Orient Green Power Company Ltd

Repowering timeline update

• Clarion Wind Farm Private Limited approved to revise repowering completion to Nov 30, 2026, subject to regulatory approvals.

Orient Green Power Company Ltd - Closure of Trading Window from October 01, 2026 till the end of 48 hours after publication of Un-audited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026

Event Overview

• Extension of existing pledge by promoter Janati Bio Power Private Limited on Orient Green Power shares; no new shares pledged.

Key Details

• Target company: Orient Green Power Company Limited.
• Encumbrance type: Pledge.
• Encumbered shares before/after: 28,59,52,084 shares; 24.38%.
• Promoter: Janati Bio Power Private Limited.
• Favouring entity: Catalyst Trusteeship Limited as debenture trustee for SVL Limited.
• Reason: to secure additional debt under amended debenture trust deed dated Sep 22, 2026.
• Date of pledge creation/extension: September 22, 2026.
• Original pledge over 26,59,52,084 shares disclosed Sept 30, 2025.
• There are no new shares pledged now.
• Post-event holding unchanged; encumbrance remains 24.38%.

Additional Notes

• No change in control or governance indicated.

Encumbrance extension on promoter shares

• Pre-event encumbrance: 28,59,52,084 shares (24.38%) pledged by Janati Bio Power Pvt Ltd.
• Post-event encumbrance: 26,59,52,084 shares (22.67%), no additional shares pledged.
• Promoter: Janati Bio Power Private Limited.
• Entity in favour: Catalyst Trusteeship Limited for SVL Limited.
• Reason: to secure additional debt via extension of existing pledge.
• Date of pledge creation/extension: September 22, 2026.
• End use: to secure additional debt by SVL Limited.
• Promoter holding encumbered: 24.38% pre, 22.67% post.
• There are no additional shares pledged now.

Acquisition via pledge

• Acquirer: Catalyst Trusteeship Limited (debenture trustee); not a promoter group.
• Target: Orient Green Power Company Limited; listed on BSE and NSE.
• Pre-acquisition encumbrance: 26,59,52,084 shares (22.67%).
• Post-acquisition encumbrance: 26,59,52,084 shares (22.67%).
• Mode: pledge of equity shares in favour of Catalyst Trusteeship Limited.
• Date of pledge creation: 22 September 2026; extension of existing pledge.
• Equity share capital before: INR 11,73,03,16,690; 1,17,30,31,669 shares.
• Equity share capital after: INR 11,73,03,16,690; 1,17,30,31,669 shares.
• There are no additional shares being pledged.
• Salient: extension of pledge by Janati Bio Power Private Limited to Catalyst Trusteeship Limited.

Solar capacity expansion

• DELTA commissioned 17.60 MW AC (24.64 MW DC) solar plant on Sep 22, 2026.
• EPC contract with REMON Solutions Private Limited for the 17.60 MW AC project.
• Total capacity now 24.6 MW AC (34.44 MW DC) including 7 MW AC plant commissioned Dec 2025.
• Expansion completes the objective under the 2024 Rights Issue.
• Subsidiary involved: Delta Renewable Energy Private Limited; EPC by REMON Solutions Private Limited.
• Location: Vandavasi Taluk and Chetpet Taluk, Thiruvannamalai District, Tamil Nadu.

EPC contract for 6.6 MW wind project

• IBBC of Beta approved EPC with Renfra for 6.6 MW turnkey wind project at Karur, Tamil Nadu.
• Contract value approx Rs 62 crores including GST.
• Commissioning date revised to November 30, 2026, subject to land and regulatory approvals.
• One WTG to be erected on lands already acquired; second WTG land acquisition underway.
• EPC contract executed on September 17, 2026.
• Beta Wind Farm Private Limited is a material subsidiary of Orient Green Power.
• No promoter/related party interest in Renfra; transaction not related party.

Rating upgrade and subsidiary metrics

• CRISIL upgrades Beta Wind Farm Private Limited to BBB/Stable from BBB-/Positive.
• Upgrade covers IREDA rupee term loan facility of Rs 617.79 crore.
• Outstanding IREDA loan: Rs 456.68 crore as on date.
• Rs 478.74 crore outstanding as of 31 Mar 2026.
• Beta Wind Farm operates 241.6 MW across Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka.
• Beta Wind Farm is a material subsidiary of Orient Green Power.
• One-notch upgrade from CRISIL BBB-/Positive.

Rating Action

• CRISIL upgrades Beta Wind Farm Private Limited long-term rating to BBB/Stable from BBB-/Positive.

Facilities Rated

• Total rated facilities Rs 617.79 crore; IREDA term loans: Rs 187.00 cr and Rs 430.79 cr.

Rationale & Drivers

• Improved machine availability in Andhra Pradesh due to refurbishment.
• PLF improved to 19.8% in FY2026, driving higher generation and cash accruals.
• DSRA Rs 69 crore; free cash balance ~Rs 32 crore.
• OGPL undertakes to maintain Rs 15 crore surplus funds for debt servicing.
• Revenue visibility maintained via PPAs; 6.6 MW capacity addition planned.
• Debt outstanding ~Rs 479 crore with 60% due in next five fiscals.
• Receivables improved; AP discom payments started within 75 days.

Liquidity & Security Measures

• DSRA of Rs 69 crore; six months debt servicing secured.
• OGPL liquidity undertaking to ensure Rs 15 crore remains at group level.
• Receivables of 96 days as of 31 Mar 2026; AP payments within 75 days.

Outlook & Sensitivities

• Outlook: Stable.
• Upward factors: faster debt reduction and PLF sustained above 20%.
• Downward factors: upstreaming surplus cash; lower PLF.

Financial Highlights

• FY2026 operating income Rs 197 crore; PAT Rs 37 crore; PAT margin 19%.
• Debt balance ~Rs 479 crore as of 31 Mar 2026.