PC
Prime Cable Industries Limited
Book Building issueSMENSE₹40.04 Cr issue
-2.41%
Listing gain over issue price
Issue size
₹40.04 Cr
1 lot at cut-off
₹1,32,800
Lot size
1,600shares
Open
22 Sept 2025
Close
24 Sept 2025
Allotment
25 Sept 2025
Listing
29 Sept 2025
Listing performance
Issue price
₹83
Listed at
₹81
Listing-day close
₹78.3
Latest price
₹117.2
Listing gain
-2.41%
Return since listing
+41.20%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
-₹2
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Sept 2025 | -₹2 | -2.41% | ₹0 | ₹81 | -₹3,200 |
| 28 Sept 2025 | -₹2 | -2.41% | ₹0 | ₹81 | -₹3,200 |
| 27 Sept 2025 | ₹3 | +3.61% | ₹3,600 | ₹86 | ₹4,800 |
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.
Issue details
- IPO date
- 22 Sept 2025 – 24 Sept 2025
- Listing date
- 29 Sept 2025
- Face value
- ₹5 per share
- Issue price
- ₹83 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹40.04 Cr
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 92.93% → 68.24% pre-issue → post-issue
- ISIN
- INE0CQA01020
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- Flat No 249 Ground Floor, KD Block Pitampura, Rani Bagh, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,72,800 | — | — |
| Market maker | 2,41,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (min) | 8 | 12,800 | ₹10,62,400 |
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.
Shares allocated
13,72,800
Anchor portion
₹11.39 Cr
at ₹83 per share
Valuation and performance
Valuation at offer price
₹83 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.32 | 4.10 |
| P/E (×) | 15.60 | 20.24 |
| Price to book (×) | 7.81 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 69.16%
- ROCE
- 25.96%
- Debt / equity
- 2.63
- PAT margin
- 5.32%
- EBITDA margin
- 10.43%
- NAV per share
- ₹10.63
- Price to book
- 7.81
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Prime Cable Industries Limited
Prime Cable Industries Limited manufactures power cables, control cables, and allied products for power transmission and distribution applications. The company took over the proprietorship business of M/s. Prime Cable Industries from promoter Purshotam Singla on April 1, 2009, and was incorporated as a private limited company in May 2008 before converting to a public limited company in December 2024. The company derives 74.55%, 82.44% and 74.40% of its revenue from Government Entities/EPC Contractors of Government for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively, with quarterly revenue fluctuations driven by government budget utilization patterns. Revenue from operations grew from ₹7,361.95 Lakhs in Fiscal 2023 to ₹14,097.72 Lakhs in Fiscal 2025.
Company Analysis
from RHPPrime Cable Industries manufactures cables and wires for the power transmission and distribution sector, serving government entities and EPC contractors.
Prime Cable Industries Limited manufactures power cables, control cables, and allied products for power transmission and distribution applications. The company took over the proprietorship business of M/s. Prime Cable Industries from promoter Purshotam Singla on April 1, 2009, and was incorporated as a private limited company in May 2008 before converting to a public limited company in December 2024. The company derives 74.55%, 82.44% and 74.40% of its revenue from Government Entities/EPC Contractors of Government for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively, with quarterly revenue fluctuations driven by government budget utilization patterns. Revenue from operations grew from ₹7,361.95 Lakhs in Fiscal 2023 to ₹14,097.72 Lakhs in Fiscal 2025.
