Orient Green Q1 FY27 Results (NSE: GREENPOWER)
Signal: Revenue declined
The read
Revenue and EBITDA declined due to poor wind season, but the trajectory is upbeat with new capacity coming online; net profit fell more due to lower other income and higher depreciation, but the company expects improved profitability from H2FY27 as capex projects commissioned.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹81.43 Cr | -6.8% | 111% |
| EBIT | ₹37.25 Cr | -17.1% | |
| Net profit | ₹23.94 Cr | -16.4% | |
| EPS | ₹0.2 | -20% | |
| EBIT margin | 70% |
P&L walk
Revenue declined 7% YoY to ₹81.43 Cr due to lower wind availability, but capacity additions partially offset. EBITDA margin contracted 100bps to 70% as cost of maintenance rose. Net profit fell 16% to ₹23.94 Cr, impacted by lower other income (interest on rights proceeds) and higher depreciation.
Key positives
- Commissioned 3.3 MW wind turbine during the quarter, adding to installed capacity.
- Capex program progressing; solar and repowering projects expected to commission by September 30, 2026, boosting future earnings.
- Finance costs declined 15.9% YoY due to lower debt after rights issue.
Key concerns
- Revenue and EBITDA declined 7% and 9% YoY respectively due to lower wind availability.
- Net profit margin contracted 300bps to 28% due to lower other income and higher depreciation.
- Contingent liability: REC receivables of ₹2,071 lakhs under dispute, with provision of ₹1,621 lakhs for expected credit losses.
Research and educational content only. Not investment advice.