Orient Cement LimitedQ2 FY27 Results & Financial Update
Orient Cement Limited: Q2 FY27 standalone results and company financials – revenue ₹565.00 Cr, PAT ₹32.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Orient Cement Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Orient Cement Limited reported revenue from operations of INR 565 crore for the second quarter of fiscal 2027, marking a sequential decrease of 6.46% compared to the INR 604 crore recorded in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 stood at INR 578 crore, down from INR 609 crore in Q1 FY27, inclusive of INR 13 crore in other income.
Profit before tax (PBT) contracted sharply by 57.28% sequentially to INR 44 crore from INR 103 crore in the previous quarter, driven by higher sequential inventory adjustments and operating cost movements.
Profit after tax (PAT) for the quarter settled at INR 32 crore, representing a sequential decline of 58.44% against INR 77 crore in Q1 FY27, resulting in a reported PAT margin of 5.66%.
Basic and diluted earnings per share (EPS) for the quarter came in at INR 1.56, compared to INR 3.76 in the preceding quarter. Total comprehensive income for the period reached INR 34 crore after accounting for other comprehensive items.
The company's financial results reflect continued integration activities under its parentage with Ambuja Cements Limited, alongside ongoing legal and procedural steps concerning a proposed scheme of amalgamation.
Total income for Q2 FY27 stood at INR 578 crore, softening from INR 609 crore reported in Q1 FY27.
01 · Business model
What does Orient Cement do?
Orient Cement Limited manufactures and sells cement products in India, operating under a single reportable business segment as per Ind AS 108.
The company became a subsidiary of Ambuja Cements Limited following an acquisition of a 46.66% stake by the acquirer on April 22, 2025, which subsequently increased its shareholding to 72.66% following an open offer completed in June 2025.
Orient Cement's administrative and operational framework is anchored by its registered office located at Adani Corporate House in Shantigram, Ahmedabad, Gujarat, following a registered office relocation effective January 2026.
02 · Historical context
What shaped the business before this quarter
On April 22, 2025, Ambuja Cements Limited acquired a 46.66% stake in Orient Cement and assumed operational and financial control, subsequently raising its shareholding to 72.66% following an open offer in June 2025.
Effective January 9, 2026, the company shifted its registered office from Bhubaneswar, Odisha, to Adani Corporate House in Shantigram, Ahmedabad, Gujarat, pursuant to an order of the Registrar of Companies.
During the previous financial year ended March 31, 2026, Orient Cement opted for the reduced corporate tax rate regime under Section 115BAA of the Income-tax Act, 1961, leading to remeasurement of deferred tax liabilities and reversal of excess tax provisions.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹565.00 Cr | ₹604.00 Cr |
| Total income | ₹578.00 Cr | ₹609.00 Cr |
| Profit before tax | ₹44.00 Cr | ₹103.00 Cr |
| Profit after tax | ₹32.00 Cr | ₹77.00 Cr |
| EPS | ₹1.56 | ₹3.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations stood at INR 565 crore for Q2 FY27, reflecting lower sequential off-take compared to INR 604 crore in Q1 FY27 and INR 643 crore in the corresponding period of the previous year.
Other income contributed INR 13 crore to the total income of INR 578 crore for the quarter, compared to INR 5 crore in the preceding quarter.
Revenue from operations stood at INR 565 crore in Q2 FY27, representing a 6.46% sequential decline from INR 604 crore in Q1 FY27.
Total income stood at INR 578 crore for the quarter, compared to INR 609 crore in the immediate preceding quarter.
What drove margins
Cost of materials consumed was INR 174 crore, while power and fuel expenses formed the largest cost head at INR 201 crore for the quarter, down from INR 227 crore in Q1 FY27.
Packing, freight, and forwarding charges stood at INR 30 crore, employee benefits expense at INR 35 crore, and other expenses at INR 49 crore for Q2 FY27.
Depreciation and amortisation expenses remained flat sequentially at INR 43 crore, while finance costs were contained at INR 1 crore.
PAT margin contracted sequentially from 12.75% in Q1 FY27 to 5.66% in Q2 FY27, driven by lower earnings relative to top-line figures.
