Orient Electric financials and balance sheet

NSE: ORIENTELECBSE: 541301Consumer DurablesSmall Cap

₹183.37₹5.54 (2.93%)BSE ₹183.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹188.91.

52-week range of traded prices to 23 Oct 2026

₹149.05Low, 30 Mar 2026₹217.51High, 31 Oct 2025

Market cap: ₹3,912 Cr881st largest listed
P/E: 31.3
P/E without one-offs: 28.2
P/B: 4.9
Dividend yield: 0.82%
ROE: 16.5%
ROE without one-offs: 18.4%
ROCE: 22.8%
Debt to equity: 0.05
Volume, NSE: 9,39,17249.5% delivered

8 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Orient Electric annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,326 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 5.9% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue3,326
Materials and goods−2,290
Employee costs−308
Other expenses−499
Operating profit229
Depreciation−77
Other income+10
One-off items−10
Finance costs−23
Profit before tax129
Tax−33
Net profit96

What the company owns

Receivables₹619 Cr
Plant, investments and other assets₹529 Cr
Inventory₹426 Cr
Current investments₹60 Cr
Cash and bank₹33 Cr

What pays for it: net worth and liabilities

Net worth₹760 Cr
Owed to suppliers₹601 Cr
Other liabilities₹279 Cr
Borrowings₹26 Cr

Orient Electric business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Orient Electric segment results by quarter

Revenue by segment

₹3,326 CrTotal

Electrical Consumer Durables₹2,294 Cr69.0% of total
Lighting & Switchgear₹1,033 Cr31.0% of total

Profit by segment

Electrical Consumer Durables₹225 Cr62.0% of total
Lighting & Switchgear₹138 Cr38.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

Electrical Consumer Durables
Revenue, ₹ crore
1,330
1,492
1,514
1,799
1,752
1,983
2,173
2,294
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
151
182
205
201
160
186
220
225
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Lighting & Switchgear
Revenue, ₹ crore
535
570
519
649
777
829
921
1,033
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
59
60
69
95
116
116
132
138
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,864	2,062	2,033	2,448	2,529	2,812	3,094	3,326
Company revenue, as in its results	1,864	2,062	2,033	2,448	2,529	2,812	3,094	3,326
Revenue	1,330	1,492	1,514	1,799	1,752	1,983	2,173	2,294
Revenue growth	–	12.2%	1.5%	18.9%	−2.6%	13.2%	9.6%	5.6%
Profit	151	182	205	201	160	186	220	225
Profit growth	–	20.5%	12.9%	−2.0%	−20.5%	16.1%	18.7%	2.2%
Margin	11.3%	12.2%	13.6%	11.2%	9.1%	9.4%	10.1%	9.8%
Return on capital	57.9%	84.2%	207.3%	65.4%	54.0%	41.6%	46.2%	47.7%
Assets	566	514	535	683	667	903	960	987
Liabilities	305	298	436	376	371	457	483	515
Capital employed	260	216	99	308	296	446	477	473
Revenue	535	570	519	649	777	829	921	1,033
Revenue growth	–	6.6%	−9.0%	25.1%	19.8%	6.7%	11.0%	12.2%
Profit	59	60	69	95	116	116	132	138
Profit growth	–	1.5%	16.0%	37.0%	22.5%	0.2%	13.3%	4.8%
Margin	11.0%	10.5%	13.3%	14.6%	14.9%	14.0%	14.3%	13.4%
Return on capital	38.2%	31.2%	94.2%	140.9%	178.1%	157.5%	115.3%	73.4%
Assets	270	330	264	257	277	288	373	437
Liabilities	116	139	191	190	211	214	258	249
Capital employed	154	191	74	67	65	74	114	188

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Orient Electric quarterly results

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 2 Jun	Mar 2021Filed 13 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Revenue from operations	1,864	2,062	2,033	2,448	2,529	2,812	3,094	3,326
	1,723	1,885	1,813	2,217	2,378	2,668	2,890	3,097
Materials and goods bought	1,223	1,409	1,421	1,767	1,824	1,957	2,100	2,290
Employee costs	173	198	179	190	193	259	306	308
Other expenses	327	278	213	260	361	452	484	499
Operating profit before depreciation	141	176	220	231	151	144	204	229
Operating margin	7.6%	8.6%	10.8%	9.4%	6.0%	5.1%	6.6%	6.9%
Materials, % of revenue	65.6%	68.4%	69.9%	72.2%	72.1%	69.6%	67.9%	68.9%
Employee costs, % of revenue	9.3%	9.6%	8.8%	7.8%	7.6%	9.2%	9.9%	9.3%
Other expenses, % of revenue	17.6%	13.5%	10.5%	10.6%	14.3%	16.1%	15.7%	15.0%
Depreciation and amortisation	23	40	43	47	54	59	79	77
Operating profit after depreciation	118	136	176	184	97	85	125	152
Other income	10	4	6	6	27	16	12	10
Finance costs	23	26	21	20	22	23	24	23
Profit before one-off items and tax	105	114	162	170	102	78	112	139
One-off items	0	0	0	0	0	19	0	−10
Profit before tax	105	114	162	170	102	96	112	129
	36	36	42	43	26	21	29	33
Current tax	45	37	47	43	25	26	29	42
Deferred tax	−9	−2	−5	0	1	−5	0	−9
Net profit	69	79	120	127	76	75	83	96
Other comprehensive income	0	0	0	0	1	1	1	0
Total comprehensive income	69	79	119	127	76	77	84	96
Net margin	3.7%	3.8%	5.9%	5.2%	3.0%	2.7%	2.7%	2.9%

