Orient Cables
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 182.76×
- Big non-institutionalbNII · above ₹10 lakh
- 123.18×
- Small non-institutionalsNII · ₹2–10 lakh
- 99.68×
- Retail individualRII · up to ₹2 lakh
- 29.10×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Oct 2026 | ₹110 | — | ₹4,600 | ₹382 | ₹6,050 |
| 04 Oct 2026 | ₹121 | — | ₹5,100 | ₹393 | ₹6,655 |
| 03 Oct 2026 | ₹115 | — | ₹4,800 | ₹387 | ₹6,325 |
| 02 Oct 2026 | ₹123 | — | ₹5,100 | ₹395 | ₹6,765 |
| 01 Oct 2026 | ₹107 | — | ₹4,500 | ₹379 | ₹5,885 |
| 30 Sep 2026 | ₹90 | — | ₹3,800 | ₹362 | ₹4,950 |
| 29 Sep 2026 | ₹85 | — | ₹3,600 | ₹357 | ₹4,675 |
| 28 Sep 2026 | ₹72 | — | ₹3,000 | ₹344 | ₹3,960 |
| 27 Sep 2026 | ₹90 | — | ₹3,800 | ₹362 | ₹4,950 |
| 26 Sep 2026 | ₹86 | — | ₹3,600 | ₹358 | ₹4,730 |
| 25 Sep 2026 | ₹80 | — | ₹3,300 | ₹352 | ₹4,400 |
| 24 Sep 2026 | ₹113 | — | — | ₹385 | ₹6,215 |
| 23 Sep 2026 | ₹45 | — | — | ₹317 | ₹2,475 |
| 22 Sep 2026 | ₹34 | — | ₹1,400 | ₹306 | ₹1,870 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 40,58,825 | 78,20,53,085 | ₹21,272 Cr | 192.68× |
| Non-institutional | 30,44,118 | 37,10,91,875 | ₹10,094 Cr | 121.90× |
| Big non-institutionalwithin NII | 20,29,412 | 26,35,45,535 | ₹7,168 Cr | 129.86× |
| Small non-institutionalwithin NII | 10,14,706 | 10,75,46,340 | ₹2,925 Cr | 105.99× |
| Retail individual | 71,02,941 | 22,87,53,580 | ₹6,222 Cr | 32.21× |
| Total | 1,42,05,884 | 1,38,18,98,540 | ₹37,588 Cr | 97.28× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 25 Sep 2026 – 29 Sep 2026
- Listing date
- 05 Oct 2026
- Face value
- ₹1 per share
- Price band
- ₹258 – ₹272
- Lot size
- 55 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹552 Cr
- Fresh issue
- ₹320 Cr 1,17,64,705 shares
- Offer for sale
- ₹232 Cr 85,29,409 shares
- Market cap at offer price
- ₹3,095 Cr
- Promoter holding
- 98.38% → 80.71% pre-issue → post-issue
- ISIN
- INE0J1N01028
- CIN
- U31300DL2005PLC140809
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- House No. 8 BLK-D, Second Floor, Ashok Vihar PH-1, New Delhi, Delhi – 110 052, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 42,79,069 | 28.57% | 28.57% |
| Anchor investor · within QIB | 60,88,233 | — | 40.65% |
| NII (HNI) | 32,09,302 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 21,39,535 | — | 14.29% |
| sNII < ₹10L · within NII | 10,69,767 | — | 7.14% |
| Retail (RII) | 74,88,372 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,49,76,743 | — | 100.00% |
Net offer to the public of 1,49,76,743 shares, out of a total issue of 1,49,76,743. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 55 shares per lot, in multiples, at ₹272
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 55 | ₹14,960 |
| Retail (max) | 13 | 715 | ₹1,94,480 |
| S-HNI (min) | 14 | 770 | ₹2,09,440 |
| S-HNI (max) | 66 | 3,630 | ₹9,87,360 |
| B-HNI (min) | 67 | 3,685 | ₹10,02,320 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹272 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.25 | 13.04 |
| P/E (×) | 51.81 | 20.86 |
| Price to book (×) | 11.77 | — |
| Market cap | — | ₹3,095 Cr |
Key performance indicators
Latest reported period, consolidated and standalone
- Return on net worth
- 25.84%
- ROCE
- 31.00%
- Debt / equity
- 0.94
- PAT margin
- 4.55%
- EBITDA margin
- 8.23%
- NAV per share
- ₹23.11
- Price to book
- 11.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated and standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,181.67 | 831.86 | 664.98 |
