Orient Bell Limited Q4FY26 & FY26 Results: PAT Up 337%, EBITDA Up 38%

On 19th May 2026, the Board of Directors of Orient Bell Limited (NSE: ORIENTBELL | BSE: 530365) approved the audited financial results for the quarter and year ended 31st March 2026, with an unmodified audit opinion from M/s. S.R. Dinodia & Co. LLP.

FY26 marks one of the company’s strongest profitability turnarounds in recent years driven by accelerating volume growth, a sharper premium tile mix, a digital-first model, and tight cost discipline.

Headline Numbers

Full Year FY26 (Consolidated):

• Revenue from Operations: ₹691.5 Cr (+3.2% YoY)
• EBITDA: ₹42.5 Cr (+38.1% YoY) EBITDA % : 6.2% (+160 bps YoY)
• PBT: ₹16.4 Cr (+333.5%)
• PAT: ₹12.4 Cr (+337.2%)
• Volume: 247 (4.4%)  (In Lakh m2)
• Dividend Recommended: ₹1 per equity share (face value ₹10)

Q4FY26:

• Revenue from Operations: ₹214.6 Cr (+8.3% YoY)
• EBITDA: ₹16.4 Cr (+66.1%) | EBITDA % : 7.7% (+270 bps)
• PAT: ₹6.2 Cr (+126.5%)
• Volume: 76 Lakh sqm (+7.0%)

Management Commentary from the Q4 & FY26 Earnings Call

Mr. Aditya Gupta, CEO

“Over the last few quarters, we have remained focused on demand generation, premiumisation and strengthening brand visibility, while simultaneously digitizing our internal processes to deliver on the vision of simplifying tile buying and selling. Technology and digital initiatives continue to remain a key differentiator for OBL. The company has consistently strengthened its digital capabilities through technology-led customer engagement, channel partner enablement and in the backend integration initiatives. Investments in our digital platforms, online catalog visibility, visualisation tools, and lead management systems are helping improve conversion ratios, customer experience, and distribution efficiency across markets.”

“These initiatives are now getting huge traction from consumers, both channel partners and individual consumers. For example, channel partners are creating 50,000 new designs every month using our AI-enabled room visualisation tools. Our website continues to be amongst the most popular, and our online lead generation initiative is now contributing to sales for 350+ channel partners every month. These unique differentiators are helping us deliver sell-out as a proposition to channel partners, as opposed to the industry norm of a rate-driven sale.”

“On the business performance front, the momentum witnessed since Q2 continues to get stronger. Q4 volumes grew by 7%, while revenues increased by 7.7% year-on-year. For FY26, volumes grew by 4.4% and revenues increased by 3.1% over FY25.”

“From an industry perspective, the current US-Iran war is driving structural changes which are advantageous for organised and multi-locational players. As a pure-play branded tiles company with manufacturing facilities spread across India and comparatively low dependence on Morbi, OBL is well positioned to benefit. While the immediate future is filled with uncertainty and volatility, especially around gas pricing and the long-term impact on demand, we feel that in India long-term industry tailwinds are favourable supported by sustained housing demand, government infrastructure spending and renovation demand. Our strong balance sheet and success in cost management enables us to manage any volatility which might be seen in the short term.”

“To summarise, we believe these strategic initiatives undertaken over the last few years across the value chain have started delivering meaningful differentiation and operational efficiencies, thus creating a strong foundation for sustainable and profitable growth going forward.”

Mr. Anuj Arora, CFO

“As Aditya highlighted, the company delivered sequential revenue growth during the quarter, supported by improved product mix, better capacity utilization, and focused execution across markets. Profitability continued to outpace revenue growth, driven by operating leverage, manufacturing efficiencies, and disciplined cost management initiatives undertaken over the last few quarters.”

“On a consolidated basis, Q4 FY26 EBITDA increased by a robust 66.1% year-on-year, with EBITDA margin expansion of 270 bps, while PBT rose meaningfully to ₹8.4 Crores compared to ₹3.6 Crores in the corresponding quarter last year. For the full year, EBITDA stood at ₹42.5 Crores, reflecting a 38.1% year-on-year increase with a margin expansion of 160 bps. PBT also improved significantly to ₹16.4 Crores from ₹3.8 Crores in FY25. This is after absorbing a one-time cost of ₹1.3 Crores towards complying with the new labour code.”

“As utilisation levels continue to improve, the benefits of operating leverage are becoming increasingly visible in the business. Nearly 60% of the incremental revenue in FY26 flowed through to the bottom line. Importantly, as we operate at 60–65% of capacity utilisation, we continue to have adequate available capacity to support future growth without significant incremental capex.”

“The company also maintained a strong focus on cash flow and working capital discipline during the quarter. Tighter controls over receivables reduced DSO by 11 days to 48 days. Overall cash conversion cycle improved to 20 days from 26 days last year. From a balance sheet perspective, the company remains net debt-free, supported by a strong cash position and liquid investments. This provides significant flexibility to support future growth opportunities.”

“Overall, the continued improvement in revenue, margins, cash flow, and balance sheet gives us confidence that the business is well positioned for sustainable and profitable growth going forward.”

A Fortress Balance Sheet

• Net debt-free, with negative net debt of ₹29.7 Cr (cash & equivalents ₹59.4 Cr vs total borrowings ₹29.7 Cr)
• Long-term borrowings reduced from ₹29.7 Cr to ₹44 Cr YoY
• DSO at 48 days (vs 59 days a year ago)
• Cash conversion cycle improved to 20 days from 26 days
• Shareholders’ funds grew to ₹328.8 Cr from ₹316.1 Cr

The Premiumisation Story

Orient Bell’s product portfolio continues to shift decisively toward premium tiles:

• Vitrified tiles now contribute 60% of sales (vs 41% in FY21)
• GVT salience at 42% (vs 16% in FY21)
• Retail business: ~78% of FY26 revenue — growing much faster than enterprise
• OBTX (Orientbell Tile Showroom) network: 40% of total sales

Cost of production was 3.2% lower YoY on a like-for-like basis, and marketing spend stood at 3.6% of sales.

Consolidated Historical Income Statement

Gross margins are at a multi-year high, EBITDA has recovered strongly from the FY24 trough, and the structural premium shift continues to deepen.

Sustainability Commitments

• Zero Waste discharge 100% of process waste reused
• Solar Plant 7 MW at Sikandrabad & 2.3 MW at Hoskote
• 3.9 lakh kL of water recharged annually via rainwater harvesting (vs 1.9 lakh kL usage at Sikandrabad)
• Hoskote dry-process plant reduces water consumption by ~50%
• Biofuels in our spray dryers for 7–8 years
• 50,000+ trees planted across India

The full audited financial results and investor presentation are available on the Investors section of www.orientbell.com and on the BSE and NSE websites.

Disclaimer: This blog summarises Orient Bell Limited’s Q4FY26 & FY26 investor presentation, board outcome dated 19th May 2026, and earnings call commentary by CEO Aditya Gupta and CFO Anuj Arora. Forward-looking statements are subject to risks and uncertainties; actual results may differ. This content is for informational purposes only and does not constitute investment advice. This has been edited for clarity. Please refer to investor presentation , Audio Recording of Post Earnings/Quarterly Call for verbatim.