Orient Bell LimitedConsumer GoodsORIENTBELL
Q1 FY27 concall · earnings callOrient Bell Limited
Volatility from Middle East geopolitics and Morbi shutdowns created a supply gap, benefiting organized players like Orient Bell, whose tech-driven demand generation helped secure volumes and drive strong quarterly profit growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹203 Cr | 42.8% | |
| Volume Growth | 22.9% | — | |
| Gross Margin | 39.7% | — | |
| EBITDA | ₹17.6 Cr | from ₹5.6 Cr | |
| EBITDA Margin | 8.7% | 480 bps | |
| Profit Before Tax | ₹11.2 Cr | from loss of ₹0.6 Cr | |
| Working Capital Cycle | 18 days | — | |
| Capacity Utilization | 73% | from 64% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹163.02 Cr+1.3% YoY+1.7% QoQ | ₹0.97 CrTurned profitable YoY0% QoQ | ₹0.66Turned positive YoY-1.5% QoQ |
| Q2 FY25 | ₹160.35 Cr+0.4% YoY+8.2% QoQ | ₹0.97 Cr+40.6% YoYTurned profitable QoQ | ₹0.67+39.6% YoYTurned positive QoQ |
| Q1 FY25 | ₹148.14 Cr+2.8% YoY-28.9% QoQ | ₹-1.87 CrLoss widened YoYTurned loss-making QoQ | ₹-1.28Loss/share widened YoYTurned negative QoQ |
| Q4 FY24 | ₹208.31 Cr+4% YoY+29.4% QoQ | ₹4.92 Cr-22.4% YoYTurned profitable QoQ | ₹3.38-23% YoYTurned positive QoQ |
| Q3 FY24 | ₹160.96 Cr-9.2% YoY+0.8% QoQ | ₹-3.36 CrTurned loss-making YoYTurned loss-making QoQ | ₹-2.32Turned negative YoYTurned negative QoQ |
TL;DR
- Revenue grew 42.8% YoY to INR203 crores, volume up 22.9%, supported by a ~15.9% ASP increase.
- Gross margin hit a record high of 39.7%; EBITDA margin expanded 480 bps to 8.7%.
- The company benefited from a supply vacuum created by Morbi shutdowns (April to mid-May).
- Demand generation initiatives, including Tile Kart and brand advertising, helped secure dealer confidence.
- The company is debt-free with over INR47.7 crores in net cash and liquid investments.
- Management is cautious on near-term volatility but optimistic about long-term housing and infrastructure demand.
Said on the call
“Our demand generation initiatives have ensured a sellout of approximately 40% of the primary sales volume in Q1 versus 26% sellout last year. This sellout support is helping us command a better price and collect faster.”
From the Q&A
| Topic | What management said |
|---|---|
| Price Hikes and Sustainability | Management took an 18-19% price increase vs. pre-war and has sustained it so far, with current gas prices around INR60 vs. pre-war ~INR44-45. They are watching the volatile market and will follow suit if cuts happen. |
| Morbi Shutdown Impact | Morbi was shut from end-March to mid-May, creating a supply gap. Post-May 15th, plants are running at capacity. The price gap between OBL and Morbi has narrowed, favoring organized players. |
| Demand Drivers and Volume Growth Outlook | Volume growth of 23% was driven by the Morbi supply gap and OBL's demand generation efforts (e.g., Tile Kart securing ~40% sellout). Management won't give volume guidance due to volatility but is optimistic based on input KPIs. |
| Regional Performance and Dora Plant | South retail volume grew 37% and West grew 60% in Q1. About 15-20% of GVT sales by value came from the Dora plant, with the bulk from Sikandrabad. |
| Project vs. Retail Split | Project revenue was 18% in Q1. Retail has grown faster than enterprise (projects) recently. |
| Cash Utilization and Capex | The company has significant cash and plans ~INR15 crores capex to convert ceramic capacity to GVT and upgrade equipment. Larger investments for manufacturing expansion are being debated. |
| New Business Segments | Tile adhesives did INR2.5 crores in Q1 (cash-and-carry). There are no plans to enter bathware; focus remains on tiles and adhesives. |
| Export Market | Exports are down significantly due to elevated freight costs and geopolitical tensions; April was ~INR500 crores, May ~INR1,000 crores vs. a normal INR1,500-1,600 crores a month. |
Guidance
- No specific revenue or EBITDA margin guidance provided.
- Focus is on strengthening input parameters like demand generation, customer engagement, and market penetration.
- Encouraged by sales momentum and quarter-on-quarter performance trends over the last few quarters.
Source
Summary written from the transcript filed by Orient Bell Limited for the call held on 11 Aug 2026; published 21 Aug 2026, 23:29 IST.
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