Orient Bell Limited (ORIENTBELL)

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Orient Bell Limited (ORIENTBELL) · mywealthgrid

About

Orient Bell Limited manufactures ceramics products within consumer durables, with a market capitalization of ₹513.1 Cr. Recent quarters show revenues in the ₹164–215 Cr range, with strongest performance in March–June and lower revenues in September–December, suggesting seasonal or cyclical demand patterns.

Face value: ₹10

Market cap

₹586 Cr

P/E

27.7×

P/B

1.8×

Dividend yield

0.3%

ROE

3.9%

ROCE

5.3%

Debt / equity

0.09

OPM

5.7%

EPS (TTM)

₹14.4

Book value

₹223.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

ROE of 3.85% combined with PE of 24.29 indicates low returns on capital relative to market valuation; verify whether the margin expansion trend (5.62% to 8.16% over four quarters) justifies the multiple.
Operating margin of 5.72% average with quarterly swings (5.62%–8.16%) leaves thin profit buffer for ceramics manufacturing exposed to raw material cost pressures.
Quarterly revenues vary ₹164–215 Cr across recent quarters; determine whether variance reflects demand cyclicality, seasonality, or constrained production.
FII and DII holdings negligible (0.21% and 0.02% respectively); verify research coverage and institutional appetite for the business.

Generated analysis · source review pending

Growth drivers

Operating margin expanded from 5.62% (Sep 2025) to 8.16% (Jun 2026); verify whether cost discipline, product mix, or pricing discipline can sustain this improvement.
EPS grew from ₹1.84 (Sep 2025) to ₹5.73 (Jun 2026), a 211% increase; verify whether underlying earnings power repeats or if one-time factors drove the gain.
Seasonal strength shows Mar–Jun quarters averaging ₹213 Cr revenue versus ₹167 Cr in Sep–Dec quarters; verify whether supply chain, demand, or sales focus creates this pattern and if it can be leveraged.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹398.6-1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+High promoter holding of 65.9% with no pledge

Cons

−Low return on equity of 1.7% (3-yr avg)
−Thin operating margin of 5.7%
−Modest revenue growth of 6.6% a year over the last 5 years
−Low dividend payout of 7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 26
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	659	571	492	502	654	705	674	667	691
COGS	288	257	236	241	270	275	296	316	306
Gross profit	372	314	256	261	385	430	379	350	386
	325	277	230	228	328	382	357	325	345
	47	37	26	33	57	48	22	25	41
OPM %	7.1%	6.5%	5.4%	6.6%	8.7%	6.8%	3.2%	3.8%	5.9%
Depreciation	15	17	21	21	21	21	21	23	22
Interest	7	9	8	6	4	2	2	5	4
	23	2	5	5	3	5	3	6	2
Profit before tax	47	14	3	11	35	30	1	4	16
Tax	7	5	-4	4	3	7	0	1	4
Tax %	15.4%	34.2%	-143.8%	32.8%	8.4%	24.7%	19.5%	24.7%	24%
	40	9	7	8	32	22	1	3	12
PAT margin %	6.1%	1.6%	1.5%	1.5%	4.9%	3.2%	0.1%	0.4%	1.8%
EPS (₹)	28.7	—	5	5.4	22.4	15.6	0.6	1.9	8.5
EPS adjusted (₹)	28.1	6.5	5	5.4	22.3	15.5	0.6	1.9	8.5
	1.7%	—	0%	9.3%	4.5%	6.4%	79.4%	25.8%	11.8%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	14	15	15	15
Reserves	154	208	218	225	235	270	296	298	301	314
Minority interest	—	—	—	0	—	—	—	—	—	—
	133	77	88	39	32	9	2	41	44	30
	147	132	138	141	153	158	169	200	169	165
Total equity & liabilities	449	432	459	420	434	452	481	554	529	524
	208	197	239	225	207	207	245	293	278	260
CWIP	1	1	1	1	0	1	3	0	1	0
Investments	23	6	7	7	8	9	10	10	13	43
	218	228	212	188	220	235	224	251	237	220
Total assets	449	432	459	420	434	452	481	554	529	524