Objects of the Issue
- Setting up a new factory to manufacture Medium Voltage (Up to 33 KV) Cables & Covered Conductors p.61
- Repayment/prepayment of certain outstanding borrowings ₹447.56 Lakhs p.59
- Funding working capital requirements p.61
- General corporate purposes p.61
- Setting up a new factory to manufacture Medium Voltage (Up to 33 KV) Cables & Covered Conductors ₹1,445.51 Lakhs p.107
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹447.56 Lakhs p.107
- Funding Working Capital requirements of our Company ₹705.48 Lakhs p.107
- General Corporate Purposes [●] p.107
Issue Structure
- Total Issue
- Up to ₹4,001.26 Lakhs
- Fresh Issue
- Up to ₹3,501.94 Lakhs (up to 42,19,200 equity shares of face value of ₹5 each)
- Offer for Sale
- Up to ₹499.32 Lakhs (up to 6,01,600 equity shares of face value of ₹5 each)
- Price Band
- Not yet finalized (to be determined through book building process)
- Face Value
- ₹5 per equity share
Business Model
The company manufactures and sells cables and wires primarily to government entities and EPC contractors. It generates revenue from the supply of power cables, control cables and related products to the power transmission and distribution sector.
Business Segments
Manufactures and sells power cables, control cables and allied products for power transmission and distribution applications
Development of Medium Voltage (Up to 33 KV) Cables & Covered Conductors for power transmission
Manufactures Low Voltage (up to 1.1 KV) Control Cables, Power Cables, Aerial Bunch Cables, Instrumentation Cables, Housing/Building Wires and Conductors for power distribution, industrial, and construction applications.
Proposes to manufacture Medium Voltage (up to 33 KV) Power Cables, Covered Conductors & Aerial Bunch Cables at the new manufacturing facility in Rajasthan with a production capacity of 5000 Kms per annum.
Electrical cables for transmitting signals and controlling equipment in industrial settings
Cables used to transmit electricity over long distances for industrial, commercial, and residential applications
Overhead power distribution cables used in power distribution systems
Specialized cables for instrumentation and measurement applications
Electrical wiring solutions for residential and commercial building installations
Manufactured with copper conductor both armoured and unarmoured 1.1 KV grade in 1.5 Sq.mm. and 2.5 Sq.mm. & size up to 61 cores (solid and stranded) as per both IS 7098 - Part 1 & IS 1554-Part 1, with options for Flame Retardant (FR), Flame Retardant Low Smoke (FRLS) & Zero Halogen Flame Retardant (ZHFR) properties and heat resistant features. Used in electrical systems with multiple functionalities, systems that provide monitor, control, regulation and measurement of technical devices and components, automated systems, and systems with multiple inputs and outputs.
Manufactured with copper / aluminium conductors with XLPE or PVC insulation, laid up, inner taped/extruded, with galvanized mild steel wires/strips armouring and high grade FRLS PVC outer sheath. Available as L.T XLPE Insulated & PVC sheathed, armoured/unarmoured cables and L.T PVC Insulated & PVC sheathed cables, with options for Flame Retardant and Zero Halogen Flame Retardant properties, heat resistant features (up to 85 Degree Celsius), and short circuit withstand capability. Used for transmission of electrical power, permanent wiring within buildings, buried in ground, run overhead or exposed, in power distribution, power stations, railways around 1.1 KV.
Made using evenly bare/tin plated copper conductors insulated with HR PVC, further twisted together in pairs and encased in shield (foil or mesh) to create overall shielded pair cables. These shields guard against electromagnetic interference. Used to transmit analog signals such as temperature, pressure, flow, to connect communication transmission between instrument and control system, and for transmission of telephone, telegraph, fax documents, television and radio programs, data and other electrical signals.
Novel concept for overhead power distribution, made as per IS 14255 with aluminium conductor, aluminium alloys with great tensile strengths and perfectly cured XLPE insulation. Compared to conventional bare conductors overhead distribution system, provides higher safety and reliability, lower power losses and system economy by reducing installation, maintenance and operating cost. Best choice for power distribution in difficult terrains such as hilly areas, forest areas, coastal areas, and attractive for installation in congested urban areas with narrow lanes and by lanes in developing urban complexes due to flexibility for rerouting.
Made using electrolytic grade bare flexible copper conductors with high conductivity and then insulated with different kinds of polymers. Can be made available in any colour as per customer's requirement. Used in both commercial and domestic buildings, in conduits, switch boards, lighting and other electrical fittings, and in panels for heavy equipment and control panels of electric sub stations.
