Incorporated in 2013, Oriana Power Limited is a prominent Indian company specializing in solar energy solutions. The company operates across two main business verticals: providing EPC (Engineering, Procurement, Construction) and operations for solar power projects, and offering solar energy solutions on a BOOT (Build, Own, Operate, Transfer) basis. Oriana Power serves industrial and commercial customers by offering low-carbon energy solutions through on-site solar projects (rooftop and ground-mounted systems) and off-site solar farms.
The company's business operations are primarily segmented into two models:
- Capital Expenditure (CAPEX) Model: This involves offering comprehensive services from engineering to procurement, construction, and operation of solar projects.
- Renewable Energy Service Company (RESCO) Model: Operating on a BOOT framework, this model provides a recurring monthly revenue stream for organizations over a 15-25 year period. It helps mitigate CO2 emissions and offers a pay-per-unit power consumption facility.
This dual approach allows Oriana Power to cater to diverse customer needs while ensuring sustainable revenue generation.
Oriana Power was founded by Parveen Jangra and Rupal Gupta, with Rupal Gupta serving as the CEO. The company is headquartered in Noida, India. A significant transformation occurred in 2023 when the company transitioned from a private to a public limited company, officially becoming `Oriana Power Limited` through a fresh Certificate of Incorporation issued on April 24, 2023.
In August 2023, Oriana Power successfully launched its Initial Public Offering (IPO) on the National Stock Exchange (NSE), raising funds aggregating to ₹60 Crore through a fresh issue of 50,55,600 equity shares. The IPO was significantly oversubscribed by an impressive 176.58 times, highlighting strong market confidence and investor interest.
- Market Capitalization: ₹4,640 Crore (Note: One mention indicates a recent decline of -8.32% in 1 year. Another mentions ₹2,661.50 Cr as of June 3, 2025.)
- Revenue: ₹987 Crore (one mention), ₹1,018.67 Crore (FY2024), ₹382.87 crore (Year ended 2024, alongside profit)
- Profit: ₹159 Crore (one mention), ₹54.28 crore (Year ended 2024), ₹48.57 crore (H1 FY2025)
- Promoter Holding: 58.0%
- Valuation: Stock is trading at 9.09 times its book value.
- Dividend: The company is not paying out dividends despite reporting repeated profits.
- Current PE Ratio: 16.29
Oriana Power demonstrated strong growth in its H1 FY2025 results, reporting revenues of INR 359.54 crore and a net profit of INR 48.57 crore for the half-year ended September 30, 2024. This performance underscores robust operational efficiency and market expansion.
- ROCE (Return on Capital Employed): Averaged 40.8% from FY ending March 2023 to 2025, with a median of 41.9%.
- Future Outlook: Forecasts anticipate robust growth, with projected annual increases in earnings of approximately Infinity% and revenue of 1.0%.
Oriana Power has a diversified portfolio of operational and under-construction projects with a capacity exceeding 35 MWp across various states in India, including Rajasthan, Delhi, Haryana, Goa, Punjab, Gujarat, Karnataka, and Andhra Pradesh. The company has also established a global presence in Kenya, Africa.
The company's growth trajectory is marked by its expanding operational capacity and strategic expansion plans. With a significant presence in the EPC and RESCO segments, Oriana Power has over 500+ MW of projects under construction and a business pipeline exceeding 1500+ MW. To date, the company has completed and delivered projects of more than 50 MW.
Oriana Power has ambitious targets for future operational capacity, aiming for 500 MW by 2026 and an additional 500 MW planned for 2027.
The company has secured significant contracts in 2025, reinforcing its competitive standing in the energy storage sector:
- July 7, 2025: Awarded a Letter of Award (LOA) worth ₹465 Crore for a 125 MW/250 MWh battery storage project in Rajasthan.
- July 2, 2025: Awarded a ₹209 Crore contract for a 50 MW/100 MWh battery storage project in Tamil Nadu.
Oriana Power is strategically expanding beyond traditional solar projects into emerging green energy sectors. Key initiatives include:
- Green Hydrogen: An MoU has been signed with a hydrogen off-taker for 100% of the green hydrogen production, amounting to 350 kg per day.
- E-Methanol and Green Ammonia: The company is in advanced discussions with off-takers in the US and Europe for these emerging fuel sources.
Oriana Power's comprehensive service offerings include:
- Floating solar
- Ground-mounted solar
- Rooftop solar
- Carport solar
- Hybrid solar solutions
- Battery Energy Storage Systems (BESS)
- Operations and Maintenance (O&M)
- Solar parks
- Green hydrogen
- Compressed biogas (CBG)
The company specializes in the development, installation, and maintenance of these renewable energy systems.
As of August 2024, Oriana Power has a workforce of 304 employees. This represents a significant growth of 162.0% compared to August 2023, reflecting the company's rapid expansion and increasing operational demands.
As per Value Research classification, Oriana Power Ltd is considered a Small Cap company. However, more recent classifications suggest a growth in market capitalization, with data from June 3, 2025, placing its market capitalization at ₹2,661.50 Cr, leading Value Research to classify it as a Mid-Cap company.
Oriana Power Limited is a dynamic player in India's renewable energy sector, adeptly combining traditional solar EPC services with innovative RESCO models. The company's strategic expansion into battery storage and green hydrogen, coupled with strong financial performance and significant contract wins, positions it well for sustained growth in the evolving energy landscape.
