🔍

ORIENT CERATECH LIMITED (ORIENTCER)

₹42.26 +0.09% last close, 16 Oct

📊 NSE: ORIENTCER 🏢 Refractories / Intermediates 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, ORIENT CERATECH's revenue was ₹101 Cr (+2.2% year on year, +2.4% on the previous quarter), and net profit ₹8.6 Cr (+99.2% year on year); the operating margin was 18.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹101	+2.2%	+2.4%
Operating profit	₹18.2	+95.8%	+97.8%
Net profit	₹8.6	+99.2%	+51.4%
EPS (₹)	0.71	+97.2%	+51.1%
Operating margin	18.1%	—	—

Full quarterly financials → Results calendar →

ORIENTCER delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 58.89% of the ORIENTCER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.83%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.

58.89%Delivery, 16 Oct

58.83%Own 20-session average

0.3×Volume vs its average

₹42.26NSE close · +0.09%

Delivery in the last 5 sessions: 63.4% · 64.5% · 48.6% · 66.8% · 58.9%

Delivery across the market →

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 Ceratech MD Manan Shah Steps Down to Non-Executive Role Effective September 30, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 24 Sep 2026, 06:45 PM

Orient Ceratech Limited announced that its Managing Director, Mr. Manan Shah, has resigned from the executive position effective September 30, 2026. He will transition to the role of Non-Executive Director and cease to be Key Managerial Personnel (KMP) to pursue a broader role within the Ashapura Group. The company has not yet announced a successor for the MD position.

Mr. Manan Shah resigns as Managing Director effective closing hours of September 30, 2026
Continues on the Board as a Non-Executive Director
Ceases to be a Key Managerial Personnel (KMP) of the company
Board meeting approving the change was held on September 24, 2026 (concluded at 5:30 PM)

💡 Track subsequent exchange filings for the appointment of a new Managing Director or CEO to understand leadership continuity.

Orient Ceratech Sets Sep 17, 2026 Record Date for Rs 0.35/Share Dividend; AGM on Sep 24

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 02 Sep 2026, 03:29 PM

Orient Ceratech Limited has fixed Thursday, September 17, 2026 as the Record Date for its proposed final dividend of Rs 0.35 per equity share (35% on face value of Rs 1) for FY26. The 55th Annual General Meeting (AGM) will be conducted via video conferencing on September 24, 2026. At the current share price of Rs 43.80, the dividend represents a modest dividend yield of approximately 0.80%. In addition, the company is seeking shareholder approval for material related party transactions with Bombay Minerals Limited for up to Rs 75.00 crore (Rs 7,500 lakh).

Proposed final dividend of 35% i.e. Rs 0.35 per equity share of face value Rs 1 for FY26
Record Date fixed as Thursday, September 17, 2026 to determine dividend eligibility
55th AGM scheduled for Thursday, September 24, 2026 at 11:00 AM IST via VC/OAVM
Remote e-voting window runs from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
Shareholder nod sought for material related party transactions up to Rs 75.00 crore with Bombay Minerals Limited

💡 Investors seeking dividend eligibility must hold shares prior to the ex-dividend date associated with the September 17, 2026 record date; track voting outcomes from the September 24 AGM.

Orient Ceratech Schedules 55th AGM for September 24, 2026; Issues Annual Report Link

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 02 Sep 2026, 03:28 PM

Orient Ceratech Limited has issued an intimation to shareholders whose email addresses are not registered, providing the web-link for its FY 2025-26 Annual Report pursuant to SEBI regulations. The company's 55th Annual General Meeting (AGM) is scheduled to be held on Thursday, September 24, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date for dispatch of this specific communication was August 28, 2026.

55th Annual General Meeting scheduled for September 24, 2026, at 11:00 AM IST via Video Conferencing
Cut-off date for identifying shareholders without registered email addresses was August 28, 2026
Web-link provided for accessing the FY 2025-26 Annual Report online

💡 Shareholders may review the FY 2025-26 Annual Report and track proceedings or voting resolutions during the upcoming AGM on September 24, 2026.

