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Orient Ceratech Q2 FY27 results: net profit down 9.5% to ₹6.78 crore, revenue up 11.7%
Orient Ceratech Limited reported consolidated revenue of ₹126.88 crore in Q2 FY27, up 11.7% from Q2 FY26 and 26.1% from Q1 FY27. EBITDA fell to ₹11.56 crore from ₹12.70 crore a year earlier and ₹16.22 crore in the previous quarter, while profit for the period was ₹6.78 crore and basic EPS was ₹0.57.
Key points
- Consolidated Q2 FY27 revenue was ₹126.88 crore, up ₹13.33 crore, or 11.7%, from Q2 FY26.
- EBITDA was ₹11.56 crore, down ₹1.14 crore, or 9.0%, from Q2 FY26; the EBITDA margin fell 2.1 percentage points to 9.1%.
- Profit for the period was ₹6.78 crore, down ₹0.71 crore, or 9.5%, from Q2 FY26 and ₹1.79 crore, or 20.9%, from Q1 FY27.
- Basic EPS was ₹0.57, down ₹0.06 from Q2 FY26 and ₹0.14 from Q1 FY27.
- For H1 FY27, revenue was ₹227.52 crore and profit for the period was ₹15.35 crore, compared with ₹212.01 crore and ₹11.79 crore in H1 FY26.
How did Orient Ceratech perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹126.88 crore, up ₹13.33 crore, or 11.7%, from ₹113.55 crore in Q2 FY26 and ₹26.23 crore, or 26.1%, from ₹100.65 crore in Q1 FY27. Total income was ₹128.70 crore, compared with ₹115.36 crore a year earlier and ₹102.39 crore in the previous quarter.
EBITDA was ₹11.56 crore in Q2 FY27, down ₹1.14 crore, or 9.0%, from ₹12.70 crore in Q2 FY26 and ₹4.66 crore, or 28.7%, from ₹16.22 crore in Q1 FY27. The EBITDA margin fell 2.1 percentage points year on year to 9.1% and 7.0 percentage points sequentially from 16.1%.
Profit before tax was ₹8.34 crore, down ₹1.47 crore, or 15.0%, from Q2 FY26 and ₹5.07 crore, or 37.8%, from Q1 FY27. After tax of ₹1.56 crore, profit for the period was ₹6.78 crore, while basic EPS was ₹0.57. On the standalone basis, revenue was ₹122.02 crore and profit was ₹4.32 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 126.88 | 100.65 | 113.55 | +11.7% | +26.1% |
| Other income | 1.83 | 1.74 | 1.80 | +1.7% | +5.2% |
| Total expenses | 120.36 | 88.98 | 105.55 | +14.0% | +35.3% |
| EBITDA | 11.56 | 16.22 | 12.70 | −9.0% | −28.7% |
| EBITDA margin | 9.1% | 16.1% | 11.2% | −2.1 pp | −7.0 pp |
| Profit before tax | 8.34 | 13.41 | 9.81 | −15.0% | −37.8% |
| Tax | 1.56 | 2.85 | 2.32 | −32.8% | −45.3% |
| Net profit | 6.78 | 8.57 | 7.49 | −9.5% | −20.9% |
| EPS (₹) | 0.57 | 0.71 | 0.63 | −9.5% | −19.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Orient Ceratech's costs and profit?
Total expenses rose ₹14.81 crore, or 14.0%, to ₹120.36 crore from ₹105.55 crore in Q2 FY26. Other expenses increased ₹21.31 crore, or 62.9%, to ₹55.21 crore, while cost of materials consumed rose ₹3.31 crore, or 8.6%, to ₹41.98 crore. Employee cost increased ₹1.53 crore, or 13.6%, to ₹12.78 crore.
Finance costs rose ₹0.54 crore, or 44.6%, to ₹1.75 crore, while depreciation fell ₹0.20 crore, or 5.7%, to ₹3.29 crore. Other income increased ₹0.03 crore, or 1.7%, to ₹1.83 crore, and there was no exceptional item in either quarter. Tax expense fell ₹0.76 crore, or 32.8%, to ₹1.56 crore.
The filing does not state why the increase in other expenses occurred. The figures show that the expense increase was larger than the revenue increase, with total expenses rising 14.0% against revenue growth of 11.7%. Against Q1 FY27, total expenses increased ₹31.38 crore, or 35.3%, as other expenses rose ₹12.42 crore and cost of materials consumed rose ₹5.74 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 41.98 | 38.67 | +3.31 | +8.6% |
| Employee cost | 12.78 | 11.25 | +1.53 | +13.6% |
| Finance costs | 1.75 | 1.21 | +0.54 | +44.6% |
| Depreciation | 3.29 | 3.49 | −0.20 | −5.7% |
| Other expenses | 55.21 | 33.90 | +21.31 | +62.9% |
| Total expenses | 120.36 | 105.55 | +14.81 | +14.0% |
| Other income | 1.83 | 1.80 | +0.03 | +1.7% |
| Tax | 1.56 | 2.32 | −0.76 | −32.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹227.52 crore, up ₹15.51 crore, or 7.3%, from ₹212.01 crore in H1 FY26. Total income increased ₹16.03 crore, or 7.5%, to ₹231.09 crore, while profit before tax rose ₹6.46 crore, or 42.2%, to ₹21.75 crore.
