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Orient Ceratech Ltd

ORIENTCER

NSE

₹42.01-0.59%19 Oct 2026

Reports

Refractories

Orient Ceratech Ltd

ORIENTCER

NSE

₹42.01

-0.59%

19 Oct 2026

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Refractories

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Orient Ceratech is an Indian industrial-minerals company that was built by acquisition - its operations were bought by a bauxite-mining group in 2015, and it has since pivoted from a four-decade abrasives business into a broader advanced-ceramics and refractories play, even changing its name in 2023 to signal the shift. The recurring approach is vertical integration: it mines its own bauxite, processes it into higher-value materials, and then keeps moving downstream into specialty products where the margins are fatter - a challenger strategy aimed squarely at larger domestic rivals and Chinese imports.

Business segments

Two engines that are really one value chain - mining and processing bauxite into refractories and specialty ceramics, plus a legacy power business that is being sold off.

1. Alumina Refractories & Monolithics: the integrated mine-to-material engine

The company digs bauxite out of its own captive mines in Gujarat and turns it into a range of industrial materials - from basic calcined bauxite to high-spec ceramic proppants for oil wells - with a recent push into even more advanced products.

Captive mines lower the raw-material bill - the company holds its own bauxite leases at Bhatia, Jamnagar, and Bhuj in Gujarat, consuming the plant-grade ore in-house and selling the rest on the open market, which gives it a cost cushion against competitors who must buy all their bauxite.
Three product families, one furnace - the portfolio splits into Ceramic Raw Materials (sold to metals, refractories, and foundries), Refractories (for steel, cement, and power plants), and Specialty Ceramics (for the oil & gas industry), with the company being the sole major Indian producer of ceramic proppants - the tiny beads used in fracking.
A plant bought to cut out the middleman - in FY24 the company purchased a Chamotte plant at Baraya, Gujarat, from its associate Ashapura Minechem, ending a job-work arrangement so it could manufacture directly and capture the full value chain; a subsequent ₹26 crore equipment upgrade made the same facility flexible enough to switch from a single product to multiple higher-value ones.
The steel cycle is the boss - over 70% of refractories are consumed by the steel sector, and domestic refractory plants run at only 55-60% capacity, so demand swings with steel output and price competition from Chinese imports is fierce, especially on standard grades.
A small B2C experiment under the “Cetcon” brand - the company recently entered the building-materials and construction-chemicals market, a departure from its industrial B2B base, though it remains a minor leg.

2. Power Generation: the shrinking captive utility

A set of thermal and wind-power assets that historically fed the company’s own factories and sold surplus electricity to the grid - now being dismantled piece by piece.

Coal and oil for the plant floor - the company ran 18 MW of thermal capacity (9 MW coal, 9 MW furnace oil) at Porbandar, consuming the power captively for energy-hungry abrasive-grain production, with the oil-based plant used only when absolutely necessary because of high fuel costs.
Wind farms as a side business - another 11.1 MW of wind turbines in Rajasthan and Karnataka sold their output to state distribution companies, making the company a small-scale renewable-energy seller on the side.
The exit is underway - the thermal power station was approved for sale to a third party in May 2026, and in July 2026 the entire windmill business was sold as a going concern for ₹16.45 crore, so this engine is effectively being wound down.

Group structure and partners

The company sits inside the Ashapura Group, with a promoter entity holding a significant minority stake and two wholly owned subsidiaries extending the business into new products and geographies.

