Solar Company Share Price Hits 5% Upper Circuit After Securing Rs 1,180.53 Crore Floating Solar Project

Shares of Oriana Power Ltd hit a 5 per cent Upper Circuit in early trade on Monday after the company announced that it had received a significant Letter of Award (LoA) for the development of a 234 MW Grid-Tied Floating Solar Photovoltaic (FSPV) plant. The project has been awarded by Damodar Valley Corporation and will be developed at the Maithon Dam Reservoir in Jharkhand.

The total value of the contract stands at Rs 1,180.53 crore (inclusive of GST). The agreement is structured into three separate contracts covering the supply of plant and equipment, Engineering, Procurement and Construction (EPC) services, and long-term operation and maintenance of the facility.

Under the contract, the company will undertake the complete development of the floating solar project. This includes the design and engineering of the grid-interactive solar power plant, ensuring full technical planning and system integration. The scope also includes the procurement and supply of all required plant machinery, equipment and mandatory spare parts needed for the project.

The execution phase will involve transportation, insurance, unloading, storage, and all civil and electrical works required to establish the facility. Oriana Power will also handle the erection, installation, testing and final commissioning of the floating solar plant. After commissioning, the company will provide comprehensive operation and maintenance (O&M) services to ensure long-term operational efficiency and performance.

The project represents one of the largest floating solar power installations in India, marking a major milestone for Oriana Power as it continues to expand its presence in the large-scale renewable energy EPC sector. The initiative also strengthens the company’s portfolio in floating solar infrastructure while contributing to the country’s renewable energy capacity. The project is a domestic undertaking and is expected to be completed within 18 months from the date of the award.

For the first half of FY26 (H1 FY26) on a consolidated basis, Oriana Power reported strong financial performance. The company recorded revenue from operations of Rs 78,118 lakhs, reflecting robust business growth during the period.

Profit after Tax stood at Rs 12,163 lakhs, translating into a PAT margin of 15.57 per cent. The company also reported EBITDA of Rs 18,174 lakhs, indicating healthy operating profitability. Basic earnings per share during the period came in at Rs 59.77 per share.

Shares of Oriana Power hit a 5 per cent upper circuit on Monday in early trade following the project announcement. The stock was trading at Rs 1,835 as of March 09, 2026, at 10:50 am, reflecting a gain of Rs 39.75 or 2.21 per cent during the trading session.

The new order further strengthens Oriana Power’s Order Book and positions the company to benefit from India’s accelerating transition toward renewable energy, particularly in the floating solar power segment, which is gaining traction due to efficient land utilisation and improved energy generation efficiency.

Disclaimer: The article is for informational purposes only and not investment advice.