Orissa Bengal Carrier Limited (OBCL)
₹56.82 -1.98% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Orissa Bengal's revenue was ₹82.4 Cr (-3.3% year on year, -16.1% on the previous quarter), and net profit ₹1.2 Cr (-35.3% year on year); the operating margin was 3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹82.4 | -3.3% | -16.1% |
| Operating profit | ₹2.5 | +21.9% | from loss |
| Net profit | ₹1.2 | -35.3% | from loss |
| EPS (₹) | 0.57 | -36.0% | from loss |
| Operating margin | 3.0% | — | — |
OBCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.71% of the OBCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.85%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 86.6% · 71.2% · 91.9% · 93.2% · 77.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
OBCL Limited has declared the voting results and scrutinizer's report for its 31st Annual General Meeting held on September 16, 2026. A total of 30 shareholders holding 1.53 crore shares participated across remote e-voting and physical polling. All 6 resolutions—including financial statement adoption, director reappointments, enhancement of borrowing limits under Section 180(1)(c), and asset hypothecation under Section 180(1)(a)—passed with 99.998% to 100% approval. The borrowing limit enhancement enables future debt flexibility, against current debt of ₹66 Cr on net worth of ₹82 Cr.
- All 6 resolutions passed with over 99.99% voting approval.
- A total of 1,53,41,948 valid votes were cast (1,53,41,676 physical and 272 via remote e-voting).
- Special resolutions under Section 180(1)(c) for borrowing limit enhancement and 180(1)(a) for charge creation approved.
- Re-appointment of Independent Director Ashish Dakalia for a second 5-year term approved.
OBCL Limited conducted its 31st Annual General Meeting on September 16, 2026, in Raipur. Key special resolutions presented to shareholders included the enhancement of borrowing limits under Section 180(1)(c) and the creation of charges on assets under Section 180(1)(a). Additionally, resolutions covered the adoption of FY26 financial statements, payment of commission to a Non-Executive Director, and re-appointment of an Independent Director. Scrutinizer voting results are expected within two working days.
- 31st Annual General Meeting held on September 16, 2026, lasting 45 minutes (11:00 AM to 11:45 AM IST)
- Remote e-voting was conducted between September 11, 2026 (11:00 AM) and September 15, 2026 (05:00 PM)
- 6 resolutions tabled, including special resolutions to enhance borrowing limits and create charges on assets
- Final scrutinizer voting results to be submitted within 2 working days
OBCL Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for September 16, 2026. Key special resolutions include enhancing the company's borrowing limit under Section 180(1)(c) to ₹250 crore, up from its current debt base of ₹66 crore against a net worth of ₹82 crore. The AGM agenda also includes approval for creating charges on assets up to ₹250 crore, re-appointing an independent director for a 5-year term, and approving commission payments to non-executive director Mrs. Shakuntala Devi Agrawal.
- 31st AGM scheduled for September 16, 2026 at 11:00 AM IST in Raipur
- Special resolution proposed to raise borrowing limit under Section 180(1)(c) up to ₹250 crore
- Proposed borrowing limit of ₹250 crore is ~3.05x the company's net worth of ₹82 crore
- Re-appointment of Mr. Ashish Dakalia as Independent Director for a second 5-year term from October 1, 2026 to September 30, 2031
- Approval sought for payment of commission to Non-Executive Director Mrs. Shakuntala Devi Agrawal
SEBI has issued a formal administrative warning to OBCL Limited for failing to disclose a material intra-promoter dispute and a subsequent family settlement agreement in a timely manner. An FIR alleging fraudulent share transfers was filed on November 11, 2025, and a settlement was reached on December 16, 2025, yet the company only disclosed these events on May 12, 2026, after SEBI's intervention. This 5-6 month delay violates SEBI LODR Regulation 30 regarding management and control disclosures. While currently a warning, SEBI has noted these violations are viewed 'very seriously' and could lead to future enforcement actions.
- FIR filed on November 11, 2025, by Ms. Sonal Agarwal alleging fraudulent transfer of company shares.
