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CareEdge Reaffirms Orient Ceratech's BBB+ Rating; 9MFY26 Revenue Grows 25% to ₹305 Cr
CareEdge Ratings has reaffirmed Orient Ceratech Limited's long-term rating at 'CARE BBB+; Stable' and short-term rating at 'CARE A2'. The company reported a strong 9MFY26 performance with total operating income of ₹305.36 crore, representing a 25% year-on-year growth. Financial health remains robust with a low gearing of 0.27x and a significantly improved interest coverage ratio of 8.10x. While operational efficiency is high due to captive mines, the company faces risks from high working capital intensity and its association with the Ashapura Group.
Key Highlights
Reaffirmed CARE BBB+; Stable rating for ₹65.12 crore long-term bank facilities and CARE A2 for short-term facilities.
9MFY26 revenue reached ₹305.36 crore with a PAT of ₹16.20 crore, already exceeding the full-year FY25 PAT of ₹9.93 crore.
Interest coverage ratio strengthened significantly to 8.10x in 9MFY26 compared to 4.26x in FY25.
Completed ₹50 crore capex for capacity expansion and acquisition of a Chamotte plant, which is expected to double one product line's capacity.
Overall gearing remains comfortable at 0.27x as of March 2025, though the working capital cycle remains elongated at 184 days.
💼 Action for Investors
The rating reaffirmation combined with strong 9-month financial growth suggests operational stability and improved profitability. Investors should monitor the successful ramp-up of the new capacity and any potential financial support provided to group entities.
Orient Ceratech Assigned 'ACUITE A-' Rating for Rs 75 Cr Facilities; Outlook Stable
Acuité Ratings has assigned an 'ACUITE A-' long-term rating and 'ACUITE A2+' short-term rating to Orient Ceratech's Rs 75 crore bank facilities. The rating is supported by the company's healthy financial risk profile, including a low gearing of 0.25x and a net worth of Rs 282.88 crore as of FY25. Although FY25 PAT declined to Rs 9.93 crore due to higher operational costs, the company has shown strong recovery with 9MFY26 revenue reaching Rs 309.88 crore. Management is targeting over Rs 400 crore in revenue for FY26, backed by steady demand in advanced ceramics and refractory materials.
Key Highlights
Assigned 'ACUITE A-' (Stable) for long-term and 'ACUITE A2+' for short-term bank facilities totaling Rs 75 crore.
Revenue grew to Rs 327.58 crore in FY25, with a strong 9MFY26 performance of Rs 309.88 crore.
Financial risk profile remains healthy with low debt-to-equity (gearing) of 0.25x and interest coverage of 4.43x.
Company is targeting revenue above Rs 400 crore for FY26, supported by export growth and new CAPEX becoming operational.
Working capital cycle remains moderately intensive with Gross Current Assets (GCA) at 256 days and inventory at 145 days.
💼 Action for Investors
The new investment-grade rating and strong revenue guidance for FY26 are positive signals regarding the company's creditworthiness and growth. Investors should monitor the company's ability to improve profit margins and manage its high working capital requirements.
Orient Ceratech Shareholders Approve Re-appointment of MD and Independent Director
Orient Ceratech Limited announced the successful passage of two key management resolutions via postal ballot on February 6, 2026. Shareholders approved the re-appointment of Mr. Manan Shah as Managing Director and the regularization of Mrs. Akhila Agnihotri Samdaria as a Non-Executive Independent Director. Both items were passed as Special Resolutions with the required majority through a remote e-voting process. This outcome ensures continuity in the company's top leadership and board composition.
Key Highlights
Shareholders approved the re-appointment of Mr. Manan Shah as Managing Director.
Regularization of Mrs. Akhila Agnihotri Samdaria as Non-Executive Independent Director confirmed.
Both resolutions passed as Special Resolutions via postal ballot on February 6, 2026.
The voting process was conducted through remote e-voting as per Companies Act provisions.
💼 Action for Investors
The approval ensures leadership continuity, which is a positive sign for corporate governance. Investors should maintain their positions as this confirms the existing management's mandate.
Orient Ceratech Shareholders Approve Re-appointment of MD and New Independent Director
Orient Ceratech Limited has announced the successful passage of two key special resolutions via postal ballot on February 6, 2026. Shareholders approved the re-appointment of Mr. Manan Shah as the Managing Director, ensuring leadership continuity. Additionally, the regularization of Mrs. Akhila Agnihotri Samdaria as a Non-Executive Independent Director was confirmed. These approvals reflect shareholder confidence in the current management and governance structure of the Ashapura Group company.
