Orient Cables (India) Limited is launching its Initial Public Offering (IPO) to raise funds for capital expenditure at its manufacturing facilities, repayment or prepayment of borrowings, and general corporate purposes. The IPO totals up to Rs. 552 crore, which includes the fresh offer of 1.18 crore equity shares for Rs. 320 crore and an Offer for Sale of up to 85.29 lakh equity shares worth around Rs. 232 crore.
The price band for the Orient Cables (India) Limited IPO is fixed at Rs. 258 to Rs. 272 per share. The IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The shares are proposed to be listed on the NSE and BSE on October 5, 2026. The minimum lot size is 55 shares, requiring an investment of Rs. 14,960 at the upper price band.
GMP of Orient Cables (India) Limited IPO
As of September 24th, 2026, the shares of Orient Cables (India) Limited in the grey market were trading at an 18.93 percent premium. The shares in the Grey Market traded at Rs. 323.5. This gives it a premium of Rs. 51.5 per share over the cap price of Rs. 272.
Overview of Orient Cables (India) Limited
Orient Cables (India) Limited was incorporated on September 15, 2005, and began operations in 2006. The company is engaged in the manufacturing and sale of networking cables, power cables, optical fibre cables and allied products. The company primarily focuses on networking cables and passive networking equipment and serves industries such as broadband, telecommunications, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive.
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Orient Cables (India) Limited’s product portfolio is divided into four broad categories: Networking Cables and Solutions; Specialty Power, Optical Fibre Cables and Solutions; Wire and Cable Harness Assemblies and EV Charging Guns Cable Assembly; and Other Allied Products. Networking products include CAT5, CAT5e, CAT6 and CAT6A cables, patch cords, CCTV cables and coaxial cables. Its specialty cable portfolio includes instrumentation, control, power and optical fibre cables, while allied products include keystone jacks, power strips and power cords.
Networking Cables and Solutions remained the largest revenue contributor, accounting for Rs. 916.57 crore or 78.23 percent of revenue from operations in FY2026. Specialty Power, Optical Fibre Cables and Solutions contributed Rs. 250.39 crore, or 21.37 percent of revenue. The company has also recently entered wire and cable harness assemblies and EV charging gun cable assemblies.
As of June 30, 2026, Orient Cables had an installed cable manufacturing capacity of 895,776 kilometres. The company operates manufacturing facilities in Bhiwadi, Rajasthan, and has also established a facility in Bengaluru, which commenced commercial operations in May 2026.
The company says it has more than two decades of operating experience and supplies products to customers across telecom, broadband, data centres, government, and other sectors. It also exports to international markets.
Promoters of Orient Cables (India) Limited
The promoters of Orient Cables are Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust and Garima Family Trust. Vipul Nagpal is the Chairman and Managing Director of the company, while Garima Nagpal and Vardaan Nagpal are Whole-time Directors. Vipul Nagpal, Garima Nagpal and Vardaan Nagpal are the individual promoters, while Vipul Family Trust and Garima Family Trust are the promoter trusts.
As per the reports, the promoter shareholding before the offer included 24.23 percent held by Vipul Nagpal, 5.67 percent by Garima Nagpal, 35 percent by Vipul Family Trust, 35 percent by Garima Family Trust and 0.10 percent by Vardaan Nagpal.
Selling Shareholders of Orient Cables (India) Limited
In the IPO, four promoter selling shareholders will participate in the Offer for Sale. Vipul Nagpal will offer equity shares aggregating up to Rs. 67.20 crore, while Garima Nagpal will offer shares worth up to Rs. 15.70 crore. Vipul Family Trust will offer shares aggregating up to Rs. 52 crore, while Garima Family Trust will offer shares worth up to Rs. 97.10 crore. Together, the four promoter selling shareholders will offer shares worth up to Rs. 232 crore through the OFS.
Lead Managers of Orient Cables IPO
The IPO is being managed by IIFL Capital Services Limited and JM Financial Limited as the Book Running Lead Managers. KFin Technologies Limited is the registrar to the offer.
Objectives of the IPO Offer
Orient Cables Limited plans to use the proceeds from the fresh issue for three main purposes. The first objective is capital expenditure, including the purchase of machinery, equipment, and civil works at its manufacturing facilities. The company has earmarked Rs. 91.50 crore for this purpose.
The second objective is repayment or prepayment of certain outstanding borrowings, for which Orient Cables plans to use Rs. 155.50 crore. The remaining proceeds will be used for general corporate purposes. The amount used for general corporate purposes cannot exceed 25 percent of the gross proceeds of the fresh issue.
Financial Analysis of Orient Cables (India) Limited
Coming to the financial performance, Orient Cables (India) Limited reported revenue from operations of Rs. 657.77 crore in FY2024, which increased to Rs. 824.96 crore in FY2025 and further to Rs. 1,171.65 crore in FY2026. Revenue grew by 42.03 percent in FY2026.
