Orient Cables (India) Limited IPO Analysis

1. IPO Snapshot

Particular	Details
Company Name	Orient Cables (India) Limited
IPO Type	Fresh Issue + Offer for Sale; 100% book built
Fresh Issue	₹3,200.00 million
Offer for Sale	₹2,320.00 million
Total Offer Size	₹5,520.00 million
Face Value	₹1 per Equity Share
Price Band	₹258–₹272 per Equity Share
Lot Size	55 Equity Shares; multiples of 55 thereafter
Opening Date	September 25, 2026
Closing Date	September 29, 2026
Anchor Bidding	September 24, 2026
Listing	BSE and NSE; NSE is Designated Stock Exchange
Registrar	KFin Technologies Limited
BRLMs	IIFL Capital Services Limited; JM Financial Limited

2. IPO Details

Particular	At Floor Price ₹258	At Cap Price ₹272
Fresh Issue Shares	12,403,100	11,764,705
Fresh Issue Amount	₹3,200.00 million	₹3,200.00 million
OFS Shares	8,992,246	8,529,409
OFS Value	₹2,320.00 million	₹2,320.00 million
Total Offer Shares	21,395,346	20,294,114
Total Offer Value	₹5,520.00 million	₹5,520.00 million
Pre-Issue Shares	90,990,820	90,990,820
Post-Offer Shares	102,754,525	102,755,525
Post-Offer Market Capitalisation	₹29,525.03 million	₹30,953.52 million

3. Issue Reservation

Category	RHP / Advertisement Disclosure
QIB	Not more than 50% of Offer
NII	Not less than 15% of Offer
Retail	Not less than 35% of Offer
Mutual Fund Portion	5% of Net QIB Portion
Anchor	Up to 60% of Net QIB Portion permitted

4. IPO Lot Size

Application	Lots	Shares	Amount at ₹258	Amount at ₹272
Retail (Min)	1	55	₹14,190	₹14,960
Retail (Max)	13	715	₹1,84,470	₹1,94,480
S-HNI (Min)	14	770	₹1,98,660	₹2,09,440
S-HNI (Max)	66	3,630	₹9,36,540	₹9,87,360
B-HNI (Min)	67	3,685	₹9,50,730	₹10,02,320

5. About the Company

Orient Cables (India) Limited was incorporated as Orient Cables (India) Private Limited on September 15, 2005. It converted into a public limited company in December 2024. The company manufactures networking cables and passive networking equipment and also operates across specialty power cables, optical fibre cables, wire and cable harness assemblies, EV charging gun cable assemblies and other allied products. The Price Band Advertisement describes the business as serving broadband, telecom, data centres, renewable energy, smart building automation/security, system integration, FMEG and automotive sectors.

Manufacturing footprint: two facilities in Bhiwadi, Rajasthan, plus a Bengaluru facility that commenced commercial operations in May 2026.
Installed cable capacity was 895,776 km on an annualised basis as of June 30, 2026, including Unit I 226,720 km, Unit II 627,056 km and Unit III 42,000 km.
For the three months ended June 30, 2026, total cable capacity utilisation was 71.04%; Fiscal 2026 utilisation was 69.85%.
The company states that it customizes products to customer specifications and has over 50 extrusion lines across PVC, LSZH, PE, TPE and TPU.
Revenue from operations for June 30, 2026 included ₹3,355.82 million from Networking Cables and Solutions and ₹1,527.48 million from Specialty Power, Optical Fibre Cables and Solutions.
Fiscal 2026 revenue included ₹1,084.85 million from outside India; the balance ₹10,631.69 million was from India.

