NSE: ORIENTCEM · BSE: 535754
ORIENT CEMENT LTD.
Manufactures cement at 3 plants in India and sells across 12 states, generating Rs 2,793 crore of revenue in FY26. Q1 FY27 revenue was Rs 604 crore, with volumes of 1.5 million tonnes, up 23% YoY. The largest cost bucket is other operating expenses at 50.8% of revenue, covering fuel, freight, packaging and branding, followed by materials at 23.4% of revenue. Depreciation runs at 8.3% of revenue and employees at 5.8%. The business has secured captive renewable power by acquiring a 9.04% stake in a 46 MW Karnataka wind project, and 41% of its energy mix comes from green power. Ambuja Cements, which already holds 72.66% of the equity, has received stock-exchange approvals to merge Orient Cement into itself, with NCLT shareholder meetings scheduled for September 28, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement. Asset-heavy cement manufacturer; pending amalgamation into parent Ambuja Cements
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,725 | 2,938 | 3,185 | 2,709 | 2,793 |
| EBITDA (ex other income) | 591 | 365 | 449 | 301 | 539 |
| margin % | 21.7 | 12.4 | 14.1 | 11.1 | 19.3 |
| Owners' profit | 263 | 123 | 175 | 91 | 338 |
| EPS, as reported (₹) | 12.85 | 6.00 | 8.53 | 4.45 | 16.44 |
| ROE % · ROCE % | 17.3 · 23.0 | 7.7 · 11.1 | 10.0 · 13.9 | 5.0 · 7.4 | 15.7 · 13.3 |
| Debt / equity (x) | 0.20 | 0.24 | 0.07 | 0.02 | 0.02 |
| Cash from operations | 524 | 111 | 426 | 205 | (39) |
| Capex | (51) | (130) | (79) | (60) | (32) |
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 | 544 | 643 | 825 | 866 | 643 | 636 | 647 | 604 |
| Profit before tax | 3 | 17 | 68 | 144 | 74 | 36 | 64 | 103 |
| Net profit | 2 | 10 | 42 | 205 | 49 | 28 | 55 | 77 |
| EPS (₹) | 0.11 | 0.49 | 2.05 | 10.00 | 2.39 | 1.35 | 2.70 | 3.76 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.2 | 27.5 | 5 of 29 | 86% |
| P/B | 1.1 | 1.4 | 13 of 34 | 64% |
| ROCE | 12.8 | 3.7 | 3 of 37 | 94% |
| ROE | 15.7 | 7.2 | 1 of 34 | 100% |
| Debt / Equity | 0.0 | 0.4 | 4 of 33 | 91% |
| EBITDA margin | 24.7 | 13.1 | 2 of 37 | 97% |
| Revenue growth | (30.3) | 7.8 | 34 of 37 | 8% |
| Profit growth | (62.5) | (24.7) | 30 of 37 | 19% |
| Market cap | 2390 | 1769 | 18 of 38 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Unaudited September 2026 results published in Financial Express | compliance | minimal | — | — |
| 24 Oct 2026 · Refinancing continues pledge over 72.66% of Orient Cement shares | ownership changes | high | — | — |
| 22 Oct 2026 · September quarter net profit falls 35%; half-year revenue drops 23% | results | high | — | — |
| 22 Oct 2026 · Orient Cement Q2 FY26: revenue down, PAT halves, merger with Ambuja advances | results | high | — | — |
| 16 Oct 2026 · Routine compliance certificate on dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · Orient Cement Ambuja merger: NCLT hearing fixed for November 19 | compliance | minimal | — | — |
| 8 Oct 2026 · Board meet on Oct 22 to approve Q2 FY27 results; analyst call on Oct 29 | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Orient Cement to meet investors at Adani conference in Singapore on Nov 18-19 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Orient Cement shareholders approve Ambuja Cements merger scheme | strategic transactions | high | — | — |
| 28 Sept 2026 · Shareholders approve Orient Cement merger with Ambuja Cements | strategic transactions | high | — | — |
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.