**Business Performance:** Orient Bell Ltd. delivered solid financial results for the quarter and half-year ended September 30, 2025. Q2FY26 revenue rose 3.0% YoY to Rs 164.1 Cr, effectively recovering Q1 losses.

Half-year revenue remained stable at Rs 306.2 Cr.

Vitrified Tiles accounted for 58% of sales, with Glazed Vitrified Tiles at 41%. **Growth Drivers & Strategy:** A strategic focus on cost efficiency led to a 3.7% YoY reduction in Cost of Production.

The company continues robust marketing with TV ads and leverages digital platforms to simplify tile shopping.

Sales from its experience centers (OBTX) contributed 41%. **Recent Developments:** Q2FY26 saw the launch of a new adhesive business pilot in North India, expanding into adjacent product categories.

Digital engagement is strong, celebrating 100k Instagram followers and utilizing reels for product education. **Key Financial Metrics:** Q2FY26 EBITDA surged 22.5% YoY to Rs 9.8 Cr, with a 6.0% margin.

PBT jumped 388.4% to Rs 3.9 Cr.

Half-year EBITDA rose 18.8% to Rs 15.4 Cr, and PBT soared 384.4% to Rs 3.3 Cr.

Net debt stands at a minimal Rs 3.6 Cr. **Management Outlook:** Management highlighted strong gross margin improvement (250 bps in Q2FY26) and a continued focus on brand building.

The healthy cash conversion cycle of 26 days and minimal net debt position the company well for sustainable growth.