6. Restated Financial Information

Particulars	Jun-30 2026*	FY2026	FY2025	FY2024
Revenue from operations	4,891.56	11,716.54	8,249.58	6,577.67
Other income	17.82	100.18	69.05	72.12
Total income	4,909.38	11,816.72	8,318.63	6,649.79
EBITDA	548.87	963.97	838.58	588.24
Profit before tax	444.98	726.00	717.10	543.59
PAT	332.17	538.13	533.21	400.69
Basic / Diluted EPS (₹)	3.26 / 3.26	5.27 / 5.27	5.23 / 5.23	3.93 / 3.93
Net worth	2,687.59	2,358.38	1,807.01	1,275.43
Equity share capital	102.04	102.04	102.04	10.20
Other equity	2,592.16	2,258.61	1,704.97	1,265.23
Total borrowings	2,584.57	2,341.92	1,134.50	367.31
Total assets	7,431.85	5,807.85	4,271.88	2,932.18
Finance cost	76.70	190.95	124.97	55.67
Depreciation & amortisation	45.01	147.20	65.56	61.10
CFO	(117.64)	(266.44)	(97.85)	421.81
CFI	(97.07)	(635.75)	(598.23)	(326.88)
CFF	159.66	1,016.61	631.10	(61.02)
Capital expenditure	154.87	722.18	807.31	168.16
Inventory	1,693.08	1,125.82	727.54	403.53
Trade receivables	2,939.04	2,181.18	1,621.68	1,364.09
Trade payables	1,795.53	954.01	1,200.87	1,168.16

7. Key Performance Indicators

KPI	Jun-30 2026*	FY2026	FY2025	FY2024
Revenue from operations (₹ mn)	4,891.56	11,716.54	8,249.58	6,577.67
2Y Revenue CAGR	NA	33.46%	NA	NA
EBITDA (₹ mn)	548.87	963.97	838.58	588.24
EBITDA Margin	11.22%	8.23%	10.17%	8.94%
PAT (₹ mn)	332.17	538.13	533.21	400.69
PAT Margin	6.77%	4.55%	6.41%	6.03%
ROCE	10.36%	23.82%	36.46%	41.13%
ROE	13.17%	25.84%	34.60%	37.26%
Net Working Capital Days	46	48	27	14
Net Debt / Equity	0.95x	0.94x	0.63x	0.23x
Net Debt / EBITDA	4.67x	2.31x	1.36x	0.49x
Gross Fixed Asset Turnover	2.02x	5.81x	6.56x	8.44x

8. IPO Valuation

Metric	Disclosure
Price Band	₹258–₹272 per Equity Share
FY2026 Diluted EPS	₹5.27
P/E at Floor Price	48.96x
P/E at Cap Price	51.61x
Industry P/E – Highest	708.38x
Industry P/E – Lowest	26.29x
Industry P/E – Average	128.11x
FY2026 RoNW	25.84%; weighted average RoNW 30.66%
NAV per share	₹26.34 as of June 30, 2026; ₹23.11 as of March 31, 2026
WACA of promoter selling shareholders	Vipul Nagpal ₹0.01; Garima Nagpal ₹0.01; Vipul Family Trust ₹0.00; Garima Family Trust ₹0.00

9. Peer Comparison

Fiscal 2026 Comparison

Company	Basis	Basic EPS ₹	Diluted EPS ₹	NAV ₹	P/E x	RoNW %
Orient Cables (India) Limited	Consolidated	5.27	5.27	23.11	Not finalized in RHP	25.84
RR Kabel Limited	Consolidated	43.53	43.52	227.61	54.85	20.83
Polycab India Limited	Consolidated	177.53	176.95	805.50	46.69	24.58
Finolex Cables Limited	Consolidated	46.67	46.67	397.93	26.29	12.33
Havells India Limited	Consolidated	26.95	26.94	150.95	42.69	18.97
KEI Industries Limited	Consolidated	96.09	96.02	697.17	48.99	14.75
Paramount Communications Limited	Consolidated	1.96	1.96	25.49	33.47	7.99
Birla Cable Limited	Consolidated	5.63	5.63	93.63	63.54	6.33
Sterlite Technologies Limited	Consolidated	1.15	1.11	46.46	708.38	2.63

10. Shareholding & Capital Structure

Shareholder	Pre-Offer Shares	Pre-Offer %	Post-Offer % at ₹258*	Post-Offer % at ₹272*
Vipul Nagpal	24,722,800	24.23%	19.33%	19.55%
Garima Nagpal	5,788,000	5.67%	4.53%	4.58%
Vardaan Nagpal	100,000	0.10%	0.09%	0.09%
Vipul Family Trust	35,712,000	35.00%	29.45%	29.70%
Garima Family Trust	35,712,000	35.00%	27.92%	28.24%
Darshan Lal Nagpal	100	Negligible	Negligible	Negligible
Prem Nagpal	100	Negligible	Negligible	Negligible
Other Public Shareholders	—	—	18.70%	17.83%
Total	102,035,000	100.00%	100.00%	100.00%

