ORIENTCEM
Micro CapOrient Cement Limited
Infra
Orient Cement Limited is a subsidiary of Ambuja Cements, part of the Adani Group's 'One Cement Platform'. Its amalgamation with Ambuja is underway, aiming to create a unified entity. It operates cement manufacturing facilities in India, contributing to the group's pan-India presence and capacity expansion goals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100Rev -22% YoY · PAT +31% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹647 Cr | -21.6% | +1.7% |
| EBITDA | ₹108 Cr | +4.9% | +20.0% |
| Operating margin | 17.0% | +500 bps | +300 bps |
| PAT | ₹55 Cr | +30.9% | +96.4% |
| PAT margin | 8.5% | +341 bps | +410 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Ambuja Cements (consolidated, including Orient) reported strong FY26 volume growth (+16% YoY) and normalized EBITDA PMT (+12% YoY). However, Q4FY26 EBITDA PMT declined 29% YoY to Rs 735 due to fuel cost inflation and other headwinds. Orient Cement's Q4 utilization was 76%.
Ambuja's consolidated results show robust FY26 volume and normalized EBITDA PMT growth, but Q4 was significantly impacted by cost inflation and operational challenges. Orient Cement's specific utilization improved, but its full integration into Ambuja is still pending. Macro headwinds and persistent cost pressures pose risks to the group's margin expansion targets.
Capacity Expansion
Cement capacity stands at 109 MTPA as of March 31, 2026, with plans to increase to ~119 MTPA by H1FY27 through new grinding and clinker units.
Cost Optimization Initiatives
Strengthening cost-mitigation through fuel mix optimization, higher renewable energy usage, reducing logistics costs via rail/sea, and disciplined production.
Digital Transformation
Launch of CiNOC (Cement Intelligent Network Operations Centre) and adoption of DIGIPIN to infuse AI, standardize freight, and enhance operations.
Market Leadership & Premium Products
Premium cement sustained at 35% of trade sales, supported by strong brand equity and supply chain network.
Current Cement Capacity
Cement Capacity as on 31st March 2026 stands at 109 MTPA.
Commissioned Clinkering Line
A clinkering line with 3 MTPA at Jodhpur has been commissioned.
Trial Run Started
Trial run has started for a 1.2 MTPA Dahej GU Line 2.
Projects for H1FY27 Commissioning
Grinding capacities in Dahej (1.2 MTPA), Bhatinda (1.2 MTPA), Salai Banwa (2.4 MTPA), Kalamboli (1 MTPA), Jodhpur (2 MTPA), Warisaliganj (2.4 MTPA) and additional clinker unit at Maratha (4 MTPA).
Government Capex & Infrastructure Focus
FY27 Union Budget's 12.2 lakh Cr public capex and 10% increase in allocation for core infrastructure and housing bodes well for demand.
Long-Term Structural Demand
India's cement demand is driven by urbanization, income growth, and public investment, indicating massive headroom for growth.
Policy Support
PLI Scheme, Smart City Initiatives, and FDI inflows are supporting long-term industrial cement demand growth.
Q4FY26 Operational Impacts
The quarter was impacted by fuel cost inflation, packaging supply constraints, and labor migration due to state elections.
H1FY27 Macro Outlook
Higher energy prices, higher inflation, and a weaker monsoon are expected in H1FY27.
Soft Demand Outlook
Demand growth for FY27 is expected to remain soft at ~5%, factoring in early forecasts of a below-normal monsoon.
Geopolitical Conflicts
Ongoing West Asia conflicts are leading to fuel price volatility and may constrain short-term government spending flexibility.
Monsoon Impact
Expectations of a sub-normal monsoon may dampen agriculture income and impact rural housing demand.
Cost Pressures
The West Asia crisis has increased freight, petcoke, and coal prices, while creating shortages in polypropylene packaging bags.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Year-on-year comparison is crucial for assessing overall annual growth and long-term trends in a capital-intensive, seasonal business like cement. Quarter-on-quarter comparison is vital for tracking sequential momentum, cost management, and the immediate impact of operational efficiencies or headwinds.
Consolidated Cement Sales Volume
Q4FY26: 19.9 MnT (+10% YoY, +6% QoQ). FY26: 73.7 MnT (+16% YoY).
Consolidated Operating EBITDA PMT
Q4FY26: Rs 735 (-29% YoY, +2% QoQ). FY26: Rs 887 (-6% YoY reported, +12% YoY normalized excluding one-time items).
Consolidated Capacity Utilization
Overall capacity utilization improved by 5% sequentially to 77% on a consolidated basis. Orient utilization was 76% in Q4FY26.
Total Cement Cost
Current level of ~Rs 4,400 PMT in FY26. Management expects to reduce this by Rs 150–200 PMT in FY27.
Cost Reduction Target
Management expects to reduce total cement cost by Rs 150–200 PMT in FY27, from the current level of ~Rs 4,400 PMT in FY26.
Asset Utilization Target
Efforts are underway to improve overall asset utilization from the current 77% to a target of 85%.
Consolidation Timeline
Amalgamation of ACC and Orient with Ambuja Cements is subject to requisite approvals and is expected over FY27, awaiting SEBI NOC.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA PMT | Rs 735 (Q4FY26) | Improvement towards FY26 normalized Rs 887 and realization of targeted cost reductions in FY27. |
| Overall Capacity Utilization | 77% (consolidated) | Ramp-up towards the 85% target, particularly for newly commissioned and acquired assets like Orient (76% in Q4FY26). |
| Orient Cement Merger Completion | Awaiting SEBI NOC, expected over FY27 | Timely completion of the amalgamation with Ambuja Cements to realize 'One Cement Platform' synergies. |
| Total Cement Cost Reduction | ~Rs 4,400 PMT (FY26) | Evidence of Rs 150-200 PMT reduction in FY27 through stated cost optimization initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -12.2% / mo · near 52W low
Technical chart
ORIENTCEMdaily · 1Y-30.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 41.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 33% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 80.8%.
- Valuation contributes 29/30 to the score.
- Balance sheet contributes 13/15 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 58th percentile within Infra. Main check: results consistency is weak at 19/100.
Healthy Trust Lite: Promoter holding is 72.7%. Key concern: Operating cash flow is negative at ₹-39 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 58th pctile, median 65 · Micro: 33rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.7%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸Operating cash flow is negative at ₹-39 Cr.
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸2/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 8.03
- P/B
- 1.28
- EV/EBITDA
- 3.62
- Market Cap
- 2741.00Cr
Profitability
- ROE
- 17.30%
- ROCE
- 16.50%
- ROA
- 10.79%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 41.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 42.00×
- Altman Z
- 4.33
- Book Value
- 104.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -39.00 Cr
- EPS TTM
- 16.44
Shareholding
- Promoter Hold
- 72.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.