ORIENTBELL
Orient Bell financials
- Market cap
- ₹515 Cr
- Sector
- Consumer Durables
- Calls analysed
- 6
Orient Bell Q1 FY27
What went well
- Revenue grew by 42.8% YoY to ₹203 crores, driven by a 22.9% volume increase and 15.9% ASP growth.
- EBITDA margin expanded by 480 bps YoY to 8.7%, with EBITDA increasing to ₹17.6 crores from ₹5.6 crores last year.
- Gross margin reached a highest ever 39.7%, benefiting from effective input cost pass-through and higher own manufacturing contribution.
What to watch
- Operating environment remains volatile due to geopolitical developments in the Middle East and uncertainty around gas prices.
- Morbi operations were shut down for April and most of May, creating supply gaps and volatility in the market.
What Orient Bell does
Orient Bell manufactures ceramic tiles and glazed vitrified tiles (GVT) across own facilities in Sikandrabad (UP), Hoskote (KAR) and Dora (GUJ), supplemented by associate-entity capacity including a facility at Morbi (GUJ). It sells through a nationwide network of business partners/dealers and its own exclusive Orient Bell Tile Showrooms (OBTX), and has recently added a tile adhesives line (Master Bond) sold through the same dealer network. The company also runs digital dealer tools such as AI-enabled room visualization, Quicklook and Trialook to aid in-store tile selection.
Segments
- Ceramic tiles
- Glazed Vitrified Tiles (GVT)
- Tile adhesives
- Manufacturing facilities
- 5 (3 own + 2 associate-entity) across Sikandrabad (UP), Hoskote (KAR), Dora (GUJ) and Morbi (GUJ)
- Annual manufacturing capacity
- 42.4 million sqmt (including associate entities)
- Product SKUs
- 4,000+
- Business partners / dealer network
- 2,000+
- Permanent employees
- 795 (as of 31 Mar 2025)
- New SKUs launched (FY25)
- 681 (226 GVT + 455 Ceramics)
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 5 delivered 2 missed 9 open- FY26 Capex Nature delivered said Q4 FY25 Promised: More on maintenance and regulatory, not growth Q1 FY27: Promise relates to a completed fiscal year and remains achieved.
- FY27 TV Advertising Spend went quiet said Q3 FY26 Promised: Much more aggressively Q1 FY27: No specific update on marketing spend percentage was provided for Q1 FY27.
- Target Capacity Utilization on track said Q4 FY25 Promised: 80-85% Q1 FY27: Capacity utilization improved significantly to 73% in Q1 FY27 from 64% in Q4 FY26, showing strong progress towards the 80-85% target required before a new capex cycle.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 42.6%, net profit up 2348.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 160 | 163 | 198 | 143 | 165 +3% | 169 +4% | 215 +8% | 204 +43% |
| EBITDA | 7 | 8 | 9 | 5 | 9 +26% | 10 +37% | 15 +73% | 16 +229% |
| Net profit | 1 | 1 | 3 | -0 | 3 +229% | 3 +246% | 6 +126% | 8 +2349% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +30.8% 1Y
1Y: ₹307.2 on 10 Sept 2025 → ₹401.95. High ₹420.1 (4 Sept 2026), low ₹252.35 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +8.1%
- 11 Aug
- Q4 FY26
- −2.8%
- 26 May
- Q3 FY26
- +3.3%