11. Objects of the Issue

Object	Amount	Utilisation Schedule
Capital expenditure – machinery, equipment and civil works	₹915.00 mn	FY2027 ₹30.00 mn; FY2028 ₹500.00 mn; FY2029 ₹385.00 mn
Repayment / prepayment of certain borrowings	₹1,555.00 mn	FY2027 ₹1,555.00 mn
General corporate purposes	To be finalized; not more than 25% of Gross Proceeds	To be finalized
Net Proceeds	To be finalized after Offer Price and expenses	To be finalized

12. Key Risks Highlighted in the RHP

Category	Risk	RHP Disclosure / Potential Impact
Business / Brand	Brand reputation and intellectual-property disputes may affect customer perception and business relationships.	The RHP describes the pending Orient Electric name/trademark matters.
Supplier	Copper, PVC/HDPE/LDPE compounds and masterbatch supply may face price, shortage or disruption risks; suppliers are not subject to long-term exclusive contracts.	The RHP also reports concentration among top suppliers.
Customer	The top 10 customers accounted for 84.00% of revenue in the three months ended June 30, 2026 and 76.52% in Fiscal 2026.	Customer concentration is expressly identified as a risk.
Operations	Two manufacturing facilities are concentrated in Rajasthan and disruption could affect production.	The RHP identifies geographic concentration and operational continuity as risks.
Capacity	Underutilisation of manufacturing capacity could affect business and future financial performance.	The RHP provides unit-level utilisation data.
Working Capital	Timely working-capital availability and receivables collection are important to operations.	The RHP also reports negative operating cash flow for the three months ended June 30, 2026 and FY2026.
Leverage / Liquidity	Indebtedness requires cash flows for servicing and limits financial flexibility.	Total borrowings were ₹2,584.57 million at June 30, 2026.
Competition	The company faces competitive pressures and must respond to changing customer requirements and product technologies.	The RHP discusses competition and product development risks.
Regulatory / Compliance	The RHP identifies past instances of non-compliance, statutory-payment delays and regulatory approval requirements.	Specific regulatory and compliance disclosures appear across the Risk Factors section.
Foreign Currency	Exports and foreign-currency denominated revenues/expenses expose the company to exchange-rate movements.	Foreign currency exposure is separately disclosed in the financial information.
Related Parties	The company has entered into related-party transactions and may continue to do so.	The RHP discloses related-party transactions and promoter/management interests.
Offer / Valuation	The Offer Price, market-capitalisation-to-revenue multiple and P/E ratio may affect the market price after listing.	The RHP states that the Offer Price should not be taken as an indication of the market price after listing.

13. Litigation & Contingent Liabilities

Matter	Disclosure
Orient Electric – company name application	Orient Electric filed a Section 16 application seeking rectification of the Company's corporate name. The matter was pending before the Regional Director; the RHP records the next hearing as November 13, 2026. The company also pursued writ and appellate proceedings.
Orient Electric – counter civil suit	Counter suit CS (COMM) 1200/2025 seeks injunctions concerning trademarks, passing off and related claims, plus damages of ₹20.00 million. Matter pending; next date stated as December 2, 2026.
Company – TDT Copper criminal matter	Company alleged fraud/misappropriation relating to copper cathodes; it transferred ₹17.63 million, while the RHP states 59.19 metric tons valued at ₹3.38 million were not supplied. TDT Copper is undergoing insolvency proceedings and the company submitted a claim.
Directors – cheque dishonour complaint	Vipul Nagpal filed a complaint concerning dishonoured cheques aggregating ₹228.00 million; matter stated as pending.
Tax proceedings	Direct tax: Company 5 proceedings ₹0.40 million; Promoters 1 proceeding below ₹0.01 million; Directors other than Promoters 2 proceedings ₹0.12 million. Indirect-tax proceedings are Nil in the disclosed categories.
Material creditors	As of June 30, 2026: MSME dues ₹290.79 million; three material creditors ₹766.02 million; other creditors ₹738.72 million; total trade payables ₹1,795.53 million.