ORIENTLTD - Orient Press
📢 Recent Corporate Announcements
CARE Ratings has reaffirmed Orient Press Limited's long-term bank facilities at 'CARE BB; Stable' and short-term facilities at 'CARE A4'. Following the initial review, the company's management formally requested a rating upgrade, which was subsequently denied by the agency in a regret letter dated March 9, 2026. The total rated bank facilities have been reduced to ₹48.95 crore from previous levels. The ratings reflect the agency's assessment of the company's financial performance for FY25 and the first nine months of FY26.
- Long-term bank facilities of ₹25.45 crore reaffirmed at 'CARE BB; Stable'.
- Short-term bank facilities of ₹13.50 crore reaffirmed at 'CARE A4'.
- Total rated bank facilities reduced to ₹48.95 crore from previous levels.
- CARE Ratings rejected the management's formal appeal for a rating upgrade after reconsideration.
- Ratings are based on audited FY25 and unaudited 9MFY26 financial results.
CARE Ratings has reaffirmed the credit ratings for Orient Press Limited's bank facilities, maintaining 'CARE BB; Stable' for long-term and 'CARE A4' for short-term debt. The total rated amount has been reduced to ₹48.95 crore from previous levels. Significantly, the rating agency issued a regret letter on March 9, 2026, declining the company's request for a rating upgrade after a formal reconsideration. The review was based on the company's performance through FY25 and the first nine months of FY26.
- Long-term rating reaffirmed at CARE BB; Stable for facilities worth ₹25.45 crore.
- Short-term rating reaffirmed at CARE A4 for facilities worth ₹13.50 crore.
- Total rated bank facilities reduced to ₹48.95 crore from previous limits.
- CARE Ratings formally rejected management's request for a rating upgrade in a letter dated March 9, 2026.
- Ratings are based on audited FY25 and unaudited 9MFY26 financial performance.
Orient Press Limited reported a turnaround in the quarter ended December 31, 2025, posting a net profit of ₹7.53 Lakhs compared to a loss of ₹75.47 Lakhs in the same quarter last year. Revenue from operations decreased by 6.2% YoY to ₹3,198.97 Lakhs, primarily due to a decline in the Printing segment. However, the company managed to reduce total expenses to ₹3,293.70 Lakhs from ₹3,593.56 Lakhs YoY, aiding the bottom-line recovery. The Printing segment remains the primary profit driver, while Flexible Packaging and Paper Board Packaging continue to report segment losses.
- Net Profit turned positive at ₹7.53 Lakhs in Q3 FY26 against a loss of ₹75.47 Lakhs in Q3 FY25.
- Revenue from operations declined 6.2% YoY to ₹3,198.97 Lakhs from ₹3,409.92 Lakhs.
- The Printing segment contributed a profit of ₹339.67 Lakhs, while Flexible Packaging recorded a loss of ₹171.29 Lakhs.
- Total expenses were significantly optimized, falling to ₹3,293.70 Lakhs from ₹3,593.56 Lakhs in the year-ago period.
- Earnings Per Share (EPS) improved to ₹0.08 from a negative ₹0.75 YoY.
Orient Press Limited reported a marginal net profit of ₹7.53 Lakhs for the quarter ended December 31, 2025, recovering from a net loss of ₹75.47 Lakhs in the same period last year. However, revenue from operations declined by 6.2% year-on-year to ₹3,198.97 Lakhs. The printing segment remains the company's only profitable division, while the flexible packaging and paper board packaging segments continue to operate at a loss. For the nine-month period, the company remains in a net loss position of ₹117.17 Lakhs, though this is an improvement from the ₹225.53 Lakhs loss recorded in the previous year.
- Achieved a quarterly net profit of ₹7.53 Lakhs vs a loss of ₹75.47 Lakhs in Q3 FY25.
- Revenue from operations fell 6.2% YoY to ₹3,198.97 Lakhs from ₹3,409.92 Lakhs.
- Printing segment profit stood at ₹339.67 Lakhs, offsetting a ₹171.29 Lakhs loss in Flexible Packaging.
- Nine-month net loss narrowed significantly to ₹117.17 Lakhs from ₹225.53 Lakhs YoY.
- Total expenses for the quarter were reduced to ₹3,293.70 Lakhs from ₹3,593.56 Lakhs in the previous year.
Orient Press Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA MUFG Intime India confirms that all dematerialization requests received during the quarter ended December 31, 2025, were processed within the stipulated timelines. It further validates that physical certificates were mutilated and cancelled, and the depository's name was updated in the register of members. This filing is a standard procedural requirement to ensure the accuracy of the company's shareholding records.
- Compliance certificate filed for the quarter ended December 31, 2025.
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited.
- Confirms that dematerialization requests were processed and certificates cancelled within prescribed timelines.
- Ensures that the company's electronic share records are updated and listed on stock exchanges.
Orient Press Limited has announced the closure of its trading window for insiders and designated persons starting January 1, 2026. This is a mandatory compliance step under SEBI (Prohibition of Insider Trading) Regulations for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the declaration of the un-audited financial results. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure is in preparation for the un-audited financial results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the financial results are officially declared.