- 27 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 0.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹705 Cr | ₹674 Cr | ₹670 Cr | ₹691 Cr |
| Operating profit | ₹47 Cr | ₹21 Cr | ₹28 Cr | ₹40 Cr |
| Operating margin | 6.7% | 3.1% | 4.2% | 5.7% |
| Interest | ₹2 Cr | ₹2 Cr | ₹5 Cr | ₹4 Cr |
| Depreciation | ₹21 Cr | ₹21 Cr | ₹23 Cr | ₹22 Cr |
| Net profit | ₹22 Cr | ₹1 Cr | ₹3 Cr | ₹12 Cr |
| Net margin | 3.2% | 0.1% | 0.4% | 1.8% |
| Cash from operations | ₹34 Cr | ₹40 Cr | ₹34 Cr | ₹48 Cr |
| Free cash flow | ₹-25 Cr | ₹-23 Cr | ₹28 Cr | ₹43 Cr |
| ROCE | 10.0% | 1.0% | 2.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹235 Cr | ₹270 Cr | ₹296 Cr | ₹298 Cr | ₹304 Cr | ₹314 Cr |
| Borrowings | ₹40 Cr | ₹16 Cr | ₹9 Cr | ₹45 Cr | ₹38 Cr | ₹31 Cr |
| Other liabilities | ₹148 Cr | ₹155 Cr | ₹165 Cr | ₹199 Cr | ₹160 Cr | ₹168 Cr |
| Total liabilities | ₹437 Cr | ₹455 Cr | ₹484 Cr | ₹558 Cr | ₹517 Cr | ₹528 Cr |
| Fixed assets | ₹207 Cr | ₹207 Cr | ₹250 Cr | ₹296 Cr | ₹271 Cr | ₹262 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹8 Cr | ₹9 Cr | ₹10 Cr | ₹10 Cr | ₹14 Cr | ₹43 Cr |
| Other assets | ₹222 Cr | ₹239 Cr | ₹222 Cr | ₹251 Cr | ₹233 Cr | ₹222 Cr |
| Total assets | ₹437 Cr | ₹455 Cr | ₹484 Cr | ₹558 Cr | ₹517 Cr | ₹528 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +0.50 pp while the public trimmed −0.47 pp. The shareholder count shrank 6% to 14,822.
- Promoters
- 65.9%
- FIIs
- 0.2%
- DIIs
- 0.0%
- Public
- 33.9%
Since Jun 2025
- Promoters +0.50 pp
- Public −0.47 pp
- FIIs −0.01 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 65.2%, FIIs 0.1%, DIIs 0.0%, Public 34.7%.Dec '23: Promoters 65.0%, FIIs 0.1%, DIIs 0.0%, Public 34.9%.Mar '24: Promoters 64.9%, FIIs 0.1%, DIIs 0.0%, Public 35.0%.Jun '24: Promoters 64.9%, FIIs 0.2%, DIIs 0.0%, Public 34.9%.Sep '24: Promoters 64.9%, FIIs 0.2%, DIIs 0.0%, Public 34.9%.Dec '24: Promoters 65.1%, FIIs 0.3%, DIIs 0.0%, Public 34.5%.Mar '25: Promoters 65.3%, FIIs 0.3%, DIIs 0.0%, Public 34.4%.Jun '25: Promoters 65.4%, FIIs 0.2%, DIIs 0.0%, Public 34.3%.Sep '25: Promoters 65.6%, FIIs 0.2%, DIIs 0.0%, Public 34.2%.Dec '25: Promoters 65.6%, FIIs 0.2%, DIIs 0.0%, Public 34.2%.Mar '26: Promoters 65.9%, FIIs 0.2%, DIIs 0.0%, Public 33.9%.Jun '26: Promoters 65.9%, FIIs 0.2%, DIIs 0.0%, Public 33.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Orient Bell above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahendra Kumar Daga | 21.00% | unchanged |
| Good Team Investment And Trading Co Pvt Ltd | 16.69% | unchanged |
| Sarla Daga | 15.55% | unchanged |
| Equity Intelligence India Private Limited | 4.67% | −0.36 pp |
| Freesia Investment And Trading Company Ltd | 4.57% | unchanged |
| Mahendra Kumar Daga (Huf) | 3.23% | unchanged |
| Vijaya S | 2.51% | unchanged |
| Madhur Daga | 2.29% | unchanged |
| Updesh Kumar Kaushal | 1.47% | unchanged |
| Roma Monisha Sakraney Daga | 0.85% | unchanged |
| Alfa Mercantile Ltd. | 0.79% | unchanged |
| Morning Glory Leasing And Finance Limited | 0.61% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Orient Bell
Guides on how to read this kind of business and the numbers that matter.