Orient Ceratech fixes Sept 17 Record Date for 35% Dividend (₹0.35/sh) & schedules 55th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 03:03 PM

Orient Ceratech Limited has issued the notice for its 55th Annual General Meeting (AGM) scheduled for September 24, 2026. The company has set September 17, 2026, as the record date and cut-off date for eligibility for the proposed final dividend of ₹0.35 per share (35% on ₹1 face value). Special business at the AGM includes shareholder approval for material related party transactions with Bombay Minerals Limited up to ₹75 Cr (representing ~18.5% of TTM revenue).

55th AGM scheduled for Thursday, September 24, 2026, via Video Conferencing.
Proposed dividend of ₹0.35 (35%) per equity share of face value ₹1 for FY26.
Record date and e-voting cut-off date fixed as Thursday, September 17, 2026.
Seeking approval for material related party transactions with Bombay Minerals Limited up to ₹7,500 Lakhs (₹75 Cr).

💡 Track voting outcomes post-AGM on September 24, 2026, and note the dividend record date of September 17, 2026.

99% YoY Profit Growth to ₹8.57 Cr; Power Division Disposal Completed

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 06:28 PM

Orient Ceratech reported a strong 99% YoY increase in consolidated net profit to ₹8.57 Cr for Q1 FY27, driven by a 176% surge in profits from continuing operations. Consolidated revenue grew 4.6% YoY to ₹100.65 Cr, with the UAE subsidiary contributing ₹15.36 Cr. A major structural change occurred as the company completed the disposal of its Power Division, resulting in a net loss of ₹1.99 Cr from discontinued operations this quarter. The company has now transitioned to a single-segment business model focusing exclusively on Ceramic and related products.

Consolidated Net Profit rose 99% YoY to ₹8.57 Cr from ₹4.30 Cr in the previous year's quarter.
Profit from continuing operations surged 176% YoY to ₹10.56 Cr compared to ₹3.82 Cr.
UAE subsidiary (Orient Advanced Materials FZE) reported revenue of ₹15.36 Cr and a net profit of ₹0.35 Cr.
Completed disposal of the Power Division, incurring an exceptional loss of ₹5.16 Cr within discontinued operations.
Consolidated Revenue from operations increased 4.6% YoY to ₹100.65 Cr.

💡 Monitor the operating margins of the now-standalone Ceramic segment to ensure the sharp profit growth in continuing operations is sustainable post-divestment.

99.99% Approval for Re-appointment of Independent Director Ketan Shrimankar

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jul 2026, 06:59 PM

Shareholders of Orient Ceratech Limited have approved the re-appointment of Mr. Ketan Shrimankar as a Non-Executive Independent Director through a postal ballot. The special resolution received overwhelming support with 99.99% of the 7.64 crore votes cast in favor. The new term is set for two consecutive years, effective from August 11, 2026. While promoter participation was nearly total at 99.78%, public non-institutional participation remained very low at 0.56%.

99.99% of total votes (76,418,350) were cast in favor of the re-appointment
The re-appointment is for a second term of 2 consecutive years starting August 11, 2026
Promoter group polled 76,278,450 votes, representing 99.78% of their shareholding
Public non-institutional participation was low, with only 151,251 votes polled (0.56% of category)
The resolution was passed as a Special Resolution via remote e-voting concluded on July 30, 2026

💡 Investors should note this as a routine governance matter ensuring board continuity; no specific action is required beyond monitoring future board oversight on the company's UAE expansion.

99.99% Approval for Re-appointment of Independent Director Ketan Shrimankar

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jul 2026, 06:55 PM

Shareholders of Orient Ceratech Limited have approved the re-appointment of Mr. Ketan Shrimankar as a Non-Executive Independent Director through a postal ballot. The resolution received overwhelming support with 99.99% of the 7.64 crore votes cast in favor. The new term is for two consecutive years, effective from August 11, 2026. This ensures continuity in the company's board governance as it navigates its refractory and international expansion business.

99.99% of total votes polled (7,64,18,350 votes) were in favor of the re-appointment.
The re-appointment is for a second term of 2 consecutive years starting August 11, 2026.
Promoter group cast 7,62,78,450 votes, representing 99.78% of their total shareholding.
Public non-institutional participation was low, with only 1,51,251 votes cast (0.56% of the category).
The resolution was passed as a Special Resolution as per the Companies Act, 2013.