Supply of low voltage control cables, power cables and related products to power transmission entities
Supply of low voltage cables and wires to electricity boards and power distribution entities
Supply of cables and wires to power generation entities
SWOT Analysis
Strengths
- • 17-year operational history in cable manufacturing with established market presence(p.25)
- • ISO and BIS certified manufacturer with recognized quality standards(p.25)
- • Strong revenue growth trajectory with PAT increasing significantly(p.26)
- • Dominant position in government sector with 74.55% revenue from government entities(p.34)
- • Diversified product portfolio across multiple cable categories(p.25)
- • Long standing relationships with distinguished clientele leading to recurring business(p.121)
- • Vendor Approvals & established Bid-Qualification Requirements (BQR) for Government Tenders(p.121)
- • Stringent quality measures and adherence to quality standards(p.121)
- • Experienced and Committed Management Team(p.121)
- • Unique positioning in the Cables & Wires Market(p.121)
- • Long-standing relationships with distinguished clientele generating recurring business(p.202)
- • Vendor approvals across multiple states enabling government tender participation(p.203)
- • NABL-accredited in-house laboratory meeting international quality standards(p.206)
- • Experienced management team with 28+ years of industry expertise(p.207)
- • Unique positioning as SME with NABL labs among ~3 SMEs in India cable industry(p.192)
- • Strong government contract revenue concentration (74.55% in FY2025)(p.203)
- • Established multi-location manufacturing capacity with two fully operational units(p.210)
- • Significant recent capacity expansion in Manufacturing Unit-II(p.207)
- • Diversified cable and wire product portfolio across multiple segments(p.207)
- • Strong customer base with government and PSU tenders as primary revenue driver(p.221)
- • Quality certifications and laboratory accreditation enhancing market credibility(p.226)
- • Long-standing supplier relationships ensuring raw material security(p.214)
Weaknesses
- • High leverage with debt-to-equity ratio of 2.63 as of March 31, 2025(p.28)
- • Heavy dependence on top 10 customers representing 66.51% of revenue(p.45)
- • Concentration of revenue in four geographical regions(p.28)
- • High reliance on top 10 suppliers with 78.16% of total purchases(p.35)
- • Lack of long-term customer contracts creating revenue volatility(p.34)
- • Disassociated Group members have not provided required confirmations for promoter disclosures(p.28)
- • Lease dependency for all material facilities with no owned premises(p.28)
- • High employee attrition rate in unskilled workforce (79.69% in FY2025)(p.49)
- • Heavy revenue concentration from government customers with seasonal purchasing patterns(p.49)
- • Untraceable historical RoC compliance documents and forms(p.49)
- • Past statutory non-compliances including unfiled forms and discrepancies(p.50)
- • History of delayed and non-payment of statutory dues(p.50)
- • Modified auditor's report for FY2024 due to non-operation of audit trail(p.51)
- • Negative cash flows from investing activities(p.51)
- • Substantial contingent liabilities including bank guarantees(p.52)
- • Dependence on related party loans with significant interest costs(p.52)
- • Unsecured loans repayable on demand(p.54)
- • Incomplete insurance coverage of assets(p.56)
- • Promoters have provided personal guarantees for borrowings(p.55)
- • No experience of key management personnel with listed companies(p.64)
- • No information security and disaster recovery system in place(p.58)
- • Discrepancies in e-form 2 filed for allotment of shares and statutory non-compliances(p.94)
- • Unable to trace historical records of Company pertaining to RoC compliance for past periods(p.94)
- • Significant working capital requirements(p.114)
- • High debt levels with Debt-Equity Ratio of 2.63 times(p.123)
- • High debt-to-equity ratio indicating significant financial leverage(p.200)
- • Revenue concentration in 5-6 key states limiting geographic diversification(p.207)
