Orient Bell Limited (ORIENTBELL)
₹401.35 -0.78% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Orient Bell's revenue was ₹204 Cr (+42.6% year on year, -5.0% on the previous quarter), and net profit ₹8.3 Cr (against a loss a year earlier); the operating margin was 8.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹204 | +42.6% | -5.0% |
| Operating profit | ₹16.6 | +233.9% | +10.5% |
| Net profit | ₹8.3 | from loss | +33.7% |
| EPS (₹) | 5.66 | from loss | +33.8% |
| Operating margin | 8.1% | — | — |
ORIENTBELL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.95% of the ORIENTBELL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.11%. That is close to its usual level. Turnover was only ₹57 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: 61.6% · 70.5% · 62.2% · 66.4% · 66.0%
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
Orient Bell Limited has notified exchanges regarding a one-on-one meeting with analysts and institutional investors scheduled for September 15, 2026. The meeting will be conducted virtually and discussions will rely strictly on publicly available information with no unpublished price-sensitive information shared. The company confirmed that its investor presentation is already available via stock exchanges and its official website. With a current market cap of Rs 610 Cr and TTM revenue of Rs 752 Cr, this represents standard investor outreach.
- Virtual one-on-one analyst/investor meeting scheduled for 15th September 2026
- Filing submitted under Regulation 30(6) of SEBI LODR Regulations
- No unpublished price sensitive information (UPSI) will be discussed during the interaction
Orient Bell Limited has informed exchanges that company officials will conduct a virtual one-on-one meeting with analysts and investors on September 14, 2026. The company stated that discussions will rely strictly on publicly available information and that its latest investor update has already been submitted to the stock exchanges. With a market capitalization of ₹600 Cr and TTM revenue of ₹752 Cr, this announcement represents a standard disclosure under SEBI LODR Regulation 30(6).
- One-on-one analyst and investor interaction scheduled for September 14, 2026
- Meeting to be conducted virtually by company officials
- Company confirmed no unpublished price sensitive information (UPSI) will be discussed
- Investor update presentation already submitted to exchanges and available on company website
Orient Bell Limited has informed exchanges that its company officials will attend a virtual one-on-one meeting with analyst(s)/investor(s) on September 10, 2026. The company stated that discussions will strictly be based on publicly available information and no unpublished price-sensitive information (UPSI) will be shared. An investor update presentation is already uploaded on the stock exchanges and the company's website. The company recorded TTM revenue of ₹752 Cr with a market capitalization of ₹610 Cr.
- One-on-one investor/analyst meeting scheduled virtually on September 10, 2026
- Filing submitted under Regulation 30(6) of SEBI Listing Regulations on September 7, 2026
- Company confirmed discussions will rely on publicly available information with no UPSI shared
Orient Bell Limited has notified stock exchanges that its management will hold a virtual one-on-one meeting with analysts/investors on September 9, 2026. The company stated that discussions will be based entirely on publicly available information, with no unpublished price sensitive information (UPSI) shared. This is a procedural filing under Regulation 30(6) of the SEBI LODR Regulations.
- Virtual one-on-one analyst/investor meeting scheduled for September 09, 2026
- Discussions to rely strictly on publicly available investor updates
- No unpublished price sensitive information (UPSI) intended to be discussed
Orient Bell has entered into a strategic tie-up with Jamnagar Renewables Two Private Limited, investing ₹1.07 crore under a Power Consumption Agreement and Share Purchase Agreement. The company secured a medium-term open access grant for 1.00 MW Wind-Solar Hybrid Power for captive consumption at its Dora plant in Gujarat, effective September 1, 2026. With this addition, all three of the company's manufacturing plants now utilize renewable energy, aiding power cost optimization and sustainability goals.
- Invested ₹1.07 crore in Jamnagar Renewables Two Pvt Ltd for captive power consumption
- Secured medium-term open access grant for 1.00 MW Wind Solar Hybrid Power
- Supply commences effective September 1, 2026 at the Dora (Gujarat) plant
- All three manufacturing plants of the company now utilize renewable energy
Orient Bell Limited has informed exchanges that its company officials will conduct a virtual one-on-one meeting with analysts/investors on August 27, 2026. The company stated that discussions will be based entirely on publicly available information with no unpublished price-sensitive information (UPSI) shared. An updated investor presentation has already been submitted to the stock exchanges and uploaded to the company's website.