Profit for the period increased ₹3.56 crore, or 30.2%, to ₹15.35 crore from ₹11.79 crore in H1 FY26. Basic EPS was ₹1.28, compared with ₹0.99. The filing states that the Power Division was disposed of during the June 2026 quarter and was presented as a discontinued operation.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 227.52 | 212.01 | +7.3% |
| Profit before tax | 21.75 | 15.29 | +42.2% |
| Net profit | 15.35 | 11.79 | +30.2% |
| EPS (₹) | 1.28 | 0.99 | +29.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹464.44 crore, compared with ₹415.64 crore at 31 March 2026. Total equity increased to ₹313.31 crore from ₹302.06 crore, while borrowings rose to ₹72.48 crore from ₹39.61 crore and cash fell to ₹2.72 crore from ₹7.93 crore.
Inventories increased to ₹158.49 crore from ₹125.29 crore, trade receivables rose to ₹112.23 crore from ₹76.83 crore, and trade payables increased to ₹55.19 crore from ₹49.56 crore. For H1 FY27, operating cash flow was negative ₹44.51 crore, compared with ₹29.14 crore in H1 FY26.
Investing cash flow was ₹11.19 crore in H1 FY27 against negative ₹1.35 crore a year earlier, while financing cash flow was ₹29.78 crore against negative ₹27.32 crore. Capital expenditure was ₹8.91 crore in H1 FY27, compared with ₹1.83 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 464.44 | 415.64 |
| Total equity | 313.31 | 302.06 |
| Borrowings | 72.48 | 39.61 |
| Cash and equivalents | 2.72 | 7.93 |
| Inventories | 158.49 | 125.29 |
| Trade receivables | 112.23 | 76.83 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −44.51 | 29.14 |
| Cash from investing | 11.19 | −1.35 |
| Cash from financing | 29.78 | −27.32 |
| Capital expenditure | 8.91 | 1.83 |
Source: Company's results filing (XBRL).
How has Orient Ceratech done over the last 8 quarters?
Revenue rose year on year in each of the last seven quarters and reached ₹126.88 crore in Q2 FY27, the highest level in the reported series. It had reached ₹113.55 crore in Q2 FY26 before falling to ₹93.35 crore in Q3 FY26 and then rising in the following quarters.
Profit for the period was ₹6.78 crore in Q2 FY27, below ₹7.49 crore in Q2 FY26 and ₹8.57 crore in Q1 FY27, but above ₹1.70 crore at the start of the series in Q3 FY25. The reported low was ₹1.70 crore in Q3 FY25.
The EBITDA margin peaked at 16.1% in Q1 FY27 and was 9.1% in Q2 FY27. It had bottomed at 8.4% in Q3 FY25, while revenue bottomed at ₹74.12 crore in the same quarter. The current direction is higher revenue but lower profit and EBITDA margin than Q1 FY27.
How did other Electrodes & Refractories companies do?
Six Electrodes & Refractories companies had filed results for this quarter as of 5 November 2026. Their median revenue growth was 0.7%, compared with Orient Ceratech’s 11.7% revenue growth in Q2 FY27.
Of the six peers, four grew more slowly than Orient Ceratech and two grew faster than the company. Three peers reported higher profit, based on the six peers for which profit was compared.
| Orient Ceratech revenue growth (YoY) | +11.7% |
|---|---|
| Median of 6 other Electrodes & Refractories companies | +0.7% |
| Companies with slower revenue growth than Orient Ceratech | 4 of 6 |
| Companies with faster revenue growth than Orient Ceratech | 2 of 6 |
| Companies whose net profit rose | 3 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Orient Ceratech's revenue in Q2 FY27?
Revenue from operations was ₹126.88 crore, up 11.7% from ₹113.55 crore in Q2 FY26 (consolidated).
Did Orient Ceratech make a profit in Q2 FY27?
Yes. Net profit was ₹6.78 crore, against a net profit of ₹7.49 crore in Q2 FY26.
What was Orient Ceratech's EPS in Q2 FY27?
Basic earnings per share were ₹0.57, against ₹0.63 in Q2 FY26.
When did Orient Ceratech announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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