Promoters with a 32% hold - Bombay Minerals Limited (26.83%) and Ashapura International Limited (4.93%), both subsidiaries of Ashapura Minechem Limited, together control just under a third of the company, making it a group affiliate rather than a tightly held subsidiary.
A domestic subsidiary for the next product line - Orient Advanced Materials Private Limited, acquired for a nominal sum in 2021 from promoter-group members, is building a foundry-coating and resin-coating plant at Baraya, expected to start up by the end of FY26.
A UAE beachhead for exports - Orient Advanced Materials FZE was set up in the Hamriyah Free Zone and began operations in FY25, giving the company a direct presence in the Middle East, which is a key market for its specialty ceramics.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹506Cr

Close Price

₹42.32

Industry

Refractories

Price To Earnings

19.41

Price To Sales

1.25

Revenue

₹405Cr

Rev Gr TTM

Revenue Growth TTM

24.40%

PAT Gr TTM

PAT Growth TTM

130.83%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	83	75	83	98	70	74	85	96	114	93	97	101
Growth YoY Revenue Growth YoY%	22.2	36.3	-5.2	34.7	-15.2	-1.2	2.4	-1.9	61.5	25.9	14.8	4.6
Expenses ExpensesCr	72	67	75	90	63	68	75	88	101	82	86	84
Operating Profit Operating ProfitCr	11	8	8	8	7	6	9	8	13	12	11	16
OPM OPM%	13.4	10.8	9.6	8.5	10.1	8.4	10.8	8.1	11.2	12.4	11.8	16.1
Other Income Other IncomeCr	0	3	1	1	1	1	1	1	2	-1	5	2
Interest Expense Interest ExpenseCr	1	1	1	2	2	2	2	1	1	1	1	1
Depreciation DepreciationCr	3	4	3	4	4	4	4	3	3	4	3	3
PBT PBTCr	7	7	5	4	3	2	5	5	10	6	12	13
Tax TaxCr	2	2	1	1	1	0	1	1	2	1	2	3
PAT PATCr	5	5	4	3	2	2	3	4	7	4	6	9
Growth YoY PAT Growth YoY%	161.2	110.0	-27.2	-31.2	-64.8	-67.6	-19.1	47.8	304.9	159.4	63.1	99.3
NPM NPM%	6.3	7.0	5.2	3.0	2.6	2.3	4.1	4.5	6.6	4.7	5.8	8.5
EPS EPS₹	0.4	0.4	0.4	0.2	0.1	0.1	0.3	0.4	0.6	0.4	0.5	0.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	83	75	83	98	70	74	85	96	114	93	97	101
Growth YoY Revenue Growth YoY%	22.2	36.3	-5.2	34.7	-15.2	-1.2	2.4	-1.9	61.5	25.9	14.8	4.6
Expenses ExpensesCr	72	67	75	90	63	68	75	88	101	82	86	84
Operating Profit Operating ProfitCr	11	8	8	8	7	6	9	8	13	12	11	16
OPM OPM%	13.4	10.8	9.6	8.5	10.1	8.4	10.8	8.1	11.2	12.4	11.8	16.1
Other Income Other IncomeCr	0	3	1	1	1	1	1	1	2	-1	5	2
Interest Expense Interest ExpenseCr	1	1	1	2	2	2	2	1	1	1	1	1
Depreciation DepreciationCr	3	4	3	4	4	4	4	3	3	4	3	3
PBT PBTCr	7	7	5	4	3	2	5	5	10	6	12	13
Tax TaxCr	2	2	1	1	1	0	1	1	2	1	2	3
PAT PATCr	5	5	4	3	2	2	3	4	7	4	6	9
Growth YoY PAT Growth YoY%	161.2	110.0	-27.2	-31.2	-64.8	-67.6	-19.1	47.8	304.9	159.4	63.1	99.3
NPM NPM%	6.3	7.0	5.2	3.0	2.6	2.3	4.1	4.5	6.6	4.7	5.8	8.5
EPS EPS₹	0.4	0.4	0.4	0.2	0.1	0.1	0.3	0.4	0.6	0.4	0.5	0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2010	Mar 2011	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	324	370	268	302	313	327	404	405
Growth Revenue Growth%		14.1		13.0	3.7	4.4	23.4	24.4
Expenses ExpensesCr	240	290	251	277	279	296	361	353
Operating Profit Operating ProfitCr	84	79	17	26	34	31	43	52
OPM OPM%	25.9	21.4	6.2	8.5	10.8	9.4	10.6	12.8
Other Income Other IncomeCr	0	0	6	8	7	4	9	8
Interest Expense Interest ExpenseCr	5	7	2	4	3	7	5	5
Depreciation DepreciationCr	11	13	11	12	14	14	18	14
PBT PBTCr	69	59	9	18	24	13	28	41
Tax TaxCr	18	13	2	4	5	3	6	9
PAT PATCr	51	47	7	14	19	10	22	26
Growth PAT Growth%		-8.7		107.2	33.8	-47.8	120.2	130.8
NPM NPM%	15.8	12.6	2.6	4.7	6.1	3.0	5.4	6.5
EPS EPS₹	4.3	3.9	0.6	1.2	1.6	0.8	1.8	2.2

