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Orient Paper & Industries Q2 FY27 results: net loss narrows to ₹28.75 crore, revenue down 8.3%
Orient Paper & Industries Limited reported standalone revenue of ₹183.14 crore and a net loss of ₹28.75 crore for Q2 FY27. Revenue fell 8.3% from Q2 FY26 and 19.5% from Q1 FY27, while EBITDA turned to a loss of ₹23.23 crore.
Key points
- Q2 FY27 revenue was ₹183.14 crore, down 8.3% from ₹199.75 crore in Q2 FY26 and 19.5% from ₹227.61 crore in Q1 FY27.
- The company reported an EBITDA loss of ₹23.23 crore and a net loss of ₹28.75 crore in Q2 FY27.
- Q2 FY27 basic EPS was negative ₹1.35, against negative ₹1.44 in Q2 FY26 and negative ₹0.39 in Q1 FY27.
- H1 FY27 revenue was ₹410.75 crore, down 6.2% from ₹438.1 crore in H1 FY26, with a net loss of ₹37.0 crore.
- Borrowings rose to ₹351.72 crore at 30 September 2026 from ₹286.83 crore at 31 March 2026, while cash was ₹0.74 crore.
How did Orient Paper & Industries perform in Q2 FY27?
Orient Paper & Industries reported standalone revenue of ₹183.14 crore in Q2 FY27, down 8.3% from ₹199.75 crore in Q2 FY26 and 19.5% from ₹227.61 crore in Q1 FY27. Total income was ₹189.69 crore, compared with ₹209.45 crore a year ago and ₹230.01 crore in the previous quarter.
EBITDA was a loss of ₹23.23 crore in Q2 FY27, compared with a loss of ₹32.36 crore in Q2 FY26 and EBITDA of ₹8 crore in Q1 FY27. The EBITDA margin was -12.7%, versus -16.2% a year ago and 3.5% in the previous quarter.
The company reported a net loss of ₹28.75 crore for Q2 FY27, against a net loss of ₹30.60 crore in Q2 FY26 and a net loss of ₹8.25 crore in Q1 FY27. Basic EPS was negative ₹1.35, compared with negative ₹1.44 a year ago and negative ₹0.39 in the previous quarter. The results are standalone; no consolidated figures were given.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 183.14 | 227.61 | 199.75 | −8.3% | −19.5% |
| Other income | 6.55 | 2.40 | 9.69 | −32.4% | +172.9% |
| Total expenses | 228.20 | 240.88 | 251.86 | −9.4% | −5.3% |
| EBITDA | −23.23 | 8 | −32.36 | turned to loss | |
| EBITDA margin | -12.7% | 3.5% | -16.2% | +3.5 pp | −16.2 pp |
| Profit before tax | −38.51 | −10.87 | −42.41 | ||
| Tax | −9.75 | −2.62 | −11.81 | ||
| Net profit | −28.75 | −8.25 | −30.60 | ||
| EPS (₹) | −1.35 | −0.39 | −1.44 |
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 Paper & Industries' costs and profit?
Total expenses fell to ₹228.20 crore in Q2 FY27 from ₹251.86 crore in Q2 FY26, a decline of ₹23.66 crore. Cost of materials consumed fell by ₹28.26 crore to ₹71.77 crore, while other expenses fell by ₹10.84 crore to ₹99.88 crore. Other income was ₹6.55 crore, down ₹3.14 crore from ₹9.69 crore.
Employee cost rose to ₹26.79 crore from ₹24.78 crore, an increase of ₹2.01 crore. Finance costs were ₹6.96 crore, up ₹1.30 crore, and depreciation was ₹14.87 crore, up ₹0.78 crore. There was no exceptional item in either quarter.
The loss before tax narrowed to ₹38.51 crore from ₹42.41 crore in Q2 FY26, an improvement of ₹3.90 crore. Tax was a deferred tax credit of ₹9.75 crore, compared with ₹11.81 crore a year ago, while the net loss narrowed to ₹28.75 crore from ₹30.60 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 71.77 | 100.03 | −28.26 | −28.3% |
| Employee cost | 26.79 | 24.78 | +2.01 | +8.1% |
| Finance costs | 6.96 | 5.66 | +1.30 | +23.0% |
| Depreciation | 14.87 | 14.09 | +0.78 | +5.5% |
| Other expenses | 99.88 | 110.72 | −10.84 | −9.8% |
| Total expenses | 228.20 | 251.86 | −23.66 | −9.4% |
| Other income | 6.55 | 9.69 | −3.14 | −32.4% |
| Tax | −9.75 | −11.81 | +2.06 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 revenue was ₹410.75 crore, down 6.2% from ₹438.1 crore in H1 FY26. Total income was ₹419.7 crore, down 6.9% from ₹450.58 crore, while the loss before tax narrowed by ₹10.89 crore to ₹49.37 crore from ₹60.26 crore.