| Revenue from operations | 1,171.65 | 824.96 | 657.77 |
| Other income | 10.02 | 6.91 | 7.21 |
| Total expenses | 1,109.07 | 760.15 | 610.62 |
| Operating profit | 72.6 | 71.71 | 54.36 |
| Operating margin | 6.14% | 8.62% | 8.17% |
| Profit before tax | 72.6 | 71.71 | 54.36 |
| Profit after tax | 53.56 | 53.32 | 40.07 |
| PAT margin | 4.53% | 6.41% | 6.03% |
| Balance sheet | |||
| Total assets | 580.79 | 427.19 | 293.22 |
| Current assets | 384.92 | 259.13 | 208.88 |
| Current liabilities | 305.6 | 215.34 | 161.13 |
| Total liabilities | 344.95 | 246.49 | 165.68 |
| Net worth | 235.84 | 180.7 | 127.54 |
| Current ratio | 1.26× | 1.20× | 1.30× |
| Return on equity | 22.71% | 29.51% | 31.42% |
| Cash flow | |||
| Operating cash flow | -26.64 | -9.79 | 42.18 |
| Investing cash flow | -63.58 | -59.82 | -32.69 |
| Financing cash flow | 101.66 | 63.11 | -6.1 |
| Net cash flow | 11.44 | -6.5 | 3.39 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of Capital Expenditure for Manufacturing Facilities ₹91.50 Cr
The company proposes to utilize Net Proceeds towards purchase of machinery, equipment, and civil works at its Manufacturing Facilities to expand capacity and enhance operational efficiency across its cable and networking product segments.
2 Repayment or Prepayment of Outstanding Borrowings ₹156 Cr
The company intends to utilize Net Proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings to reduce indebtedness, improve debt-equity ratio, and strengthen balance sheet for future growth.
3 General Corporate Purposes —
The company plans to utilize Net Proceeds for general corporate purposes including marketing, working capital, business development, employee welfare, and other operational expenses, not exceeding a specified percentage of Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Orient Cables
Orient Cables (India) Limited, incorporated in 2005 and converted to a public company in 2024, is engaged in the manufacture and supply of networking cables (including Optical Fibre Cables and copper-based cables) and specialty cables. The company operates three manufacturing facilities—two in Bhiwadi, Rajasthan and one in Bengaluru—and derives 68.60% of its revenue from networking cables and 78.23% in Fiscal 2026 from this segment. The company serves customers across telecommunications, data center, government, and renewable energy sectors, with 90.74% of its Fiscal 2026 revenue from domestic markets. It sources primary raw materials (copper and PVC compounds) from both domestic and international suppliers and serves major customers in India and exports to Middle East, USA, UK, Canada, Australia, and other countries.
Management
Vipul Nagpal
MD
Garima Nagpal
COO
Strengths
As stated in the offer document
One of the Leading Specialty Cable Manufacturers for Telecommunications in India
The company is recognized as one of India's top four players in the networking cables industry with a market share of approximately 22.9% in Fiscal 2026, operating in an industry with high entry barriers including stringent quality audits and ~6-month supplier onboarding processes.
Diversified Portfolio of Customized Products and Solutions Across End User Industries
The company manufactures a broad range of products across Networking Cables, Specialty Power & Optical Fibre Cables, EV Charging Assemblies, and Allied Products, generating total revenue of ₹11,716.54 million in Fiscal 2026, catering to broadband, telecom, data centres, and renewable energy sectors.