- Virtual 1-on-1 meeting scheduled with analyst(s)/investor(s) on August 27, 2026
- Discussions to rely strictly on publicly available information with no UPSI shared
- Investor update copy already filed with stock exchanges and uploaded on www.orientbell.com
Orient Bell delivered strong Q1 performance with revenue surging 42.8% YoY to ₹203 crore, powered by a 22.9% volume expansion and a 15.9% increase in average selling price (ASP). EBITDA rose sharply to ₹17.6 crore (8.7% margin, expanding 480 bps YoY), while PBT turned around to ₹11.2 crore from a ₹0.6 crore loss in Q1 last year. The company achieved a record gross margin of 39.7% through effective cost pass-throughs and higher in-house manufacturing. Management announced a ₹10 crore brownfield capex to convert 1 million sq. meters of ceramic capacity into premium Glazed Vitrified Tiles (GVT).
- Revenue increased 42.8% YoY to INR 203 crores on 22.9% volume growth and 15.9% ASP growth
- EBITDA surged to INR 17.6 crores with margin expanding 480 bps YoY to 8.7%
- Achieved record gross margin of 39.7% supported by improved product mix and pricing power
- Net cash and liquid investments stood at over INR 47.7 crores; working capital reduced to 18 days
- Announced INR 10 crores capex to convert 1 million meters of ceramic capacity to GVT
Orient Bell Limited (OBL) has announced a virtual one-to-one meeting with analysts and investors scheduled for August 19, 2026. The company, which has a market cap of Rs 518 Cr, will base discussions on publicly available information and its latest investor updates. OBL recently reported FY26 revenue of Rs 691.4 Cr with an operating margin of 5.7%. Investors should note the company's focus on volume-led growth and its new adhesive business as key discussion points for institutional participants.
- Virtual one-to-one meeting scheduled for August 19, 2026
- Company reported TTM revenue of Rs 691 Cr and PAT of Rs 12 Cr for FY26
- Manufacturing capacity utilization was 68% as of the last reported Q2 FY26 period
- Promoter holding remains stable at 65.92% as of March 2026
Orientbell shareholders have approved the re-appointment of Mr. Mahendra K. Daga as Chairman and Whole-Time Director for a three-year term starting April 2027. The company also confirmed the appointment of Mr. Sreeji Kamala Gopinathan as an Independent Director, who brings over 30 years of IT and digital transformation experience. Additionally, Mr. K.M. Pai was re-appointed for a final five-year term, and Ms. Bindiya Shyam Agrawal for a one-year term. These appointments ensure leadership continuity for the company, which reported TTM revenue of ‡691 Cr.
- Mr. Mahendra K. Daga re-appointed as Chairman for a 3-year term from April 2027 to March 2030
- Mr. Sreeji Kamala Gopinathan appointed as Independent Director for 3 years, bringing 30+ years of digital and IT expertise
- Mr. K.M. Pai re-appointed for a second and final 5-year term as Independent Director until March 2032
- Ms. Bindiya Shyam Agrawal re-appointed as Non-Executive Director for a 1-year term until October 2027
- Chairman Mahendra K. Daga brings over 50 years of experience in the ceramic industry
Orient Bell Limited has announced the results of its 49th Annual General Meeting (AGM) held on August 11, 2026. Shareholders approved all 9 resolutions, including the adoption of FY26 audited financials and a dividend of Rs 1 per equity share (10% of face value). Key operational approvals include related party transactions with M/s Proton Granito Pvt. Ltd. and M/s Corial Ceramic Pvt. Ltd. through the 2027 AGM. The voting results showed high consensus, with over 99.99% of polled votes in favor of the primary resolutions.
- Dividend of Rs 1 per equity share (10% of face value) approved for FY26.
- Approval granted for related party transactions with Proton Granito and Corial Ceramic until the 2027 AGM.
- Total of 9 resolutions passed with requisite majority via remote e-voting and AGM voting.
- Record date for shareholder eligibility was July 24, 2026, with 15,067 total shareholders.
- Remuneration for Non-Executive Directors approved for a three-year period from FY28 to FY30.
Orient Bell Limited has released the audio recording of its post-earnings conference call held on August 11, 2026, for the quarter ended June 30, 2026. This follows the company's recent financial performance where TTM revenue stood at ₹691 Cr with an operating margin of 5.7%. The call likely covers management's strategy on volume-led expansion and the scaling of its new tile adhesive business launched in July 2025. Investors can access the recording via the provided link to gauge management's outlook on gas price volatility and capacity utilization.
- Post-earnings call conducted on August 11, 2026, at 05:00 PM IST
- Recording pertains to the financial results for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹691 Cr and TTM PAT of ₹12 Cr
- Blended capacity utilization was previously reported at 68% for manufacturing
Orient Bell Limited has released the audio recording of its post-earnings conference call held on August 11, 2026, regarding the un-audited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of ₹691.4 cr and a net profit of ₹12.4 cr. The call provides management's perspective on current operations, including capacity utilization which was previously reported at 68% for manufacturing. This filing is a standard regulatory requirement under SEBI LODR Regulations.
