed that it had already deposited the entire fine amount with both stock exchanges under protest while the waiver application was pending. Consequently, the rejection of the waiver application does not result in any additional financial impact on the company's operations.

Regulatory Compliance Framework

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to inform exchanges about material events. The company provided comprehensive details as required under Schedule III of the SEBI Listing Regulations, including the nature of violations, dates of communications, and financial implications.

This development highlights the importance of strict adherence to corporate governance norms, particularly Regulation 17(1A) which deals with board composition and independence requirements for listed companies.