Long Standing Customer Relationships with Marquee Clientele
The company has maintained relationships with its top ten customers for an average of over nine years, with 93.92% of revenue from operations derived from retained top-50 customers in Fiscal 2026, and caters to two out of the top three telecom companies by revenue as of March 31, 2026.
Strategically Located Manufacturing Facilities with Focus on Product Innovation Through In-House Capabilities
The company operates three manufacturing facilities (two in Bhiwadi, Rajasthan and one in Bengaluru) with an installed capacity of 895,776 kms of cables as of June 30, 2026, supported by backward integration in PVC compounding, copper drawing, FRP, and IGFR manufacturing.
Experienced Promoters and Professional Management with Domain Knowledge
The company is led by promoter Vipul Nagpal with over 20 years of experience in cable manufacturing, supported by a senior management team with expertise across operations, finance, and compliance, recognized as one of India's top four networking cable manufacturers.
Strong Financial Performance with High Balance Sheet Efficiency Through Automation
The company achieved a revenue CAGR of approximately 33.45% from Fiscal 2024 to Fiscal 2026 (₹6,577.67 million to ₹11,716.54 million), with the highest ROE among peers in Fiscal 2025 and Fiscal 2026, and ROCE of 36.46% and 23.82% in Fiscal 2025 and Fiscal 2026 respectively.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives 84.00% and 76.52% of its revenue from operations from its top 10 customers as of the three months period ended June 30, 2026 and Fiscal 2026, respectively. Any failure to retain these customers, defaults in payments, or termination of purchase orders could materially and adversely affect the company's business, financial condition, and results of operations.
Raw Material Supply Concentration and Price Volatility
Over 74.91% and 69.71% of the company's raw materials were sourced from its top 10 suppliers in the three months period ended June 30, 2026 and Fiscal 2026, respectively, with no long-term supply contracts in place. Significant price fluctuations in copper (linked to LME) and PVC compounds (linked to crude oil), or supply disruptions, could materially impact production costs, timelines, and financial performance.
Negative Cash Flows from Operating and Investing Activities
The company experienced negative cash flows from operating activities of ₹(117.64) million, ₹(266.44) million, and ₹(97.85) million in the three months period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively. Continued negative cash flows could adversely impact the company's liquidity, business operations, and growth plans.
Geographic Concentration of Manufacturing Facilities
Two of the company's three manufacturing facilities are concentrated in Bhiwadi, Rajasthan, exposing operations to regional disruptions including natural disasters, political instability, labor disputes, and evolving state-level environmental regulations. Any significant disruption or regulatory action in Rajasthan could materially impair a substantial portion of the company's manufacturing capacity and financial performance.
Heavy Dependence on Networking Cables Segment
The company derives 68.60% to 87.89% of its revenue from networking cables and solutions across recent fiscal periods, making it highly exposed to fluctuations in this single product segment. Any decline in demand for networking cables due to technological disruption, slower broadband adoption, or adverse market conditions could have a pronounced adverse effect on the company's business and financial results.
Adverse Credit Rating and Indebtedness Risk
The company's last credit rating was CRISIL B/Stable (Issuer not cooperating) as of November 29, 2024, and it has not updated its ratings since Fiscal 2025, with total outstanding borrowings of ₹2,584.57 million as of June 30, 2026. The absence of a current credit rating, combined with restrictive covenants in financing agreements, could limit access to capital, increase borrowing costs, and adversely affect financial flexibility.
Brand and Intellectual Property Disputes
The company faces an active trademark dispute with Orient Electric Limited, which has filed a civil suit seeking damages of ₹20.00 million and permanent injunctions against the company's use of the 'ORIENT' brand in wires and cables. Additionally, the company's logo trademark application has been opposed by two parties, and unregistered logos expose the company to potential infringement risks that could harm its brand, disrupt operations, and negatively affect business performance.
Company Analysis
from RHPOrient Cables manufactures and supplies networking cables, specialty cables, and allied products for broadband telecommunications, data centers, and power transmission industries in India and exports.