💡 Investors should monitor the board's effectiveness in overseeing the company's UAE expansion and working capital management, which has recently seen inventory cycles rise to 93 days.

Orient Ceratech Submits Routine Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Jul 2026, 11:39 AM

Orient Ceratech Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the Registrar and Share Transfer Agent, Skyline Financial Services Pvt. Ltd., has processed share dematerialization requests for the quarter ended June 30, 2026. This is a standard administrative procedure to ensure physical share certificates are properly cancelled and replaced by electronic records. There is no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar and Share Transfer Agent identified as M/s. Skyline Financial Services Pvt. Ltd.
RTA SEBI Registration number confirmed as INR000003241
Filing submitted to both BSE and NSE on July 13, 2026

💡 No action is required from investors as this is a routine procedural filing. Investors should monitor upcoming quarterly earnings for material business updates.

CARE Reaffirms and Withdraws BBB+/A2 Ratings for Orient Ceratech at Company Request

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 02 Jul 2026, 05:35 PM

Orient Ceratech Limited has requested the withdrawal of its credit ratings from CARE Ratings Limited. Before the withdrawal, the agency reaffirmed the Long-Term rating at 'CARE BBB+; Stable' and the Short-Term rating at 'CARE A2'. This move is procedural and follows the agency's withdrawal policy. With a low debt-to-equity ratio of 0.08 and total debt of only Rs 24 Cr, the company maintains a strong balance sheet despite the lack of public ratings from this agency.

Long Term Bank Facilities rating reaffirmed at CARE BBB+; Stable prior to withdrawal
Short Term Bank Facilities rating reaffirmed at CARE A2 prior to withdrawal
Rating action was initiated at the specific request of the Company
Company maintains a very low Debt-to-Equity ratio of 0.08 as per latest TTM data
TTM Debt stands at Rs 24 Cr against a Net Worth of Rs 295 Cr

💡 Investors should monitor upcoming quarterly results to see if the company has replaced these ratings with another agency or if there is a significant change in the debt structure.

₹16.45 Cr Sale of Windmills Business Finalized via Slump Sale

🟢 POSITIVE ⭐ 6/10

M&A 📅 01 Jul 2026, 06:23 PM

Orient Ceratech Limited has executed an agreement to sell its Power Division, comprising seven windmills, for a revised consideration of ₹16.45 Crore. The transaction is structured as a slump sale on a going concern basis, effective from June 30, 2026. This divestment represents approximately 5.6% of the company's net worth (₹295 Cr) and 4.1% of its TTM revenue (₹404 Cr). The sale price was notably revised upwards following subsequent negotiations with the purchaser.

Sale of the entire Windmills Business consisting of 7 individual units
Total consideration revised upwards to ₹16.45 Crore from previous negotiations
Transaction completed as a slump sale on a going concern basis effective June 30, 2026
Divestment value equals approximately 68% of the company's total debt of ₹24 Crore
Sale proceeds represent ~5.6% of the company's Net Worth of ₹295 Crore

💡 Investors should monitor the Q2 FY27 results to see how the ₹16.45 Cr proceeds are utilized, specifically if they are used to reduce the ₹24 Cr debt or to fund the ongoing expansion in the UAE subsidiary.

Orient Ceratech Seeks Shareholder Approval for 2-Year Reappointment of Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jun 2026, 01:18 PM

Orient Ceratech has issued a postal ballot notice to seek shareholder approval via special resolution for the reappointment of Mr. Ketan Shrimankar as a Non-Executive Independent Director. The proposed reappointment is for a second term of two consecutive years, starting August 11, 2026. The e-voting process will run for 30 days, concluding on July 30, 2026. This is a routine governance procedure required under the Companies Act and SEBI regulations for independent director tenures.

Proposed reappointment of Mr. Ketan Shrimankar for a second term of 2 consecutive years starting August 11, 2026.
E-voting period is scheduled from July 1, 2026 (9:00 AM) to July 30, 2026 (5:00 PM).
Cut-off date for determining shareholder voting eligibility is June 26, 2026.
The company maintains a lean debt-to-equity ratio of 0.08 based on a net worth of ₹295 Cr.
Results of the postal ballot will be announced on or before July 31, 2026.