Key Highlights
Re-appointment of Mr. Manan Shah (DIN: 06378095) as Managing Director approved via special resolution
Regularization of Mrs. Akhila Agnihotri Samdaria (DIN: 07028159) as Non-Executive Independent Director confirmed
Resolutions passed with requisite majority through remote e-voting concluded on February 6, 2026
The appointments ensure compliance with the Companies Act, 2013 and SEBI regulations
💼 Action for Investors
Investors should view this as a positive sign of management stability and governance compliance. No immediate action is required as these are routine leadership confirmations.
Orient Ceratech Q3 FY26 Net Profit Jumps 159% YoY to ₹4.41 Cr; Power Plant Sale Approved
Orient Ceratech reported a strong performance for Q3 FY26, with consolidated revenue growing 26% YoY to ₹93.35 crore. Consolidated net profit surged by 159% to ₹4.41 crore compared to ₹1.70 crore in the same period last year, despite an exceptional charge of ₹2.14 crore related to new labor code provisions. The company is also strategically divesting its non-core Thermal Power Station at Porbandar, which has been reclassified as an asset held for sale with a written-down value of ₹3.57 crore. For the nine-month period, consolidated net profit has grown 151% YoY to ₹16.20 crore.
Key Highlights
Consolidated Revenue from Operations increased 26% YoY to ₹93.35 crore in Q3 FY26.
Consolidated Net Profit rose 159% YoY to ₹4.41 crore from ₹1.70 crore in Q3 FY25.
Recognized a non-recurring exceptional item of ₹2.14 crore due to the implementation of New Labour Codes.
Board approved the sale of the Thermal Power Station at Porbandar, reclassifying ₹3.57 crore as assets held for sale.
Nine-month consolidated net profit reached ₹16.20 crore, up from ₹6.46 crore in the previous year.
💼 Action for Investors
Investors should take note of the significant margin expansion and the strategic decision to exit the non-core power division to focus on the core refractories business. The stock remains a watch for further efficiency gains following the asset divestment.
Orient Ceratech Q3 Net Profit Surges 159% YoY to ₹4.4 Cr; Plans Power Plant Sale
Orient Ceratech reported a strong year-on-year performance for Q3 FY26, with consolidated net profit rising 159% to ₹4.41 crore. Revenue grew 26% YoY to ₹93.35 crore, primarily driven by the Alumina Refractories segment, although performance dipped sequentially compared to Q2. The company recognized an exceptional loss of ₹2.14 crore due to the implementation of New Labour Codes. Strategically, the board has approved the sale of its Thermal Power Station at Porbandar, reclassifying assets worth ₹3.57 crore as held for sale to streamline operations.
Key Highlights
Consolidated Revenue from Operations grew 26% YoY to ₹93.35 crore in Q3 FY26.
Consolidated Net Profit increased by 159% YoY to ₹4.41 crore, despite a sequential decline from ₹7.49 crore in Q2.
Exceptional item of ₹2.14 crore recorded due to incremental impacts of New Labour Codes on employee benefits.
Board approved the divestment of the Thermal Power Station at Porbandar, reclassifying ₹3.57 crore as assets held for sale.
Nine-month consolidated net profit reached ₹16.20 crore, more than doubling from ₹6.46 crore in the previous year period.
💼 Action for Investors
Investors should note the strong YoY growth and the strategic move to exit the non-core power division to focus on the core refractories business. Monitor the progress of the power plant sale and the stability of sequential margins in the upcoming quarters.
Orient Ceratech Proposes MD Reappointment with Remuneration up to ₹1.25 Crore
Orient Ceratech Limited has issued a postal ballot notice to seek shareholder approval for the reappointment of Mr. Manan Shah as Managing Director for a five-year term effective April 12, 2026. The proposed remuneration includes a salary of up to ₹87 lakhs per annum, with a maximum ceiling of ₹1.25 crores, plus a performance-linked commission of up to 7.5% of net profits. Additionally, the company is seeking to regularize the appointment of Mrs. Akhila Agnihotri Samdaria as an Independent Director for a five-year term. Shareholders can cast their votes electronically from January 8 to February 6, 2026.
Key Highlights
Proposed reappointment of Mr. Manan Shah as Managing Director for a 5-year term until April 2031
MD remuneration capped at ₹1.25 crores per annum plus commission up to 7.5% of Net Profit
Regularization of Mrs. Akhila Agnihotri Samdaria as Non-Executive Independent Director for 5 years
E-voting period for shareholders starts January 8, 2026, and ends February 6, 2026
Results of the postal ballot to be announced on or before February 10, 2026
💼 Action for Investors
Investors should monitor the voting results to ensure leadership continuity and evaluate if the MD's performance-linked commission aligns with shareholder interests. No immediate portfolio changes are necessary based on this routine governance update.