ODL
ODLEWNIE POLSKIE
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 14, 2026
H1 2026 report
Producent odlewów żeliwnych (głównie żeliwo sferoidalne) dla przemysłu maszynowego, kolejnictwa, motoryzacji i energetyki, z działalnością krajową (Starachowice) i usługową w Niemczech
Sentiment
Positive
No guidance change
ODL
H1 2026 report
Revenue
147.48 m PLN
— YoY
Net income
17.3 m PLN
— YoY
EBITDA
26.55 m PLN
— YoY
Gross margin
20.16%
— YoY
Summary
Investment thesis
- I półrocze 2026: przychody +21,1% r/r, EBITDA +66,4% r/r do 26,55 mln zł, marże na wieloletnich maksimach - poprawa wynika głównie z miksu produktowego (mniej ton, wyższa wartość), w tym pierwszego dużego kontraktu obronnego (28,5 mln zł, Grupa PGZ)
- Bilans praktycznie bez długu odsetkowego (ok. 3 mln zł wobec 167 mln zł kapitału własnego), właśnie zakończony program inwestycyjny zwiększający moce produkcyjne o 20% (19 500 -> 23 500 ton/rok), finansowany głównie z własnych przepływów
- Nowy, potencjalnie trwały kierunek dywersyfikacji: koncesjonowana produkcja komponentów dla sektora obronnego (amunicja, pojazdy pancerne, artyleria)
- Ryzyko wykryte w trakcie okresu: wieloletnie (8-10 lat) oszustwo pracownika i dostawcy złomu na szkodę spółki, obecnie w toku postępowania prokuratorskiego - sygnał słabości dotychczasowej kontroli wewnętrznej w obszarze zakupów surowca
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
ODL · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 147.48 | 236.55 | −37.7% | 147.48 | −37.7% | reported | — | 1.00 |
| Gross profit | 29.74 | 35.95 | −17.3% | 29.74 | −17.3% | reported | — | 1.00 |
| EBITDA | 26.55 | 32.89 | −19.3% | 26.55 | −19.3% | reported | — | 1.00 |
| EBIT | 20.93 | 23.25 | −10% | 20.93 | −10% | reported | — | 1.00 |
| EBT | 20.97 | 22.44 | −6.6% | 20.97 | −6.6% | reported | — | 1.00 |
| Net income | 26.39 | 18.14 | +45.5% | 17.3 | −4.7% | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.31 | 0.9 | — | 0.86 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.86 | 0.9 | — | 0.86 | — | reported | — | 1.00 |
| D&A | 5.62 | 9.64 | −41.7% | 5.62 | −41.7% | reported | — | 1.00 |
| Interest expense | 0.47 | 0.58 | −17.9% | 0.47 | −17.9% | reported | — | 1.00 |
| Income tax | 3.67 | 4.29 | −14.5% | 3.67 | −14.5% | reported | — | 1.00 |
| Shares (basic) (m units) | 20.11 | 20.11 | — | — | — | reported | — | 1.00 |
| Gross margin | 20.16% | 15.2% | +5 pp | 20.16% | +5 pp | reported | — | 1.00 |
| EBITDA margin | 18% | 13.9% | +4.1 pp | 18% | +4.1 pp | reported | — | 1.00 |
| EBIT margin | 14.19% | 9.83% | +4.4 pp | 14.19% | +4.4 pp | reported | — | 1.00 |
| EBT margin | 14.22% | 9.48% | +4.7 pp | 14.22% | +4.7 pp | reported | — | 1.00 |
| Net margin | 11.73% | 7.67% | +4.1 pp | 11.73% | +4.1 pp | reported | — | 1.00 |
| D&A margin | 3.81% | 4.07% | −0.3 pp | 3.81% | −0.3 pp | reported | — | 0.95 |
| Cash | 17.3 | 29.33 | −41% | — | — | reported | — | 1.00 |
| Total debt | 2.96 | 19.26 | −84.7% | — | — | reported | — | 0.80 |
| Net debt | -14.34 | -10.07 | −42.5% | — | — | reported | — | 0.80 |
| Equity | 167.22 | 159.21 | +5% | — | — | reported | — | 1.00 |
| Total assets | 231.53 | 219.41 | +5.5% | — | — | reported | — | 1.00 |
| Working capital | 64.48 | 57.68 | +11.8% | — | — | reported | — | 1.00 |
| Current assets | 112.74 | 108.26 | +4.1% | — | — | reported | — | 1.00 |
| Current liabilities | 48.27 | 50.58 | −4.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 6.38 | — | — | — | — | derived | — | 0.75 |
