Oriana Power Limited

Sector n/a · NSE

₹2,077.80−₹95.60 (−4.40%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

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

How does it make money?

Turns over ₹1,791 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 36.2%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1230% while net margin moved +80% 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+1230%

Margin effect+80%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

75/ 100

Good

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

Valuation

18/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

53.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 14.9% to 23.2% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 20.9% to 36.2%.
High return on capital employed
ROCE of 36.2% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 1636% over 3 years, from ₹71 Cr to ₹1,228 Cr.
🔴High leverageFinancial
Debt/Equity of 1.61x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 1731% against revenue up 1230% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 36.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 14.9% to 23.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

Leverage amplifies any setback
Debt/Equity of 1.61x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 1731% against revenue up 1230%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small 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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 103% a year✓ 136.9% CAGR
Latest reported year was 81.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 23.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 3.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹184 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 33%✓ 36.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹21,110 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

33.1%

Strong

Strong capital efficiency

ROCE

36.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.61x

High

High leverage

Revenue Growth (YoY)

81.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

59.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹184 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Gross Margin

26.1%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

14.1%

Good

Strong bottom-line conversion

Current Ratio

1.40

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

293.5 / 746.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

15.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹135 Cr	₹383 Cr	₹985 Cr	₹1,791 Cr	+136.9%
EBITDA	₹20 Cr	₹83 Cr	₹241 Cr	₹416 Cr	+174.4%
EBITDA Margin	14.9%	21.6%	24.5%	23.2%	—
PAT (Net Profit)	₹11 Cr	₹54 Cr	₹159 Cr	₹252 Cr	+188.0%
EPS	₹5.51	₹33.41	₹79.53	—	—
ROE	33.3%	37.2%	31.1%	33.1%	—
ROCE	20.9%	28.2%	31.5%	36.2%	—
Total Debt	₹71 Cr	₹184 Cr	₹408 Cr	₹1,228 Cr	+158.9%
Free Cash Flow	-₹32 Cr	-₹111 Cr	₹102 Cr	₹184 Cr	—

🟢 Revenue has grown at 136.9% a year over 3 years.

🟢 EBITDA has grown at 174.4% a year over 3 years.

🟢 EBITDA Margin has risen from 14.9% to 23.2% over 3 years (+8.3 pts).

🟢 PAT (Net Profit) has grown at 188.0% a year over 3 years.

🟡 ROE has held roughly flat at 33.1% over 3 years.

🟢 ROCE has risen from 20.9% to 36.2% over 3 years (+15.3 pts).

🔴 Total Debt has grown at 158.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹32 Cr to ₹184 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,563 Cr

Total Liabilities

₹1,792 Cr

Cash & Equivalents

₹62 Cr

Operating Cash Flow

₹337 Cr

Capex

-₹153 Cr

Recent News

1 positive5 general

Here's Why Oriana Power (NSE:ORIANA) Has Caught The Eye Of Investors

Simply Wall Street, 15 Aug

Safety Controls & Devices Ltd Share Price

Business Today, 16 Oct

1:5 Stock split alert: Oriana Power set for major share division announcement; check record date, other details

Livemint, 15 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Oriana Power zooms 7.5% on bagging ₹1,180 Cr floating solar order in Jharkhand

Alice Blue, 09 Mar

Oriana Power Wins ₹3,870 Cr Battery Energy Storage System Projects

HDFC Sky, 22 Sept

Oriana Power Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health · Valuation

WeakRisk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