Orient Cables (India) Limited IPO

Orient Cables (India) Limited IPO closed on 29 Sept 2026. Allotment 30 Sept 2026, listing 5 Oct 2026. Price band ₹258–₹272, lot 55 shares, GMP +₹110 (40.44%). Track allotment on Allotly.

About Orient Cables (India) Limited

Orient Cables (India) Limited is a manufacturing company focused on networking cables and passive networking equipment. It manufactures networking cables such as CAT5, CAT5e, CAT6, and CAT6A, along with patch cords, CCTV, and coaxial cables. Its specialty power and optical fibre cable products include instrumentation, control and power cables, Unitube and Multitube optical fibre cables, fibre patch cords and custom assemblies. The company also assembles wire and cable harnesses, EV charging gun cables and other ancillary components. Its other products include keystone jacks, power strips, and power cords. The company provides customised products based on customer requirements and specifications. It has also commenced commercial production of E-Beam irradiated specialty cables and has introduced products such as solar junction boxes and tethered drone systems. As of June 30, 2026, its…

Strengths

• The company claims to be one of India’s top four players in the networking cables industry, with an estimated market share of approximately 22.9% in FY26, according to the 1Lattice Report. It also states that it was the first company in India to receive BIS certification for symmetrical pair/quad cables for digital communications.
• The company has a diversified product portfolio across networking, power and optical fibre cables and allied products. Its offerings include CAT5 to CAT6A cables, CCTV and coaxial cables, power cables, optical fibre cables, cable harnesses, EV charging assemblies and keystone jacks, with products customised to customer specifications.
• The company operates manufacturing facilities in Bhiwadi, Rajasthan, and Bengaluru, Karnataka, with an installed cable capacity of 895,776 km as of June 30, 2026. It also claims to have in-house capabilities for copper processing, PVC compounding, and manufacturing FRP rods and impregnated fibreglass yarn used in optical fibre cables.
• The company holds multiple product and system certifications relevant to its cable manufacturing operations. These include ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, and ISO 45001:2018 for occupational health and safety management, as well as certifications and approvals from RDSO and DRDO.
• The company has expanded into newer product categories, including E-Beam irradiated specialty cables, solar junction boxes, tethered drone systems, cable harnesses and EV charging cables and guns. Its E-Beam irradiation facility commenced commercial production in the current financial year, while its EV charging cables have received TÜV certifications.
• The revenue from operations and PAT increased consistently in FY24, FY25, and FY26, respectively. Revenue from operations went from Rs 657.77 crore to Rs 824.96 crore and Rs 1,171.65 crore during the said period. PAT went from Rs 40.07 crore to Rs 53.32 crore and Rs 53.56 crore during the same period.

Risks

• The top 10 suppliers contributed Rs 701.88 crore (69.71%) to the company’s total raw materials sourced in FY26, while the top five suppliers contributed Rs 541.53 crore (53.79%). Any disruption in supply from these suppliers, or failure to source raw materials from alternative suppliers on similar commercial terms or within a reasonable timeframe, could adversely affect the company’s production, business, financial condition and cash flows.
• The top 10 customers contributed Rs 896.45 crore (76.52%) to the company’s revenue from operations in FY26, while the largest customer contributed Rs 301.68 crore (25.75%). Any failure to retain these customers, cancellation or reduction of orders, or delays or defaults in payments could adversely affect the company’s business, financial condition, results of operations and cash flows.
• Two of the company’s three manufacturing facilities are located in Bhiwadi, Rajasthan, making a significant portion of its manufacturing operations dependent on a single region. Any adverse political, economic, weather or regulatory developments, natural calamities, environmental restrictions or operational disruptions in Rajasthan could disrupt production and adversely affect the company’s business, financial condition, results of operations and cash flows.
• The company has not obtained an updated credit rating since FY25, with its latest rating being CRISIL B /Stable (Issuer not cooperating; Rating continues at the same level) dated November 29, 2024. The absence of a current rating, or any future downgrade, could limit the company’s access to debt, increase borrowing costs and adversely affect its financial condition and ability to raise funds.
• The company recorded negative cash flows from operating activities of Rs 11.76 crore, Rs 26.64 crore, and Rs 9.78 crore in the three months ended June 30, 2026, FY26 and FY25, respectively, primarily due to a planned increase in inventory levels to meet customer requirements and advance payments made to creditors. It also recorded negative cash flows from investing activities of Rs 9.71 crore, Rs 63.57 crore, and Rs 59.82 crore during the same periods, mainly due to capital expenditure. Continued negative cash outflows could adversely affect its cash flow requirements, business operations, and financial performance.
• The company’s RoNW declined from 37.26% in FY24 to 34.60% in FY25 and 25.84% in FY26. The decline in FY26 was attributed to lower PAT margin following supply chain disruptions arising from geopolitical tensions in the Middle East and higher crude oil prices, along with the acquisition of approximately 11 acres of land in Rajasthan for Rs 40.01 crore, which could adversely affect its cash flows, business operations and financial performance if the decline continues.
• The company faces competition from domestic and international players that may offer lower-cost or technologically advanced products and could gain market share from the company. If the company is unable to offer products at competitive prices, respond to customer requirements, or keep pace with competitors’ capacity and product expansion, it could witness loss of customers or market share, lower prices, and reduced profitability.
• The company had contingent liabilities of Rs 103.42 crore as of June 30, 2026, comprising bank guarantees of Rs 2.47 crore and letters of credit of Rs 100.95 crore. If these contingent liabilities materialise, the company’s financial condition and profitability may be adversely affected.
• The company had trade receivables of Rs 293.90 crore as of June 30, 2026. Any delay or failure in collecting these receivables could adversely affect the company’s liquidity, cash flows, and financial condition.

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