India’s power grid has a timing problem. Solar produces the most electricity in the middle of the day, but demand peaks after sunset, and utilities are left buying costly power to cover the evening. Battery storage is fast becoming the fix. State distribution companies are now running large competitive tenders for it, and developers who can win and actually build are starting to stand out.
Shares of Oriana Power Ltd. were trading at Rs. 266.40, down 1.97 percent from previous close of Rs. 271.75. The stock opened at Rs. 290.00, reaching an intraday high of Rs. 290.05 and low of Rs. 252.00. The company currently has a market capitalization of Rs. 2,723 crores.
What’s the News?
Oriana Power Limited has informed the NSE that it has received two Letters of Award dated 18 September 2026 from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) They have a battery energy storage capacity of 900 MW/1,800 MWh in Maharashtra, acquired via an e-reverse auction with Viability Gap Funding under the PSDF scheme. One award is 500 MW/1,000 MWh at MSETCL sub-stations at Rs 2,38,000/MW/month. The other is 400 MW/800 MWh at MSEDCL sub-stations at Rs 2,40,000/MW/month. Together they account for almost half of the 2,000 MW/4,000 MWh tender.
The company says the two awards are worth about Rs 3,870 crore, excluding GST, over 15-year Battery Energy Storage Purchase Agreements. Of that, about Rs 2,142 crore (roughly Rs 142.80 crore a year) comes from the 500 MW project and Rs 1,728 crore (roughly Rs 115.20 crore a year) from the 400 MW project. The expected VGF is Rs 324 crore, based on current project cost estimates. The BESPAs are yet to be signed, so commissioning dates will follow those agreements. The company has also confirmed that its promoters have no interest in MSEDCL and that this is not a related-party deal.
Financial & Business Analysis
Consolidated revenue from operations increased 84.46% YoY, climbing from Rs. 998.06 crore in FY25 to Rs. 1,841.01 crore in FY26. Consolidated net profit increased 59.14% YoY, reaching Rs. 252.33 crore in FY26 compared to Rs. 158.56 crore in FY25. The basic earnings per share increased by 56.10 percent and stood at Rs. 12.41 as against Rs. 7.95 recorded in the previous year FY2025.
Until now, Oriana has mostly been a solar EPC company with storage as an add-on. Management has guided that in FY27 about 60% of revenue will come from solar and about 40% from BESS. This award pushes that mix further towards storage, and it changes the kind of storage revenue too. Much of the earlier BESS work was one-time EPC contracts for industrial clients. This is a long-term tariff paid every month by a state utility. It works out to roughly Rs 258 crore a year across the two awards, which is steadier income than a construction contract.
On the order book, management had recently put the unexecuted order book at around Rs 6,800 to 7,000 crore. The company also said that more than 1,500 MWh of BESS was under execution and over 3,000 MWh was in the pipeline. The 1,800 MWh in this award is larger than everything currently being built. The 15-year tariff stream can’t simply be added to the order book, because it pays out slowly after commissioning. What it does give is years of visibility and a reference win with a large discom. The VGF should also ease the funding burden, though financial closure and on-time delivery will matter more than the headline number.
Industry Overview
In India, the demand for storage is huge on paper. In the year 2031-32, the Central Electricity Authority has estimated the requirement for storage of 411.4 GWh of which 236.2 GWh is to be covered by batteries. Out further, there is a national resource adequacy plan, which calls for 890 GWh of battery storage by fiscal 2036. There is also increasing policy support. On 14 May 2026, Cabinet approved Rs 5400 crore for the second VGF tranche, which is meant to support a new capacity of 30 GWh. This is the type of backing on which discoms can feel good about entering these tariffs.
But the catch is that tendering has gone rather smoothly compared to building. Approximately 69 storage tenders of around 102 GWh were floated in 2025, but 758.4 MWh were in service by the end of 2025. The process of getting a project from award to commissioning usually lasts 18-24 months. There has also been an estimated 86% drop in tariffs since 2022, reducing margins. It’s a market where an award win is easy, and the more developers who have actual execution records, the better.
Company Overview
Oriana Power Limited was incorporated in 2013. It has its registered office in New Delhi and its corporate office in Noida, and it trades on the NSE under the symbol ORIANA. The company builds solar projects for industrial customers and also develops its own generation assets. It has been adding battery storage, green hydrogen and green ammonia to that base. It reports more than 835 MW of solar delivered, over 700 MW under execution, over 4,780 acres of land acquired or in process, and a CRISIL rating of A-/Stable.