- Family Settlement Agreement executed on December 16, 2025, involving multiple promoter-group parties.
- Disclosure of the dispute and settlement was delayed by approximately 6 months and 5 months respectively.
- SEBI issued the warning on July 29, 2026, citing violations of Regulation 30 of SEBI LODR.
- Promoter holding remains high at 72.19%, making intra-promoter stability critical for the company's governance.
OBCL Limited reported a consolidated net profit of Rs 1.21 Cr for Q1 FY27, a significant recovery from the Rs 5.16 Cr loss reported in the previous quarter (Q4 FY26). Revenue from operations stood at Rs 82.37 Cr, representing a 16% sequential decline from Rs 98.19 Cr. The Board has approved an enhancement of borrowing limits and the re-appointment of two directors. Despite the return to profit, the company's trading segment remains a drag, reporting a loss of Rs 0.78 Cr for the quarter.
- Reported a net profit of Rs 1.21 Cr in Q1 FY27 versus a loss of Rs 5.16 Cr in Q4 FY26.
- Revenue from operations reached Rs 82.37 Cr, contributing approximately 25.7% of TTM revenue.
- Trading segment revenue contributed Rs 8.03 Cr but incurred a segment loss of Rs 0.78 Cr.
- Board approved enhancement of borrowing limits under Section 180(1)(c) and creation of charges on assets.
- 31st Annual General Meeting (AGM) scheduled for September 16, 2026.
OBCL Limited reported a consolidated net profit of ₹1.21 Cr for the quarter ended June 30, 2026, marking a recovery from a ₹5.16 Cr loss in the preceding quarter (Q4 FY26). Revenue from operations stood at ₹82.37 Cr, reflecting a 16% decline sequentially and a 3.3% drop year-on-year. The Board has also approved an enhancement of borrowing limits and the re-appointment of two directors. While the return to profitability is a positive signal, the contraction in revenue and high debt-to-equity ratio of 0.80 remain areas of concern.
- Reported a consolidated Net Profit of ₹1.21 Cr in Q1 FY27 vs a loss of ₹5.16 Cr in Q4 FY26.
- Revenue from operations declined to ₹82.37 Cr, down 16.1% from ₹98.19 Cr in the previous quarter.
- Profit Before Tax (PBT) stood at ₹1.64 Cr, a significant improvement from a loss of ₹5.32 Cr in Q4 FY26.
- Board approved the enhancement of borrowing limits under Section 180(1)(c) and creation of charges under Section 180(1)(a).
- Re-appointment of Mr. Ashish Dakalia as Independent Director and Mrs. Shakuntala Devi Agrawal as Non-Executive Director approved.
Orissa Bengal Carrier Limited has received approval from the National Stock Exchange to change its name to OBCL Limited, effective July 17, 2026. This administrative change follows a period where the company reported a TTM revenue of Rs 320 Cr and a net loss of Rs 10 Cr. The trading symbol 'OBCL' will remain unchanged. Investors should note that this is a procedural update and does not impact the company's underlying logistics or trading operations.
- Name change from Orissa Bengal Carrier Limited to OBCL Limited effective July 17, 2026
- The trading symbol remains unchanged as OBCL
- Company reported a TTM net loss of Rs 10 Cr as of the latest financial context
- TTM revenue stands at Rs 320 Cr with a low operating margin of 0.2%
Orissa Bengal Carrier Limited (OBCL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that no requests for dematerialization or rematerialization were received during the quarter ended June 30, 2026. This is attributed to the fact that 100% of the company's shareholding is already maintained in electronic form. This filing is a routine administrative requirement for listed companies in India.
