Bombay Minerals Limited has filed another regulatory disclosure regarding its reduced shareholding in Orient Ceratech Limited , as mandated under SEBI's substantial acquisition regulations. The latest transaction represents a continued strategic divestment by the promoter company to further adjust its position in the target company.

Latest Share Sale Transaction

The recent transaction involved the sale of 13,00,000 equity shares of Orient Ceratech Limited through open market operations on March 20, 2026. This divestment represents 1.09% of Orient Ceratech's total voting capital.

Updated Shareholding Position

Following this latest transaction, Bombay Minerals Limited's shareholding in Orient Ceratech has further decreased. The company's current position shows a continued reduction in its stake in the target company.

Company Information

Orient Ceratech Limited's equity shares are listed on both BSE Limited and National Stock Exchange of India Limited. The company maintains a total equity share capital of 11,96,39,200 shares with a face value of ₹ 1 each, which remained unchanged following this transaction.

Regulatory Compliance

The disclosure was filed by Hemul Shah, Director of Bombay Minerals Limited (DIN: 00058558), on March 23, 2026. The filing ensures compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which requires disclosure of substantial acquisitions and disposals in listed companies.

Key Transaction Highlights

• Seller Status: Bombay Minerals Limited belongs to the promoter group of Orient Ceratech Limited
• No Encumbrances: The sale involved no pledges, liens, or other encumbrances
• Clean Transaction: No warrants, convertible securities, or other instruments were involved in the transaction
• Market Sale: The entire divestment was conducted through open market transactions
• Continued Divestment: This represents the second significant stake reduction in recent times

Orient Ceratech Limited has announced that CareEdge Ratings has reaffirmed the credit ratings for its bank loan facilities, considering the company's performance over nine months of FY 2026. The rating agency maintained its assessment based on the company's strong operational metrics and financial position.

Credit Rating Details

CareEdge Ratings has reaffirmed Orient Ceratech's credit ratings across its banking facilities:

The total banking facilities under review amount to ₹79.52 crore, reflecting the company's moderate but stable borrowing requirements.

Performance Highlights

The rating reaffirmation is supported by Orient Ceratech's robust operational performance in 9MFY26. The company achieved approximately 25% year-on-year growth in its scale of operations, driven by rising sales volumes and effective execution of its sizeable order book for proppant and calcined bauxite products.

The company has successfully maintained its PBILDT (Profit Before Interest, Lease Rentals, Depreciation and Taxation) margin above 10%, translating into adequate cash accruals and improved debt coverage ratios.

Key Rating Strengths

CareEdge Ratings highlighted several factors supporting the rating reaffirmation. Orient Ceratech benefits from its diversified product portfolio spanning refractory raw materials and abrasives, including calcined products, alumina fused products, chamotte, proppant, and castable. The company's established operational track record of over four decades and competitive position in the abrasives grain and refractory industry provide stability.

The rating agency noted the company's adequate capital structure, with an overall gearing ratio of 0.27x as of March 31, 2025, and strong interest coverage capabilities. Orient Ceratech's operational efficiency is enhanced by its captive bauxite mines and power plants, providing cost advantages in its power-intensive manufacturing processes.

Areas of Concern

Despite the positive rating action, CareEdge Ratings identified certain constraints that continue to impact the company's credit profile. These include the moderate scale of operations, high working capital intensity with an operating cycle of 184 days in FY25, and vulnerability to raw material availability fluctuations.

The rating agency also noted the company's exposure to cyclical end-user industries including steel, cement, and oil & gas sectors, which can impact demand patterns. Additionally, the weak credit profile of some Ashapura Group entities remains a monitoring factor.

Outlook and Rating Sensitivities

CareEdge Ratings has assigned a stable outlook, reflecting expectations that Orient Ceratech will maintain its adequate financial risk profile while benefiting from established market position and customer relationships. Positive rating actions could be triggered by increasing scale of operations over ₹450 crore with sustained PAT margins above 5%, or reduction in the operating cycle below 150 days.

Conversely, substantial revenue decline or PBILDT margin deterioration below 7.50% on a sustained basis could lead to negative rating actions. The agency will also monitor any significant support extended to group entities or higher-than-anticipated debt-funded capital expenditure.

Source: None/Company/INE569C01020/b9947113-0b6e-4eda-928f-a90cb6920f6e.pdf