| Inventory | 48.28 | 49.11 | −1.7% | — | — | reported | — | 1.00 |
| Trade receivables | 44.91 | 28.64 | +56.8% | — | — | reported | — | 1.00 |
| Trade payables | 46.23 | 20.24 | +128.4% | — | — | reported | — | 0.70 |
| CFO | 17.63 | 27.83 | −36.7% | 17.63 | −36.7% | reported | — | 1.00 |
| CapEx | 13.68 | 41.69 | −67.2% | 13.68 | −67.2% | reported | — | 1.00 |
| FCF | 3.94 | -13.86 | +128.5% | 3.94 | +128.5% | derived | — | 0.90 |
| FCF conversion | 14.86% | -42.15% | +57 pp | 14.86% | +57 pp | reported | — | 0.85 |
| CFO conversion | 66.4% | 84.63% | −18.2 pp | 66.4% | −18.2 pp | reported | — | 0.90 |
| Dividends paid | 0 | 6.44 | −100% | 0 | −100% | reported | — | 1.00 |
| ROE | 16.64% | 11.82% | +4.8 pp | — | — | reported | — | 0.85 |
| ROA | 12.25% | 9.06% | +3.2 pp | — | — | reported | — | 0.85 |
| Current ratio | 2.34x | 2.14x | +0.2x | — | — | reported | — | 1.00 |
| Quick ratio | 1.34x | 1.17x | +0.17x | — | — | reported | — | 1.00 |
| Cash ratio | 0.36x | 0.58x | −0.22x | — | — | reported | — | 0.95 |
| Interest coverage | 44.16x | 40.29x | +3.87x | 44.16x | +3.87x | reported | — | 0.85 |
| Net debt / EBITDA | -0.27x | -0.31x | +0.04x | — | — | reported | — | 0.50 |
| Debt / equity | 0.02x | 0.12x | −0.1x | — | — | reported | — | 0.80 |
| Debt / assets | 0.01x | 0.09x | −0.08x | — | — | reported | — | 0.80 |
| Net debt / equity | -0.09x | -0.06x | −0.03x | — | — | reported | — | 0.80 |
| Revenue growth (YoY) | 21.06% | 6.63% | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 66.38% | 16.75% | — | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 87.22% | 36.89% | — | — | — | reported | — | 0.95 |
| Net income growth (YoY) | 91.17% | 37.13% | — | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 91.11% | 36.36% | — | — | — | reported | — | 0.95 |
| FCF growth (YoY) | -303.8% | — | — | — | — | reported | — | 0.50 |
| Gross margin Δ (YoY) | 3.73 pp | 0 pp | — | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 4.9 pp | 0 pp | — | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 5.01 pp | 0 pp | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 4.3 pp | 0 pp | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
147.48
−37.7%
147.48
−37.7%
- H1 2025
- 236.55
- YTD 2026
- 147.48
- Δ YoY
- −37.7%
Gross profit
29.74
−17.3%
29.74
−17.3%
- H1 2025
- 35.95
- YTD 2026
- 29.74
- Δ YoY
- −17.3%
EBITDA
26.55
−19.3%
26.55
−19.3%
- H1 2025
- 32.89
- YTD 2026
- 26.55
- Δ YoY
- −19.3%
EBIT
20.93
−10%
20.93
−10%
- H1 2025
- 23.25
- YTD 2026
- 20.93
- Δ YoY
- −10%
EBT
20.97
−6.6%
20.97
−6.6%
- H1 2025
- 22.44
- YTD 2026
- 20.97
- Δ YoY
- −6.6%
Net income
26.39
+45.5%
26.39
+45.5%
- H1 2025
- 18.14
- YTD 2026
- 17.3
- Δ YoY
- −4.7%
EPS (basic)
(PLN)
1.31
—
1.31
—
- H1 2025
- 0.9
- YTD 2026
- 0.86
- Δ YoY
- —
EPS (diluted)
(PLN)
0.86
—
0.86
—
- H1 2025
- 0.9
- YTD 2026
- 0.86
- Δ YoY
- —
D&A
5.62
−41.7%
5.62
−41.7%
- H1 2025
- 9.64
- YTD 2026
- 5.62
- Δ YoY
- −41.7%
Interest expense
0.47
−17.9%
0.47
−17.9%
- H1 2025
- 0.58
- YTD 2026
- 0.47
- Δ YoY
- −17.9%
Income tax
3.67
−14.5%
3.67
−14.5%
- H1 2025
- 4.29
- YTD 2026
- 3.67
- Δ YoY
- −14.5%
Shares (basic)
(m units)
20.11
—
20.11
—
- H1 2025
- 20.11
- YTD 2026
- —
- Δ YoY
- —
Gross margin
20.16%
+5 pp
20.16%
+5 pp
- H1 2025
- 15.2%
- YTD 2026
- 20.16%
- Δ YoY
- +5 pp
EBITDA margin
18%
+4.1 pp
18%
+4.1 pp
- H1 2025
- 13.9%
- YTD 2026
- 18%
- Δ YoY
- +4.1 pp
EBIT margin
14.19%
+4.4 pp
14.19%
+4.4 pp
- H1 2025
- 9.83%
- YTD 2026
- 14.19%
- Δ YoY
- +4.4 pp
EBT margin
14.22%
+4.7 pp
14.22%
+4.7 pp
- H1 2025
- 9.48%
