Oriana Power Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Oriana Power Ltd trades at ₹1,468, in a downtrend and 26 weeks into that stage. That is −23.3% against its own 200-day average. It sits at 0% of a 52-week range of ₹1,468 to ₹3,001. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (14 weeks and counting).

Today the stock is in a downtrend — week 26 of stage 4, confirmed. At ₹1,468 it trades −23.3% versus its 200-day average and sits at 0% of its 52-week range (₹1,468–₹3,001).

Against the market, two honest reads. Cumulative: over the last 2.9 years the stock moved +363% while the NIFTY 500 moved +38% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (14 weeks and counting; last ahead the week of 2026-05-15) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 1st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Oriana Power Ltd trades at 11.3× P/E, about the cheapest it has ever traded. Its long-run median P/E is 29.5×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.3× is about the cheapest it has ever traded, against a long-run median of 29.5× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +59.2% against a −38.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +66.7%/yr price move, ~+98.7%/yr came from earnings growth and ~−32.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Oriana Power Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

63.3/100 — rank 1 of 5 in Solar EPC · 59% evidence confidence

Oriana Power Ltd scores 63.3 out of 100 against the 5 companies it is compared with in Solar EPC, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.5 + 17.8 + 15 + 12 = 63.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Oriana Power Ltd reported ₹1,032 Cr of revenue in the Mar 26 quarter, +64.3% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 110.3% a year. The last full year, FY26, came in at ₹1,814 Cr. The last four reported quarters add to ₹2,801 Cr.

Oriana Power Ltd reported ₹1,032 Cr of revenue in the Mar 26 quarter, +64.3% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 110.3% a year. The last full year, FY26, came in at ₹1,814 Cr. The last four reported quarters add to ₹2,801 Cr.

FY26 revenue came in at ₹1,814 Cr (+83.8% on the year), capping 6 years at 110.3% compound. The latest quarter (Mar 26) printed ₹1,032 Cr, +64.3% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +185.1% growth against the decade's 110.3% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (−4.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Oriana Power Ltd's operating margin is 21.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −1.0 percentage points. Across 7 fiscal years the operating margin has ranged 9.0% to 24.0%. The current quarter sits inside that band.

Oriana Power Ltd's operating margin is 21.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −1.0 percentage points. Across 7 fiscal years the operating margin has ranged 9.0% to 24.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, −4.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 9.0%–24.0%.

🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went +1.4 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +18.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Oriana Power Ltd earned ₹130 Cr of net profit in the Mar 26 quarter, +18.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹252 Cr. The 6-year compound rate is 151.3%. That is 12.6% of the quarter's revenue. The same quarter a year earlier earned ₹49.0 Cr.

Oriana Power Ltd earned ₹130 Cr of net profit in the Mar 26 quarter, +18.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹252 Cr. The 6-year compound rate is 151.3%. That is 12.6% of the quarter's revenue. The same quarter a year earlier earned ₹49.0 Cr.

Mar 26 profit was ₹130 Cr, +18.2% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹252 Cr (+58.5%), and the 6-year compound rate is 151.3%.

Why profit moved: revenue contributed +64.3% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +252.1% vs revenue +185.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 135% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 135% of Oriana Power Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹337 Cr of operating cash against ₹252 Cr of profit. After ₹156 Cr of capital spending, ₹181 Cr was left as free cash.

FY26: operating cash of ₹337 Cr against reported profit of ₹252 Cr, leaving free cash of ₹181 Cr after ₹156 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 135% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 135%: the cash cycle tightened 59 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 15.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹410 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Oriana Power Ltd's cash conversion cycle runs 89 days in FY26, down from 148 days in FY21. Capital spending ran ₹410 Cr over the last 3 years. At FY26 sales of ₹1,814 Cr each day of that cycle holds about ₹5.0 Cr, so roughly ₹442 Cr sits inside the business at any moment.

FY26: debtors at 135 days, inventory at 11 days — roughly 0.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 89 days, tighter than FY21's 148.

The full loop: cash goes out to suppliers and production on day 0; stock waits 11 days to sell; customers pay about 135 days after that; and suppliers themselves are paid at 58 days — netting out to the 89-day cycle.

In money terms: at FY26 sales of ₹1,814 Cr, each day of the cycle holds about ₹5.0 Cr — so the 89-day loop keeps roughly ₹442 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹410 Cr over the last 3 fiscal years against ₹26.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹146 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 40% and the ROIC − WACC spread is +20.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Oriana Power Ltd earns a ROCE of 40% in FY26. That is up from a trough of 23% in FY21. Return on invested capital clears the cost of that capital by +20.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 13.9% net margin on 0.71× asset turns.

FY26 ROCE is 40%, recovered from a FY21 trough of 23% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 13.9% net margin × 0.71× asset turns × 3.36× balance-sheet leverage ≈ 33.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 32.6% − 12.0% = a +20.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.67.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Oriana Power Ltd carries total debt of ₹316 Cr against shareholder equity of ₹644 Cr as of Sep 25, a debt-to-equity of 0.49. On the annual view that ratio went from 1.23 in FY24 to 0.72 in FY25. Read the returns elsewhere on this page with that leverage in mind.

Sep 25: total debt of ₹316 Cr against shareholder equity of ₹644 Cr — a debt-to-equity of 0.49. On the annual view, debt-to-equity went from 1.23 (FY24) to 0.72 (FY25). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 3.6 points over 5 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 3.6 points of Oriana Power Ltd over 5 quarters, the biggest move on the register. That takes domestic institutions to 0.3% of the company. Promoters moved −3.4 points over the same window, to 58.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −3.6 points over 5 quarters to 0.3%; Promoters: −3.4 points over 5 quarters to 58.0%; Foreign institutions: −2.4 points over 5 quarters to 0.3%.

🚨 Why the register moved: domestic institutions drove it (−3.6 points), alongside promoters (−3.4 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Oriana Power Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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