New Risk • May 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 10% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Apr 30
Full year 2026 earnings released: EPS: ₹16.44 (vs ₹4.45 in FY 2025) Full year 2026 results: EPS: ₹16.44 (up from ₹4.45 in FY 2025). Revenue: ₹28.2b (up 4.0% from FY 2025). Net income: ₹3.38b (up 270% from FY 2025). Profit margin: 12% (up from 3.4% in FY 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Orient Cement Limited to Report Q4, 2026 Results on Apr 28, 2026 Orient Cement Limited announced that they will report Q4, 2026 results on Apr 28, 2026 Price Target Changed • Feb 02
Price target decreased by 14% to ₹207 Down from ₹240, the current price target is an average from 2 analysts. New target price is 32% above last closing price of ₹157. The company posted earnings per share of ₹4.45 last year. Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: ₹1.35 (vs ₹0.49 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.35 (up from ₹0.49 in 3Q 2025). Revenue: ₹6.39b (flat on 3Q 2025). Net income: ₹278.0m (up 174% from 3Q 2025). Profit margin: 4.4% (up from 1.6% in 3Q 2025). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Dec 23
Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 10 billion. Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 10 billion on December 22, 2025. The consideration will be paid by buyer for every 100 equity shares of Orient Cement with a face value of INR 1 each, Ambuja Cements will issue 33 equity shares with a face value of INR 2 each, to eligible shareholders of Orient Cement.
Board of Directors of the Company at its meeting held on December 22, 2025, approved the Scheme of Amalgamation. The Schemes are subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the jurisdictional National Company Law Tribunal.
GT Valuation Advisors Pvt. Ltd. & BDO Valuation Advisory LLP, registered valuers are the independent joint valuers, IDBI Capital Markets & Securities Ltd. and SBI Capital Markets Ltd. have provided opinions fairness of the joint valuations, Cyril Amarchand Mangaldas and Singhi & Co. are legal advisors in deal. Announcement • Nov 22
Orient Cement Limited Announces Board Changes, Effective November 21, 2025 The board of directors of Orient Cement Limited meeting held on November 21, 2025, approved Mr. Rohit Soni has been appointed as Additional Director (Non-Executive and Non- Independent Director) of the Company with immediate effect from November 21, 2025; Mr. Rakesh Tiwary has ceased to be Non-Executive and Non-Independent Director of the Company effective from the conclusion of the meeting on November 21, 2025. Mr. Rohit Soni is a distinguished finance leader and Chartered Accountant, as well as an alumnus of Harvard Business School's General Management Program. He served as Chief Financial Officer (CFO) at Adani New Industries Limited (ANIL) since March 2024, where he led financial strategy for green hydrogen and renewable energy initiatives. Previously, he held the position of CFO at Adani Energy Solutions Limited (AESL) from September 2021 to March 2024, successfully raising equity funds and managing finances for over 60 subsidiaries supporting large-scale infrastructure projects. He has also held several leadership positions with the Vedanta Group, including serving as Chief Procurement Officer and also as a CFO for various Vedanta Companies. His leadership excellence has been recognized with the ET Great Manager (Senior Leader) award by Economic Times and TAPMI in November 2019. New Risk • Nov 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Nov 04
Price target decreased by 8.2% to ₹258 Down from ₹281, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ₹213. Stock is down 38% over the past year. The company posted earnings per share of ₹4.45 last year. Reported Earnings • Nov 02
Second quarter 2026 earnings released: EPS: ₹2.39 (vs ₹0.11 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.39 (up from ₹0.11 in 2Q 2025). Revenue: ₹6.55b (up 20% from 2Q 2025). Net income: ₹490.9m (up ₹467.6m from 2Q 2025). Profit margin: 7.5% (up from 0.4% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Announcement • Oct 15
Orient Cement Limited to Report Q2, 2026 Results on Nov 01, 2025 Orient Cement Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 01, 2025 New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jul 21
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 06 September 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.5%). Reported Earnings • Jul 16
Full year 2025 earnings released: EPS: ₹4.45 (vs ₹8.54 in FY 2024) Full year 2025 results: EPS: ₹4.45 (down from ₹8.54 in FY 2024). Revenue: ₹27.1b (down 15% from FY 2024). Net income: ₹912.5m (down 48% from FY 2024). Profit margin: 3.4% (down from 5.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Jul 15
Orient Cement Limited to Report Q1, 2026 Results on Jul 25, 2025 Orient Cement Limited announced that they will report Q1, 2026 results on Jul 25, 2025 Announcement • Jul 06
