Oricon Enterprises FY26: Other Income Does Heavy Lifting, Core Business Sinks Further
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1 — At a Glance
FY26 brought a ₹42.15 Cr revenue — down 75% YoY from ₹172.19 Cr. This is what collapse looks like: the core business is negative ₹26.2 Cr at operating profit (OPM: −172%). Yet somehow, the company clawed out ₹25.75 Cr net profit, thanks to ₹89.19 Cr in other income — a number that dwarfs the operating result.
Net profit turned positive, but earnings per share came in at ₹1.64, down from ₹8.86 in FY25. The company paid out ₹3.14 Cr in dividends (12% payout ratio), while borrowings collapsed to ₹3.14 Cr from ₹10.97 Cr.
The tension is stark: is this a turnaround, or a company liquidating non-core assets to appear solvent? The data will answer.
2 — Introduction
Oricon Enterprises has spent the last decade shrinking. Sales were ₹1,167 Cr in FY17; by FY26 they sat at ₹42.15 Cr. That’s a 96% collapse in a decade.
The company is part of the Parijat Group and remains controlled by the Somani family (65.7% promoter holding as of Mar 2026). Adarsh Somani is Managing Director. The board underwent turnover in early 2026: Bal Gaggar joined as JMD-cum-CFO, Ramkishore Singhi as Independent Director, and Prashant Mantri as Executive Director. In March 2026, Varun Somani resigned. The prior month, Sumant Mimani also exited.
Recent corporate actions include a slump sale of the Murbad crown seals and ROPP closures unit to Guala Closures in October 2025, a transfer of the petrochemical unit to Narendra Plastochem in October 2025, and approval in May 2026 to divest an 80% stake in Oriental Containers (a key subsidiary).
In June 2026, 17 members of the promoter group applied for reclassification to public status. CRISIL withdrew its bank ratings (BBB/Stable, A2) in August 2025 after the company repaid debt and settled all bank facilities.
3 — Business Model: WTF Do They Even Do?
Once upon a time, Oricon was a polyglot manufacturer: petrochemicals (mixed pentane, heptanes), plastic closures, PET preforms, crown corks, ROPP caps, aluminium collapsible tubes, liquid colorants, real estate, and marine logistics via its subsidiary United Shippers.
FY25 saw the company already in retreat. Then FY26 happened.
The crown seals and ROPP business was slump-sold. The petrochemical unit transferred. An 80% stake in Oriental Containers (the packaging arm that once accounted for 79% of revenue) is headed out the door. What remains is a shell.
The company holds investments (₹603.56 Cr as of Mar 2026) and other assets (₹313.03 Cr). Real estate and marine logistics limp along. Net worth stands at ₹1,120.38 Cr in reserves plus ₹31.41 Cr in equity capital. But revenue? ₹42.15 Cr on a ₹1.23 Tr balance sheet. That’s a capacity utilization problem that no pivot speech will solve.
Other income — ₹89.19 Cr in FY26 — suggests asset sales and investment gains dominating the P&L. This is a company in deconstruction, not a going concern.
4 — Financials Overview
Figures are consolidated, in ₹ crore.
Metric
FY26
FY25
FY24
Change FY26 vs FY25
Sales
42.15
172.19
146.20
−75.5%
EBITDA
−23.64
−20.46
−24.90
(worsened)
PAT
25.75
139.22
30.01
−81.5%
EPS (annualised)
1.64
8.86
1.91
−81.5%
Reading the tea leaves:
Revenue collapsed to ₹42.15 Cr, a 75% YoY drop. EBITDA was negative ₹23.64 Cr (calculated as Operating Profit of −₹26.2 Cr plus Depreciation of ₹2.56 Cr). Operating Profit stands at −₹26.2 Cr, meaning the core business is burning cash.
Yet net profit came in at ₹25.75 Cr, thanks to ₹89.19 Cr in other income offsetting ₹36.18 Cr profit before tax. This is not operational recovery — it’s financial engineering. The company is eating its seed corn.
Tax showed a benefit of ₹10.43 Cr (negative tax in FY26 because PBT was small relative to prior losses and the loss carryforwards available).
5 — Market Expectations & Historical Multiples
This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.
Current Price Posture: Prices are referenced at ₹55.90 as of 11 Jun 2026 (market close). This is a lagged reference and not live.
Metric
Current
5-Year Average
Peer Median (Packaging/Industrials)
P/E
57.2
45.3
20.6
ROE (%)
1.28
2.85
10.96
ROCE (%)
2.08
3%
12.45
PAT Margin (%)
61.1
36.5
10.35
The market is paying 57.2x earnings here, compared to its own 5-year average of 45.3x and a peer median of 20.6x. This multiple is inflated by near-zero earnings: at ₹1.64 EPS annualised, any profit swing creates outsized P/E movement. The 57.2x reflects the denominator collapse, not valuation enthusiasm.
Return on Equity of 1.28% sits far below the peer median of 10.96%. The company is generating minimal returns on its capital base. ROCE at 2.08% versus a peer median of 12.45% tells the
