Oricon Enterprises Ltd Q2 FY26 Results – A Company Selling Everything Except Boredom (and Maybe Its Own Units Too)
1. At a Glance
Welcome to the latest episode of Oricon Enterprises Ltd: The Art of Selling Pieces of Yourself Profitably. At ₹58.9 per share and a market cap of ₹925 crore, this 57-year-old multi-sector veteran is basically that seasoned uncle who has tried every business under the sun—from petrochemicals and logistics to real estate and plastic closures—and somehow still keeps turning up at family reunions richer than before.
For Q2 FY26, the company reported revenue of ₹9.45 crore (down 46.3% QoQ), but a profit after tax (PAT) of ₹8.79 crore, up a crazy 168% from last quarter. If you’re wondering how profits soared while sales tanked, welcome to the magical kingdom of Other Income, which single-handedly carried the quarter like Shah Rukh Khan in Jawan.
With an EPS of ₹0.56 for the quarter (₹2.24 annualized), a P/E of 38.4x, and ROE of 11.2%, the company is still clinging on to profitability like Bollywood clings to 90s remakes. ROCE is a near-flat 0.37%, proving that returns on capital are more decorative than functional.
The stock has surged 83% over the past year, because investors apparently love companies that keep reinventing themselves—especially when those reinventions involve selling big assets.
2. Introduction
Oricon Enterprises is not your average packaging company. It’s a shapeshifter that once dabbled in petrochemicals, flirted with logistics, got serious with packaging, and is now in the middle of a full-blown divestment spree. If the Indian stock market were a college reunion, Oricon would be the alum who shows up saying, “I sold my petrochemical unit, my metal crown seals division, and might just sell my packaging plant next—how’s your startup?”
The story of Oricon in FY26 reads like a Netflix drama titled “Corporate Cleanse: How to Sell Your Past for Future Glory.” In August 2025, the company approved the sale of its metal crown seals and ROPP closure business to Guala Closures India for ₹42.5 crore. Just a month later, it completed the transfer of its petrochemical unit to Narendra Plastochem Pvt Ltd. And let’s not forget, in April 2024, it had already sold its plastic closures business to Manjushree Technopack for ₹520 crore.
All this begs the question—what’s left? Well, the company still holds a 100% stake in United Shippers Limited (marine logistics), a real estate arm that sells posh flats in Mumbai, and a packaging division that manufactures preforms and collapsible tubes. Basically, it’s still got a few bullets left in the clip.
3. Business Model – WTF Do They Even Do?
Oricon Enterprises Ltd (OEL) is the flagship company of the Parijat Enterprises group. It plays in multiple sandpits—packaging, logistics, petrochemicals (sold), and real estate.
Under its Oriental Containers Division, the company manufactures crown corks, roll-on pilfer-proof caps, aluminum tubes, and PET preforms—basically everything that seals, caps, or closes your drink but somehow still leaks investor confidence once in a while.
Here’s the breakdown from FY23:
Packaging: 79% of revenue
Petrochemicals: 12% (now gone)
Logistics: 5%
Real Estate: 3%
So, roughly four-fifths of the business comes from packaging. The rest is split between renting out ships and selling apartments to those who probably made money trading Oricon’s shares.
They also own United Shippers Limited, a marine logistics business that operates ports and handles coastal transportation. Think of it as the steady, low-glam cousin who still brings in cash while the flamboyant packaging business gets all the attention.
Their FY23 expansion included an increase in preform capacity by 4,000 MT (to 22,000 MT p.a.) and 700 million extra closures annually. Ambitious? Yes. But considering they’ve been offloading entire divisions, maybe those upgrades were just meant to make the assets look sexier for buyers.
4. Financials Overview
Let’s break down the Q2 FY26 numbers. Figures in ₹ crore.
