Orient Cables (India)
Orient Cables (India) (OCIL)is a manufacturer of networking cables and passive networking equipment.The company has nearly two decades of experience in the networking cables and passive networking equipment industry and caters to industries including broadband, telecommunications, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive.
The product portfolio is divided into three broad segments: networking and solutions; specialty power and optical fibre cables and solutions; and otherallied products. Its product portfolio includes CAT5, CAT5e, CAT6 and CAT6A networking cables, patch cords, CCTV and coaxial cables, instrumentation and control cables, power cables, optical fibre cables, fibre patch cords, keystone jacks, power strips and power cords. The company also manufactures customized products based on customer requirements.
The company has expanded its product portfolio into E-beam irradiated specialty cables, solar junction boxes, tethered drone systems, cable harnessesand EV charging cables and guns. Its EV charging cables are TUV certified
The company has two manufacturing facilities in Bhiwadi, Rajasthan and one in Bangalore. As of June 30, 2026, the company had an installed capacity of 895,776 kms of networking cables, specialty power cables, optical fibre cables and 5,040,000 pieces of other allied products (including keystone jacks).
According to the 1Lattice Report, the company was among the top four networking cable players in India, with a market share of 22.9% in FY 2026 as compared with 16% in FY2022. The company serves customers across telecom, broadband, data centres, renewable energy, e-mobility, FMEG, smart homes and offices, security and surveillance, railways, defence and aerospace.
The company also exports its products to overseas customers located in UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore andNetherlands, amongst others.
Object of the offer
The offer consists of both a fresh issue and an offer for sale component (OFS). The fresh issue will include 1,17,64,706 shares, aggregating up to Rs 320.0crore at the upper price band of Rs 272. OFS includes 85,29,412 shares of Re 1, aggregating up to Rs 232.0 crore at the upper price band of Rs 272.
The funds raised Rs 91.50 crore will be used for funding capital expenditures requirements of the company towards purchase of machinery, equipment and civil works at its manufacturing facilities. The company intends to increase the capacity of cables from 8,95,776 km as on June 30,2026 to 12,55,296 km and other allied products capacity from 50,40,000 pieces as on June 30,2026, to 1,72,80,000 pieces. Capacity utilization of cables division stood at 71% in quarter ended June 30,2026 and 69.85% in FY2026. The capacity utilization of other allied products stood at 5.83% in quarter ended June 30,2026 and 6.18% in FY2026.
Rs 155.5 crore will be utilised towards repaying certain borrowingsand the balance is towards general corporate purposes.
Strengths
One of the leading specialty cable manufacturers for telecommunications in India, in terms of the range of products manufactured, in an industry with high entry barriers.
A diversified portfolio of customised products and solutions across end-user industries.
Long-standing customer relationships with marquee clientele. In FY2026 93.9% of the total revenues were from retained customers.
Strategically located manufacturing facilities with a focus on product innovation through in-house capabilities.
Experienced promoters and professional management with domain knowledge.Vipul Nagpal, one of its promoters and founder of the company has over 20years of experience in wires and cables manufacturing.
Weaknesses
Significant increases or fluctuations in prices of, or shortages of, or delays or disruptions in the supply of primary raw materials.
One or more of their top 10 customers (from whom they derive more than 74% of their revenue from operations) choose not to source their requirements from them or to terminate their contracts or purchase orders.
Any disruption, breakdown or shutdown of their manufacturing facilities.
Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the state of Rajasthan where their manufacturing facilities are currently concentrated.
Any adverse changes in the conditions affecting the broadband wires and cables industry or the end-user industries in which their customers operate.
Contingent liabilities as on June 30,2026 stood at Rs 103.42 crore.
Net profit stood at Rs 32.78 crore on net sales of Rs 489.16 crore in the three months ended June 2026.
Consolidated sales were up by 42.0% to Rs 1171.65crore in FY2026.The growth in revenues is primarily on account of higher sales volumes driven by increased demand across the company?s networking, specialty power and optical fibre cable product portfolio, supported by growth in customer orders and expansion of business with existing and new customers. Operating profit margin (OPM) contracted from 10.17% to 8.23%, leading to a 15%increase in operating profit to Rs 96.40crore. Other income inclined 45.1% to Rs 10.02crore. Interest cost inclined 52.8%to Rs 19.10 crore and depreciationcostinclined by124.5% to Rs 14.72crore.PBT was higher by 1.2% to Rs 72.6 crore as against Rs 72.71 crore in FY2025. PAT was higher by 0.5% to Rs 53.56crore as against Rs 53.32crore in FY2025. Tax expenses wereRs 19.04 crore in FY2026 as against Rs 18.39 crore in FY2025.
At the higher price band of Rs 272, the offer is made at a P/E of 57.79 times FY2026 EPS (of Rs 4.7).
As of March 31, 2026, total consolidated borrowings of the company stood at Rs 234.19 crore(Rs 258.46 crore as on June 30,2026). The company proposes to pay off Rs 155.5 crore of the borrowings from the net proceeds from fresh issue. Repayment of the borrowings will reduce the interest cost. The EPS for FY26 works out to Rs 5.5 if its interest cost is reduced, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 49.20 times of its FY26 EPS.
The business mixes and scales of near comparable listed players differ materially from Orient Cables. Hence its better not to go by their valuations.
| Orient Cables (India): Issue Highlights | |
| Fresh issue (in Rs crore) | 320.0 |
| Offer for sale (in Rs crore) | 232.0 |
| Offer for sale (in number of shares) |
|
| - in Upper price band | 8529412 |
| - in Lower price band | 8992248 |
|
|
|
| Price Band (Rs) | 258-272 |
| For Fresh Issue Offer size (in no of shares) |
|
| - in Upper price band | 11764706 |
| - in Lower price band | 12403101 |
| Post issue capital (Rs crore) |
|
| - in Upper price band | 11.38 |
| - in Lower price band | 11.44 |
|
|
|
| Post issue Promoter and Promoter Group shareholding |
|
| -On higher price band (%) | 82.17% |
| -On lower price band (%) | 81.30% |
| Bid Size (in No. of shares) | 55 |
| Issue open date | 25/09/2026 |
| Issue close date | 29/09/2026 |
| Listing | BSE, NSE |
| Rating | 43/100 |
| Orient Cables (India): Consolidated Financials | ||||
|
| 2403 (12) | 2503 (12) | 2603 (12) | 2606 (3) |
| Sales | 657.77 | 824.96 | 1171.65 | 489.16 |
| OPM (%) | 8.94 | 10.17 | 8.23 | 11.22 |
| OP | 58.82 | 83.86 | 96.40 | 54.89 |
| Other inc. | 7.21 | 6.91 | 10.02 | 1.78 |
| PBIDT | 66.04 | 90.76 | 106.42 | 56.67 |
| Interest | 5.57 | 12.50 | 19.10 | 7.67 |
| PBDT | 60.47 | 78.27 | 87.32 | 49.00 |
| Dep. | 6.11 | 6.56 | 14.72 | 4.50 |
| PBT | 54.36 | 71.71 | 72.60 | 44.50 |
| Total Tax | 14.29 | 18.39 | 19.04 | 11.72 |
| PAT | 40.07 | 53.32 | 53.56 | 32.78 |
| EPS (Rs)* | 3.5 | 4.7 | 4.7 | # |
| EPS is on post issue equity capital of Rs 11.38 crore of face value of Rs 1 each | ||||
| #EPS is not annualized due to cyclicality of the business | ||||
| Figures in Rs crore | ||||
| Source: Orient Cables (India) Issue Prospectus | ||||
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