- YTD 2026
- 14.22%
- Δ YoY
- +4.7 pp
Net margin
11.73%
+4.1 pp
11.73%
+4.1 pp
- H1 2025
- 7.67%
- YTD 2026
- 11.73%
- Δ YoY
- +4.1 pp
D&A margin
3.81%
−0.3 pp
3.81%
−0.3 pp
- H1 2025
- 4.07%
- YTD 2026
- 3.81%
- Δ YoY
- −0.3 pp
Cash
17.3
−41%
17.3
−41%
- H1 2025
- 29.33
- YTD 2026
- —
- Δ YoY
- —
Total debt
2.96
−84.7%
2.96
−84.7%
- H1 2025
- 19.26
- YTD 2026
- —
- Δ YoY
- —
Net debt
-14.34
−42.5%
-14.34
−42.5%
- H1 2025
- -10.07
- YTD 2026
- —
- Δ YoY
- —
Equity
167.22
+5%
167.22
+5%
- H1 2025
- 159.21
- YTD 2026
- —
- Δ YoY
- —
Total assets
231.53
+5.5%
231.53
+5.5%
- H1 2025
- 219.41
- YTD 2026
- —
- Δ YoY
- —
Working capital
64.48
+11.8%
64.48
+11.8%
- H1 2025
- 57.68
- YTD 2026
- —
- Δ YoY
- —
Current assets
112.74
+4.1%
112.74
+4.1%
- H1 2025
- 108.26
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
48.27
−4.6%
48.27
−4.6%
- H1 2025
- 50.58
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
6.38
—
6.38
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
48.28
−1.7%
48.28
−1.7%
- H1 2025
- 49.11
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
44.91
+56.8%
44.91
+56.8%
- H1 2025
- 28.64
- YTD 2026
- —
- Δ YoY
- —
Trade payables
46.23
+128.4%
46.23
+128.4%
- H1 2025
- 20.24
- YTD 2026
- —
- Δ YoY
- —
CFO
17.63
−36.7%
17.63
−36.7%
- H1 2025
- 27.83
- YTD 2026
- 17.63
- Δ YoY
- −36.7%
CapEx
13.68
−67.2%
13.68
−67.2%
- H1 2025
- 41.69
- YTD 2026
- 13.68
- Δ YoY
- −67.2%
FCF
3.94
+128.5%
3.94
+128.5%
- H1 2025
- -13.86
- YTD 2026
- 3.94
- Δ YoY
- +128.5%
FCF conversion
14.86%
+57 pp
14.86%
+57 pp
- H1 2025
- -42.15%
- YTD 2026
- 14.86%
- Δ YoY
- +57 pp
CFO conversion
66.4%
−18.2 pp
66.4%
−18.2 pp
- H1 2025
- 84.63%
- YTD 2026
- 66.4%
- Δ YoY
- −18.2 pp
Dividends paid
0
−100%
0
−100%
- H1 2025
- 6.44
- YTD 2026
- 0
- Δ YoY
- −100%
ROE
16.64%
+4.8 pp
16.64%
+4.8 pp
- H1 2025
- 11.82%
- YTD 2026
- —
- Δ YoY
- —
ROA
12.25%
+3.2 pp
12.25%
+3.2 pp
- H1 2025
- 9.06%
- YTD 2026
- —
- Δ YoY
- —
Current ratio
2.34x
+0.2x
2.34x
+0.2x
- H1 2025
- 2.14x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.34x
+0.17x
1.34x
+0.17x
- H1 2025
- 1.17x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.36x
−0.22x
0.36x
−0.22x
- H1 2025
- 0.58x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
44.16x
+3.87x
44.16x
+3.87x
- H1 2025
- 40.29x
- YTD 2026
- 44.16x
- Δ YoY
- +3.87x
Net debt / EBITDA
-0.27x
+0.04x
-0.27x
+0.04x
- H1 2025
- -0.31x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.02x
−0.1x
0.02x
−0.1x
- H1 2025
- 0.12x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.01x
−0.08x
0.01x
−0.08x
- H1 2025
- 0.09x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.09x
−0.03x
-0.09x
−0.03x
- H1 2025
- -0.06x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
21.06%
—
21.06%
—
- H1 2025
- 6.63%
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
66.38%
—
66.38%
—
- H1 2025
- 16.75%
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
87.22%
—
87.22%
—
- H1 2025
- 36.89%
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
91.17%
—
91.17%
—
- H1 2025
- 37.13%
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
91.11%
—
91.11%
—
- H1 2025
- 36.36%
- YTD 2026
- —
- Δ YoY
- —
FCF growth (YoY)
-303.8%
—
-303.8%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin Δ (YoY)
3.73 pp
—
3.73 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
4.9 pp
—
4.9 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
5.01 pp
—
5.01 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
4.3 pp
—
4.3 pp
—
- H1 2025
- 0 pp
- YTD 2026
- —
- Δ YoY
- —