Orient Cables IPO is a book-built issue of ₹552 crore, comprising a fresh issue of 1.18 crore shares worth ₹320 crore and an offer for sale of 85.29 lakh shares amounting to ₹232 crore.
The IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The allotment is expected to be finalised on September 30, 2026, with the shares proposed to be listed on both NSE and BSE on October 5, 2026.
The price band is set at ₹258 to ₹272 per share, with a lot size of 55 shares. Retail investors applying at the upper price band will require ₹14,960 for one lot. IIFL Capital Services Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar. Investors can refer to the company’s RHP for detailed information about the issue.
Company Overview
Orient Cables (India) Ltd. is a B2B manufacturer of networking cables, passive networking equipment and specialised cable solutions, with nearly two decades of industry experience. The company serves sectors such as broadband, telecom, data centres, renewable energy, smart building automation, FMEG and automotive.
Its product portfolio includes CAT5, CAT5e, CAT6 and CAT6A networking cables, CCTV and coaxial cables, optical fibre cables, instrumentation and control cables, power cables, cable harnesses, EV charging cable assemblies and allied products such as keystone jacks and power cords. It also develops customised solutions based on customer specifications.
The company operates three manufacturing facilities, including two in Bhiwadi, Rajasthan, and one in Bengaluru. As of June 30, 2026, its installed capacity covered 895,776 kilometres of networking, specialty power and optical fibre cables, along with 5.04 million allied products.
Orient Cables serves large enterprises, OEMs and resellers in India and overseas markets. Its customers include telecom companies, IT solution providers and data centres. The company also exports to markets including the UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore and the Netherlands, while continuing to expand its product range into renewable energy, e-mobility, defence, aerospace and railways.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 25 to 29 Sep, 2026 |
| Allotment | Wed, Sep 30, 2026 |
| Listing Date | Mon, Oct 5, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹258 to ₹272 per share |
| Lot Size | 55 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,02,94,114 shares (agg. up to ₹552 Cr) |
| Fresh Issue | 1,17,64,705 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 85,29,409 shares of ₹1 (agg. up to ₹232 Cr) |
| Shareholding Pre-Issue | 10,20,35,000 shares |
| Shareholding Post-Issue | 11,37,99,705 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- Global telecom demand is expanding, with the industry projected to reach about US$2.7 trillion by CY30, supported by 6G adoption, rising data consumption, smartphone penetration, IoT applications and efforts to bridge digital connectivity gaps worldwide.
- India’s telecom industry is projected to grow from about ₹4.0 trillion in FY26 to ₹6.0 trillion by FY31, supported by affordable smartphones, 5G deployment, rural connectivity, digital services, BharatNet and increasing data consumption across India.
- India’s wires and cables market is expected to reach about ₹2,103.8 billion by FY31, driven by investments in power transmission, renewable energy integration, telecommunications infrastructure and growing demand for efficient connectivity solutions across sectors broadly.
- Rising solar and wind projects are increasing requirements for power transmission infrastructure, while HVDC underground cables, fibre optics and Ethernet or LAN cables are supporting efficient electricity distribution, broadband expansion and high-speed data communication networks.
- The organised wires and cables segment comprises established manufacturers that follow quality standards, use advanced technologies and meet certifications, while structured distribution, safety compliance, warranties and customer support strengthen reliability across industrial applications and markets.
Business Strengths
- Established presence in India’s networking cable industry, supported by a broad product portfolio, customised solutions, technical capabilities, quality certifications and customer-led testing requirements that create meaningful barriers for new industry entrants over time in India.
- Offers diversified cable and allied solutions spanning networking cables, optical fibre cables, specialty power cables, wire and cable harness assemblies, EV charging components, CCTV, coaxial cables, KNX cables and other passive networking products for customers.
- Long-standing relationships with telecom companies, IT solution providers and multinational networking businesses support customer retention and repeat business, with the company serving two of India’s three largest telecom companies by revenue as of March 2026.
- Two manufacturing facilities in Bhiwadi provide access to industrial infrastructure, skilled manpower and logistics links, while capacity expansions across optical fibre and networking cables, alongside in-house development, support product innovation and operational capabilities and scalability.
- Experienced promoters and management bring domain knowledge across manufacturing, product development, business development, innovation and strategic initiatives, while sustained growth in revenue and profit after tax reflects the company’s expanding multi-product operations and financial performance.
Business Risks
- Dependence on the ORIENT brand creates reputational risk, as adverse publicity or intellectual property disputes could affect customer perception, market visibility and the company’s ability to develop and maintain business relationships despite its B2B operations.
- Raw material price volatility, supply shortages and procurement disruptions could affect production costs and timelines. Dependence on top suppliers is also significant, with the top 10 accounting for over 74.91% of sourcing in June 2026.
- Revenue concentration among major customers presents a business risk, with the top 10 customers contributing 84.00% of revenue in the three months ended June 30, 2026, potentially affecting operations if orders decline or relationships change.
- Strict customer and regulatory quality requirements expose the company to risks from product defects or supplier quality issues, potentially resulting in order cancellations, recalls, warranty obligations, product liability claims and costs for remediation or redesign.
- Manufacturing concentration in Rajasthan exposes operations to facility disruptions, equipment failures, power interruptions, labour issues and events. The absence of updated credit ratings and reported CARO observations may also affect financing access and stakeholder perceptions.
Financial Performance
Orient Cables Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 11,716.54 | 8,249.58 | 6,577.67 |
| EBITDA | 963.97 | 838.58 | 588.24 |
| EBITDA Margin (%) | 8.23% | 10.17% | 8.94% |
| Profit / (Loss) After Tax (PAT) | 538.13 | 532.91 | 400.69 |
| PAT Margin (%) | 4.55% | 6.41% | 6.03% |
| Return on Capital Employed (%) | 23.82% | 36.46% | 41.13% |
| Return on Equity (%) | 25.84% | 34.60% | 37.26% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 13.17% | 25.84% |
| Return on Capital Employed (ROCE) | 10.36% | 23.82% |
| Debt-to-Equity Ratio | 0.95 | 0.94 |
| Return on Net Worth (RoNW) | 13.17% | 25.84% |
| PAT Margin | 6.77% | 4.55% |
| EBITDA Margin | 11.22% | 8.23% |
| Net Asset Value (NAV per share) | ₹26.34 | ₹23.11 |
(Source: RHP)
Objects of the Issue
The company plans to deploy the net proceeds from the IPO for the following purposes:
- Capital expenditure: ₹915 million towards acquiring machinery and equipment and undertaking civil works at the Company’s manufacturing facilities.
- Debt repayment: ₹1,555 million towards the repayment or prepayment, either fully or partially, of specified outstanding borrowings of the Company.
- General corporate purposes: The remaining Net Proceeds towards general corporate purposes, with the final amount to be determined.
Conclusion
The Orient Cables IPO combines a diversified cable portfolio, established B2B relationships and manufacturing capabilities across networking, optical fibre and specialised cable solutions. The company has recorded growth in revenue and EBITDA, while its IPO proceeds are earmarked towards capacity-related capital expenditure, debt repayment and general corporate purposes.
However, investors should also consider customer and supplier concentration, raw material price volatility, manufacturing dependencies and quality-related risks. Reviewing the company’s financial performance, industry outlook, IPO structure, objects of the issue and risk factors in the RHP can help investors assess the offering based on their own requirements.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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