A two-decade-old networking-cables manufacturer opens its Rs 552 crore mainboard issue on September 25
Orient Cables (India) Ltd is a manufacturing company focused on networking cables and passive networking equipment — a play on India’s digitisation, data-centre boom and connectivity build-out.
With nearly two decades of operating experience, its products cater to high-growth applications across broadband, telecom, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive, with increasing exposure to e-mobility, defence, aerospace and railways.
The business runs across four product segments. Networking Cables and Solutions is the core (78.2% of FY26 revenue); Specialty Power, Optical Fibre Cables and Solutions is the second leg (21.4%); with Wire and Cable Harness Assemblies / EV Charging Guns Cable Assembly (0.01%) and Other Allied Products (0.4%).
Its portfolio spans CAT5/CAT5e/CAT6/CAT6A networking cables, patch cords, CCTV and coaxial cables, instrumentation and control cables, power cables, optical-fibre cables and custom assemblies — plus allied products like keystone jacks, power strips and power cords.
The market leadership and forward-looking expansion are key. Orient Cables holds approximately 22.9% of India’s networking-cable market, and is expanding into emerging applications: E-Beam irradiated specialty cables (commercial production began FY26, targeting renewable energy), solar junction boxes, tethered drone systems, cable harnesses, and EV charging cables and guns (which have received TÜV certifications).
It has a diversified B2B base — telecom service providers, telecom equipment makers, power utilities, IT solution providers and data centres — serving two of the top three telecom companies by revenue, with top-10 customers averaging over nine years’ relationship.
It runs three facilities (two at Bhiwadi, Rajasthan; one in Bengaluru), with installed capacity of 895,776 km for cables and 5.04 million pieces for allied products, holds international certifications (ETL, UL, CPR, CE), and exports to the UAE, Qatar, USA, Australia and more (exports Rs 1,085 million in FY26).
The promoters are the Nagpal family (Vipul, Garima and Vardaan Nagpal, and family trusts).
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 25, 2026 |
| Issue Closes | September 29, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | October 5, 2026 |
| Price Band | Rs 258 – Rs 272 per share |
| Face Value | Rs 1 |
| Issue Size | Rs 552 crore (2,02,94,114 shares) |
| Fresh Issue | Rs 320 crore (117.6 lakh shares) |
| Offer for Sale | Rs 232 crore (85.3 lakh shares) |
| Lot Size | 55 shares |
| Min. Retail Investment | Rs 14,960 |
| Post-Issue Market Cap | Rs 3,095.35 crore |
| Lead Managers | IIFL Capital Services, JM Financial |
| Registrar | KFin Technologies Ltd. |
The issue is majority fresh (Rs 320 crore) with a Rs 232 crore OFS. From the fresh proceeds, Orient Cables will utilise funds for capex on machinery, equipment and civil works at its facilities (Rs 91.50 crore), repayment or prepayment of certain borrowings (Rs 155.50 crore), and general corporate purposes.
Post-issue, promoter and promoter group shareholding falls from 100% to 82.2%, with public shareholding rising to 17.8%.
Price Band
At the upper band of Rs 272, on FY26 earnings the issue is valued at a post-issue P/E of about 23.5x–23.61x (pre-IPO ~51.8x on the narrower pre-issue base) and an EV/EBITDA of 34.71x, for a post-issue market cap of about Rs 3,095 crore.
GMP
The Orient Cables IPO GMP climbed from around ₹34 to as high as ₹113. As always, GMP is unofficial, and unregulated.
Financial Performance
| Particulars (Rs million) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 6,578 | 8,250 | 11,717 |
| EBITDA | 588 | 840 | 964 |
| EBITDA Margin (%) | 8.9 | 10.2 | 8.2 |
| PAT | 400 | 534 | 536 |
| PAT Margin (%) | 6.1 | 6.5 | 4.6 |
The financials show very strong revenue growth with a nuanced profit picture. Revenue from operations grew from Rs 6,578 million in FY24 to Rs 11,717 million in FY26 — a 42% jump in FY26 and a 25.4% rise in FY25 — reflecting rapid market-share gains and the data-centre/networking demand surge.
Q1 FY27 revenue of Rs 4,892 million (with Rs 329 million PAT and an 11.2% EBITDA margin) suggests continued momentum.
Profit growth has lagged revenue. PAT was essentially flat between FY25 and FY26 (Rs 534 million to Rs 536 million), and margins compressed in FY26 (EBITDA margin to 8.2% from 10.2%; PAT margin to 4.6% from 6.5%)
Borrowings also more than doubled during FY26 (finance cost up to Rs 191 million) The company reported FY26 EPS of Rs 4.7.
According to a note by Anand Rathi Research, “at the upper price band of ₹272, Orient Cables is valued at an implied P/E of 23.5x and EV/EBITDA of 34.71x of FY26 earnings… Given its strong revenue growth, expanding networking cable market share, diversified product portfolio and increasing presence across data centres, renewable energy and e-mobility, the company has multiple structural growth drivers. However, the valuation leaves limited room for execution-related deviations. The IPO appears fairly priced and we recommend a ‘Subscribe: Long Term’ for this issue.”
Risks to Consider
At ~23.5x FY26 P/E and ~34.7x EV/EBITDA, the pricing already embeds substantial growth, leaving limited room for execution-related deviations — any slowdown in data-centre, telecom, renewable or EV demand would pressure the multiple.
Despite a 42% revenue jump, PAT was flat in FY26 and margins compressed (EBITDA to 8.2%, PAT to 4.6%) — so profitability isn’t keeping pace with revenue, a key monitorable.
Borrowings more than doubled during FY26, raising balance-sheet concerns; the Rs 155.50 crore debt repayment mitigates this, but leverage and finance costs bear watching.
Networking cables contribute 78.2% of revenue, so the business is concentrated in one segment and exposed to copper/plastic/fibre input-price volatility.
Growth increasingly relies on newer applications (E-Beam cables, EV charging, solar junction boxes, drone systems) and capacity expansion — these must ramp up profitably to justify the valuation.
