💡 Overview & Quick Summary
Orient Cables (India) Limited IPO Snapshot & Core Metrics: Orient Cables (India) Limited is launching an Initial Public Offering (IPO) of ₹552.00 Crore comprising 2,02,94,114 equity shares (Face Value ₹1/- each) priced in the band of ₹258 to ₹272 per share, open from September 25 to September 29, 2026. The issue consists of a Fresh Issue of ₹320.00 Crore and an Offer for Sale (OFS) of ₹232.00 Crore by Promoter Selling Shareholders. Retail investors can bid with a minimum lot size of 55 shares (₹14,960 at the upper price band). Orient Cables is one of India's top four players in networking cables with ~22.9% market share in FY2026, operating nearly two decades across broadband, telecom, data centres, renewable energy, and automotive markets, with 895,776 kms installed capacity across Bhiwadi (Rajasthan) and Bengaluru. Total Income expanded at a 33.3% CAGR from ₹664.98 Cr in FY24 to ₹1,181.67 Cr in FY26. However, PAT remained largely flat in FY26 at ₹53.56 Cr (vs ₹53.32 Cr in FY25), EBITDA margin compressed from 10.08% to 8.16%, RONW declined to 25.84%, and net debt/EBITDA reached 2.31x. At the upper band of ₹272, the issue is valued at 51.6x FY2026 diluted EPS. Sushil Finance views the risk-reward as fairly balanced: growth/scale investors with higher risk tolerance may participate, while valuation-conscious investors may prefer to watch post-listing performance.
1. IPO Overview
Orient Cables (India) Limited has announced the launch of its Initial Public Offering (IPO). The public issue opens for subscription on Sep 25, 2026, and closes on Sep 29, 2026. The price band has been fixed at Rs. 258 to Rs. 272 Per Share with a face value of Rs. 1/- each.
The minimum application size is 55 Shares and in multiples thereafter. The issue size aggregates to Rs. 552.00 crore, comprising 2,02,94,114 equity shares. The equity shares are proposed to be listed on both BSE & NSE.
| Issue Parameter |
Details |
| Price Band |
Rs. 258 to Rs. 272 Per Share |
| Issue Opens on |
Sep 25, 2026 |
| Issue Closes on |
Sep 29, 2026 |
| Lot Size |
55 Shares & in Multiples thereafter |
| Issue Size |
Rs. 552.00 Cr. |
| No of Shares |
2,02,94,114 |
| Face Value |
Rs. 1/- |
| Listing |
BSE & NSE |
| Lead Managers |
IIFL Capital Services Ltd., JM Financial Ltd. |
| Registrar |
Kfin Technologies Ltd |
2. Key IPO Details
The offer structure consists of a Fresh Issue of equity shares by the company alongside an Offer for Sale (OFS) by the Promoter Selling Shareholders. The category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are summarized below:
Offer Structure
| Issuance |
in Cr. |
| Fresh Issue |
320.00 |
| Offer for Sale |
232.00 |
| Total |
552.00 |
Issue Breakup
| Reservation for |
% of Issue |
in Cr. (at upper band) |
| QIB |
50% |
276.00 |
| HNI |
15% |
82.80 |
| RETAIL |
35% |
193.20 |
| TOTAL |
100% |
Rs. 552.00 |
3. Company Overview
Orient Cables (India) Limited (tagline: Powering Reliable Connections) is a specialty cable manufacturer, operating for nearly two decades, catering to broadband, telecom, data centres, renewable energy, smart building automation/security, system integration, FMEG and automotive end-markets.
The Company manufactures:
- Networking Cables and Solutions (CAT5/5e/6/6A, patch cords, CCTV/Coaxial cables)
- Specialty Power
- Optical Fibre Cables and Solutions
- Wire and Cable Harness Assemblies / EV Charging Guns Cable Assembly
- Other allied products
Orient Cables operates from two facilities in Bhiwadi, Rajasthan and a new facility in Bengaluru (which commenced operations in May 2026), with a total installed capacity of 895,776 kms as of June 30, 2026.
4. Objects of the Issue
The Company proposes to utilise the Net Proceeds of the Rs. 320 crore Fresh Issue towards:
- Rs. 91.5 crore capex for machinery, equipment and civil works at its Manufacturing Facilities;
- Rs. 155.5 crore for repayment/prepayment of borrowings; and
- The balance (up to 25% of gross proceeds) for general corporate purposes.
The Company will not receive proceeds from the Rs. 232 crore Offer for Sale, which accrues to the Promoter Selling Shareholders.
5. Highlights
- Leading specialty cable manufacturer for telecom: One of India's top four players in networking cables with ~22.9% market share in FY2026, in an industry with high entry barriers.
- Diversified, customized product portfolio: Networking Cables, Specialty Power/Optical Fibre Cables, Wire & Cable Harness/EV Charging assemblies and allied products across end-user industries.
- Long-standing customer relationships: Nearly two decades of operations with marquee clientele across telecom, networking/connectivity and IT solutions providers.
- Strategically located manufacturing facilities: Two facilities in Bhiwadi, Rajasthan plus a new Bengaluru facility (May 2026); installed capacity of 895,776 kms as of June 30, 2026.
