Orient Green Power Company Limited Earnings Summary — Q1 FY2027

• Revenue and EBITDA declined by 7% and 9% respectively due to delayed and moderate wind availability compared to an exceptionally strong Q1 in the previous year.
• The reduction in Net Profit was further exacerbated by lower interest income as rights issue proceeds were moved from deposits to project capex.
• OGPL commissioned one 3.3 MW wind turbine during the quarter, bringing the total to three newly commissioned turbines in the last six months.
• Management has revised the commissioning date for its 17.6 MW solar project and 7.8 MW wind repowering projects to September 30, 2026.
• The Board approved the withdrawal of the cross-border merger of Orient Green Power Europe B.V. (OGPE) into the parent, opting for voluntary liquidation to expedite asset repatriation.
• The group continues to monitor an emphasis of matter regarding REC receivables of ₹2,071 Lakhs currently under stay by the Supreme Court.
• A partial divestment of the Delta subsidiary was completed, reducing OGPL's shareholding from 100% to 70% following preferential allotments.

Management expects capacity additions and the repowering program to be completed in the upcoming quarter, with operations anticipated to start by H2 FY2026-27. These initiatives, along with a full year of production from recently commissioned assets, are expected to support improved profitability for the full fiscal year.

Stable

While the headline quarterly numbers were down due to seasonality and wind cycles, the underlying project execution for solar and repowering capacity targets remains consistent, supporting long-term stability.

The outlook is constructive for the second half of the fiscal as 25.4 MW of fresh and repowered capacity (Solar + Wind) enters the commercial production phase. However, high levels of promoter pledging and dependence on regulatory outcomes for REC payments remain key monitorables.