Orbit Exports Limited

Consumer Cyclical — Textile Manufacturing · NSE

₹261.70+₹2.60 (+1.00%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Orbit Exports Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Orbit Exports Limited manufactures and sells novelty fabrics in India and internationally. It operates through Manufacturing of Textile, Investments, and Windmill Power Generation segments.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees570

Annual revenue₹227 Cr

How does it make money?

Turns over ₹227 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹29 left at the operating level before interest, tax and depreciation. Each of its 570 employees supports ₹39.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹39.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +17% while net margin moved -19% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+17%

Margin effect-19%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 5.4% — barely ahead of inflation
✗ Profit has declined at 1.7% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

55/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

16.4x

3Y Median

14.4x

40 monthly readings · mean 14.6x · range 9.2x–21.4x

Sector Median

69.2x

median of 4 sector peers

⚠️Current valuation is approximately 15% above its 3y median of 14.4x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 76% below the peer median of 69.2x.

vs. its own history

Fair

14.4x median over 40 months · +15%

vs. sector peers

Cheap

69.2x median of 4 peers · -76%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 49% over 3 years.
Cash generation is improving
Free cash flow is up 46% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 15.8% to 10.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 18.2% to 13.3% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 5.31x — earnings must service borrowings before shareholders see anything.
🟡Margins are compressingFinancial
EBITDA margin is down 2.9 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 49% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 76% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 31.8% to 28.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 5.31x. Interest is payable whether or not the business has a good year.
Growth barely outpaces inflation
Revenue compounding at 5.4% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 15.8% to 10.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 27%✓ 28.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✓ 5.4% CAGR
Latest reported year was 15.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹44 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 10%✓ 13.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹670 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.4x

Fair

Fairly valued against the generic band

P/B Ratio

2.29x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹15.91

Profitable

Profitable on a per-share basis

ROE

10.6%

Moderate

Moderate capital efficiency

ROCE

13.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

5.31x

High

High leverage

Revenue Growth (YoY)

15.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

64.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.38%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹44 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

27.8x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

27.4%

Good

Healthy core-business profitability

Net Margin

17.5%

Good

Strong bottom-line conversion

Current Ratio

2.86

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.07

Defensive

Steadier than the market

52W Range Position

86%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

243.4 / 241.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

67.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹194 Cr	₹197 Cr	₹214 Cr	₹227 Cr	+5.4%
EBITDA	₹62 Cr	₹61 Cr	₹60 Cr	₹65 Cr	+2.0%
EBITDA Margin	31.8%	30.9%	28.0%	28.9%	—
PAT (Net Profit)	₹34 Cr	₹34 Cr	₹39 Cr	₹33 Cr	-1.7%
EPS	₹12.33	₹12.58	₹14.71	₹12.29	-0.1%
ROE	15.8%	14.6%	14.3%	10.6%	—
ROCE	18.2%	17.7%	18.3%	13.3%	—
Total Debt	₹32 Cr	₹23 Cr	₹15 Cr	₹16 Cr	-20.2%
Free Cash Flow	₹30 Cr	₹38 Cr	₹28 Cr	₹44 Cr	+13.3%

🟢 Revenue has grown at 5.4% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (2.0% a year).

🔴 EBITDA Margin has fallen from 31.8% to 28.9% over 3 years (-2.9 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-1.7% a year).

🟡 EPS has been broadly flat over 3 years (-0.1% a year).

🔴 ROE has fallen from 15.8% to 10.6% over 3 years (-5.2 pts).

🔴 ROCE has fallen from 18.2% to 13.3% over 3 years (-4.9 pts).

🟢 Total Debt has shrunk at 20.2% a year over 3 years.

🟢 Free Cash Flow has grown at 13.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹373 Cr

Total Liabilities

₹65 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹57 Cr

Capex

-₹13 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

87.6%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

31 Aug 2026

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 positive1 mixed3 general

Orbit Exports Share Price News after sharp intraday gain

Univest, 29 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Orbit Exports passes all 5 resolutions at its 43rd AGM

scanx.trade, 29 Sept

Orbit Exports Approves ₹27.6 Crore Buyback Of 11.04 Lakh Shares At ₹250 Per Share

Sahi, 08 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Is Orbit Exports the Best Stock in Its Sector? A Look at the Numbers

Univest, 05 Oct

Orbit Exports Ltd leads gainers in 'B' group

Business Standard, 23 Jun

Orbit Exports Buyback 2026 Record Date, Price & Ratio Details

IPO Watch, 10 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingProfitability · Valuation · Risk

WeakGrowth

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