Orient Bell

- The company has not indicated any plans for new fundraising through debt or equity during the current financial year. - Anuj Arora mentioned that they have initiated repayment of long-term debt, reflecting a focus on reducing leverage. - Regarding the adhesive business, Aditya Gupta stated no capex is planned for this financial year; any expansion involving capex will be considered next year based on business performance. - Overall, Orient Bell Limited emphasizes maintaining a strong balance sheet with comfortable net debt and robust cash balances. - There is no mention of raising fresh funds via equity or debt in the transcript from the November 11, 2025 earnings call.

- Orient Bell started the adhesive business segment in July end with no current capex; leveraging existing manpower and assets. - The adhesive business currently operates on a pilot scale with small monthly revenues in the millions. - Future capex for adhesive manufacturing is not planned for this financial year but may be considered next year depending on business performance. - The company is focusing on adding partners to supply adhesives within a 300-350 km radius cost-effectively. - Expansion of product range in adhesives is planned, including epoxy and grout products to complete the product line. - For experience centers (Orient Bell Tiles Boutiques), the company is adding new centers but prioritizes strengthening customer experience in existing ones; gross additions this year will be lower than the previous year. - No significant new capacity is expected in Morbi in the next 6-8 months, implying limited industry capex in near term.

- Management expects better performance in the second half of the financial year due to positive signs in cement and steel sectors, which influence tile demand. - Volume-led growth is the primary focus rather than price (ASP) increases. - Revenue growth is anticipated from improvements in domestic demand as exports show a 6% year-on-year increase. - No significant new capacity is expected in Morbi, leading to better market balance and reducing oversupply. - Expansion plans include growing presence in Tier 2 and Tier 3 cities while maintaining strong markets in Tier 1 cities. - Ongoing initiatives like brand building, marketing expansions in regional languages, digital tools, and product portfolio enhancement are expected to support revenue growth. - Operating leverage from higher volumes is expected to improve EBITDA margins. - Adhesive business is in a nascent stage and may add to growth but will have minimal impact in the near term. - Overall cautious optimism expressed for sustained growth in volumes and revenue going into FY '27.

- Management is cautiously optimistic about future growth with positive signs of recovery in cement and steel sectors, indicating stronger tile demand in H2 FY '26 and FY '27. - The company expects better volume growth to drive earnings improvement rather than price increases, leveraging operational efficiencies and cost management. - Q2 FY '26 showed a 22.5% increase in EBITDA YoY, signaling a solid recovery; H2 traditionally performs better with higher top line and margins. - No specific forward guidance is given, but management anticipates improvement in EBITDA percentages as operating leverage kicks in with increased volumes. - Gross margins remain strong (~39%), among the best in the industry, supporting profitability. - FY '27 is expected to be a much better year compared to FY '26 based on early building activity indicators. - Continued focus on brand building, digital tools, and product portfolio enhancement should support growth.

The transcript does not provide specific details on the current or expected order book or pending orders for Orient Bell Limited. However, the following relevant points can be inferred: - The company mentioned about 80% retail and 20% project sales mix in Q2 FY26. - There is an emphasis on increasing volumes, particularly volume-led growth rather than ASP-led. - They highlighted improving demand trends in the domestic market as some smaller units in Morbi have closed, reducing supply overhang. - There are positive signs of recovery in building materials sectors like cement and steel, which could support future tile demand. - No direct commentary on the size or value of the order book or pending orders was given in the call. Therefore, specific order book or pending orders data is not disclosed in this earnings call transcript.