- Reporting period ended on June 30, 2026
- Confirmed 100% of the company's shares are held in demat form
- Zero requests received for dematerialization or rematerialization during the quarter
- Compliance certificate issued by Bigshare Services Pvt. Ltd. on July 10, 2026
O r i s s a B e n g a l C a r r i e r L i m i t e d ( O B C L ) h a s i n t i m a t e d t h e c l o s u r e o f i t s t r a d i n g w i n d o w e f f e c t i v e f r o m J u l y 1, 2 0 2 6. T h i s i s a m a n d a t o r y c o m p l i a n c e u n d e r S E B I I n s i d e r T r a d i n g r e g u l a t i o n s a h e a d o f t h e f i n a n c i a l r e s u l t s f o r t h e q u a r t e r e n d i n g J u n e 3 0, 2 0 2 6. T h e w i n d o w w i l l r e m a i n c l o s e d f o r a l l d e s i g n a t e d p e r s o n s u n t i l 4 8 h o u r s a f t e r t h e r e s u l t s a r e d e c l a r e d. T h e d a t e o f t h e b o a r d m e e t i n g t o c o n s i d e r t h e r e s u l t s w i l l b e a n n o u n c e d l a t e r.
- T r a d i n g w i n d o w c l o s u r e b e g i n s o n W e d n e s d a y, J u l y 0 1, 2 0 2 6.
- C l o s u r e r e l a t e s t o t h e f i n a n c i a l r e s u l t s f o r t h e q u a r t e r e n d i n g J u n e 3 0, 2 0 2 6.
- T h e w i n d o w w i l l r e - o p e n 4 8 h o u r s a f t e r t h e d e c l a r a t i o n o f f i n a n c i a l r e s u l t s.
- A p p l i e s t o a l l D i r e c t o r s, P r o m o t e r s, a n d d e s i g n a t e d c o n n e c t e d p e r s o n s.
The promoters of Orissa Bengal Carrier Limited (OBCL) have submitted a formal disclosure under Regulation 31(4) of SEBI (SAST) Regulations, 2011. The filing confirms that the promoter group and persons acting in concert (PAC) have not created any encumbrance or pledge on their shareholding during the financial year 2025-26. Key promoter Ravi Agrawal (Managing Director) holds 99,03,353 shares, while Shakuntala Devi Agrawal holds 29,65,500 shares.
- Promoters and PACs confirmed zero encumbrances, direct or indirect, for the full FY 2025-26.
- Managing Director Ravi Agrawal remains the largest promoter shareholder with 99,03,353 shares.
- The disclosure covers 13 distinct promoter group entities and individuals including Shakuntala Devi Agrawal (29.65 lakh shares).
- Compliance filed as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Orissa Bengal Carrier Limited (OBCL) has officially withdrawn its credit rating for bank facilities previously assigned by CARE Ratings Limited. The withdrawal was initiated following a specific request from the company made on January 28, 2026. This disclosure is a standard regulatory requirement under SEBI Listing Obligations. While the specific reason for the request was not disclosed, such moves often indicate a change in rating agencies or the repayment of rated debt instruments.
- Credit rating withdrawal confirmed by CARE Ratings Limited effective June 09, 2026.
- The withdrawal process was initiated at the company's request via email on January 28, 2026.
- Action taken in compliance with CARE Ratings' withdrawal policy and SEBI Regulation 30.
- Company advised to cease usage of the previous CARE ratings for any future purposes.
Orissa Bengal Carrier Limited (OBCL) reported its audited consolidated financial results for FY26, showing a significant 40% increase in Property, Plant, and Equipment to ₹4,067.10 Lacs. The company's cash position improved substantially, rising from ₹130.05 Lacs to ₹417.43 Lacs year-on-year. While trade receivables saw a slight reduction to ₹8,410.63 Lacs, they remain a significant component of the balance sheet. The company's subsidiary, OBCL Ventures Pvt. Ltd., contributed a net profit of ₹71.64 Lacs for the fiscal year.
- Property, Plant, and Equipment increased by 39.9% YoY to ₹4,067.10 Lacs, indicating significant capital expenditure.
- Cash and Cash Equivalents rose by 221% to ₹417.43 Lacs compared to ₹130.05 Lacs in the previous year.
- Trade Receivables decreased by 5.9% to ₹8,410.63 Lacs, though they still represent over 80% of current assets.
- Subsidiary OBCL Ventures Pvt. Ltd. reported a net profit of ₹71.64 Lacs on total assets of ₹2,190.74 Lacs.