Orient Cement Limited announces Annual dividend, payable on September 06, 2025 Orient Cement Limited announced Annual dividend of INR 0.5000 per share payable on September 06, 2025, ex-date on July 25, 2025 and record date on July 25, 2025. Declared Dividend • Jul 05
Dividend of ₹0.50 announced Shareholders will receive a dividend of ₹0.50. Ex-date: 25th July 2025 Payment date: 6th September 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.4%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 154% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 03
Orient Cement Limited, Annual General Meeting, Aug 07, 2025 Orient Cement Limited, Annual General Meeting, Aug 07, 2025, at 10:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹292, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 34x in the Basic Materials industry in India. Total returns to shareholders of 192% over the past three years. Announcement • Apr 24
Ambuja Cements Limited (BSE:500425) completed the acquisition of 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM). Ambuja Cements Limited (BSE:500425) agreed to acquire 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 7.2 billion on October 22, 2024. A cash consideration of INR 7.21 billion valued at INR 395.4 per share will be paid by Ambuja Cements Limited. As part of consideration, INR 7.21 billion is paid towards common equity of Orient Cement Limited. The transaction will be financed through equity investment of INR 7.21 billion.
The transaction is subject to approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. As of March 4, 2025, the deal has been approved by Competition Commission of India. Cyril Amarchand Mangaldas acted as legal advisor to Ambuja Cements Limited (BSE:500425) and Khaitan & Co. acted as legal advisor to Orient Cement Limited (NSEI:ORIENTCEM).
Ambuja Cements Limited (BSE:500425) completed the acquisition of 8.90% stake in Orient Cement Limited (NSEI:ORIENTCEM) for April 22, 2025. Price Target Changed • Apr 15
Price target increased by 11% to ₹250 Up from ₹224, the current price target is an average from 5 analysts. New target price is 30% below last closing price of ₹358. Stock is up 78% over the past year. The company is forecast to post earnings per share of ₹12.60 for next year compared to ₹4.45 last year. Announcement • Apr 14
Orient Cement Limited Recommends Dividend for the Year Ended March 31, 2025 Orient Cement Limited announced that at its board meeting held on April 13, 2025, recommended a dividend of INR 0.50 (50%) per equity share of INR 1 each for the year ended March 31, 2025, subject to the approval of shareholders at the upcoming Annual General Meeting (AGM) of the Company which shall be paid/dispatched to the shareholders within 30 days of declaration. New Risk • Apr 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • Apr 13
Full year 2025 earnings released: EPS: ₹4.45 (vs ₹8.54 in FY 2024) Full year 2025 results: EPS: ₹4.45 (down from ₹8.54 in FY 2024). Revenue: ₹27.3b (down 14% from FY 2024). Net income: ₹912.5m (down 48% from FY 2024). Profit margin: 3.3% (down from 5.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Apr 08
Orient Cement Limited to Report Q4, 2025 Results on Apr 13, 2025 Orient Cement Limited announced that they will report Q4, 2025 results at 12:08 PM, Indian Standard Time on Apr 13, 2025 Reported Earnings • Jan 25
Third quarter 2025 earnings released: EPS: ₹0.49 (vs ₹2.20 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.49 (down from ₹2.20 in 3Q 2024). Revenue: ₹6.46b (down 14% from 3Q 2024). Net income: ₹101.4m (down 78% from 3Q 2024). Profit margin: 1.6% (down from 6.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jan 17
Orient Cement Limited to Report Q3, 2025 Results on Jan 24, 2025 Orient Cement Limited announced that they will report Q3, 2025 results on Jan 24, 2025 Price Target Changed • Nov 20
Price target increased by 9.3% to ₹249 Up from ₹228, the current price target is an average from 5 analysts. New target price is 26% below last closing price of ₹338. Stock is up 47% over the past year. The company is forecast to post earnings per share of ₹5.80 for next year compared to ₹8.53 last year. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: ₹0.11 (vs ₹1.20 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.11 (down from ₹1.20 in 2Q 2024). Revenue: ₹5.48b (down 24% from 2Q 2024). Net income: ₹23.2m (down 91% from 2Q 2024). Profit margin: 0.4% (down from 3.4% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Oct 22