- Post-earnings call conducted on August 11, 2026, at 05:00 P.M. IST
- Recording pertains to the un-audited financial results for the quarter ended June 30, 2026
- Disclosure submitted under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
- Audio link provided for public access via the company's internal server and website
Orient Bell Limited conducted its 49th Annual General Meeting on August 11, 2026, where shareholders considered the adoption of FY26 financial results and a dividend of ₹1 per share. Key management decisions included the re-appointment of Mr. Mahendra K. Daga as Chairman for a 3-year term starting April 2027 and the appointment of several directors. The company reported FY26 revenue of ₹691.45 Cr with a PAT of ₹12.43 Cr. Management addressed shareholder queries regarding the business outlook and the new tile adhesive segment launched in July 2025.
- Declaration of a ₹1 per equity share dividend for the financial year ended March 31, 2026.
- Re-appointment of Mr. Mahendra K. Daga as Chairman & Whole Time Director for a 3-year term (2027-2030).
- FY26 annual revenue stood at ₹691.45 Cr with an operating profit margin of 5.72%.
- Appointment of Mr. Sreeji Kalama Gopinathan as Independent Director for a 3-year term effective May 2026.
- Re-appointment of Mr. K.M. Pai as Independent Director for a final 5-year term starting April 2027.
Orient Bell reported a strong Q1 FY27 with revenue growing 42.6% YoY to ₹203.8 Cr, significantly outpacing volume growth of 22.9%. Profitability saw a massive turnaround, with EBITDA jumping 215.8% to ₹17.6 Cr and margins expanding by 480 bps to 8.7%. This was driven by a richer product mix, with Glazed Vitrified Tiles (GVT) now accounting for 47% of sales compared to 40% a year ago. The company maintains a strong balance sheet with negative net debt of ₹47.7 Cr and an efficient 18-day cash conversion cycle.
- Revenue from operations increased by 42.6% YoY to ₹203.8 Cr in Q1 FY27.
- Sales volume grew 22.9% YoY to 63 Lakhs Sq. M., indicating strong market demand.
- EBITDA margins expanded significantly from 3.9% in Q1 FY26 to 8.7% in Q1 FY27.
- Premiumization trend continued with GVT salience rising to 47% of sales from 40% YoY.
- Maintained a lean balance sheet with negative net debt of ₹47.7 Cr as of June 30, 2026.
Orient Bell Limited reported a strong consolidated net profit of ₹8.32 Cr for Q1 FY27, reversing a loss of ₹0.37 Cr in the same quarter last year. Total income for the quarter stood at ₹154.84 Cr, up approximately 8% YoY, though it saw a seasonal decline from the ₹214.64 Cr reported in Q4 FY26. Notably, the company achieved higher profitability in Q1 FY27 compared to the preceding quarter (₹6.22 Cr) despite lower revenue, indicating improved operational efficiency. EPS for the quarter rose to ₹5.66, a sharp recovery from the negative ₹0.26 reported in Q1 FY26.
- Consolidated Net Profit reached ₹8.32 Cr in Q1 FY27 vs a loss of ₹0.37 Cr in Q1 FY26.
- Total Income for the quarter was ₹154.84 Cr, contributing approximately 22% to the TTM revenue of ₹691 Cr.
- Fuel charges, a critical cost component for ceramics, were managed at ₹28.42 Cr for the quarter.
- Basic EPS improved significantly to ₹5.66 from ₹4.23 in the previous quarter and -₹0.26 YoY.
- The company's share of loss from associate entities (Corial Ceramic and Proton Granito) was limited to ₹0.26 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 grew by 3.0% YoY, recovering from a weak Q1. For the full fiscal year 2025, revenue remained stagnant at INR 672 Cr compared to INR 677 Cr in FY24 (a 0.7% decline) due to demand moderation and intense competition. The vitrified tiles segment provides better traction and premium pricing compared to ceramic wall tiles.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a diversified geographical reach across India with key manufacturing plants in Sikandrabad (North), Hoskote (South), and Dora (West).
Profitability Margins
Gross margin improved significantly to 39% in Q2 FY26, representing a 250 bps increase YoY. This was driven by a 3.7% reduction in manufacturing costs through operational efficiencies. Operating margins are projected to be 5.0-5.5% in FY26, up from 4.4% in FY25 and 3.4% in FY24.
EBITDA Margin
EBITDA margin in Q2 FY26 increased by 100 bps compared to Q2 FY25 and 80 bps compared to H1 FY25. The margin recovery is volume-led as the company focuses on building operating leverage to offset high fixed costs and marketing spends.