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 2 Jun	Mar 2021Filed 13 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May	Sep 2026Half yearFiled 15 Oct
	307	359	456	541	585	639	694	760	805
Share capital	21	21	21	21	21	21	21	21	21
Reserves	285	338	434	520	563	618	673	739	783
	125	95	15	15	10	21	17	26	38
Repayable after a year	25	0	2	0	0	0	0	0	0
Repayable within a year	100	95	14	15	10	21	17	26	38
	544	530	650	572	584	718	785	825	799
Trade payables	351	330	519	449	453	544	600	601	583
Other financial liabilities	40	52	47	48	62	71	94	93	84
Other liabilities	24	24	30	29	28	51	43	57	52
Provisions	27	29	40	31	31	30	32	42	41
Tax owed	2	0	0	0	–	0	0	7	1
	38	71	57	74	96	94	75	81	87
Other financial liabilities	0	43	42	38	67	65	44	40	39
Other liabilities	0	10	0	13	11	9	5	2	2
Provisions	13	17	14	23	19	21	26	39	46
	889	960	1,162	1,187	1,265	1,451	1,555	1,667	1,691
Held for sale or for a demerger	–	–	–	–	16	–	–	3	1
	165	260	266	292	395	532	509	489	484
Plant in use, after depreciation	112	184	172	190	207	222	427	398	–
Plant being built	4	3	3	2	83	223	5	8	–
Intangible assets	5	6	14	22	18	14	13	8	6
Intangible assets being developed	0	7	9	2	3	3	0	1	1
Other financial assets	7	7	9	10	15	18	17	15	16
Deferred tax	20	21	26	26	25	30	38	48	46
Trade receivables	12	25	29	26	16	10	6	2	1
Other assets	5	6	4	16	27	13	4	8	8
	724	700	896	895	853	919	1,046	1,174	1,205
Inventories	264	287	249	326	285	315	430	426	518
Trade receivables	392	364	355	390	356	462	513	619	570
Cash and cash equivalents	32	7	140	150	164	66	52	32	25
Other bank balances	0	0	117	1	1	1	3	1	1
Current investments	0	0	0	0	0	37	14	60	35
Other financial assets	1	1	1	0	2	3	5	8	8
Tax paid in advance	0	9	3	0	12	2	0	0	0
Other assets	35	33	30	28	35	34	29	28	48
Net debt	93	87	−242	−136	−154	−83	−52	−67	−23

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 13 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May	Sep 2026Half yearFiled 15 Oct
	427	11	190	118	88	110	8
	469	62	225	124	123	148	32
	242	−173	85	−20	−82	−83	−88
Receivables	3	−32	48	−108	−52	−122	52
Inventories	37	−77	41	−30	−115	4	−92
Payables	190	−69	13	96	82	2	−17
Other working capital	11	6	−17	22	3	32	−30
Tax paid	−41	−51	−35	−6	−35	−37	−24
Capital spending	36	43	114	175	55	34	23
Free cash flow	391	−31	76	−57	32	76	−15
	−151	78	−110	−171	−29	−73	8
Plant and property sold	0	0	0	35	1	1	1
Interest received	2	3	9	7	4	2	2
	−144	−80	−66	−46	−72	−57	−23
Borrowings raised	0	0	0	11	−4	9	11
Borrowings repaid	−83	−1	−5	0	0	0	0
Interest paid	−21	−16	−3	−4	−3	−3	−1
Lease payments	−13	−16	−19	−22	−33	−32	−18
Dividends paid	27	42	42	32	32	32	16
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	9	8	0	0	0
Net change in cash	133	10	14	−98	−13	−20	−7

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Orient Electric dividend history

₹ per share	Mar 2019Filed 2 May	Mar 2020Filed 2 Jun	Mar 2021Filed 13 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Earnings per share	₹3.27	₹3.71	₹5.64	₹5.97	₹3.57	₹3.53	₹3.90	₹4.49
Diluted earnings per share	₹3.27	₹3.70	₹5.63	₹5.95	₹3.56	₹3.53	₹3.90	₹4.49
Dividend per share	₹1.00	₹1.15	₹2.00	₹2.00	₹1.50	₹1.50	₹1.50	₹1.50
Book value per share	₹14.45	₹16.94	₹21.47	₹25.51	₹27.47	₹29.94	₹32.54	₹35.62
Dividend payout	30.6%	31.0%	35.4%	33.5%	42.1%	42.5%	38.5%	33.4%
Shareholder yield	–	–	0.4%	0.6%	0.6%	0.6%	0.7%	1.0%
Market cap at the year end (₹ crore)	3,235	4,167	6,609	6,816	5,750	4,120	4,440	3,335