Ambuja Cements Plans to Buy 46.8% Stake in Orient Cement The stock rose after the Adani Group-owned cement company Ambuja Cements Limited (BSE:500425) said it would acquire a 46.8% stake in Orient Cement Limited (NSEI:ORIENTCEM), at a per share price of INR 395.4 each. The company will acquire 77,649,413 shares of Orient Cement at INR 395.4 per share, representing a 37.9% stake in the company, from the promoters and related entity, according to its exchange filing. It has also signed another share purchase agreement to acquire another 18,223,750 shares of the company, representing 8.90% of the existing share capital, from certain public shareholders of the company. As per the company's exchange filing, the transaction has triggered an open offer from Ambuja Cements to acquire another 26% stake in Orient Cement, from public shareholders. For that transaction, Ambuja Cements will roll out an open offer to acquire up to 53,419,567 equity shares, constituting 26% of the Expanded Share Capital (as defined in the PA), at a price of INR 395.4 per equity share from the public shareholders of Orient Cement. According to its exchange filings, the transaction will happen at an equity value of INR 81.00 billion, or INR 395.4 per share. Under the proposed deal, Ambuja Cement will acquire operational cement capacity of 8.5 MTPA (million tonne per annum), and 8.1 MTPA of cement capacity in ready to execute projects, along with a limestone mine in Rajasthan which can support an additional 6 MTPA cement capacity in North India. This will take Adani Cement's total operational capacity to 97.4 MTPA. The acquisition will also increase the Adani group company's pan India market share by 2%, along with an improvement in return on capital employed (ROCE). The company has set a target of more than 15% ROCE on the investment. Moreover, the acquisition is expected to further strengthen Ambuja Cements's balance sheet as Orient Cement is almost debt free. “This timed acquisition marks another significant step forward in Ambuja Cements' accelerated growth journey, increasing cement capacity by 30 MTPA within two years of Ambuja's acquisition,” said Karan Adani, director, Ambuja Cements. Adani added: "By acquiring Orient Cement, Ambuja is poised to reach 100 MTPA cement capacity in FY25. Orient Cement's assets are highly efficient, equipped with railway sidings, and well supported by captive power plants, renewable energy, WHRS, and AFR facilities". Announcement • Oct 21
Orient Cement Limited to Report Q2, 2025 Results on Nov 08, 2024 Orient Cement Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹342, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 37x in the Basic Materials industry in India. Total returns to shareholders of 133% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹182 per share. New Risk • Aug 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.4% average weekly change). Announcement • Aug 06
Orient Cement Limited Approves Final Dividend for the Year Ended March 31, 2024 Orient Cement Limited approved a final dividend of 1.50 (150%) per equity share for the year ended March 31, 2024 and confirmed interim dividend of 0.75 (75%) per equity share paid during the financial year 2023-2024. Announcement • Jul 31
JSW Cement Reportedly Enters Race to Acquire Promoter Stake in Orient Cement JSW Cement Limited is evaluating the acquisition of the promoter stake in Orient Cement Limited (NSEI:ORIENTCEM) from CK Birla Group, according to a report by The Economic Times. This news comes amid a wave of consolidation in the cement sector that has seen Aditya Birla, parent of UltraTech Cement, and Adani groups aggressively acquire assets across the country. Negotiations with Adani and Ultratech have been delayed due to valuation issues and environmental clearance of key limestone mines. This delay has provided an opportunity for JSW Cement to enter the fray. JSW Cement's interest in OCL, which has an 8.5 million tons per annum (MTPA) capacity, introduces a third contender in the race, following Aditya Birla and Adani groups. Both have been in discussions with CK Birla since late last year when JP Morgan initiated the sale process. This follows a similar high-stakes competition in 2022 for Holcim’s India assets, which Adani eventually acquired for $6.5 billion, making it the second-largest player in India’s building-materials industry. The promoter stake in OCL, held by the Birla family and private investment vehicles, is 37.9%. An acquisition will trigger an open offer for an additional 26% stake from minority shareholders. OCL’s shares have surged 56% in anticipation of a sale, with the total transaction for the 63.9% stake estimated to be as much as INR 45,465.40 million, given the current market value of INR 71,150.9 million. Upcoming Dividend • Jul 22
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 04 September 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.5%). Announcement • Jul 22
Orient Cement Limited to Report Q1, 2025 Results on Aug 05, 2024 Orient Cement Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • Jul 12
Full year 2024 earnings released: EPS: ₹8.54 (vs ₹6.00 in FY 2023) Full year 2024 results: EPS: ₹8.54 (up from ₹6.00 in FY 2023). Revenue: ₹31.9b (up 8.4% from FY 2023). Net income: ₹1.75b (up 42% from FY 2023). Profit margin: 5.5% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Jul 05
