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ORIENTELEC · price
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Orient Electric reported Q4 FY26 revenue of INR 948 crores (up 10% YoY) with EBITDA of INR 77 crores (8.2% margin) and PAT of INR 40 crores (up 28.9% YoY). Full year FY26 revenue stood at INR 3,326 crores (up 7.5% YoY) with EBITDA of INR 229 crores (up 12.4% YoY). The company faced headwinds from commodity inflation, labour shortages, and West Asia supply disruptions, leading to gross margin pressure at 31%. Management highlighted strong performance in Lighting and Switchgear (16% growth), BLDC fans (50%+ growth now 25% of domestic ceiling fan revenue), and premium mix improvement to 35% of domestic fan revenue. The Sanchay cost savings program delivered INR 68 crores in FY26. Price hikes of approximately 6% were implemented across categories to offset commodity inflation. Market share gains of 30-40 basis points were achieved across channels.
Despite margin pressure from commodity inflation, EBITDA margin improved 40 basis points to 8.2% in Q4 through cost discipline and premiumization. Management remains committed to double-digit EBITDA margins but acknowledges current pricing actions are insufficient to fully offset cost increases, indicating margin recovery may take time.