- The board meeting date for result approval is yet to be announced.
Financial Performance
Revenue Growth by Segment
Total revenue for FY24 was INR 170.70 Cr, a slight decline from INR 172.01 Cr in FY23. Segment performance for FY24: Printing Division revenue was INR 52.68 Cr (down 27.4% from INR 72.57 Cr), Flexible Packaging revenue was INR 70.97 Cr (down 7.2% from INR 76.49 Cr), and Paper Board Packaging revenue was INR 17.60 Cr (down 17.9% from INR 21.45 Cr). A new Candles Division contributed INR 1.29 Cr. In 9MFY25, revenue declined further by 12% YoY to approximately INR 107 Cr.
Profitability Margins
Operating Profit Margin declined from 3.71% in FY24 to 2.31% in FY25, a 37.74% reduction. Net Profit Margin worsened from -0.62% in FY24 to -1.95% in FY25, representing a 214.52% increase in loss intensity. Return on Net Worth dropped from -1.56% to -4.24% during the same period.
EBITDA Margin
PBILDT margin was approximately 3% in FY23 and maintained through 9MFY24. However, the operating profit margin for FY25 stands at 2.31%, reflecting a 37.74% YoY decline due to lower sales realizations and softening raw material prices impacting top-line value.
Credit Rating & Borrowing
Long-term bank facilities of INR 27.77 Cr and fixed deposits of INR 8.00 Cr are rated CARE BB+; Stable. Short-term bank facilities of INR 19.50 Cr are rated CARE A4+. Ratings were reaffirmed based on promoter experience but constrained by persistent cash losses and high debt-to-GCA ratios.
Operational Drivers
Raw Materials
Recycled Kraft paper (industry consumes 7.5 million MT/year), plastic/polymers for flexible packaging, and paper board. Raw material costs are a major driver, with softening prices recently leading to a 12% decline in sales realizations.
Capacity Expansion
Current installed capacity is not explicitly stated in MT; however, the company operates across three main segments: Printing, Flexible Packaging, and Paper Board Packaging. No specific expansion timeline is provided.
Raw Material Costs
Raw material price volatility significantly impacts margins; a decline in realizations in 9MFY25 led to a 12% revenue drop. The company struggles with timely price revisions due to its moderate scale in a competitive market.
Manufacturing Efficiency
Capacity utilization is not specified, but high working capital utilization (average 88% over 12 months) indicates a stretched operating cycle due to inventory build-up at manufacturing locations.
Strategic Growth
Expected Growth Rate
11.30%
Growth Strategy
The company aims to achieve growth by leveraging its established position in the printing and packaging segments and the post-COVID revival of the printing business. Positive rating triggers include scaling operations above INR 190 Cr and sustaining PBILDT margins above 4-6% through improved efficiency and product mix.
Products & Services
Commercial printing materials, flexible packaging pouches and films, paper board cartons, and candles.
Brand Portfolio
Orient Press Limited.
New Products/Services
The company recently launched a Candles Division which contributed INR 1.29 Cr in its first year.
Market Share & Ranking
The company operates in an intensely competitive and largely unorganized market, which restricts its pricing power.
External Factors
Industry Trends
The printing and packaging industry is a major employer but remains largely unorganized. There is a shift toward eco-friendly materials, with the industry consuming 7.5 million MT of recycled Kraft paper annually. Future growth depends on the revival of commercial printing and the expansion of the flexible packaging market.
Competitive Landscape
Intensely competitive market with many unorganized players, which puts pressure on margins and limits the scale of operations for organized entities like OPL.
Competitive Moat
The company's moat is based on the long-standing experience of the Maheshwari family (promoters) and established client relationships. However, this moat is weak against intense competition from unorganized players and volatile input costs.
Macro Economic Sensitivity
Highly sensitive to raw material price cycles and the general economic environment affecting the media and publication sector.
Consumer Behavior
Revival in demand for printing services post-COVID has been noted as a positive driver for the printing segment.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms regarding plastic usage and waste management in the packaging sector. CSR requirements were not applicable for the 2021-2024 period due to persistent losses.
Environmental Compliance
The company faces sensitivity to government regulations regarding the flexible packaging (plastic) industry, which could impact its largest revenue segment.
Legal Contingencies
The company maintains provisions for doubtful trade receivables and expected credit losses, as well as provisions for gratuity and compensated absences. Specific values for pending court cases are not disclosed.
Risk Analysis
Key Uncertainties
Key risks include persistent PAT losses (INR 2.20 Cr in 9MFY25), a stretched operating cycle (target is below 90 days but currently much higher), and high total debt to gross cash accrual (24.88x in FY24).
Third Party Dependencies
High dependency on raw material suppliers for Kraft paper and polymers; volatility in these prices directly impacts the company's ability to maintain margins.
Technology Obsolescence Risk
The printing industry faces digital disruption, though the company's focus on packaging provides a hedge as physical goods require physical packaging.
Credit & Counterparty Risk
Receivables quality is a concern, as evidenced by an 8.69% decline in the Debtors Turnover Ratio and the need for provisions for doubtful trade receivables.