Financial Year	Mar 2010	Mar 2011	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	324	370	268	302	313	327	404	405
Growth Revenue Growth%		14.1		13.0	3.7	4.4	23.4	24.4
Expenses ExpensesCr	240	290	251	277	279	296	361	353
Operating Profit Operating ProfitCr	84	79	17	26	34	31	43	52
OPM OPM%	25.9	21.4	6.2	8.5	10.8	9.4	10.6	12.8
Other Income Other IncomeCr	0	0	6	8	7	4	9	8
Interest Expense Interest ExpenseCr	5	7	2	4	3	7	5	5
Depreciation DepreciationCr	11	13	11	12	14	14	18	14
PBT PBTCr	69	59	9	18	24	13	28	41
Tax TaxCr	18	13	2	4	5	3	6	9
PAT PATCr	51	47	7	14	19	10	22	26
Growth PAT Growth%		-8.7		107.2	33.8	-47.8	120.2	130.8
NPM NPM%	15.8	12.6	2.6	4.7	6.1	3.0	5.4	6.5
EPS EPS₹	4.3	3.9	0.6	1.2	1.6	0.8	1.8	2.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	12
Reserves ReservesCr	236	248	264	271	290
Current Liabilities Current LiabilitiesCr	80	47	103	85	79
Non Current Liabilities Non Current LiabilitiesCr	13	19	28	50	34
Total Liabilities Total LiabilitiesCr	341	327	406	418	416
Current Assets Current AssetsCr	191	172	231	236	247
Non Current Assets Non Current AssetsCr	150	155	175	181	169
Total Assets Total AssetsCr	341	327	406	418	416

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	12
Reserves ReservesCr	236	248	264	271	290
Current Liabilities Current LiabilitiesCr	80	47	103	85	79
Non Current Liabilities Non Current LiabilitiesCr	13	19	28	50	34
Total Liabilities Total LiabilitiesCr	341	327	406	418	416
Current Assets Current AssetsCr	191	172	231	236	247
Non Current Assets Non Current AssetsCr	150	155	175	181	169
Total Assets Total AssetsCr	341	327	406	418	416

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	32	44	-15	21	51
Investing Cash Flow Investing Cash FlowCr	-34	-13	-24	-23	-8
Financing Cash Flow Financing Cash FlowCr	2	-28	37	4	-40
Net Cash Flow Net Cash FlowCr	0	2	-2	1	3
Free Cash Flow Free Cash FlowCr	-6	29	-37	-4	43
CFO To PAT CFO To PAT%	464.3	307.9	-76.3	210.4	234.2
CFO To EBITDA CFO To EBITDA%	191.1	170.5	-42.6	67.7	119.5

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	32	44	-15	21	51
Investing Cash Flow Investing Cash FlowCr	-34	-13	-24	-23	-8
Financing Cash Flow Financing Cash FlowCr	2	-28	37	4	-40
Net Cash Flow Net Cash FlowCr	0	2	-2	1	3
Free Cash Flow Free Cash FlowCr	-6	29	-37	-4	43
CFO To PAT CFO To PAT%	464.3	307.9	-76.3	210.4	234.2
CFO To EBITDA CFO To EBITDA%	191.1	170.5	-42.6	67.7	119.5