Orient Cables (India) Limited, incorporated in 2005 and converted to a public company in 2024, is engaged in the manufacture and supply of networking cables (including Optical Fibre Cables and copper-based cables) and specialty cables. The company operates three manufacturing facilities—two in Bhiwadi, Rajasthan and one in Bengaluru—and derives 68.60% of its revenue from networking cables and 78.23% in Fiscal 2026 from this segment. The company serves customers across telecommunications, data center, government, and renewable energy sectors, with 90.74% of its Fiscal 2026 revenue from domestic markets. It sources primary raw materials (copper and PVC compounds) from both domestic and international suppliers and serves major customers in India and exports to Middle East, USA, UK, Canada, Australia, and other countries.
Objects of the Issue
- Capital expenditure for purchase of machinery/equipment for manufacturing facilities including production of fungible cables and non-fungible Other Allied Products p.43
- Funding of capital expenditure requirements of our Company towards purchase of machinery, equipment and civil works at our Manufacturing Facilities ₹915.00 million p.123
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company ₹1,555.00 million p.123
- General Corporate Purposes [●] p.123
Issue Structure
- Total Issue
- ₹5,520.00 million
- Fresh Issue
- ₹3,200.00 million
- Offer for Sale
- ₹2,320.00 million
- Face Value
- ₹1 each
Business Model
The company manufactures networking cables, specialty cables and allied products which it sells to telecommunications, data center operators, government entities and power transmission companies. Revenue is generated through the sale of these cables on a project or supply basis, primarily through purchase orders specifying price per unit and delivery schedules. The company maintains inventory of raw materials (typically 2-3 weeks) and finished goods, and extends credit to customers with payment terms typically up to 90 days.
Business Segments
SWOT Analysis
- • Strong revenue and profitability growth trajectory(p.42)
- • Early mover advantage in organized keystone jack manufacturing(p.43)
- • Diversified product portfolio and one-stop-shop positioning(p.43)
- • Established certifications and quality standards(p.54)
- • Strong debt service capability(p.56)
- • One of India's top four networking cable manufacturers with strong market position(p.143)
- • Diversified product portfolio across multiple end-user segments(p.143)
- • Established long-term customer relationships with marquee clients(p.143)
- • Strategically located manufacturing facilities with expansion capability(p.143)
- • Experienced promoters with deep domain expertise in cables industry(p.143)
- • Strong financial performance with growing revenues and profitability(p.144)
- • One of India's top 4 players in networking cables with ~22.9% market share in FY26(p.176)
- • Fastest-growing player with 33.46% revenue CAGR (FY24-26), significantly outpacing peer average of 17.27%(p.211)
- • Highest ROE among peers: 25.84% in FY26 with strong ROCE of 23.82%(p.211)
- • Low net working capital days at 48 days in FY26, among the lowest in the industry(p.211)
- • Broad product portfolio including networking cables, fibre-optic cables, power cables, solar DC wire, tethered cables, and keystone jacks(p.211)
- • Early mover in keystone jacks manufacturing; one of the earliest in the organised segment alongside Polycab, Havells, and Finolex(p.204)
- • Supplies to top telecom companies; serves 2 out of top 3 telecom companies by revenue(p.211)
- • Established global presence across 8 countries; young company founded in 2005 with significant growth potential(p.211)
- • Top 4 player in networking cables with 22.9% market share(p.216)
- • Fastest growing player in wires & cables with 33.45% revenue CAGR(p.216)
- • Highest ROE among peers with strong operational efficiency (ROCE 23.82%-36.46%)(p.216)
