Orient Bell Ltd(ORIENTBELL)

NSE: ORIENTBELLBSE: 530365

₹ 347.95-4.21%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 513 crWebsite: www.orientbell.comUpdated: 24 Oct 2026

About

Orient Bell Ltd makes and sells branded ceramic and vitrified tiles in India, reporting tiles as a single segment. It has manufacturing facilities in several parts of the country and depends relatively little on the Morbi cluster. In FY26 its reported revenue was Rs 691.45 Cr, and in Q1 FY27 it sold 63 lakh sq.m. of tiles. It also sells Master Bond tile adhesives.^[1][2]

Product mix

GVT tiles made up 47% of sales in Q1 FY27, up from 40% in Q1 FY26.^[3]
All vitrified tiles made up 60% of sales in Q1 FY27, up from 58% in Q1 FY26.^[3]
GVT made up 41% of sales in FY25, and the vitrified mix reached 59%.^[2]
In FY25 the company launched 226 new SKUs in GVT and 455 SKUs in ceramics.^[2]
The company owns two patents, one for an anti-static tile and one for an anti-microbial and anti-viral ceramic tile (FY25).^[2]
Master Bond tile adhesives brought in Rs 2.5 Cr in Q1 FY27, on a cash-and-carry model with no plant of its own; epoxy, grout and spatulas were added in early 2026.^[3]

Manufacturing and capacity

Total capacity, including associates, is 42-43 MSM; management said in Q3 FY26 this is enough to absorb volume growth for at least 2-3 years.^[4]
Blended capacity utilisation was 73% in Q1 FY27, versus 64% in Q4 FY26 and 60% for FY26 as a whole.^[3]
The Dora GVT Line-2 (3.3 MSM) was commissioned in September 2023 at about 18% below budgeted capex, and supports growth in South and West India.^[2][5]
Captive solar power met about 33% of the Sikandrabad plant's power requirement in FY25.^[2]
On a like-for-like basis, cost of production in Q1 FY27 was 2.3% lower than a year earlier.^[3]

Key operating numbers

Tile volume was 63 lakh sq.m. in Q1 FY27, up 22.9% YoY, and average selling price rose about 15.9%.^[3]
Gross margin reached a record 39.7% in Q1 FY27, up from 36.5% in Q1 FY26.^[3]
In FY26, volumes grew 4.4% and revenues grew 3.1% over FY25.^[6]
Prices were raised by about 20% in total across March and April 2026 to pass on a gas price increase of about 30%.^[6]
Marketing spend was 3.7% of revenue in Q1 FY27, compared with 3.6% A&P spend in FY26.^[3]
The working capital cycle was 18 days in Q1 FY27, down from 20 days in Q4 FY26.^[3]

Customers and distribution

Retail made up about 78% of revenue in FY26, with institutional sales the rest; project sales were 18% of the mix in Q1 FY27.^[6]
There were more than 300 Orient Bell Tile Boutiques in Q3 FY26, contributing about 42% of sales.^[4]
The company added 76 new showrooms in FY25.^[2]
Dealers' sales to their own customers reached about 40% of the company's sales to dealers in Q1 FY27, compared with 26% a year earlier.^[3]
Retail volumes in Q1 FY27 grew about 37% in South India and about 60% in West India.^[3]
Online lead generation contributed to sales for more than 350 dealers each month (Q4 FY26); dealers add 50,000 designs a month using AI room visualisation tools.^[6]

Expansion and capex

The company invested Rs 234 crore in capex between FY2019 and FY2025; by FY24 the FY19-FY24 programme had added 10.2 MSM p.a. of capacity.^[2][5]
About Rs 10 Cr will go into converting 1 million sq.m. of ceramic capacity to GVT, and Rs 5 Cr into digital printing and polishing machines, with benefit expected in Q3/Q4 FY27.^[3]
A larger manufacturing expansion was under evaluation in Q1 FY27, with a decision expected in 2-3 months.^[3]
Master Bond adhesives are to expand from select North India markets to wider North India and parts of East India in FY27.^[3]

Recent developments

Morbi plants were shut through April and most of May 2026 because of a spike in gas prices; management says this helped organised tile makers in Q1 FY27.^[3]
The company had net cash of Rs 47.7 Cr in Q1 FY27 and no debt.^[3]
India Ratings retained the company's IND A1 rating, and CRISIL affirmed its 'A' rating with a negative outlook (FY25 annual report).^[2]
CFO Himanshu Jindal tendered his resignation in May 2025.^[2]
Shareholder approval was sought in FY25 for related-party transaction limits of Rs 100 crore with associate Proton and Rs 70 crore with associate Corial.^[2]
Realty+ named the company 'Brand Of The Year - Flooring Ideas for Tiles' for the 5th year running (FY25).^[2]

Market Cap

₹513 Cr

High / Low

₹442 / 241

Stock P/E

27.3

Price / Book

1.8

Book Value

₹224

EPS

₹8.4

No. of Shares

1.47 Cr

ROCE

5.8%

ROE

3.9%

OPM

2.9%

Debt / Equity

0.09

Sales

₹691 Cr

Net Profit

₹12 Cr

Promoter holding

65.7%

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