Ratios

Standalone, years to March.Orient Electric PE ratio and valuation

Ratio	Mar 2019Filed 2 May	Mar 2020Filed 2 Jun	Mar 2021Filed 13 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Revenue growth	–	10.6%	−1.4%	20.5%	3.3%	11.2%	10.0%	7.5%
Operating profit growth	–	24.9%	24.4%	5.4%	−34.7%	−4.4%	41.1%	12.4%
Net profit growth	–	13.4%	52.3%	5.8%	−40.1%	−0.8%	10.5%	15.2%
Earnings per share growth	–	13.5%	52.0%	5.9%	−40.2%	−1.1%	10.5%	15.1%
	22.6%	23.6%	29.4%	25.4%	13.5%	12.3%	12.5%	13.2%
	–	1.0 pts	5.8 pts	−4.0 pts	−11.9 pts	−1.2 pts	0.2 pts	0.7 pts
From the net margin	–	0.6 pts	12.9 pts	−3.6 pts	−10.7 pts	−1.4 pts	0.1 pts	0.9 pts
From asset turnover	–	1.5 pts	−5.2 pts	2.3 pts	−0.1 pts	0.0 pts	−0.1 pts	0.0 pts
From borrowing	–	−1.0 pts	−1.9 pts	−2.7 pts	−1.1 pts	0.2 pts	0.2 pts	−0.2 pts
Return on capital employed	27.4%	30.0%	37.4%	33.1%	16.4%	12.9%	17.5%	19.3%
Cash conversion	–	–	356.8%	9.0%	250.1%	157.1%	105.2%	114.8%
Interest cover	5.2	5.2	8.5	9.1	4.4	3.7	5.1	6.7
Debt to equity	0.41	0.26	0.03	0.03	0.02	0.03	0.02	0.03
Receivable days	77	64	64	58	51	60	60	68
Inventory days	79	74	64	67	57	59	75	68
Payable days	105	86	133	93	91	101	104	96
Cash conversion cycle, days	51	53	−6	33	18	17	31	40
Working capital days	49	46	1	28	17	15	25	31
Asset turnover	2.10	2.23	1.92	2.08	2.06	2.07	2.06	2.07
Assets per rupee of net worth	2.90	2.78	2.60	2.36	2.18	2.22	2.25	2.21
Sales per rupee of plant	16.65	11.22	11.85	12.88	12.19	12.69	7.25	8.36
Capital spending to depreciation	–	–	0.83	0.91	2.13	2.96	0.70	0.44
Plant being built, % of plant in use	3.8%	1.9%	1.5%	0.8%	39.9%	100.4%	1.1%	2.1%

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.0%
Cash from operations against operating profit: 48.0%

Measure	5 years	3 years
Revenue growth, yearly rate	10.4%	9.6%
Profit growth, yearly rate	−4.4%	8.1%
Return on equity, average	15.4%	12.7%
Return on capital employed, average	19.9%	16.6%
Operating margin, average	6.8%	6.2%
Net margin, average	3.3%	2.7%
Asset turnover, average	2.07	2.07
Cash conversion cycle, days, average	28	29
Interest cover, average	5.8	5.2
Debt to equity, average	0.03	0.03

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	517	316	110
Cash from investing	−304	−273	−73
Cash from financing	−321	−175	−57
Capital spending	421	264	34
Dividends paid	181	96	32
Shares bought back	0	0	0
Shares issued for cash	17	8	0
Borrowings raised	–	–	9
Borrowings repaid	5	0	0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	5	5	5	6	7
Altman Z-scorePublished threshold 1.81	6.60	7.49	8.66	9.86	8.28	6.02	6.18	5.38
Beneish M-scorePublished threshold −1.78	–	–	−3.65	−1.80	−2.65	−2.33	−2.69	−2.29
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−14.78	3.16	−0.32	9.39	1.64	3.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.95	1.15	1.69	1.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	−17.88	−0.93	−10.55	−12.11	18.58	0.99	13.28
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−6.68	−13.86	6.54	−15.96	3.41	29.09	−10.04
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	0.34	−0.40	−0.26	0.81	−0.35	−0.14	0.06
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.03	0.08	0.02	1.17	3.04	0.02	0.17
Effective tax ratePublished threshold 17.16 per cent	33.93	31.20	26.04	25.40	25.59	21.81	25.87	25.87
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−4.49	−8.63	15.93	−5.59	−3.12

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Term loanShort-term scale	CARE A1+Review, Re-affirm		100
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE AA / CARE A1+Review, Re-affirm	Stable	322.50
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Cash CreditLong and short-term scales	CARE AA / CARE A1+Review, Re-affirm	Stable	40
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-CC/Packing CreditLong and short-term scales	CARE AA / CARE A1+Review, Re-affirm	Stable	107.50
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Forward ContractShort-term scale	CARE A1+Review, Re-affirm		3.30

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.