- • Long-standing customer relationships with marquee clients for 9+ years average(p.224)
- • Vertically integrated manufacturing with in-house copper, PVC and FRP/IGFR production(p.225)
- • Diversified customized product portfolio across multiple end-use industries(p.222)
- • Multiple global certifications (UL, ETL, CPR, CE) enabling international market access(p.223)
- • Experienced promoters with 20+ years cable industry experience(p.218)
- • Over 20 years of industry experience by founding team(p.271)
- • Established manufacturing operations with significant capital investment(p.303)
- • Strong revenue growth trajectory(p.304)
- • Consistent profitability across reporting periods(p.304)
- • Established accounting policies and financial controls framework(p.325)
- • Diversified investment portfolio management approach(p.356)
- • Systematic lease accounting and asset management(p.327)
- • Heavy customer concentration with top 10 customers representing 84% of revenue(p.26)
- • Heavy supplier concentration with top 10 suppliers representing 74.91% of raw material sourcing(p.24)
- • Geographic concentration of two manufacturing facilities in Bhiwadi, Rajasthan(p.28)
- • Declining Return on Net Worth from 37.26% (FY2024) to 25.84% (FY2026)(p.40)
- • Negative cash flows from operating activities in recent periods(p.38)
- • Ongoing intellectual property disputes with Orient Electric(p.24)
- • CARO observations regarding discrepancies in quarterly bank returns(p.32)
- • Wilful Defaulter status of promoter group member Radhika Julka(p.37)
- • Severe underutilization of Other Allied Products capacity(p.43)
- • Past environmental compliance violations at Unit II(p.44)
- • Incomplete insurance coverage relative to net tangible assets(p.45)
- • Delays in statutory compliance payments(p.51)
- • Historical regulatory non-compliance with CSR provisions(p.46)
- • Missing historical corporate records and challans(p.50)
- • Promoter concentration with high dependence on key customers(p.112)
- • Significant debt levels relative to EBITDA(p.146)
- • No current credit rating despite previous history(p.132)
- • Reliance on working capital facilities for operational needs(p.131)
- • Recent manufacturing facility in Bengaluru just commenced operations(p.143)
- • Rising net debt-to-equity ratio from 0.23 in FY24 to 0.94 in FY26, indicating increasing financial leverage(p.213)
- • Deteriorating net debt-to-EBITDA from 0.49x in FY24 to 2.31x in FY26, signaling rising debt burden(p.213)
- • Declining ROE from 37.26% in FY24 to 25.84% in FY26, and Q1FY27 at 13.17%, showing weakening profitability(p.213)
- • Declining ROCE from 41.13% in FY24 to 23.82% in FY26, and further to 10.36% in Q1FY27(p.213)
- • Deteriorating gross fixed asset turnover from 8.44x in FY24 to 5.81x in FY26, indicating lower asset efficiency(p.213)
- • Declining EBITDA margin from 10.17% in FY25 to 8.23% in FY26, showing margin pressure(p.212)
- • Worsening net working capital position; NWC days increased from 14 in FY24 to 48 in FY26(p.213)
- • High dependence on top 10 suppliers for ~70% of raw materials(p.215)
- • High dependence on contract labour creating operational vulnerability(p.215)
- • Increasing working capital days from 14 to 48 days over 3 years(p.228)
- • Rising debt levels with Net Debt/Equity increasing from 0.23x to 0.94x(p.228)
- • Declining ROE and ROCE trends from FY24 to Q1FY27(p.228)
- • Retention risk requiring ability to generate higher revenue from existing customers(p.215)
- • Significant reliance on short-term borrowings(p.303)
- • Newly incorporated subsidiary with negative net worth and losses(p.267)
- • Concentrated promoter shareholding with ongoing promoter litigation(p.289)
- • High working capital requirements evidenced by negative operating cash flow(p.306)
- • High debt-to-equity ratio indicating significant financial leverage(p.360)
- • Concentration risk with top customers representing majority of revenue(p.352)