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.1%	52%	52%	58.8%	61%	56.1%	52.6%	55.8%
EBITDA margin %	6.5%	5.3%	6.5%	8.5%	6.7%	3.1%	3.7%	5.7%
EBIT margin %	3.6%	1.1%	2.4%	5.4%	3.7%	-0.1%	0.4%	2.5%
PAT margin %	1.6%	1.5%	1.5%	4.9%	3.2%	0.1%	0.4%	1.8%
Working capital
Receivable days	74	64	67	58	58	71	71	60
Inventory days	122	124	91	93	114	110	71	78
Payable days	—	—	147	135	153	184	129	127
NWC days	—	—	11	16	19	-3	14	10
Leverage
Current ratio	1.48	1.66	1.78	1.71	1.55	1.45	1.55	1.68
Debt to EBITDA	2.38	1.51	0.98	0.17	0.04	1.96	1.76	0.75
Debt to equity	0.38	0.16	0.13	0.03	0.01	0.13	0.14	0.09
Interest coverage	2.6	1.3	2.4	9.3	13.1	1.1	1.7	5.6
Asset turnover	1.25	1.17	1.16	1.45	1.47	1.22	1.26	1.32
Return ratios
Return on assets %	2%	1.7%	1.8%	7.1%	4.7%	0.2%	0.5%	2.4%
Return on capital employed %	7.4%	3.4%	4.4%	12%	9.5%	0.6%	2.2%	5.3%
Return on equity %	4%	3%	3.1%	11.3%	7.2%	0.3%	0.9%	3.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.19%	64.96%	64.9%	64.88%	64.88%	65.11%	65.34%	65.42%	65.61%	65.56%	65.92%	65.92%
	0.06%	0.1%	0.06%	0.17%	0.23%	0.31%	0.26%	0.22%	0.18%	0.18%	0.18%	0.21%
	0.05%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	34.7%	34.92%	35.02%	34.93%	34.87%	34.56%	34.38%	34.34%	34.19%	34.24%	33.88%	33.85%
No. of shareholders	—	—	—	—	—	—	—	—	15,517	15,052	14,675	14,822

Promoter holding up 0.73 percentage points since Sep 2023.

13 disclosures

Person	Deal	Shares	Value	Holding	Filed
ALFA MERCANTILE LIMITEDPromoter Group	BuyMarket Purchase	150	₹43,290	4.55% → 4.55%	1 Oct 20257(2)
ALFA MERCANTILE LIMITEDPromoter Group	BuyMarket Purchase	741	₹2.17 L

4 deals · 28 Feb 2022 – 28 Mar 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Mar 2025	DAGA SARLA	Bulk	NSE	Buy	4,31,500	₹228.68	₹9.87 Cr
28 Mar 2025	DAGA MAHENDRA KUMAR	Bulk	NSE	Sell	4,23,000	₹228.71	₹9.67 Cr
28 Feb 2022	XTX MARKETS LLP	Bulk	NSE	Buy	83,135	₹627.20	₹5.21 Cr
28 Feb 2022	XTX MARKETS LLP	Bulk	NSE	Sell	82,878	₹629.70	₹5.22 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Mahendra Kumar DagaExecutive Director-Chairperson related to Promoter
Mr. Madhur DagaExecutive Director-MD
Mr. Kashinath Martu PaiNon-Executive - Independent Director
Aditya GuptaChief Executive Officer
Mr. Thambiah ElangoNon-Executive - Independent Director
Mrs. Bindiya Shyam AgrawalNon-Executive - Non Independent Director
Mr. Anuj AroraChief Financial Officer
Mr. Sreeji Kamala GopinathanNon-Executive - Independent Director
Yogesh MendirattaCompany Secretary & Compliance Officer & Head Legal

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Orient Bell Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