- • Relatively small scale compared to major competitors dominating 60%+ of market(p.206)
- • Declining repeat customer revenue percentage (69.93% in FY2025 vs 81.48% in FY2024)(p.203)
- • Significant dependence on top 10 customers for majority of revenue(p.223)
- • Manufacturing Unit-II operating at very low capacity utilization despite recent commercialization(p.220)
- • High raw material cost burden relative to revenue(p.214)
- • Limited insurance coverage relative to tangible assets(p.229)
- • Dependence on external logistics for product delivery(p.226)
- • High dependence on few key customers(p.337)
- • Significant debt burden with high leverage(p.332)
- • Pending material litigation with contingent liability exposure(p.311)
- • Concentration of manufacturing capacity(p.282)
- • Working capital intensity and cash conversion cycle management(p.332)
- • Pending exemption denial for Disassociated Group disclosure requirements(p.364)
Opportunities
- • India's cable industry poised for 10% CAGR growth to ₹2 lakh Cr by CY'30(p.25)
- • Government infrastructure initiatives driving cable demand (RDSS, PMAY, National Infrastructure Pipeline)(p.25)
- • Strong tailwinds from renewable energy adoption and smart grid modernization(p.25)
- • Expansion into Medium Voltage cables market (up to 33 KV) through new manufacturing unit(p.23)
- • Strategy to expand geographical footprint across the country and internationally(p.23)
- • Expansion into Medium Voltage Power Cables and Aerial Bunch Cables(p.62)
- • Setting up new factory for Medium Voltage Cable manufacturing(p.61)
- • Expansion through better utilization of existing capacities(p.62)
- • Geographic expansion and broadened marketing reach(p.62)
- • Diversification of product portfolio(p.62)
- • Setting up new factory to manufacture Medium Voltage cables in high-growth segment(p.149)
- • Government's renewable energy targets and electrification initiatives(p.149)
- • Revamped Distribution Sector Scheme (RDSS) driving grid modernization(p.151)
- • India Cables Market projected to grow at 15.1% CAGR from CY'24 to CY'30F(p.148)
- • Growing urbanization driving demand for cables in smart cities and infrastructure(p.150)
- • Indian cables market projected to grow at 15.1% CAGR reaching INR 211,921.1 Cr by CY'30(p.201)
- • Planned expansion into Medium Voltage Cables using IPO proceeds(p.207)
- • Government initiatives driving cable demand including RDSS, NSGM, Green Energy Corridors(p.201)
- • Renewable energy targets driving MV and HV cable demand growing at 15.4% and 16.7% CAGR(p.201)
- • Opportunity to serve expanding EPC and infrastructure project market(p.207)
- • Geographic expansion into underserved Indian states with minimal current presence(p.207)
- • Export market penetration beyond domestic sales(p.207)
- • High-growth medium voltage cable segment with strong government-backed demand drivers(p.207)
- • Significant medium voltage cable market expansion opportunity(p.207)
- • Growing renewable energy infrastructure requiring cable solutions(p.207)
- • Substantial market size growth in cables industry(p.208)
- • Expand product portfolio to Medium Voltage cables(p.337)
- • Government sector procurement expansion(p.331)
- • Growing order book indicating market demand(p.331)
- • Operational leverage through Manufacturing Unit-II(p.334)
- • Improved working capital management and operational efficiency(p.337)
Threats
- • Raw material price volatility linked to London Metal Exchange and crude oil prices(p.36)
- • High competition from unorganized sector and low-cost imports(p.23)
- • US tariffs on Indian imports with 50% additional tariff raising uncertainty(p.39)
- • Government budget allocation and policy changes affecting government procurement contracts(p.34)
- • Supply chain disruptions from geopolitical tensions and logistical issues(p.35)
- • Manufacturing unit downtime disruption risks from equipment failure and natural disasters(p.28)
- • Regulatory and labor law compliance requirements in manufacturing operations(p.40)
