Orient Cement Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Orient Cement Ltd trades at ₹137, in a downtrend and 57 weeks into that stage. That is −16.7% against its own 200-day average. It sits at 10% of a 52-week range of ₹126 to ₹225. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 57 of stage 4, confirmed. At ₹137 it trades −16.7% versus its 200-day average and sits at 10% of its 52-week range (₹126–₹225).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +0% while the NIFTY 500 moved +282% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Orient Cement Ltd trades at 13.2× P/E, near the bottom of its own range — cheaper only 33% of the time. Its long-run median P/E is 21.2×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 13.2× is near the bottom of its own range — cheaper only 33% of the time, against a long-run median of 21.2× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +269.4% against a −43.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −3.1%/yr price move, ~+0.0%/yr came from earnings growth and ~−3.1 pp from the multiple (compressing); over 10y, of the −2.2%/yr price move, ~+23.3%/yr came from earnings growth and ~−25.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Orient Cement Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 7.5% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

58.2/100 — rank 6 of 26 in Cement · 93% evidence confidence

Orient Cement Ltd scores 58.2 out of 100 against the 26 companies it is compared with in Cement, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.6 + 16.9 + 16.1 + 7.6 = 58.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Orient Cement Ltd reported ₹604 Cr of revenue in the Jun 26 quarter, −30.3% year on year. Over 10 years it has compounded at 6.7% a year. The last full year, FY26, came in at ₹2,793 Cr. The last four reported quarters add to ₹2,530 Cr.

FY26 revenue came in at ₹2,793 Cr (+3.1% on the year), capping 10 years at 6.7% compound. The latest quarter (Jun 26) printed ₹604 Cr, −30.3% year on year.

Pace check: the last four quarters averaged −8.7% growth against the decade's 6.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −12.1% over the last 4 quarters against −9.0%/yr over the last 8 — rolling over; TTM profit −19.3% vs +9.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Orient Cement Ltd's operating margin is 24.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 24.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 24.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–24.0%.

Why the margin moved: operating margin went +2.8 pp year on year while gross margin went −14.5 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Orient Cement Ltd earned ₹77.0 Cr of net profit in the Jun 26 quarter, −62.4% year on year. Full-year FY26 profit was ₹338 Cr. The 10-year compound rate is 18.5%. That is 12.7% of the quarter's revenue. The same quarter a year earlier earned ₹205 Cr.

Jun 26 profit was ₹77.0 Cr, −62.4% year on year. On the full year, FY26 printed ₹338 Cr (+271.4%), and the 10-year compound rate is 18.5%.

🚨 Why profit moved: revenue contributed −30.3% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +624.6% vs revenue −8.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 98% of Orient Cement Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹−39.0 Cr of operating cash against ₹338 Cr of profit. After ₹28.0 Cr of capital spending, ₹−67.0 Cr was left as free cash.

FY26: operating cash of ₹−39.0 Cr against reported profit of ₹338 Cr, leaving free cash of ₹−67.0 Cr after ₹28.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 98% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 98%: the cash cycle tightened 26 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Orient Cement Ltd's cash conversion cycle runs −24 days in FY26, down from 2 days in FY21. Capital spending ran ₹194 Cr over the last 3 years. At FY26 sales of ₹2,793 Cr each day of that cycle holds about ₹7.7 Cr, so roughly ₹−184 Cr sits inside the business at any moment.

FY26: debtors at 110 days, inventory at 125 days — roughly 4.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −24 days, tighter than FY21's 2.

The full loop: cash goes out to suppliers and production on day 0; stock waits 125 days to sell; customers pay about 110 days after that; and suppliers themselves are paid at 259 days — netting out to the −24-day cycle.

In money terms: at FY26 sales of ₹2,793 Cr, each day of the cycle holds about ₹7.7 Cr — so the −24-day loop keeps roughly ₹−184 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹194 Cr over the last 3 fiscal years against ₹533 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹32.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Orient Cement Ltd earns a ROCE of 16% in FY26. That is up from a trough of 3% in FY17. Return on invested capital clears the cost of that capital by −2.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.1% net margin on 0.89× asset turns.

FY26 ROCE is 16%, recovered from a FY17 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.1% net margin × 0.89× asset turns × 1.46× balance-sheet leverage ≈ 15.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 9.3% − 12.0% = a −2.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Orient Cement Ltd carries total debt of ₹72.0 Cr against shareholder equity of ₹2,146 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.21 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹72.0 Cr against shareholder equity of ₹2,146 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.21 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 34.8 points of Orient Cement Ltd over 8 quarters, the biggest move on the register. That takes promoters to 72.7% of the company. Domestic institutions moved −14.5 points over the same window, to 2.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +34.8 points over 8 quarters to 72.7%; Domestic institutions: −14.5 points over 8 quarters to 2.2%; Foreign institutions: −2.8 points over 8 quarters to 4.1%.

Why the register moved: promoters drove it (+34.8 points), absorbed on the other side by domestic institutions (−14.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Orient Cement Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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