Orient Cement Shares Surges 5.5% Amid UltraTech's Plans of Acquisition Shares of Orient Cement Limited (NSEI:ORIENTCEM) surged 5.5% to the day’s high of INR 323.85 on BSE as UltraTech Cement Limited (NSEI:ULTRACEMCO) is in advanced negotiations for the acquisition of the company amid intensifying consolidation efforts in the sector. Kumar Mangalam Birla's UltraTech is in advanced negotiations with the promoter of Orient Cement, his uncle CK Birla, after restarting talks in recent weeks, said people familiar with the discussions to ET. UltraTech is said to have offered a price of INR 350 - INR 375 per share, a 22% premium to the current market price of INR 307. In the past month, the Orient Cement stock has shot up 45%, hitting an all-time high of INR 329 on July 1, largely on speculation that an acquisition deal was near conclusion. Kumar Birla's renewed efforts to buy Orient are seen as an attempt to trump Adani Cement Industries Limited and consolidate UltraTech’s position in the southern and western markets, especially Maharashtra and Telangana, after buying a 23% stake in India Cements at the end of last month. Adani Cement, which controls India's second-largest cement capacity, has been engaged in talks with CK Birla since late last year but is said to have baulked at the valuation sought. The promoter stake in Orient Cement held by the Birla family and private investment vehicles is 37.9%. The company has a market value of INR 64,175.1 million, having almost doubled from INR 38,780 million in October when ET had first reported on CK Birla’s approach to Adani. Adani’s offer was also contingent on obtaining environmental clearance for the expansion phase in Telangana, which the current Orient management was unable to commit to definitively, according to sources’ citation to ET. A formal announcement is expected before or during Orient Cement's upcoming quarterly earnings scheduled for July 19. However, the final valuation is still being worked upon and the deal may not happen if there’s a mismatch, said the people cited to ET. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹275, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 35x in the Basic Materials industry in India. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹134 per share. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹224, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 33x in the Basic Materials industry in India. Total returns to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹133 per share. Declared Dividend • Jun 10
Final dividend increased to ₹1.50 Dividend of ₹1.50 is 50% higher than last year. Ex-date: 29th July 2024 Payment date: 4th September 2024 Dividend yield will be 1.0%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 06
Price target decreased by 8.8% to ₹222 Down from ₹244, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₹222. Stock is up 73% over the past year. The company is forecast to post earnings per share of ₹11.34 for next year compared to ₹8.53 last year. Reported Earnings • May 02
Full year 2024 earnings released: EPS: ₹8.53 (vs ₹6.00 in FY 2023) Full year 2024 results: EPS: ₹8.53 (up from ₹6.00 in FY 2023). Revenue: ₹32.0b (up 9.0% from FY 2023). Net income: ₹1.75b (up 42% from FY 2023). Profit margin: 5.5% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 4.1% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹231, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 30x in the Basic Materials industry in India. Total returns to shareholders of 129% over the past three years. Announcement • Apr 09
Orient Cement Limited to Report Q4, 2024 Results on May 01, 2024 Orient Cement Limited announced that they will report Q4, 2024 results on May 01, 2024 Upcoming Dividend • Feb 09
Upcoming dividend of ₹0.75 per share at 0.7% yield Eligible shareholders must have bought the stock before 16 February 2024. Payment date: 06 March 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.4%). Price Target Changed • Feb 08
Price target increased by 18% to ₹241 Up from ₹204, the current price target is an average from 6 analysts. New target price is 9.7% below last closing price of ₹267. Stock is up 119% over the past year. The company is forecast to post earnings per share of ₹8.88 for next year compared to ₹5.99 last year. Price Target Changed • Feb 08
Price target increased by 18% to ₹241 Up from ₹204, the current price target is an average from 6 analysts. New target price is 9.7% below last closing price of ₹267. Stock is up 119% over the past year. The company is forecast to post earnings per share of ₹8.88 for next year compared to ₹5.99 last year. Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: ₹2.20 (vs ₹1.34 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.20 (up from ₹1.34 in 3Q 2023). Revenue: ₹7.53b (up 2.9% from 3Q 2023). Net income: ₹449.9m (up 64% from 3Q 2023). Profit margin: 6.0% (up from 3.8% in 3Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Announcement • Feb 05