The company reported a net loss of ₹37.0 crore for H1 FY27, against net profit of ₹3.4 crore in H1 FY26. Basic EPS was negative ₹1.74, compared with ₹0.16 in the prior-year first half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 410.75 | 438.10 | −6.2% |
| Profit before tax | −49.37 | −60.26 | |
| Net profit | −37 | 3.40 | turned to loss |
| EPS (₹) | −1.74 | 0.16 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,174.75 crore, compared with ₹2,179.49 crore at 31 March 2026. Total equity fell to ₹1,433.73 crore from ₹1,468.2 crore, while borrowings rose to ₹351.72 crore from ₹286.83 crore. Cash was ₹0.74 crore, against ₹0.57 crore.
Inventories declined to ₹108.66 crore from ₹158.77 crore at 31 March 2026. Trade receivables fell to ₹10.7 crore from ₹17.06 crore, and trade payables declined to ₹102.58 crore from ₹130.42 crore.
H1 FY27 operating cash flow was negative ₹1.55 crore, compared with negative ₹11.5 crore in H1 FY26. Investing cash flow was negative ₹48.59 crore, against positive ₹172.24 crore, while financing cash flow was positive ₹50.32 crore, against negative ₹158.63 crore. Capital expenditure was ₹53.95 crore, compared with ₹40.61 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,175 | 2,179 |
| Total equity | 1,434 | 1,468 |
| Borrowings | 351.72 | 286.83 |
| Cash and equivalents | 0.74 | 0.57 |
| Inventories | 108.66 | 158.77 |
| Trade receivables | 10.70 | 17.06 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −1.55 | −11.50 |
| Cash from investing | −48.59 | 172.24 |
| Cash from financing | 50.32 | −158.63 |
| Capital expenditure | 53.95 | 40.61 |
Source: Company's results filing (XBRL).
How has Orient Paper & Industries done over the last 8 quarters?
Revenue reached its highest level in Q1 FY26 at ₹238.34 crore and its lowest in Q2 FY27 at ₹183.14 crore. It had risen to ₹227.61 crore in Q1 FY27 before falling in the latest quarter. EBITDA margin was 3.5% in Q1 FY27 and -12.7% in Q2 FY27.
Net profit peaked at ₹33.99 crore in Q1 FY26 before turning to losses in the following quarters. The latest net loss was ₹28.75 crore, while the previous quarter recorded a net loss of ₹8.25 crore. EBITDA margin had bottomed at -16.2% in Q2 FY26.
Which businesses drove the quarter?
Paper & Tissue revenue was ₹149.25 crore in Q2 FY27, down 6.6% from ₹159.81 crore in Q2 FY26. Segment EBIT was a loss of ₹29.48 crore, compared with a loss of ₹43.84 crore, and the EBIT margin was -19.8%.
Chemicals revenue was ₹37.01 crore, down 13.3% from ₹42.67 crore in the year-ago quarter. Segment EBIT was ₹0.38 crore, compared with ₹5.74 crore, with an EBIT margin of 1.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Paper & Tissue | 149.25 | −6.6% | −29.48 | -19.8% |
| Chemicals | 37.01 | −13.3% | 0.38 | 1.0% |
Source: Company's results filing (XBRL segment data).
How did other Paper & Paper Products companies do?
Fourteen other Paper & Paper Products companies had filed results for the quarter, with a median revenue growth of 21.3%. Two grew slower than Orient Paper & Industries and 12 grew faster than Orient Paper & Industries.
Among 16 peers whose profit was compared, 13 reported higher profit. The peer comparison was as of 5 November 2026.
| Orient Paper & Industries revenue growth (YoY) | −8.3% |
|---|---|
| Median of 14 other Paper & Paper Products companies | +21.3% |
| Companies with slower revenue growth than Orient Paper & Industries | 2 of 14 |
| Companies with faster revenue growth than Orient Paper & Industries | 12 of 14 |
| Companies whose net profit rose | 13 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Orient Paper & Industries' revenue in Q2 FY27?
Revenue from operations was ₹183.14 crore, down 8.3% from ₹199.75 crore in Q2 FY26 (standalone).
Did Orient Paper & Industries make a profit in Q2 FY27?
No. It reported a net loss of ₹28.75 crore, against a net loss of ₹30.60 crore in Q2 FY26.
What was Orient Paper & Industries' EPS in Q2 FY27?
Basic loss per share was ₹1.35, against a loss of ₹1.44 in Q2 FY26.
When did Orient Paper & Industries announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- General Updates (NSE, 5 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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