- • Significant exposure to trade receivables credit risk(p.356)
- • Outstanding CSR compliance issues and pending adjudication(p.351)
- • Pending litigation with Orient Electric over trademark and corporate name(p.351)
- • High dependence on working capital facilities from banks(p.345)
- • High customer concentration with top 10 customers accounting for 84% of revenue(p.376)
- • High supplier concentration with top 10 suppliers accounting for 74.91% of raw material procurement(p.378)
- • Significant outstanding foreign exchange realization beyond stipulated time(p.363)
- • Outstanding foreign import payables beyond stipulated time(p.363)
- • High leverage with total borrowings to equity ratio of 0.96(p.370)
- • Negative operating cash flow in recent periods(p.402)
- • Ongoing trademark infringement litigation with orient Electric over 'ORIENT' brand(p.410)
- • CSR non-compliance proceedings initiated by Ministry of Corporate Affairs(p.410)
- • Fraud and misappropriation by copper supplier affecting working capital(p.410)
- • Promoter Group member declared Wilful Defaulter by bank(p.419)
- • Trademarks largely under examination or opposed at regulatory stage(p.417)
- • Capitalize on networking cables and optical fiber industry tailwinds(p.42)
- • Diversify into high-growth and emerging product segments(p.42)
- • Expand geographical footprint internationally(p.42)
- • Leverage rapid growth in keystone jack market in India(p.43)
- • Capacity expansion to support growing demand(p.42)
- • Capacity expansion from 895,776 KM to 1,255,296 KM through capex deployment(p.125)
- • Growth in high-growth industries including broadband, telecom, data centre, renewable energy(p.124)
- • Geographic expansion through South India manufacturing facility(p.143)
- • Debt reduction through Net Proceeds allocation of ₹1,555 million for repayment(p.131)
- • Investment in advanced manufacturing equipment and technology(p.124)
- • Networking cables market growing at CAGR of 18.7% (FY26-31) to reach INR 84.5B by FY31(p.176)
- • Fibre-optic cables market growing at 17.3% CAGR (FY26-31) to reach INR 233.1B by FY31(p.176)
- • Broadband cables market (networking + fibre-optic) growing at 17.6% CAGR (FY26-31) to reach INR 317.5B by FY31(p.174)
- • Solar e-beam market growing rapidly at 37.8% CAGR (FY26-31) to reach INR 266.7B by FY31(p.200)
- • Keystone jacks market growing at 12.2% CAGR (FY26-31) to reach INR 19.4B by FY31, where Orient is an early mover(p.205)
- • Data centre market in India expanding at 42.5%-47.8% CAGR (FY26-31); power capacity to reach 10-12 GW(p.195)
- • Fixed broadband subscriptions projected to grow from 46.5M (FY26) to 110-126M (FY31) at CAGR of 19-22%(p.182)
- • Organised segment of Indian wires & cables market growing to 87.5% by FY31, displacing unorganised players(p.171)
- • India broadband cables market projected to grow at 17.6% CAGR (FY26-31) to ₹317.5B(p.229)
- • Networking cables market to grow 18.7% CAGR (FY26-31) to ₹84.5B from ₹35.9B(p.230)
- • Fibre-optic cables market to grow 17.3% CAGR to ₹233.1B from ₹105B(p.230)
- • E-beam irradiated cables market growing 49.3% CAGR, projected to reach ₹266.7B by FY31(p.231)
- • EV charging cables market to grow with EV sales projected at 16M units by 2030 (47.4% CAGR)(p.233)
- • Tethered drone market projected to grow 30.9% CAGR to ₹7B by FY31 from ₹1.82B(p.232)
- • Low fixed broadband penetration in India (<5%) vs developed countries (39-49%), creating vast growth potential(p.220)
- • Solar junction boxes market to grow 10.7% CAGR to ₹40.2B by FY31 from ₹24.2B(p.231)
- • Keystone jacks market to grow 12.2% CAGR to ₹19.4B by FY31, with company positioned as early mover(p.230)
- • Subsidiary authorized for EV charging infrastructure products(p.267)
- • Joint venture established for specialized cable products(p.268)
- • Planned strategic initiatives for inorganic growth(p.271)
- • Expansion of manufacturing capacity through capex investments(p.338)
- • Growth in specialized cable segments(p.352)