Capital Expenditure
The company undertook capital expenditure in fiscal 2024 which was completed for a lower-than-expected amount, leading to lower debt utilization. Specific INR Cr values for future capex were not disclosed, but management monitors debt-funded capex closely to maintain a healthy financial risk profile.
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL A/Stable' for long-term and 'CRISIL A1' for short-term facilities. Borrowings stood at INR 36.5 Cr as of September 30, 2025. Interest coverage ratio was 6.2 times in FY25 and is expected to improve to over 8 times in FY26.
Operational Drivers
Raw Materials
Natural gas is the primary variable cost, alongside clay and minerals for tile manufacturing. The company also sources traded goods, which accounted for a higher portion of sales in FY24, impacting margins.
Import Sources
Not disclosed in available documents, but manufacturing is concentrated in Sikandrabad (Uttar Pradesh), Hoskote (Karnataka), and Dora (Gujarat).
Key Suppliers
The company has long-term tie-ups with gas authorities for its Sikandrabad and Hoskote plants.
Capacity Expansion
Current blended capacity utilization was 68% for manufacturing in Q2 FY26. The Sikandrabad 'mother plant' is performing at higher levels, while the South (Hoskote) and Dora plants are operating at lower utilization rates.
Raw Material Costs
Manufacturing costs were reduced by 3.7% on a like-for-like basis in Q2 FY26. Gas prices remain a critical variable; management indicated that if gas prices remain constant, gross margins of ~39% are sustainable.
Manufacturing Efficiency
Operational efficiency gains contributed to a 250 bps increase in gross margins in Q2 FY26 despite no increase in Average Selling Price (ASP).
Logistics & Distribution
The company utilizes a wide network of dealers and retailers; however, specific distribution costs as a percentage of revenue were not provided.
Strategic Growth
Expected Growth Rate
4-5%
Growth Strategy
Growth will be achieved through volume-led expansion rather than price increases. Strategies include aggressive marketing (3.8% of revenue), the launch of a new adhesive business (started July 2025), and improving capacity utilization from the current 68% to capture operating leverage.
Products & Services
Ceramic wall tiles, vitrified tiles (including premium ranges), and tile adhesives.
Brand Portfolio
Orient Bell
New Products/Services
Launched a tile adhesive business in late July 2025. While currently contributing only a few million INR per month, it is expected to have attractive gross margins and provide a clear financial picture by Q3 FY26.
Market Expansion
Focus on increasing market reach through TV advertising and brand building. The company is targeting volume growth in a market where H2 is historically stronger than H1.
Market Share & Ranking
The company is an established player in the tiles industry, consistently ranking in the top 2 or 3 for gross margins over the last 5-6 years.
Strategic Alliances
The company has operational linkages with its wholly-owned subsidiary, Cestrum Enterprises Private Limited (CEPL).
External Factors
Industry Trends
The tile industry is currently facing intense competition from both organized and unorganized players. There is a shift toward premiumization through vitrified tiles, which Orient Bell is pursuing to improve realizations.
Competitive Landscape
Key competitors include Kajaria and Somany. While peers have historically maintained EBITDA margins of 14-15%, Orient Bell is currently operating at lower levels (6-8%) and focusing on 'repairing' these through volume growth.
Competitive Moat
Moat is built on an established brand name, a diversified distribution network, and high manufacturing efficiency (39% gross margins). Sustainability depends on maintaining cost leadership and successfully scaling the new adhesive segment.
Macro Economic Sensitivity
Demand for tiles is highly sensitive to the real estate cycle and overall GDP growth. Moderation in demand led to stagnant revenue of INR 672 Cr in FY25.
Consumer Behavior
Shift toward branded products and premium vitrified tiles is a key trend affecting demand.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms regarding kiln emissions and gas usage. The company transitioned its ERP system in FY24, which caused temporary operational issues.
Taxation Policy Impact
Tax expenses for Q2 FY26 were INR 0.7 Cr, with a Profit After Tax (PAT) of INR 3.2 Cr.
Risk Analysis
Key Uncertainties
Volatility in natural gas prices poses a significant risk to the 39% gross margin. Failure to achieve volume growth could prevent the company from realizing necessary operating leverage, keeping EBITDA margins subdued below 5%.
Geographic Concentration Risk
The company has a diversified reach, but underutilization of the South (Hoskote) and West (Dora) plants suggests a regional imbalance in demand or operational efficiency.
Third Party Dependencies
High dependency on gas suppliers for manufacturing energy needs.
Technology Obsolescence Risk
The company recently migrated its ERP system to modernize operations, though the transition initially impacted profitability in FY24.
Credit & Counterparty Risk
Liquidity is supported by cash and bank balances of approximately INR 30 Cr as of March 2025 and surplus available in bank limits.