Consolidated

Standalone

Financial Year	Mar 2010	Mar 2011	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		443	354	273	570	368	412	506
Price To Earnings Price To Earnings		9.9	51.8	19.2	30.0	37.1	18.8	19.4
Price To Sales Price To Sales		1.2	1.3	0.9	1.8	1.1	1.0	1.3
Price To Book Price To Book		2.4	1.4	1.1	2.1	1.3	1.4	1.7
EV To EBITDA EV To EBITDA			23.1	10.9	18.3	14.1	10.3	10.3
Profitability Ratios Profitability Ratios
GPM GPM%			28.0	28.6	32.9	36.1	35.3	35.3
OPM OPM%	25.9	21.4	6.2	8.5	10.8	9.4	10.6	12.8
NPM NPM%	15.8	12.6	2.6	4.7	6.1	3.0	5.4	6.5
ROCE ROCE%			3.9	7.9	8.3	5.7	9.8	9.8
ROE ROE%			2.8	5.5	6.9	3.5	7.2	7.2
ROA ROA%			2.0	4.3	4.7	2.4	5.3	5.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2010	Mar 2011	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		443	354	273	570	368	412	506
Price To Earnings Price To Earnings		9.9	51.8	19.2	30.0	37.1	18.8	19.4
Price To Sales Price To Sales		1.2	1.3	0.9	1.8	1.1	1.0	1.3
Price To Book Price To Book		2.4	1.4	1.1	2.1	1.3	1.4	1.7
EV To EBITDA EV To EBITDA			23.1	10.9	18.3	14.1	10.3	10.3
Profitability Ratios Profitability Ratios
GPM GPM%			28.0	28.6	32.9	36.1	35.3	35.3
OPM OPM%	25.9	21.4	6.2	8.5	10.8	9.4	10.6	12.8
NPM NPM%	15.8	12.6	2.6	4.7	6.1	3.0	5.4	6.5
ROCE ROCE%			3.9	7.9	8.3	5.7	9.8	9.8
ROE ROE%			2.8	5.5	6.9	3.5	7.2	7.2
ROA ROA%			2.0	4.3	4.7	2.4	5.3	5.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RPEL	VESUVIUS	RHIM	MONOLITH	IFGLEXPOR	FOSECOC	ORIENTCER
Market CapitalizationMkt CapCr	8,220	8,176	7,482	2,750	1,290	1,063	506
Close PriceClose₹	1,790.00	402.85	362.30	1,265.05	179.00	1,898.70	42.32
IndustryIndustry	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories
Price To EarningsPE	116.61	31.95		91.80	31.51	45.75	19.41
Price To SalesPS	26.11	3.83	1.84	17.89	0.66	5.97	1.25
RevenueRevenueCr	315	2,134	4,074	154	1,953	178	405
Revenue Growth TTMRev Gr TTM%	38.3%	8.9%	8.4%		15.4%	2.4%	24.4%
PAT Growth TTMPAT Gr TTM%	55.0%	2.2%	-314.4%		40.5%	-8.6%	130.8%

	RPEL	VESUVIUS	RHIM	MONOLITH	IFGLEXPOR	FOSECOC	ORIENTCER
Market CapitalizationMkt CapCr	8,220	8,176	7,482	2,750	1,290	1,063	506
Close PriceClose₹	1,790.00	402.85	362.30	1,265.05	179.00	1,898.70	42.32
IndustryIndustry	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories
Price To EarningsPE	116.61	31.95		91.80	31.51	45.75	19.41
Price To SalesPS	26.11	3.83	1.84	17.89	0.66	5.97	1.25
RevenueRevenueCr	315	2,134	4,074	154	1,953	178	405
Revenue Growth TTMRev Gr TTM%	38.3%	8.9%	8.4%		15.4%	2.4%	24.4%
PAT Growth TTMPAT Gr TTM%	55.0%	2.2%	-314.4%		40.5%	-8.6%	130.8%

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