Orient Green Power Q1 PAT falls 16% YoY to ₹23.9 Cr as softer wind, lower interest income bite

Orient Green Power reported a weaker year-on-year June quarter on a consolidated basis: revenue from operations fell ~7% YoY to ₹81.43 Cr (from ₹87.38 Cr) and net profit dropped ~16% to ₹23.94 Cr (from ₹28.62 Cr), with net margin compressing to ~29% from ~31%. The large sequential jump (revenue +111%, PAT swinging from a ₹16.6 Cr loss in Q4) is a seasonality artefact — this is a wind-heavy IPP whose June quarter is the monsoon-wind peak — and is not the story; YoY is. Management attributes the profit decline to two specifics: lower interest income after the previously deposited rights-issue proceeds were deployed into projects, and higher depreciation from recently commissioned capacity. EBITDA was ₹60.01 Cr (margin ~70% vs ~71%), so the squeeze sits below the operating line rather than in generation economics; wind availability was 'moderate' this quarter versus an exceptionally strong year-ago base, partly offset by output from new turbines. Against management's own prior guidance the print reads as a near-term miss on timing: the 17.6 MW solar addition and 7.8 MW wind repowering earlier flagged for Q1 have been pushed to a revised commissioning date of September 30, 2026, so the anticipated FY27 profitability uplift is now an H2 event. During the quarter the group commissioned one 3.3 MW turbine (after two in Q4), and separately the board withdrew the proposed merger of Netherlands subsidiary OGPE in favour of a faster voluntary liquidation to repatriate assets. No formal revenue/EPS guidance is given, and no brokerage Q1 consensus is on record for this small-cap, so the result cannot be benchmarked to a street number. The exceptional gain (₹0.21 Cr asset sale) is immaterial, leaving reported and underlying YoY declines effectively identical at ~16-17%.