Oriana Power

ORIANA · NSE · Small Cap

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C&I Open Access·Listed·Directness 90/100

Oriana Power

C&I solar developer with on-site, off-site and rooftop solutions. ~42% ROCE, 48% ROE in FY24.

C&I Open AccessEPC
Hold
Last price
₹1917.00
52W: ₹1,372 – ₹3,064
-37.4% from 52W high
Mkt Cap
₹3.90K Cr
P/E
16.8x
EV/EBITDA
50.4x
ROCE
42.3%
ROE
48.4%
Book Value
₹313.0
Promoter
58.0%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
81
Valuation (20%)
61
Technical (20%)
51
Solar exposure (10%)
90
Policy beneficiary (7.5%)
78
Project pipeline (5%)
80
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹1,372Current: ₹1,917₹3,064
P/E
16.8x
P/B
6.1x
Div Yield
0.00%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Oriana Power: corporate PPAs + GEA Rules unlock the highest-quality offtake in the renewable market.

Bull case

Bull case for Oriana Power: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Oriana Power: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentC&I Open Access
Directness90/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)16.8x—
Forward P/E——
EV/EBITDA50.4x—
EV/Sales10.7x—
P/B6.1x—
FCF Yield-3.0%—

Project pipeline

1 tracked project

Oriana Gurugram C&I Bundle
Haryana · C&I Solar
Under Construction
220 MW· ₹1.20K Cr· ₹3.40/kWh· COD FY26

Financials

Source: Screener.in (consolidated) · ticker ORIANA · last updated 2026-05-11

Open on Screener.in
Market Cap
₹3.90K Cr
Price
₹1,917.00
Stock P/E
16.8x
Book Value
₹313.0
ROCE
42.3%
ROE
48.4%
Div Yield
0.00%
52W Range
₹1,372 – ₹3,064

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y183.7%
Sales 3Y CAGR124.2%
Sales 5Y CAGR106.7%
PAT 1Y390.9%
PAT 3Y CAGR278.0%
PAT 5Y CAGR171.1%
Profitability
OPM latest21.0%
PAT margin latest14.1%
PAT margin 3Y avg9.3%
ROE48.4%
ROCE42.3%
Asset turnover0.93x
Leverage & cash
D / E1.26x
Net Debt / EBITDA2.27x
Borrowings / Assets44.9%
CFO / EBITDA0.02x
CFO / PAT0.04x
FCF (TTM proxy)₹-115 Cr
Valuation
P/E16.8x
EV/EBITDA50.4x
EV/Sales10.65x
P/B6.12x
FCF Yield-2.95%
Div Yield0.00%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales2134124135383
Operating Profit23121981
OPM %9%10%10%14%21%
Net Profit1171154
EPS (₹)21.352.3511.3015.7428.33

Quarterly results · last 4 quarters

₹ Crore.

MetricSep 2023Mar 2024Sep 2024Mar 2025
Sales64319360628
OPM %18%22%21%25%
Net Profit64949110

Balance sheet · 5 years

₹ Crore.

ItemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital036719
Reserves12925127
Borrowings4172871184
Fixed Assets6192829135
Total Assets134375144410

Cash flow · 5 years

₹ Crore.

ActivityMar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Operating219162
Investing-6-14-16-41-117
Financing415727135
Net Cash Flow020220

Shareholding pattern

Latest disclosed

Promoters
57.98%
FII
0.32%
DII
0.32%
Public
41.38%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

Green Energy Open Access Rules
Ministry of Power · 2022-06-06
Confirmed

C&I open-access growth