- Auditors issued an unmodified opinion but noted that trade balances are subject to party confirmations.
The promoter group of Orissa Bengal Carrier Limited (OBCL) has entered into a Family Settlement Agreement (FSA) to amicably divide inherited family properties and assets. A significant part of the agreement involves the transfer of the majority of equity shares held by the family of (Late) Mr. Sajjan Kumar Agrawal to the family of (Late) Mr. Ratan Kumar Agrawal, which includes the current Managing Director, Mr. Ravi Agrawal. As of March 31, 2026, Mr. Ravi Agrawal already holds 98,91,015 shares in the company. This settlement is intended to resolve internal family matters and is not expected to impact the company's day-to-day operations.
- Family Settlement Agreement signed between two branches of the Agrawal promoter family to divide inherited assets.
- Majority of shares held by the First Party (Sajjan Kumar Agrawal's family) will be transferred to the Second Party (Ratan Kumar Agrawal's family).
- Current MD Ravi Agrawal holds 98,91,015 shares as of the March 2026 shareholding pattern.
- Agreement includes the transfer of ancestral property in Hissar, premises in Nagpur, and two 14-wheeler trucks.
- The company is not a party to the agreement, ensuring no direct liability or operational change.
Orissa Bengal Carrier Limited (OBCL) has informed the exchanges that a First Information Report (FIR) involving its promoter group members has been quashed by the High Court of Maharashtra. The FIR, filed in November 2025, alleged the fraudulent transfer of shares worth approximately Rs. 34 crore among family members and associates. The matter was resolved through a mutual settlement agreement, and the court quashed the proceedings on January 27, 2026. The company maintains that it was not a party to the litigation and there is no financial impact on the entity.
- FIR filed on Nov 11, 2025, regarding alleged fraudulent share transfers worth Rs. 34 crore.
- High Court of Maharashtra at Nagpur quashed the FIR on Jan 27, 2026, following a settlement.
- The company was not a party to the FIR and confirms zero financial impact on its operations.
- Share transfers were executed in dematerialized form through recognized Depositories.
- Dispute was internal to the promoter group and has been resolved via mutual agreement.
Orissa Bengal Carrier Limited (OBCL) has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018, for the period ending March 31, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter. Furthermore, the registrar noted that the entire shareholding of the company is already maintained in dematerialized form. This is a standard regulatory filing confirming the integrity of the company's share records.
- Compliance certificate filed for the quarter ended March 31, 2026.
- Registrar confirms 100% of the company's shares are already in demat form.
- Zero requests for dematerialization or rematerialization were processed during the quarter.
- The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 reached INR 338.85 Cr, representing a 1.8% increase over FY24 revenue of INR 332.85 Cr. The newly incorporated trading subsidiary, OBCL Ventures Private Limited (OVPL), contributed INR 33.96 Cr (10.02% of total revenue) in its first year of operations.
Geographic Revenue Split
The company maintains a strong geographic concentration in the Chhattisgarh belt, leveraging proximity to steel and cement production hubs which account for approximately 30% of India's steel and 15% of cement production.
Profitability Margins
Consolidated Net Profit Margin for FY25 stood at 0.68% (INR 2.31 Cr profit on INR 338.85 Cr revenue). Operating margins have faced continuous moderation, with PBILDT margins at 2.09% in FY24 compared to 2.05% in FY23, primarily due to selective bidding and lower absorption of fixed costs.
EBITDA Margin
PBILDT margin was 2.09% in FY24, showing a marginal YoY improvement of 4 basis points from 2.05% in FY23. The company aims for PBILDT margins above 4% as a positive credit rating trigger.
Capital Expenditure
The company is investing in fleet modernization by adding newer trucks to bag higher-margin contracts; however, specific historical and planned INR Cr values for CAPEX are not disclosed in the available documents.
Credit Rating & Borrowing
CARE Ratings assigned a 'Stable' outlook. The company has sanctioned working capital limits of INR 35.00 Cr (including INR 23.00 Cr CC limits) with fund-based utilization at approximately 45% and non-fund-based at 58% as of May 2025.