💡 Investors should note the voting results on July 31, 2026, to confirm board continuity; no immediate financial impact is expected from this administrative filing.

0% Promoter Pledge: Orient Ceratech Confirms Zero Encumbrance for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jun 2026, 07:06 PM

The promoter group of Orient Ceratech Limited has submitted its annual declaration under SEBI Takeover Regulations for the financial year ending March 31, 2026. The filing confirms that 0.00% of the promoter's 4,80,54,271 shares are encumbered or pledged. This maintains the status quo of a clean promoter holding, which currently stands at 63.9% of the company. Such disclosures are mandatory annual filings to ensure transparency regarding promoter share-backing for loans.

Total promoter and promoter group shareholding as of March 31, 2026, stands at 4,80,54,271 shares
Zero shares (0.00%) were encumbered, directly or indirectly, during the Financial Year 2025-2026
Bombay Minerals Limited remains the largest promoter entity with 2,83,82,453 shares
Ashapura International Limited holds the second-largest promoter stake with 99,95,136 shares

💡 Investors should continue to monitor quarterly shareholding patterns to ensure the promoter stake remains stable at 63.9% and that no new pledges are created if the company seeks aggressive expansion capital.

Orient Ceratech Limited Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 06:10 PM

Orient Ceratech Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of the un-audited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results will be announced later.

Trading window closure effective from July 1, 2026.
Closure is related to the un-audited financial results for the quarter ending June 30, 2026.
Restriction applies to all Designated Persons of the company.
Window will reopen 48 hours after the official declaration of financial results.

💡 This is a routine regulatory announcement with no direct impact on company fundamentals; investors should monitor for the upcoming quarterly result date.

Orient Ceratech to Sell Windmill Division for ₹15.25 Crore

🟡 NEUTRAL ⭐ 7/10

M&A 📅 18 Jun 2026, 06:34 PM

Orient Ceratech Limited has announced the sale of its Windmill (Power Division) to Greenwin Energy Thirteen LLP for a total consideration of ₹15.25 Crores. The division is a relatively small part of the business, contributing only 1.55% (₹6.27 Crores) to the total turnover and 7.45% (₹21.96 Crores) to the company's net worth as of March 31, 2026. The transaction is expected to be completed within approximately six months, after which the company will cease operations in the power segment. This move appears to be a strategic divestment of non-core assets to streamline operations.

Sale of Windmill (Power Division) for a total consideration of ₹15.25 Crores.
The division contributed ₹627.21 Lacs (1.55%) to the total turnover in FY26.
The division's net worth is ₹2,195.96 Lacs, representing 7.45% of the company's total net worth.
The buyer, Greenwin Energy Thirteen LLP, is a non-promoter entity.
The transfer process is expected to take approximately 6 months to complete.

💡 Investors should view this as a non-core asset divestment and monitor how the company redeploys the ₹15.25 Crore cash proceeds into its primary ceramics and abrasives business.

Orient Ceratech Signs Agreement for Sale of Thermal Power Station Division

🟢 POSITIVE ⭐ 8/10

M&A 📅 09 Jun 2026, 05:51 PM

Orient Ceratech Limited has officially signed an Agreement for Sale for its Thermal Power Station (Power Division) on June 9, 2026. This follows previous announcements regarding the divestment process initiated in early 2026. The sale represents a strategic exit from the power generation segment to focus on core operations. Financial details regarding the transaction value were not disclosed in this specific regulatory filing.

Signed definitive Agreement for Sale of the Thermal Power Station on June 9, 2026.
The divestment follows previous board-level updates provided in February 2026 and May 2027.
The transaction involves the complete sale of the company's Power Division.
Move is part of a strategic restructuring to streamline the business portfolio.

💡 Investors should monitor for subsequent filings detailing the sale consideration and how the management plans to utilize the cash proceeds.

View All ORIENTCER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew by 4.38% YoY to INR 327.10 Cr in FY25. The business is divided into two segments: (i) Alumina Refractories & Monolithics products & bauxite ores, which is the primary driver, and (ii) Power generation, which contributed INR 5.77 Cr in FY25. The UAE subsidiary, Orient Advanced Materials FZE, contributed INR 45.97 Cr to revenue in H1 FY26.

