Orient Green Power Company Limited

Utilities — Utilities - Independent Power Producers · NSE

₹8.50+₹0.06 (+0.71%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Orient Green Power Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Orient Green Power Company Limited, an independent power producer of renewable power, engages in the generation and sale of wind energy in India and Croatia. As of March 31, 2026, it had an aggregate installed capacity of 396 megawatt.

IndustryUtilities - Independent Power Producers

SectorUtilities

Employees140

Annual revenue₹293 Cr

How does it make money?

Turns over ₹293 Cr a year. Of every ₹100 of sales, about ₹24 reaches shareholders as profit, with ₹69 left at the operating level before interest, tax and depreciation. Each of its 140 employees supports ₹2.09 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.09 Cr

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD, ADANI POWER LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 8.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.8%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +13% while net margin moved +81% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+13%

Margin effect+81%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.80 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

64/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

84/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

15.5x

3Y Median

41.3x

40 monthly readings · mean 43.0x · range 14.4x–69.8x

Sector Median

20.6x

median of 4 sector peers

🟢Current valuation is approximately 63% below its 3y median of 41.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 25% below the peer median of 20.6x.

vs. its own history

Cheap

41.3x median over 40 months · -63%

vs. sector peers

Cheap

20.6x median of 4 peers · -25%

vs. generic bands

Fair

15x–35x

EV/EBITDA

7.2x

PEG

0.57

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 52% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 71.1% to 69.3% over 3 years.

Red Flags

2 items require attention · 2 watch

🟡Inventory building faster than salesFinancial
Inventory up 53% against revenue up 13% — stock may not be moving.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 33% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 52% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 63% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 25% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 71.1% to 69.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Growth barely outpaces inflation
Revenue compounding at 4.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 67%✓ 69.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✓ 4.3% CAGR
Latest reported year was -6.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹997 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.5x

Fair

Fairly valued against the generic band

P/B Ratio

0.87x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.55

Profitable

Profitable on a per-share basis

ROE

6.0%

Weak

Weak capital efficiency

ROCE

8.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.45x

Low

Conservative leverage

Revenue Growth (YoY)

-6.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-20.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

39.8%

Good

Healthy core-business profitability

Net Margin

22.3%

Good

Strong bottom-line conversion

Current Ratio

1.82

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.80

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

8.7 / 9.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

33.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹258 Cr	₹259 Cr	₹260 Cr	₹293 Cr	+4.3%
EBITDA	₹184 Cr	₹183 Cr	₹186 Cr	₹203 Cr	+3.4%
EBITDA Margin	71.1%	70.6%	71.4%	69.3%	—
PAT (Net Profit)	₹34 Cr	₹37 Cr	₹39 Cr	₹69 Cr	+27.1%
EPS	₹0.37	₹0.31	₹0.33	₹0.59	+16.8%
ROE	6.5%	4.6%	3.6%	6.0%	—
ROCE	9.6%	8.2%	6.9%	8.0%	—
Total Debt	₹1,091 Cr	₹754 Cr	₹552 Cr	₹524 Cr	-21.7%
Free Cash Flow	₹218 Cr	₹232 Cr	₹159 Cr	₹1 Cr	-81.5%

🟢 Revenue has grown at 4.3% a year over 3 years.

🟢 EBITDA has grown at 3.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 71.1% to 69.3% over 3 years (-1.8 pts).

🟢 PAT (Net Profit) has grown at 27.1% a year over 3 years.

🟢 EPS has grown at 16.8% a year over 3 years.

🟡 ROE has held roughly flat at 6.0% over 3 years.

🔴 ROCE has fallen from 9.6% to 8.0% over 3 years (-1.5 pts).

🟢 Total Debt has shrunk at 21.7% a year over 3 years.

🔴 Free Cash Flow has shrunk at 81.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,732 Cr

Total Liabilities

₹577 Cr

Cash & Equivalents

₹60 Cr

Operating Cash Flow

₹195 Cr

Capex

-₹193 Cr

Shareholding (proxy)

Institutional Holding

1.7%

Insider Holding

28.0%

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%
ADANI POWER LTD	26.5x	21.9%

Recent News

1 mixed1 negative4 general

Orient Green Power Company Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Declining Stock and Decent Financials: Is The Market Wrong About Orient Green Power Company Limited (NSE:GREENPOWER)?

Simply Wall Street, 04 Feb

Orient Green Power Company Share Price Forecast to 2030

Univest, 22 Jul

Orient Green Power share price rises 9% after this update. Do you own?

Livemint, 09 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Orient Green Power Arm Signs ₹62 Crore Wind Power LOI

HDFC Sky, 20 May

Janati Bio extends Orient Green share pledge for SVL debt

scanx.trade, 25 SeptOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Watch Items

Revenue growth is negative (-6.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation

MiddlingGrowth · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x · see Key things to watch ↑