10 Sept 2026, 3:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.1%	52%	52%	58.8%	61%	56.1%	52.6%	55.8%
EBITDA margin %	6.5%	5.3%	6.5%	8.5%	6.7%	3.1%	3.7%	5.7%
EBIT margin %	3.6%	1.1%	2.4%	5.4%	3.7%	-0.1%	0.4%	2.5%
PAT margin %	1.6%	1.5%	1.5%	4.9%	3.2%	0.1%	0.4%	1.8%
Working capital
Receivable days	74	64	67	58	58	71	71	60
Inventory days	122	124	91	93	114	110	71	78
Payable days	—	—	147	135	153	184	129	127
NWC days	—	—	11	16	19	-3	14	10
Leverage
Current ratio	1.48	1.66	1.78	1.71	1.55	1.45	1.55	1.68
Debt to EBITDA	2.38	1.51	0.98	0.17	0.04	1.96	1.76	0.75
Debt to equity	0.38	0.16	0.13	0.03	0.01	0.13	0.14	0.09
Interest coverage	2.6	1.3	2.4	9.3	13.1	1.1	1.7	5.6
Asset turnover	1.25	1.17	1.16	1.45	1.47	1.22	1.26	1.32
Return ratios
Return on assets %	2%	1.7%	1.8%	7.1%	4.7%	0.2%	0.5%	2.4%
Return on capital employed %	7.4%	3.4%	4.4%	12%	9.5%	0.6%	2.2%	5.3%
Return on equity %	4%	3%	3.1%	11.3%	7.2%	0.3%	0.9%	3.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kajaria Ceramics LimitedKAJARIACERKAJARIACER	₹19,516 Cr	₹19,646 Cr	₹5,056 Cr	₹939 Cr	17.9%	₹546 Cr	10.1%	23.4%	16.7%	88
Varmora Granito LimitedVARMORAVARMORA	₹3,035 Cr	₹3,393 Cr	₹1,512 Cr	₹171 Cr	11.3%	₹55 Cr	3.6%	11.2%	7.2%	—
Somany Ceramics LimitedSOMANYCERASOMANYCERA	₹2,518 Cr	₹2,769 Cr	₹2,935 Cr	₹294 Cr	9.2%	₹106 Cr	2.7%	13.7%	10.1%	44
Nitco LimitedNITCONITCO	₹2,025 Cr	₹2,329 Cr	₹508 Cr	₹-33 Cr	4.6%	₹-29 Cr	5.3%	7.3%	9.5%	444
Asian Granito India LimitedASIANTILESASIANTILES	₹1,422 Cr	₹1,850 Cr	₹1,900 Cr	₹89 Cr	5.6%	₹13 Cr	1%	3.5%	1.4%	94
Orient Bell LimitedORIENTBELLORIENTBELL	₹586 Cr	₹616 Cr	₹752 Cr	₹51 Cr	5.7%	₹21 Cr	1.8%	5.3%	3.9%	10
Exxaro Tiles LimitedEXXAROEXXARO	₹270 Cr	₹361 Cr	₹325 Cr	₹26 Cr	8.2%	₹4 Cr	0.9%	5.2%	1%	318
Murudeshwar Ceramics LimitedMURUDCERAMURUDCERA	₹170 Cr	₹310 Cr	₹209 Cr	₹33 Cr	15.3%	₹10 Cr	5.3%	5.7%	2.9%	722
Manoj Ceramic LtdMCPLMCPL	₹99 Cr	—	₹203 Cr	₹25 Cr	12.1%	₹12 Cr	5.9%	—	—	—
Regency Ceramics LimitedREGENCERAMREGENCERAM	₹84 Cr	₹194 Cr	₹50 Cr	₹-34 Cr	-61.1%	₹-24 Cr	-62.3%	-155.1%	—	-47
Restile Ceramics LtdRESTILERESTILE	₹74 Cr	₹111 Cr	₹1 Cr	₹-1 Cr	5.7%	₹-1 Cr	-1.1%	—	—	31

Date	Category	Subject	Filing
10 Sept 2026, 3:20 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
9 Sept 2026, 6:48 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 6:38 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Sept 2026, 8:52 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 12:36 pm	Company Update General	Disclosure Pursuant To The Provisions Of Regulation 30 Read With Schedule III Of SEBI(LODDR) Regulations, 2015	PDF
1 Sept 2026, 10:29 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
31 Aug 2026, 4:55 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
28 Aug 2026, 11:42 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	51	27	41	65	30	56	34	40	33	48
	-14	5	-56	-4	23	-25	-21	-63	-8	-52
	-37	-32	15	-61	23	-29	-13	33	-5	-20
Net cash flow	-0	0	-0	0	76	2	0	10	21	-24
Free cash flow	36	12	-17	60	21	28	-26	-25	27	42
CFO / Operating profit %	—	58.1%	110.7%	247.5%	93.4%	100.9%	72.7%	190%	134.2%	120.7%

Orient Bell Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

19

1

Compounded sales growth

Compounded profit growth

Return on equity

Orient Bell Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends19

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1