Geographic Revenue Split

The company has a significant international presence through its UAE-based wholly-owned subsidiary, Orient Advanced Materials FZE, which generated INR 45.97 Cr (approx. 14% of FY25 consolidated revenue) in the first half of FY26. Domestic operations in India account for the remainder of the revenue.

Profitability Margins

Profitability saw a decline in FY25; Operating Profit Margin dropped from 4.97% to 3.56% (a 28.37% decrease) and Net Profit Margin fell from 4.05% to 2.89% (a 28.60% decrease). However, H1 FY26 showed a strong recovery with consolidated net profit reaching INR 11.79 Cr compared to INR 4.76 Cr in H1 FY25, a 147.8% increase.

EBITDA Margin

Operating Profit Margin was 3.56% in FY25, down from 4.97% in FY24. This 141 basis point compression was driven by increased operational costs and a decrease in overall margins, impacting core profitability.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr for future periods, but the company maintains property, plant, and equipment as part of its INR 412.32 Cr consolidated asset base as of September 2025.

Credit Rating & Borrowing

CARE Ratings assigned a 'CARE A-; Negative' rating for long-term bank facilities (INR 71.33 Cr) and 'CARE A2+' for short-term facilities (INR 14.40 Cr). The negative outlook reflects risks from uncertain demand and an elongated working capital cycle.

⚙️ Operational Drivers

Raw Materials

Bauxite ores are the primary raw material for the Alumina Refractories and Monolithics segment. Specific percentage of total cost for each material is not disclosed.

Capacity Expansion

Current and planned capacity in MT/MW is not specified, though the company operates in power generation and refractory manufacturing.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company notes that profit margins decreased by over 28% in FY25, partly due to margin pressure in its core segments.

Manufacturing Efficiency

Manufacturing efficiency is impacted by inventory turnover, which slowed from 77.71 days in FY24 to 93.42 days in FY25, a 20.22% increase in holding time.

📈 Strategic Growth

Growth Strategy

Growth is being pursued through international expansion via the UAE subsidiary (Orient Advanced Materials FZE), which is already profitable (INR 1.34 Cr profit in H1 FY26). The company is also focusing on its dual-segment strategy of Refractories and Power Generation to balance revenue streams.

Products & Services

Alumina Refractories, Monolithics products, Bauxite ores, and Power generation services.

Brand Portfolio

Orient Ceratech, Orient Advanced Materials.

Market Expansion

Expansion is focused on the Middle East market through the UAE-based Orient Advanced Materials FZE, which reported total assets of INR 6.66 Cr as of September 2025.

🌍 External Factors

Industry Trends

The refractory industry is facing 'uncertain demand conditions' as noted by CARE Ratings. The company is positioning itself by maintaining a lean debt-to-equity ratio (0.16) to navigate cyclicality.

Competitive Landscape

The company operates in a competitive landscape for refractories and power, facing risks from demand fluctuations in end-user industries like steel and construction.

Competitive Moat

The company's moat is built on its integrated business model (Bauxite ores to Refractories) and geographic diversification into the UAE. Sustainability is challenged by the current 20.22% slowdown in inventory turnover.

Macro Economic Sensitivity

The business is sensitive to industrial demand for refractories (steel, cement, glass) and global economic conditions affecting the UAE subsidiary.

Consumer Behavior

Not applicable as the company is primarily B2B (industrial refractories and power).

Geopolitical Risks

Operations in the UAE expose the company to Middle Eastern geopolitical stability and trade regulations.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with the Companies Act 2013, SEBI (LODR) Regulations 2015, and environmental norms related to bauxite mining and power generation.

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind AS). Total tax expenses for H1 FY26 were INR 3.50 Cr on a consolidated basis.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Negative' outlook from CARE Ratings, driven by the risk that inventory buildup (INR 412.32 Cr total consolidated assets) and uncertain demand will further squeeze liquidity.

Geographic Concentration Risk

While expanding, the company remains heavily reliant on the Indian market, with the UAE subsidiary currently representing a smaller portion of total assets (INR 6.66 Cr out of INR 412.32 Cr).

Third Party Dependencies

The company relies on other auditors for the review of its UAE subsidiary, though the statutory auditors have expressed no modification in their opinion regarding this reliance.