- Strong financial track record: Over a decade of operations with sustained growth in revenue and PAT.
6. Brief Financial Performance & Valuation Metrics
**Not Annualized
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
664.98 |
831.86 |
1,181.67 |
| Total Expenditure |
610.62 |
760.15 |
1,109.07 |
| EBITDA |
58.82 |
83.86 |
96.40 |
| Profit Before Tax |
54.36 |
71.71 |
72.60 |
| Profit After Tax |
40.07 |
53.32 |
53.56 |
| E.P.S. (Diluted) (Rs.) |
3.93 |
5.23 |
5.27 |
| P/E (Diluted)* |
69.21x |
52.01x |
51.61x |
| RONW/ROE |
37.26% |
34.60% |
25.84% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
30/9/2026 |
| Initiation of refunds/unblocking ASBA Fund |
1/10/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
1/10/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
5/10/2026 |
PRICE CHART (@Rs. 272) (Retail Category Application Table)
| LOT SIZE |
Amount (Rs.) |
| 55 | 14,960 |
| 110 | 29,920 |
| 165 | 44,880 |
| 220 | 59,840 |
| 275 | 74,800 |
| 330 | 89,760 |
| 385 | 1,04,720 |
| 440 | 1,19,680 |
| 495 | 1,34,640 |
| 550 | 1,49,600 |
| 605 | 1,64,560 |
| 660 | 1,79,520 |
| 715 | 1,94,480 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
770 |
2,09,440 |
| Big HNI |
3,685 |
10,02,320 |
8. Our View / Recommendation
Analyst Recommendation & Stance
Sushil Finance Research Stance & Critical Analysis
Orient Cables has delivered strong topline growth. Total Income up 25.1% in FY2025 and 42.1% in FY2026 (33.3% CAGR to Rs. 1,181.67 crore) anchored by a genuine scale moat as one of India's top-4 networking cable players with 22.9% market share.
However, profitability has not kept pace: PAT grew only marginally from Rs. 53.32 crore to Rs. 53.56 crore in FY2026 despite the 42% revenue jump, as EBITDA margin compressed from 10.08% to 8.16%, and RONW has declined for three straight years - 37.26% → 34.60% → 25.84%.
Leverage has also risen meaningfully, with net debt/EBITDA moving from 0.49x to 1.36x to 2.31x over FY2024-26.
At the upper price band, the Issue is priced at 51.6x FY2026 diluted EPS not cheap, but not unreasonable either, given the company's scale and diversified product portfolio (networking, specialty power, optical fibre and EV/wire harness assemblies) across a growing telecom/data-centre/renewables end-market.
On balance, the strong revenue momentum and scale positioning are offset by margin pressure, declining returns and rising leverage, along with an OFS-heavy Promoter sell-down. We see the risk-reward as fairly balanced at current pricing - investors with a higher risk appetite and a longer holding period may consider participating for the growth/scale story, while more valuation-conscious investors may prefer to watch post-listing performance before committing.
9. Frequently Asked Questions (FAQs)
Q1. What products does Orient Cables (India) Limited manufacture?
Orient Cables manufactures Networking Cables and Solutions (CAT5/5e/6/6A, patch cords, CCTV/Coaxial cables), Specialty Power, Optical Fibre Cables and Solutions, Wire and Cable Harness Assemblies / EV Charging Guns Cable Assembly, and other allied products.
Q2. What is Orient Cables' market share in networking cables?
Orient Cables is one of India's top four players in networking cables, holding an estimated ~22.9% market share in FY2026.
Q3. Where are the manufacturing facilities of Orient Cables located?
The Company operates two manufacturing facilities in Bhiwadi, Rajasthan, and a newly commissioned facility in Bengaluru (commenced in May 2026), with an aggregate installed capacity of 895,776 kms as of June 30, 2026.
Q4. How much is the fresh issue and offer for sale in the Orient Cables IPO?
The total issue size is Rs. 552.00 crore, consisting of a Fresh Issue of Rs. 320.00 crore and an Offer for Sale (OFS) of Rs. 232.00 crore.
Q5. How has Orient Cables' financial performance trended between FY2024 and FY2026?
Total Income increased from Rs. 664.98 crore in FY24 to Rs. 831.86 crore in FY25 and Rs. 1,181.67 crore in FY26 (a 33.3% CAGR). However, PAT grew from Rs. 40.07 crore in FY24 to Rs. 53.32 crore in FY25 and remained largely flat at Rs. 53.56 crore in FY26, as EBITDA margin compressed to 8.16% and net debt/EBITDA escalated from 0.49x to 2.31x.
Q6. What is the valuation of the Orient Cables IPO and what is Sushil Finance's view?
At the upper price band of Rs. 272, the issue is priced at 51.6x FY2026 diluted EPS of Rs. 5.27. Sushil Finance sees the risk-reward as fairly balanced: strong revenue momentum and scale are counterbalanced by margin compression, declining returns, and rising leverage. Investors with a higher risk appetite and long-term horizon may consider participating, while valuation-conscious investors may prefer to watch post-listing performance.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
