NSE: ORIENTELEC · BSE: 541301
ORIENT ELECTRIC LIMITED
Manufactures and sells household electrical products across two segments. Electrical Consumer Durables (69% of FY26 segment revenue at ₹2,293.77 cr) covers ceiling fans including BLDC fans, along with other appliances; Lighting & Switchgear (31% at ₹1,032.62 cr) covers lighting fixtures, wires and switchgear. Fans are the anchor of the ECD business, with BLDC fans growing 36% year-on-year and premium-fan products making up 36% of domestic fan revenue. The wires business is scaling rapidly, growing over 200% year-on-year off a small base, leveraging the existing fan distribution network. Distribution is being expanded, with around 3,600 new direct-to-market retailers added in Q1 FY27, alongside double-digit growth in e-commerce and exports. Materials and components are the largest cost line at 25.6% of revenue, with copper, aluminium and freight costs driving gross-margin pressure — gross margin moderated to 29.8% in Q1 FY27. The company runs four plants across India with 1,843 permanent employees and 2,805 workers, and exports contribute 4.8% of turnover. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electrical Consumer Durables (69%), Lighting & Switchgear (31%). Cyclical consumer durables business exposed to commodity input costs and seasonal cooling demand.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,448 | 2,529 | 2,812 | 3,094 | 3,326 |
| EBITDA (ex other income) | 231 | 151 | 163 | 204 | 219 |
| margin % | 9.4 | 6.0 | 5.8 | 6.6 | 6.6 |
| Owners' profit | 127 | 76 | 75 | 83 | 96 |
| EPS, as reported (₹) | 5.97 | 3.57 | 3.53 | 3.90 | 4.49 |
| ROE % · ROCE % | 23.4 · 30.9 | 13.0 · 18.2 | 11.8 · 16.3 | 12.0 · 17.7 | 12.6 · 18.1 |
| Debt / equity (x) | 0.03 | 0.02 | 0.03 | 0.02 | 0.03 |
| Cash from operations | 11 | 190 | 118 | 88 | 110 |
| Capex | (43) | (114) | (175) | (55) | (34) |
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 | 660 | 817 | 862 | 769 | 703 | 906 | 948 | 950 |
| Profit before tax | 14 | 37 | 42 | 24 | 16 | 35 | 54 | 42 |
| Net profit | 10 | 27 | 31 | 18 | 12 | 26 | 40 | 31 |
| EPS (₹) | 0.49 | 1.27 | 1.46 | 0.82 | 0.57 | 1.22 | 1.89 | 1.48 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electrical Consumer Durables | 2,294 | 69.0 |
| Lighting & Switchgear | 1,033 | 31.0 |
| Total, before eliminations | 3,326 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,15,731 | 63.4 | 15.10 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 34,139 | 76.0 | 5.33 | 40.0 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 31,231 | 61.4 | 9.09 | 33.0 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 23,118 | 240.2 | 3.98 | 24.8 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,157 | — | 3.83 | 95.2 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 12,736 | 35.0 | 5.37 | 24.0 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,442 | 41.6 | 2.51 | 15.1 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,042 | 36.4 | 3.57 | 22.4 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.6 | 41.6 | 6 of 19 | 72% |
| P/B | 4.6 | 4.6 | 12 of 23 | 50% |
| ROCE | 15.4 | 9.4 | 9 of 24 | 65% |
| ROE | 12.6 | 7.1 | 7 of 23 | 73% |
| Debt / Equity | 0.0 | 0.0 | 12 of 23 | 50% |
| EBITDA margin | 7.0 | 7.6 | 14 of 23 | 41% |
| Revenue growth | 23.5 | 15.4 | 7 of 22 | 71% |
| Profit growth | 79.7 | 38.1 | 4 of 21 | 85% |
| Market cap | 3483 | 3595 | 13 of 24 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper ad on SEBI special window for physical share dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · Orient Electric board to consider Q2, H1 FY26-27 results on Oct 15 | results | low | — | — |
| 6 Oct 2026 · Compliance certificate for dematerialization under SEBI Reg 74(5) | compliance | minimal | — | — |
| 25 Sept 2026 · Orient Electric credit rating reaffirmed by CARE | credit debt | medium | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY26-27 Financial Results | compliance | minimal | — | — |
| 16 Sept 2026 · Orient Electric asks physical shareholders to update KYC details | compliance | minimal | — | — |
| 14 Sept 2026 · Ms. Sandhya Biswas appointed as Chief Marketing and Customer Experience Officer | management changes | medium | — | — |
| 10 Sept 2026 · Orient Electric appoints Deepankar Bhattacharjee as Head of Internal Audit | management changes | medium | — | — |
| 8 Sept 2026 · Orient Electric schedules investor meeting for September 11 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · KYC update needed - dividend withheld for physical shareholders | compliance | low | — | — |
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.