The company’s profit after tax increased from Rs. 40.07 crore in FY2024 to Rs. 53.32 crore in FY2025 and further to Rs. 53.81 crore in FY2026. PAT margin stood at 6.03 percent in FY2024, 6.41 percent in FY2025, and 4.55 percent in FY2026.
EBITDA increased from Rs. 58.82 crore in FY2024 to Rs. 83.86 crore in FY2025 and Rs. 96.40 crore in FY2026. However, EBITDA margin declined from 8.94 percent in FY2024 to 10.17 percent in FY2025 and 8.23 percent in FY2026.
The company also reported revenue from operations of Rs. 489.16 crore for Q1 FY2027 ended June 30, 2026. Profit after tax stood at Rs. 33.22 crore during the quarter, while EBITDA stood at Rs. 54.89 crore. The EBITDA margin was 11.22 percent, and PAT margin stood at 6.77 percent for the quarter.
The company’s basic and diluted EPS stood at Rs. 5.27 in FY2026, compared with Rs. 5.23 in FY2025 and Rs. 3.93 in FY2024. The RHP reports a FY2026 NAV of Rs. 23.11 per share and RoNW of 25.84 percent.
However, the company also had total borrowings of Rs. 258.46 crore as of June 30, 2026, while its net debt-to-equity ratio stood at 0.95 times. The IPO proposes to use Rs. 155.50 crore from the fresh issue towards repayment or prepayment of certain outstanding borrowings.
Orient Cables Vs Peers
Orient Cables operates in a competitive wires and cables industry and identifies RR Kabel, Polycab India, Havells India, Finolex Cables, KEI Industries, Paramount Communications, Birla Cable and Sterlite Technologies as listed industry peers.
In FY2026, Orient Cables reported revenue from operations of Rs. 1,171.65 crore, compared with Rs. 771.11 crore for Birla Cable, Rs. 4,745 crore for Sterlite Technologies, Rs. 6,321 crore for Finolex Cables, Rs. 28,883.79 crore for Polycab India, Rs. 11,747.77 crore for KEI Industries, Rs. 22,527.77 crore for Havells India, Rs. 9,722.36 crore for RR Kabel and Rs. 1,913.35 crore for Paramount Communications.
Orient Cables reported FY2026 EBITDA of Rs. 96.40 crore, with an EBITDA margin of 8.23 percent. The corresponding EBITDA margins disclosed for Polycab India, KEI Industries, Finolex Cables and RR Kabel were 13.87 percent, 11.81 percent, 9.80 percent and 7.90 percent, respectively.
The company reported FY2026 PAT of Rs. 53.56 crore, compared with Rs. 169.03 crore for Birla Cable, Rs. 560 crore for Sterlite Technologies, Rs. 713.72 crore for Finolex Cables, Rs. 2,708.43 crore for Polycab India, Rs. 918.43 crore for KEI Industries, Rs. 1,689.25 crore for Havells India, Rs. 492.22 crore for RR Kabel and Rs. 59.75 crore for Paramount Communications.
Strengths of Orient Cables (India) Limited
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One of India’s top four networking cable players, with 22.9 percent market share in FY2026.
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Diversified product portfolio includes networking, power, optical fibre, harness and allied cable products.
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Long-standing customer relationships across telecommunications, IT, networking and connectivity industries support business stability.
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Customised manufacturing capabilities allow products to meet specific customer technical and performance requirements.
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Manufacturing footprint includes Bhiwadi facilities and a newly operational Bengaluru manufacturing facility.
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Cable manufacturing capacity reached 895,776 kilometres as of June 30, 2026.
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Experienced promoters and management team possess significant expertise in the cables industry.
Weaknesses of Orient Cables (India) Limited
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Top ten customers contributed 76.52 percent of FY2026 revenue, indicating significant customer concentration risk.
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Dependence on selected suppliers exposes the company to potential raw-material procurement risks.
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Raw material price fluctuations can impact margins, profitability and working capital requirements.
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Cable capacity utilisation stood at 69.85 percent during FY2026, indicating available capacity.
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Total borrowings stood at Rs. 234.19 crore in FY2026, increasing financial leverage.
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Manufacturing concentration in Bhiwadi creates operational risks from potential facility disruptions.
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Business performance depends on demand from telecommunications, IT, data centres, and renewable-energy industries.
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Purchase-order cancellations or delays could result in inventory accumulation and margin pressure.
Conclusion
Orient Cables (India) Limited has established a presence in the networking and specialty cables industry, supported by a diversified product portfolio, long-standing customer relationships, customised manufacturing capabilities and an expanding manufacturing footprint. The company reported revenue from operations of Rs. 1,171.65 crore and EBITDA of Rs. 96.40 crore in FY2026, while its revenue grew at a two-year CAGR of 33.46 percent.
At the same time, investors should carefully evaluate the company’s customer concentration, supplier dependence, raw material price fluctuations, capacity utilisation, borrowings and working capital requirements. The company’s proposed use of IPO proceeds towards repayment or prepayment of certain borrowings is also an important aspect to consider. Investors should review the financial performance, valuation, industry conditions and risk factors in the Red Herring Prospectus before making an investment decision.