Orient Cement Limited Announces the Payment of Interim Dividend Orient Cement Limited announced the payment of Interim Dividend of INR 0.75/- (75%) per equity share of face value of INR 1/- each for the financial year 2023-24 and fixed, February 16, 2024, as the 'Record Date' for determining the shareholders who will be entitled to the said Dividend. The Interim Dividend will be paid to the entitled shareholders within 30 days from the date of declaration. Announcement • Jan 18
Orient Cement Limited to Report Q3, 2024 Results on Feb 05, 2024 Orient Cement Limited announced that they will report Q3, 2024 results on Feb 05, 2024 Announcement • Dec 19
Orient Cement Limited Announces Resignation of MS Chandana AS Senior General Manager - Internal Audit and Senior Management Personnel Orient Cement Limited announced that Ms. MS Chandana, Senior General Manager - Internal Audit and Senior Management Personnel of the Company has resigned from the services of the Company vide resignation letter dated December 19, 2023. Her last working day will be December 29, 2023. Buying Opportunity • Nov 21
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be ₹290, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 87% in the next 2 years. Price Target Changed • Nov 13
Price target increased by 21% to ₹191 Up from ₹158, the current price target is an average from 6 analysts. New target price is 12% below last closing price of ₹217. Stock is up 68% over the past year. The company is forecast to post earnings per share of ₹10.53 for next year compared to ₹5.99 last year. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹1.20 (vs ₹0.46 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹1.20 (up from ₹0.46 loss in 2Q 2023). Revenue: ₹7.22b (up 17% from 2Q 2023). Net income: ₹246.3m (up ₹341.3m from 2Q 2023). Profit margin: 3.4% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 5.5% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Announcement • Oct 28
Orient Cement Limited to Report Q2, 2024 Results on Nov 09, 2023 Orient Cement Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Oct 20
Orient Cement Issues Clarification on Reports of Stake Sale to Adani Orient Cement Limited (NSEI:ORIENTCEM) on October 18, 2023 clarified on the new report by ET which stated that the company promoter and industrialist CK Birla's plan to sell his stake in the company to. It said that the company is not privy to any such discussion. "We wish to clarify that at present there is no material information/announcement, including impending announcement, which in the opinion of the Company may have a bearing on the price/volume behaviour of the scrip. If and when the Company becomes aware of any information /event warranting a disclosure, the Company shall promptly comply with the disclosure obligations under the Listing Regulations," Orient Cement said in a regulatory filing. According to the reports, CK Birla had approached Gautam Adani to sell his promoter stake in Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand. The news piece had further stated that senior management executives on both sides have also met to discuss a potential deal for the Adanis, who already own India's second largest capacity. Announcement • Oct 19
CK Birla Reportedly Approaches Gautam Adani to Sell His Promoter Stake in Orient Cement Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in listed Orient Cement Limited (NSEI:ORIENTCEM) after rejecting initial offers from other domestic players for failing to meet his valuation demand, people aware of the talks told ET. Senior management executives on both sides have also met to discuss a potential deal for the Adanis, who already own India's second largest cement capacity. Earlier this summer, JP Morgan was roped in by Birla to find a buyer for his business. The promoter stake in Orient Cement — held by the Birla family and private investment vehicles — is 37.9%, with a current market value of INR 38,780 million. The stock has seen a 29% spurt in past three months in anticipation of a sale. The transition will trigger an open offer for an additional 26% stake in accordance with takeover laws, which mandate an incoming promoter or controlling entity to buy the additional shares from existing minority investors. “I have nothing to contribute to your story as I am unaware of what you are talking about,” said Deepak Khetrapal, MD, Orient Cement. “As the MD of the company, my job is to run the company and I talk about the performance of the company,” he said. Mails sent to Adani Cement Industries Limited on October 14, 2023 remained unanswered until the publication of this report. In January, both companies denied to the stock exchange that they were in discussions after Informist first reported about the developments. Sources said formal talks have taken place only in the past few months. However, there is no guarantee that the Adani discussions will culminate in a transaction, the sources mentioned above warned. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹204, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Basic Materials industry in India. Total returns to shareholders of 261% over the past three years. Announcement • Sep 02
