OGPL Q1: consolidated PAT down 16% YoY to ₹23.9 Cr as moderate wind softens topline

Orient Green Power's Q1 FY27 (consolidated) print was a seasonally-strong-but-YoY-softer quarter: revenue from operations fell 7% to ₹81.43 Cr (from ₹87.38 Cr) and net profit dropped 16% to ₹23.94 Cr (from ₹28.62 Cr), as wind availability this quarter was moderate against an exceptionally strong year-ago monsoon. The heavy sequential jump — revenue up from ₹38.59 Cr and a swing from a ₹16.56 Cr loss in Q4 FY26 — is pure seasonality for a wind IPP (Q1 SW-monsoon is the peak generation window) and should not be read as growth; management itself notes the business is seasonal and quarter results are not representative of the year.

The profit fall outpaced the revenue fall because the squeeze sits below the operating line: EBITDA held up (₹60.01 Cr, margin 70% vs 71%), but net margin compressed to ~29% from ~33% on two drivers management flagged — lower interest income after rights-issue proceeds previously parked as deposits were deployed into capex, and higher depreciation from newly commissioned capacity. Exceptional items (₹0.21 Cr asset-sale gain) are immaterial, so adjusted YoY PAT is unchanged at ~ -16%. No tax was booked (brought-forward losses).

The stock went into the print at ₹10.35, down 7.1% over the past month of trading.

On guidance, the one concrete checkpoint slipped: the rights-issue-funded 17.6 MW solar and 7.8 MW wind repowering that management had guided to commission around Q1 are now pushed to Sep 30, 2026, so the FY27 profitability uplift management projected is back-half loaded — only one further 3.3 MW WTG (third of the 9.9 MW plan) came online this quarter. No brokerage/consensus estimate exists for this small-cap, so there is no street bar to beat or miss against. Alongside the numbers, the board withdrew the cross-border merger of wholly-owned OGP Europe B.V. in favour of voluntary liquidation to speed asset repatriation, and the standalone entity (₹0.40 Cr PAT on ₹5.92 Cr revenue) remains a thin holding-company shell with operations residing in the subsidiaries.