Operational Drivers
Raw Materials
Fuel (Diesel) is the primary operational cost, though the exact percentage of total cost is not disclosed. Hired vehicle charges also represent a significant portion of the cost structure for market-based operations.
Import Sources
Fuel and vehicle maintenance supplies are sourced domestically within India, primarily in the Chhattisgarh, Gujarat, and West Bengal regions.
Capacity Expansion
The company optimized its branch network from 55 branches in 2018 to 41 in 2024 to increase efficiency. Recent expansion includes new branches in Siliguri, Goa (Q4FY24), and Vapi (Q1FY25) to tap into Western Coast opportunities.
Raw Material Costs
Fuel costs are highly volatile; the ability to pass through these costs to clients is critical as the company operates on thin margins (PBILDT 2.09%).
Manufacturing Efficiency
Branch optimization resulted in a 25% reduction in physical locations (from 55 to 41) while maintaining geographic coverage through a hub-and-spoke model.
Logistics & Distribution
Core business activity; distribution costs are the primary operating expense, with revenue derived from FTL delivery services across a large geographic network.
Strategic Growth
Expected Growth Rate
18-20%
Growth Strategy
Growth is targeted through the expansion of the branch network (Vapi, Siliguri, Goa), fleet modernization to improve margins, and diversification into trading activities via the new subsidiary OVPL, which already contributes 10.02% to consolidated revenue.
Products & Services
Full Truck Load (FTL) transportation services, logistics solutions for steel and cement industries, and trading of iron, steel, minerals, and infrastructure products.
Brand Portfolio
OBCL (Orissa Bengal Carrier Limited).
New Products/Services
Diversification into trading of industrial goods and securities through OVPL, contributing INR 33.96 Cr to FY25 revenue.
Market Expansion
Targeting the Indian Western Coast (Vapi) and Eastern regions (Siliguri) to increase freight volumes and integrate operations.
External Factors
Industry Trends
The road freight industry is evolving toward organized players; OBCL's IBA (Indian Banking Association) approval provides a competitive edge over unorganized transporters for bank-financed consignments.
Competitive Landscape
Highly fragmented with intense competition from local, regional, and national transporters, as well as railroad carriers.
Competitive Moat
Moat is based on IBA approval and a long-standing operational network in the Chhattisgarh industrial belt. Sustainability is challenged by intense competition and low entry barriers in the logistics sector.
Macro Economic Sensitivity
High sensitivity to GDP growth and industrial production cycles, particularly in the steel and cement sectors which drive freight demand.
Consumer Behavior
Corporate clients increasingly prefer organized, IBA-approved transporters for better reliability and compliance.
Geopolitical Risks
Indirect exposure through global crude oil price volatility affecting domestic diesel rates.
Regulatory & Governance
Industry Regulations
Compliance with Indian Accounting Standards (Ind AS 108 for segment reporting and Ind AS 110 for consolidation) and IBA approval standards for transporters.
Environmental Compliance
ESG risks are currently marked as 'Not Applicable' in credit rating assessments for this scale of operation.
Legal Contingencies
A provision for fraud of INR 5.41 Cr was accounted for in FY23 related to an incident detected in FY21, which impacted historical operating margins.
Risk Analysis
Key Uncertainties
Volatility in fuel prices and the ability to maintain a timely pass-through to clients; demand-supply dynamics of market vehicles affecting hire charges.
Geographic Concentration Risk
High concentration in the Chhattisgarh belt; while providing leverage to steel/cement players, it exposes the company to regional industrial slowdowns.
Third Party Dependencies
High dependency on third-party market vehicle providers for fulfilling FTL contracts.
Technology Obsolescence Risk
Risk of falling behind more tech-enabled logistics startups; mitigated by the adoption of Lozics software.
Credit & Counterparty Risk
Exposure to large corporate clients with 60-90 day credit cycles; receivables management is critical to maintaining the INR 35 Cr working capital limit.