Orient Cement Limited Announces Executive Changes Orient Cement Limited at the SBM held on September 1, 2023, noted the resignation of Mrs. Nidhi Bisaria from the position of Company Secretary and will be relieved from her official duties with effect from close of business hours of September 1, 2023. Consequent upon resignation as Company Secretary, Mrs. Nidhi Bisaria ceases to be the Compliance Officer and Key Managerial Personnel of the Company with effect from the close of business hours of September 1, 2023. The board also approved the appointment of Ms. Diksha Singh, as the Company Secretary and Key Managerial Personnel of the Company with effect from September 2, 2023. Approved the appointment of Ms. Diksha Singh as the Compliance Officer of the Company with effect from the date of her appointment pursuant to Regulation 6 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Ms. Diksha Singh is a science and a law graduate. She holds associate membership of the Institute of Company Secretaries of India. Diksha has more than 14 years of work experience in large and widely held listed companies. Prior to joining Diksha was associated with Hindustan Times Group and Jubilant Food Works Limited. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹178, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 26x in the Basic Materials industry in India. Total returns to shareholders of 168% over the past three years. Announcement • Aug 03
Orient Cement Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 Orient Cement Limited at the AGM held on August 1, 2023, the shareholders approved an ordinary resolution for the declaration of a final dividend of INR 1 (100%) per equity share of face value of INR 1 each for the financial year ended March 31, 2023, and confirmation of the interim dividend of INR 0.50 (50%) per equity share, paid during the financial year 2022-23. Announcement • Jul 18
Orient Cement Limited to Report Q1, 2024 Results on Aug 01, 2023 Orient Cement Limited announced that they will report Q1, 2024 results on Aug 01, 2023 Upcoming Dividend • Jul 18
Upcoming dividend of ₹1.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.5%). Reported Earnings • Jul 08
Full year 2023 earnings released: EPS: ₹6.00 (vs ₹12.85 in FY 2022) Full year 2023 results: EPS: ₹6.00 (down from ₹12.85 in FY 2022). Revenue: ₹29.4b (up 7.8% from FY 2022). Net income: ₹1.23b (down 53% from FY 2022). Profit margin: 4.2% (down from 9.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 04
Orient Cement Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023, Payable on or Before 30 August 2023 Orient Cement Limited announced that at its AGM to be held on August 1, 2023, it will propose final dividend of INR 1 (100%) per equity share for the financial year ended March 31, 2023. The Register of Members and Share Transfer Books of the Company will remain closed from 26th July, 2023 to 1st August, 2023, both days inclusive, for AGM and for determining the entitlement of the Members to the final dividend for 2022-23. The final dividend on Equity Shares, if declared at the AGM, will be credited on or before 30th August, 2023 to the bank account of the Members whose bank mandate are updated in the records of the Depository Participants/Company as on the book closure date. Announcement • Jun 30
Orient Cement Limited, Annual General Meeting, Aug 01, 2023 Orient Cement Limited, Annual General Meeting, Aug 01, 2023, at 15:30 Indian Standard Time. Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: ₹5.99 (vs ₹12.85 in FY 2022) Full year 2023 results: EPS: ₹5.99 (down from ₹12.85 in FY 2022). Revenue: ₹29.5b (up 8.2% from FY 2022). Net income: ₹1.23b (down 53% from FY 2022). Profit margin: 4.2% (down from 9.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 03
Upcoming dividend of ₹0.50 per share at 2.1% yield Eligible shareholders must have bought the stock before 10 February 2023. Payment date: 02 March 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.1%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.9%). Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₹1.34 (vs ₹2.13 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.34 (down from ₹2.13 in 3Q 2022). Revenue: ₹7.33b (up 19% from 3Q 2022). Net income: ₹275.2m (down 37% from 3Q 2022). Profit margin: 3.8% (down from 7.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
