Oriana Power started FY26 with big promises.
It ended the year with an awkward confession.
"We missed our targets."
📉 Stock down from a high of ₹3,064 to ₹1,595.
A painful ~48% slide from the top.
And yet… the management is smiling.
Why?
Let's look at what Oriana did deliver in FY26:
Profitable. Growing. Cheap on paper.
So what went wrong?
Not demand. Not the business model.
Just… everything else.
Management's framing was clean:
"This was a timing problem, not a structural one."
Here's the number that changes the conversation.
👉 Unexecuted order book: ~₹7,000 crore.
That's roughly 4x FY26 revenue. Sitting. Waiting.
And in one single month, Oriana bid on tenders worth nearly ₹12,000 crore.
The pipeline isn't drying up.
It's overflowing.
Solar made Oriana.
BESS might remake it.
The revenue mix shift is wild:
📈 BESS = ~40% of revenue in FY27
📈 BESS = ~60% of revenue in FY28
In two years, this becomes a battery company that also does solar.
A quiet but massive move:
Oriana signed a 10-year deal to supply 60 KTPA of green ammonia to a fertiliser client.
Project value: ~₹3,000 crore.
Green fuels target: ~10% of revenue by FY28.
After that — who knows how big.
They're refusing to chase every cheap bid.
They're letting rivals win bad-margin contracts.
They're guarding capital.
Guidance: 40-50% CAGR growth over the next two years.
If they execute the ₹7,000 cr book, ship BESS, close Actis, and crack green hydrogen…
The FY26 miss becomes a footnote.
The story becomes the setup.
And the market eventually figures out the difference.
That's all for now!
