Orient Cement Ltd(ORIENTCEM)

NSE: ORIENTCEMBSE: 535754

₹ 116-0.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,383 crWebsite: www.orientcement.comUpdated: 23 Oct 2026

About

Orient Cement Ltd makes clinker and cement at plants in Devapur (Telangana), Chittapur (Karnataka) and Jalgaon (Maharashtra), with 8.5 MTPA of cement capacity and 5.5 MTPA of clinker capacity as of FY25. In April 2025 Ambuja Cements, an Adani Group company, acquired it and held 46.66%; the acquisition was expected to raise Adani Cement's pan-India market share by about 2%. It reported revenue of Rs 2,793.12 Cr in FY26.^[1][2]

Corporate status and integration

Ambuja Cements took control of Orient on April 22, 2025, after equity shares were transferred from the promoter group members.^[1]
Ambuja's board approved the amalgamation of Orient Cement (and ACC) with Ambuja on 22 Dec 2025. The SEBI NOC was awaited, and completion is expected over FY27.^[3][4]
As of Q1 FY27, management said the merger was in advanced stages and that minimal further investment would be needed in Orient as a standalone entity.^[5]
After the acquisition, all of Orient's sales moved to the Ambuja and ACC brands.^[6]
Under a Master Supply/Service Agreement, Ambuja and ACC buy clinker and cement in bulk from Orient. About 1.6 - 2 MnT of cement was supplied under the agreement in Q1 FY27.^[1][5]
Purchases of coal and petcoke from Adani Global PTE of up to Rs 800 crore were proposed for FY26, equal to 29.53% of turnover.^[1]

Plants and capacity

As of FY25 the company had 5.5 MTPA of clinker capacity and 8.5 MTPA of cement capacity at Devapur (Telangana), Chittapur (Karnataka) and Jalgaon (Maharashtra).^[1]
In FY25 the plants were supported by 95 MW of captive power, 10 MW of waste heat recovery and 33 MW of renewable energy.^[1]
Phase 2 of waste heat recovery at Chittapur was commissioned on April 29, 2024. Captive solar of 16 MWdc at Chittapur and 3.7 MWdc at Jalgaon comes through a 29.13% stake in the Ardeur Renewables SPV.^[7]
Limestone for Devapur comes from nearby mines under a long-term agreement with Telangana Mineral Development Corporation. The Chittapur mines have adequate reserves.^[1]

Volumes and utilisation

Orient sold 1.5 MnT in Q1 FY27, up 23% from 1.2 MnT in Q1 FY26 and down 2% from 1.6 MnT in Q4 FY26.^[5][4]
Orient sold 1.7 MnT in Q3 FY26, up 19% from 1.4 MnT in Q2 FY26.^[3]
Utilisation was 87% in Q1 FY27, the highest of any asset in the Ambuja portfolio, compared with 76% in Q4 FY26 and 78% in Q3 FY26.^[5][4]
Full-year capacity utilisation was 64% in FY25, down from 72% in FY24.^[1][7]

Products and brands

Before the integration, the flagship super-premium brands were Birla.A1 StrongCrete, Birla.A1 OrientGreen and Birla.A1 Dolphin, a water-repellent cement.^[1]
Premium products made up 25% of Orient's trade sales in FY25, up from 21% in FY24.^[1]
At Ambuja consolidated level, premium cement was 36% of trade sales in Q4 FY26 and 34% in Q1 FY27.^[4]
Blended cement was 85% of consolidated volumes in Q1 FY27, up 5 percentage points year on year.^[5]

Markets and distribution

In FY25 the company sold in 10 Indian states with no exports. Maharashtra accounted for nearly two-thirds of total volume.^[1]
The company had a dealer base of 1,742 in FY25.^[1]
Trade sales were 78% of Ambuja consolidated sales in Q1 FY27, up from 74% in Q4 FY26 and 68% in Q3 FY26.^[5][4]
In Q1 FY27 about 1 MnT of low- or negative-EBITDA volume was cut in South India, a core Orient market. The plan is to rebuild volumes there through the trade channel.^[5]

Expansion pipeline

A limestone mining lease in Chittorgarh, Rajasthan opens up a potential additional 6 MTPA of capacity in North India. As of FY25, 8.1 MTPA of expansion was described as ready to execute.^[1]
As of FY25, environmental impact assessments were under way for expansions at the Chittapur plant, the Chittapur mine and the Devapur mine.^[1]
Approval was received for a split grinding unit at Sarni, Madhya Pradesh, to support a clinker expansion at Devapur (FY24).^[7]
The company targets 25% thermal substitution rate (alternative fuels) and 50% renewable energy use by 2030.^[1]

Credit rating

After the share purchase agreement with Ambuja, CARE Ratings placed the company's CARE AA- rating on Rating Watch with Positive Implications (FY25).^[1]

Market Cap

₹2,383 Cr

High / Low

₹225 / 109

Stock P/E

11.4

Price / Book

1.1

Book Value

₹104

EPS

₹16.4

No. of Shares

20.55 Cr

ROCE

16.5%

ROE

17.1%

OPM

12.0%

Debt / Equity

0.02

Sales

₹2,793 Cr

Net Profit

₹338 Cr

Promoter holding

72.7%

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