- • Expansion into new product categories and EV charging solutions(p.352)
- • Capital expenditure program indicating infrastructure expansion(p.352)
- • High growth in Indian broadband market projected at 17.6% CAGR through Fiscal 2031(p.375)
- • Networking cables market in India projected to grow at 9.6% CAGR globally to US$26.2 billion by 2030(p.375)
- • Very low fixed broadband penetration in India at less than 5% vs developed countries at 39-49%(p.376)
- • Rapid growth in Indian data centre sector with capacity expected to expand to 10-12 GW by Fiscal 2031(p.376)
- • Government initiatives like BharatNet and National Broadband Mission driving fibre-optic infrastructure expansion(p.376)
- • Diversification into allied products like Keystone Jacks and Power Strips to strengthen one-stop shop positioning(p.377)
- • Expansion of manufacturing capacity with new Unit III in Karnataka(p.416)
- • Capacity enhancement through e-beam cable production authorization(p.416)
- • Solar installation infrastructure for operational efficiency(p.416)
- • Export capabilities through Authorized Economic Operator status(p.415)
- • Registration with Federation of Indian Export Organisations(p.416)
- • Volatility in commodity prices for primary raw materials copper and PVC(p.25)
- • Supply chain disruptions affecting raw material availability(p.25)
- • Heavy dependence on networking cables market (78.23% of revenue in FY2026)(p.39)
- • Intense competition from larger established players(p.40)
- • Risk of product obsolescence due to technological advancement(p.41)
- • Regulatory risks including environmental compliance in Rajasthan(p.28)
- • Logistics disruptions affecting raw material procurement and product delivery(p.42)
- • Rising freight and export tariff costs(p.42)
- • Dependence on water transportation and nearby ports(p.42)
- • Foreign exchange fluctuation risks on imports and exports(p.45)
- • EU anti-dumping duties and US reciprocal tariffs on Indian telecom products(p.53)
- • Industry threats of rising commodity prices and competition(p.55)
- • Slower broadband fiberization adoption and technology disruptions(p.55)
- • Macroeconomic slowdown risks in India(p.65)
- • Inflation pressure on costs not fully passable to customers(p.67)
- • Objects not appraised by financial institutions; potential cost overruns(p.124)
- • Industry cyclicality and external market conditions affecting deployment(p.124)
- • Prepayment penalties and conditions on existing borrowings(p.131)
- • Absence of current credit rating affecting market perception and financing costs(p.132)
- • High industry competition with established peers (Polycab, Havells, Finolex, KEI) having larger scale and established market positions(p.211)
- • Price competition and commoditization risk in networking and fibre-optic cables markets(p.188)
- • Dependency on telecom sector for a significant portion of revenues; exposure to telecom operator purchasing patterns and capacity additions(p.211)
- • Raw material price volatility and input cost inflation impacting profitability(p.162)
- • FX risk from exports (40.33% of revenues); INR depreciation could impact export competitiveness(p.211)
- • Last-mile connectivity challenges in India's fixed broadband expansion limiting market growth(p.178)
- • Emergence of satellite broadband (Starlink) posing potential disruption to fixed broadband cable demand(p.192)
- • Regulatory compliance burden and certification requirements acting as barriers for market entry and expansion(p.184)
- • Rising commodity prices (copper, aluminium, polymers) squeeze profit margins(p.214)
- • Intensifying competition from domestic and global players drives down prices(p.214)
- • Rapid technological advancements demand continuous R&D investment risk of obsolescence(p.214)
- • Slower adoption of fixed broadband/fiberisation reduces revenue opportunities(p.214)
- • Rupee-dollar exchange rate volatility impacts cost for imported raw materials(p.215)