- • Delays in payment cycles and project approvals from government entities(p.34)
- • Quarterly revenue fluctuations due to government customer budget cycles(p.49)
- • Dependence on electricity supply from state boards with potential supply disruptions(p.53)
- • Power and fuel costs represent significant portion of production costs(p.53)
- • Restrictive covenants in financing agreements limiting operational flexibility(p.53)
- • Dependence on third-party transportation with no formal arrangements(p.54)
- • Inventory management risks affecting profitability and cash flow(p.54)
- • Intense competition from local and national players(p.58)
- • Technology obsolescence and need for continuous capital investment(p.57)
- • Risk of technical knowledge leakage to competitors(p.57)
- • Economic slowdown and reduced government spending affecting demand(p.68)
- • Inflation increasing costs without proportionate revenue increase(p.68)
- • Interest rate fluctuations on floating rate debt(p.57)
- • Political instability and changes in government policy affecting business(p.65)
- • Changes in tax laws and regulatory requirements(p.65)
- • Natural disasters and adverse weather conditions(p.53)
- • Employee compensation inflation eroding competitive advantage(p.59)
- • Moderate fragmentation in India Cable Industry with leading players like Polycab, Havells, KEI Industries(p.147)
- • Competition from mid-sized manufacturers focusing on high quality and value products(p.147)
- • Global inflation and currency fluctuation risks(p.138)
- • Dependency on government infrastructure and renewable energy projects(p.149)
- • Competition from unorganized sector (30-40% market share) and low-cost Chinese imports(p.189)
- • Raw material price volatility with copper prices increasing 20-30% globally(p.188)
- • Replacement of cables with bus duct trunking systems reducing demand(p.189)
- • Dependence on imports for raw materials due to limited domestic copper production(p.169)
- • Supply chain disruptions and logistics challenges increasing transportation costs(p.188)
- • Highly competitive cable manufacturing industry with significant fragmentation(p.227)
- • Lack of long-term supply contracts exposing company to raw material price volatility(p.214)
- • Price variation clauses in customer contracts create exposure to raw material price movements(p.214)
- • Stringent regulatory compliance requirements for electrical equipment manufacturing(p.227)
- • Concentration of raw material procurement in few geographic regions(p.215)
- • Commodity price volatility in raw materials(p.337)
- • Intense domestic competition in cable manufacturing(p.333)
- • Seasonal business with concentration in Q3-Q4(p.337)
- • Government policy and regulatory changes(p.333)
- • Natural calamities affecting operations(p.333)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Purshotam Singla | Promoter/Chairman and Managing Director | — | — |
| Naman Singla | Promoter/Whole Time Director | — | — |
| Nikunj Singla | Promoter/Whole Time Director | — | — |
| Purshotam Singla | Promoter | 51.70% | [●] |
| Naman Singla | Promoter | 13.79% | [●] |
| Nikunj Singla | Promoter | 13.79% | [●] |
| Vijay Lakshmi Singla | Promoter | 9.45% | [●] |
| Shreya Jhalani Singla | Promoter | 0.16% | [●] |
| Purshotam Singla HUF | Promoter Group | 3.88% | [●] |
| Yashna Kathuria | Promoter Group | 0.16% | [●] |
| Purshotam Singla | Chairman and Managing Director / Promoter | — | — |
| Vijay Lakshmi Singla | Promoter | — | — |
| Naman Singla | Promoter | — | — |
| Nikunj Singla | Promoter | — | — |
| Purshotam Singla | Promoter | 51.70% | — |
| Naman Singla | Promoter | 13.79% | — |
| Nikunj Singla | Promoter | 13.79% | — |
| Vijay Lakshmi Singla | Promoter | 9.45% | — |
| Shreya Jhalani Singla | Promoter | 0.16% | — |
| Purshotam Singla | Promoter | 55.73% | — |
| Vijay Lakshmi Singla | Promoter Group | 11.03% | — |
| Naman Singla | Promoter | 14.15% | — |
| Nikunj Singla | Promoter | 14.16% | — |
| Shreya Jhalani Singla | Promoter | 0.16% | — |
| Purshotam Singla | Selling Shareholder | — | — |
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.