NSE: ORIENTBELL · BSE: 530365
ORIENT BELL LIMITED
Makes and sells ceramic tiles in India, with multi-location manufacturing facilities that limit its dependence on the Morbi cluster. FY26 revenue was ₹691.45 crore, split 78% retail (dealers) and 22% enterprise, against which materials accounted for 15.2%, employees 14.9%, other opex 35.1% and depreciation 3.2% of revenue. Capacity utilisation stood at 60-65%, leaving headroom for growth without new capacity capex; FY27 maintenance capex is guided at ₹10 crore (+/- ₹4-5 crore). A cumulative 20% price hike was taken in March and April to pass through an approximately 30% rise in gas prices, and Q4 FY26 EBITDA reached ₹16.4 crore (up 66% YoY) with 270 bps margin expansion. FY26 EBITDA was ₹42.5 crore, up 38% YoY, with 160 bps expansion and nearly 60% of incremental FY26 revenue flowing to the bottom line. A digital platform adds 50,000 new tile designs monthly via AI tools and delivers online leads to 350+ dealers each month. The business is debt-free with a net cash position of ₹29 crore (₹59.4 crore cash against ₹29.7 crore of debt) and a 10% dividend has been proposed for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail tile sales (78%), Enterprise tile sales (22%). Asset-heavy ceramic tile manufacturer with multi-location production, exposed to gas prices, housing/infrastructure demand and Morbi cluster dynamics.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 654 | 705 | 674 | 667 | 691 |
| EBITDA (ex other income) | 56 | 47 | 21 | 25 | 38 |
| margin % | 8.5 | 6.7 | 3.1 | 3.7 | 5.5 |
| Owners' profit | 32 | 22 | 1 | 0 | 12 |
| EPS, as reported (₹) | 22.36 | 15.56 | 0.63 | 1.94 | 8.46 |
| ROE % · ROCE % | 11.3 · 11.9 | 7.2 · 9.1 | 0.3 · 0.6 | 0.9 · 2.2 | 3.8 · 5.0 |
| Debt / equity (x) | 0.03 | 0.01 | 0.13 | 0.14 | 0.09 |
| Cash from operations | 56 | 34 | 40 | 33 | 48 |
| Capex | (28) | (60) | (64) | (6) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 160 | 163 | 198 | 143 | 165 | 169 | 215 | 204 |
| Profit before tax | 1 | 1 | 3 | (1) | 3 | 4 | 8 | 11 |
| Net profit | 1 | 1 | 3 | (0) | 3 | 3 | 6 | 8 |
| EPS (₹) | 0.67 | 0.66 | 1.88 | (0.26) | 2.17 | 2.31 | 4.24 | 5.66 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KAJARIA CERAMICS LTD | 17,760 | 32.5 | 5.67 | 20.4 | 15.6 | 20.3 | 11.7 | 20.9 |
| SOMANY CERAMICS LIMITED | 2,234 | 21.0 | 2.43 | 8.9 | 8.1 | 8.8 | 11.1 | 12.0 |
| NITCO LIMITED | 1,658 | — | 4.55 | 58.8 | 7.9 | 4.4 | 10.6 | (4.9) |
| ASIAN GRANITO IND. LTD. | 1,371 | 60.8 | 0.89 | 14.6 | 1.2 | 1.3 | 7.5 | 6.5 |
| ORIENT BELL LIMITED ◆ | 534 | 25.2 | 1.62 | 13.4 | 3.8 | 4.0 | 6.6 | 8.6 |
| EXXARO TILES LIMITED | 278 | 69.0 | 0.99 | 14.3 | 1.0 | 1.3 | — | 9.1 |
| MURUDESHWAR CERAMICS LTD | 160 | 16.3 | 0.42 | 7.3 | 2.8 | 2.9 | — | 19.2 |
| Manoj Ceramic Limited | 131 | 4.3 | — | — | — | 10.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.2 | 25.2 | 4 of 7 | 50% |
| P/B | 1.6 | 1.4 | 5 of 8 | 43% |
| ROCE | 4.0 | 2.9 | 5 of 11 | 60% |
| ROE | 3.8 | 4.7 | 5 of 8 | 43% |
| Debt / Equity | 0.1 | 0.3 | 2 of 8 | 86% |
| EBITDA margin | 8.6 | 7.5 | 5 of 10 | 56% |
| Revenue growth | 42.6 | 31.3 | 4 of 11 | 70% |
| Profit growth | 2319.6 | 0.6 | 1 of 10 | 100% |
| Market cap | 534 | 278 | 5 of 11 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Special window open for physical share transfer and demat | compliance | minimal | — | — |
| 14 Oct 2026 · Reg 74(5) Compliance Certificate for Q2 FY27 filed | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Orient Bell insiders | compliance | minimal | — | — |
| 24 Sept 2026 · Orient Bell schedules virtual analyst and investor meeting on 29 Sept 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Orient Bell to hold investor meeting on 15 September 2026 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Orient Bell to host virtual investor meeting on 14 Sept 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Orient Bell schedules investor meeting on 10 Sept 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Orient Bell schedules virtual analyst/investor meeting on Sep 9, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Orient Bell invests Rs 1.07 Cr in renewable energy tie-up for captive use | strategic transactions | medium | — | — |
| 1 Sept 2026 · Promoter group Good Team Investment buys 6,560 shares of Orient Bell | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.