- • Starlink satellite technology could reduce demand for fixed wireless equipment and fibre networks(p.215)
- • Litigation involving group company and brand name conflict(p.295)
- • Dependence on external finance with material guarantees from promoters(p.266)
- • Exposure to raw material cost and foreign currency fluctuations(p.304)
- • Operational risk from recent leadership transitions(p.288)
- • Foreign exchange volatility impact on export revenues and import costs(p.356)
- • Interest rate risk on floating rate borrowings(p.356)
- • Raw material price volatility and cost inflation(p.361)
- • Competitive and regulatory pressures on cable industry(p.351)
- • Credit risk concentration with limited customer base(p.356)
- • Highly competitive market with multiple domestic and international players(p.376)
- • Dependence on macroeconomic conditions and industry-specific factors affecting demand(p.375)
- • Vulnerability to raw material price fluctuations with 82.23% of revenue as cost of materials consumed(p.396)
- • Risk of order cancellations, reductions or delays impacting inventory and margins(p.377)
- • Significant finance costs representing 1.57% of revenue with high leverage(p.396)
- • Counterclaim by Orient Electric for trademark infringement damages(p.411)
- • Regulatory challenge to company name from Orient Electric(p.410)
- • Regulatory compliance requirements for manufacturing licenses and environmental permits(p.417)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vipul Nagpal | Promoter Selling Shareholder | — | — |
| Garima Nagpal | Promoter Selling Shareholder | — | — |
| Vipul Family Trust | Promoter Selling Shareholder | — | — |
| Garima Family Trust | Promoter Selling Shareholder | — | — |
| Vardaan Nagpal | Promoter | — | — |
| Vipul Nagpal | Promoter | Not specified in this part | — |
| Garima Nagpal | Promoter | Not specified in this part | — |
| Vipul Nagpal | Promoter/Promoter Selling Shareholder | 24.23% | [●] |
| Garima Nagpal | Promoter/Promoter Selling Shareholder | 5.67% | [●] |
| Vardaan Nagpal | Promoter | 0.10% | [●] |
| Vipul Family Trust | Promoter/Promoter Selling Shareholder | 35.00% | [●] |
| Garima Family Trust | Promoter/Promoter Selling Shareholder | 35.00% | [●] |
| Darshan Lal Nagpal | Member of Promoter Group | Negligible | [●] |
| Prem Nagpal | Member of Promoter Group | Negligible | [●] |
| Vipul Nagpal | Promoter | — | — |
| Vardaan Nagpal | Promoter Group | — | — |
| Prem Nagpal | Promoter Group | — | — |
| Darshan Lal Nagpal | Promoter Group | — | — |
| Vipul Nagpal | Promoter/Managing Director | — | — |
| Garima Nagpal | Promoter/Whole time Director | — | — |
| Vardaan Nagpal | Promoter | — | — |
| Vipul Nagpal | Promoter | 24.23% | — |
| Garima Nagpal | Promoter | 5.67% | — |
| Vardaan Nagpal | Promoter | 0.10% | — |
| Vipul Family Trust | Promoter Group | — | — |
| Garima Family Trust | Promoter Group | — | — |
| Vipul Nagpal | Promoter | 24.23% | — |
| Garima Nagpal | Promoter | 5.67% | — |
| Vipul Family Trust | Promoter Group | 35.00% | — |
| Garima Family Trust | Promoter Group | 35.00% | — |
| Vipul Nagpal | Promoter and Chairman and Managing Director | — | — |
| Vipul Nagpal | Promoter/Promoter Selling Shareholder | — | — |
| Garima Nagpal | Promoter/Promoter Selling Shareholder | — | — |
| Vipul Family Trust | Promoter Selling Shareholder | — | — |
| Garima Family Trust | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Orient Cables (India) Limited THIS ISSUE | 5.27 | 23.11 | 20.86, computed at the offer price | 11.77, computed at the offer price | 25.84% |
| 43.53 | 227.61 | 54.85 | — | 20.83% | |
| 177.53 | 805.50 | 46.69 | — | 24.58% | |
| 46.67 | 397.93 | 26.29 | — | 12.33% | |
| 26.95 | 150.95 | 42.69 | — | 18.97% | |
| 96.09 | 697.17 | 48.99 | — | 14.75% | |
| 1.96 | 25.49 | 33.47 | — | 7.99% | |
| 5.63 | 93.63 | 63.54 | — | 6.33% | |
| 1.15 | 46.46 | 708.38 | — | 2.63% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.