Orient Cement Limited to Report Q3, 2023 Results on Jan 31, 2023 Orient Cement Limited announced that they will report Q3, 2023 results at 12:08 PM, Indian Standard Time on Jan 31, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Varsha Purandare was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: ₹0.46 loss per share (vs ₹2.78 profit in 2Q 2022) Second quarter 2023 results: ₹0.46 loss per share (down from ₹2.78 profit in 2Q 2022). Revenue: ₹6.15b (flat on 2Q 2022). Net loss: ₹95.0m (down 117% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Oct 20
Orient Cement Limited to Report Q2, 2023 Results on Nov 09, 2022 Orient Cement Limited announced that they will report Q2, 2023 results at 3:30 PM, Indian Standard Time on Nov 09, 2022 Announcement • Sep 02
Orient Cement Limited Announces Resignation of Soumitra Bhattacharyya as Chief Financial Officer, Effective September 2, 2022 Orient Cement Limited announced that Mr. Soumitra Bhattacharyya has resigned from the post of Chief Financial Officer of the Company and will be relieved from his official duties from close of business hours of September 2, 2022. Announcement • Jul 30
Orient Cement Limited Approves Declaration of Final Dividend for the Financial Year Ended March 31, 2022 Orient Cement Limited approved the declaration of final dividend of INR 1.75 (175%) per equity share of face value of INR 1 each for the financial year ended March 31, 2022, at its 11th annual general meeting held on July 28, 2022. Announcement • Jul 14
Orient Cement Limited to Report Q1, 2023 Results on Jul 28, 2022 Orient Cement Limited announced that they will report Q1, 2023 results at 3:30 PM, Indian Standard Time on Jul 28, 2022 Upcoming Dividend • Jul 13
Upcoming dividend of ₹1.75 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (1.0%). Reported Earnings • Jul 03
Full year 2022 earnings released: EPS: ₹12.85 (vs ₹10.46 in FY 2021) Full year 2022 results: EPS: ₹12.85 (up from ₹10.46 in FY 2021). Revenue: ₹27.3b (up 17% from FY 2021). Net income: ₹2.63b (up 23% from FY 2021). Profit margin: 9.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Orient Cement Limited Proposes Final Dividend for the Financial Year Ended March 31, 2022 , Payable on or Before August 26, 2022 Orient Cement Limited proposed to declare a final dividend of INR 1.75 (175%) per equity share for the financial year ended March 31, 2022 in Annual General Meeting of the Members will be held on July 28, 2022. The Register of Members and Share Transfer Books of the Company will remain closed from July 22, 2022 to July 28, 2022, both days inclusive, for annual closing and for determining the entitlement of the Members to the final dividend for fiscal year 2022, if approved at the AGM. Payment of Dividend: The dividend on Equity Shares, if declared at the AGM, will be paid, subject to deduction of tax at source, on or before August 26, 2022 to the Members whose names appear on the Company's Register of Members as on the close of business hours on July 21, 2022. Announcement • Jun 29
Orient Cement Limited, Annual General Meeting, Jul 28, 2022 Orient Cement Limited, Annual General Meeting, Jul 28, 2022, at 15:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹97.10, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 15x in the Basic Materials industry in India. Negligible returns to shareholders over past three years. Price Target Changed • May 15
Price target decreased to ₹197 Down from ₹214, the current price target is provided by 1 analyst. New target price is 65% above last closing price of ₹119. Stock is down 0.04% over the past year. The company posted earnings per share of ₹14.14 last year. Announcement • May 13
Orient Cement Limited Recommends Final Dividend for the Year Ended March 31, 2022 Orient Cement Limited recommended a final dividend of INR 1.75 (175%) per equity share of INR 1/- each for the year ended March 31, 2022, subject to the approval of shareholders at the upcoming Annual General Meeting (AGM} of the Company which shall be paid/dispatched to the shareholders within 30 days of declaration. Further, the Company had declared an interim dividend of INR 0.75 (75%) per equity share during the previous quarter of the financial year 2021-22, totaling the dividend amount to INR 2.50 (250%) per equity share of INR 1/- each for the financial year 2021-22. Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₹8.06b (down 3.1% from 1Q 2021). Net income: ₹732.4m (down 27% from 1Q 2021). Profit margin: 9.1% (down from 12% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Varsha Purandare was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹140, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 15x in the Basic Materials industry in India. Total returns to shareholders of 108% over the past three years. Reported Earnings • Feb 02
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.13 (down from ₹2.63 in 3Q 2021). Revenue: ₹6.18b (up 2.1% from 3Q 2021). Net income: ₹436.7m (down 19% from 3Q 2021). Profit margin: 7.1% (down from 8.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Varsha Purandare was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