Depreciation was reported at INR 43 crore, matching the previous quarter's level, while finance costs remained low at INR 1 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates strictly within a single reportable segment, namely the manufacture and sale of cement, in accordance with Ind AS 108.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
For the half year ended September 30, 2026, payments made on the purchase of property, plant, and equipment, including capital work-in-progress and capital advances, totalled INR 21 crore.
07 · Reported developments
What changed operationally
The equity shareholders of Orient Cement approved the proposed scheme of amalgamation with Ambuja Cements Limited with the requisite statutory majority at a meeting convened on September 28, 2026.
08 · Pressure points & risks
What is not going smoothly
Net profit for Q2 FY27 declined by 58.44% sequentially to INR 32 crore from INR 77 crore in Q1 FY27, reflecting lower operating margins and negative inventory adjustments.
Both PBT and PAT experienced sequential contractions of over 57% and 58% respectively compared to Q1 FY27.
09 · Items worth noticing
The line items that can distort a quick read
Total tax expense for Q2 FY27 was recorded at INR 12 crore, comprising INR 18 crore in current tax offset by a deferred tax credit of INR 6 crore.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
During the half year ended September 30, 2026, the company extended Inter-Corporate Deposits (ICDs) aggregating to INR 512 crore to its holding company, Ambuja Cements Limited, which includes a net amount of INR 62 crore advanced during Q2 FY27. These ICDs carry an 8% per annum interest rate and are repayable by March 31, 2027.
Net cash generated from operating activities for the half-year period ended September 30, 2026, stood at INR 533 crore, bolstered by working capital changes including a decrease in trade receivables.
Capital allocation & funding
As of September 30, 2026, non-current borrowings stood at INR 40 crore, non-current lease liabilities at INR 31 crore, and current lease liabilities at INR 2 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Labour Codes Implementation Status
The company noted that following the notification of central rules under the new Labour Codes, the assessment concluded no material financial impact for the quarter, with ongoing monitoring of state-level rules.
12 · Previous-quarter changes
What changed since the previous quarter
Operating revenue decreased from INR 604 crore in Q1 FY27 to INR 565 crore in Q2 FY27, accompanied by a decline in PAT from INR 77 crore to INR 32 crore.
Revenue decreased from INR 604 crore in Q1 FY27 to INR 565 crore in Q2 FY27.
PAT declined from INR 77 crore in Q1 FY27 to INR 32 crore in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does Orient Cement do?
Orient Cement Limited manufactures and sells cement products in India, operating under a single reportable business segment as per Ind AS 108.
What is the clearest takeaway from Q2 FY27?
Orient Cement Limited reported revenue from operations of INR 565 crore for the second quarter of fiscal 2027, marking a sequential decrease of 6.46% compared to the INR 604 crore recorded in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue from operations stood at INR 565 crore for Q2 FY27, reflecting lower sequential off-take compared to INR 604 crore in Q1 FY27 and INR 643 crore in the corresponding period of the previous year.
What mattered most for margins or profitability?
Cost of materials consumed was INR 174 crore, while power and fuel expenses formed the largest cost head at INR 201 crore for the quarter, down from INR 227 crore in Q1 FY27.
What changed operationally beyond the headline numbers?
For the half year ended September 30, 2026, payments made on the purchase of property, plant, and equipment, including capital work-in-progress and capital advances, totalled INR 21 crore.
What are the main pressure points disclosed for the quarter?
Net profit for Q2 FY27 declined by 58.44% sequentially to INR 32 crore from INR 77 crore in Q1 FY27, reflecting lower operating margins and negative inventory adjustments.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
NCLT Amalgamation Proceedings: Track the outcome of the NCLT hearing scheduled for November 19, 2026, regarding the joint company petition for amalgamation with Ambuja Cements Limited.
- 02
ICD Recovery and Maturity: Monitor the repayment status of the INR 512 crore Inter-Corporate Deposits extended to Ambuja Cements Limited, due on or before March 31, 2027.
- 03
Subsequent Quarter Performance: Track revenue and margin recovery trends in the upcoming quarterly financial disclosures.
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