Orient Cables IPO

    Summary:


    Orient Cables (India) Limited manufactures networking cables, specialty power cables and optical fibre cables for broadband, telecom and data centre customers. The company reported FY2026 total income of ₹1,181.67 crore and profit after tax of ₹53.56 crore, up from ₹40.07 crore in FY2024.

    However, investors may also consider the company’s concentration in manufacturing in Rajasthan and declining Return on Net Worth, vis-à-vis the growing market share and diversified product range before evaluating the IPO. 

    Orient Cables IPO: Issue Structure and Company Details

    India's networking cables market grew to approximately ₹35.9 billion in FY2026, expanding from a smaller base in FY2022 (Source: RHP, citing 1Lattice Report). Orient Cables (India) Limited manufactures networking, specialty power and optical fibre cables within this market, and has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) ahead of the Orient Cables IPO.

    The RHP discloses how the company generates revenue, its planned use of issue proceeds, and the risks tied to its operations. Orient Cables IPO details form part of a wider set of Upcoming IPO filings in the wires and cables manufacturing space.

    IPO Details

    The table below highlights the key details of the Orient Cables IPO available in the RHP.

    ParticularsDetails
    IPO Type100% Book Built Offer
    IPO Open DateSeptember 25, 2026
    IPO Close DateSeptember 29, 2026
    Face Value₹1 per equity share
    Price Band₹258 to ₹272 per share
    Lot Size55 shares
    Fresh Issue1,17,64,705 shares (agg. up to ₹320 Cr) 
    Offer for Sale85,29,409 shares of ₹1 (agg. up to ₹232 Cr) 
    Total Issue Size2,02,94,114 shares (agg. up to ₹552 Cr) 
    Listing ExchangeNSE and BSE

    The Offer combines a Fresh Issue of up to ₹320 crore with an Offer for Sale of up to ₹232 crore by promoter selling shareholders Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust, and the company will not receive proceeds from the Offer for Sale. 

    About Orient Cables (India) Limited

    Company Background

    Orient Cables (India) Limited holds Corporate Identity Number U31300DL2005PLC140809 and is registered in New Delhi, with a corporate office in Gurugram, Haryana. The company has manufactured networking and specialty cables for nearly two decades.

    Promoters Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust and Garima Family Trust collectively hold 99.99% of the company's issued, subscribed and paid-up equity share capital.

    Business Overview

    Orient Cables manufactures networking cables, specialty power cables and optical fibre cables for broadband, telecom, data centre, renewable energy and automotive customers. Products span CAT5, CAT5e, CAT6 and CAT6A networking cables, patch cords, CCTV and coaxial cables, alongside instrumentation, control and power cables.

    Manufacturing runs across three facilities:

    • Two facilities in Bhiwadi, Rajasthan, and one in Bengaluru, Karnataka, established to serve customers in South India

    • Installed capacity of 895,776 kilometres of networking, specialty power and optical fibre cables as of June 30, 2026

    • Recent entry into EV charging cables and guns, tethered drone systems, solar junction boxes and E-beam irradiated specialty cables

    • TUV certification for EV charging cables, with Tier-2 Green Supplier status granted to its subsidiary by a multinational corporation

    Revenue Model

    Networking cables and solutions contributed 78.23% of revenue from operations in FY2026, down from 87.89% in FY2025, as the company diversified into specialty power, optical fibre and allied products. Revenue from Operations grew from ₹664.98 crore in FY2024 to ₹1,181.67 crore in FY2026.

    Domestic markets contributed 90.74% of revenue from operations in FY2026, up from 86.85% in FY2024, while exports declined to 9.26% of revenue over the same period. The Middle East, including the UAE and Qatar, accounted for most of the company's export revenue.

    Industry Position

    The company held approximately 22.9% of India's networking cables market by revenue in FY2026, up from around 16% in FY2022 (Source: RHP, citing 1Lattice Report).

    Revenue from Operations grew at a CAGR of approximately 33.45% between FY2024 and FY2026, against a peer average of approximately 17.27% over the same period. Return on Capital Employed stood at 36.46% in FY2025 and 23.82% in FY2026 (Source: RHP, citing 1Lattice Report).

    Industry Overview

    India's networking cables market grew to approximately ₹35.9 billion in FY2026, expanding from a smaller base in FY2022 (Source: RHP, citing 1Lattice Report).

    Globally, the networking cables segment of the wires and cables market grew from $8.9 billion in CY2018 to $16.6 billion in CY2025, and is projected to reach $26.2 billion by CY2030, a CAGR of 9.6% (Source: RHP, citing 1Lattice Report).

    Power cables made up approximately 37.4% of the global wires and cables market in CY2025, the single-highest segment by value, driven by urbanisation and renewable energy investment (Source: RHP, citing 1Lattice Report).

    A networking cable works a bit like the nervous system of a data centre or office building. It stays invisible once installed behind walls and under floors, yet every connected device depends on its capacity to carry a signal cleanly.

    The 1Lattice Report cited throughout this section was commissioned and paid for by Orient Cables itself, standard practice for RHP industry sections across Indian IPOs. That funding arrangement does not necessarily change the underlying figures, but it is a detail worth keeping in mind.

    Company Financials

    The table below summarises Orient Cables (India) Limited's financial performance over the last three years, based on the Restated Consolidated and Standalone Financial Information in the RHP.

    Financials (₹ crore)FY2026FY2025FY2024
    Assets580.79427.19293.22
    Revenue from operations1,181.67831.86664.98
    PAT53.5653.3240.07
    EBITDA96.4083.8658.82
    Net Worth235.84180.70127.54

    Revenue from Operations and profit both rose every year, with PAT up from ₹40.07 crore in FY2024 to ₹53.56 crore in FY2026, though growth slowed between FY2025 and FY2026.

    Strengths of Orient Cables (India) Limited

    Position Among India's Networking Cable Manufacturers

    The company held approximately 22.9% of India's networking cables market by revenue in FY2026, up from around 16% in FY2022, in an industry the RHP describes as carrying high entry barriers (Source: RHP, citing 1Lattice Report).

    Diversified Portfolio of Customized Products Across End Industries

    Products span networking cables, specialty power cables, optical fibre cables and newer categories including EV charging assemblies and E-beam irradiated cables, each customised to individual customer specifications.

    Long-Standing Customer Relationships With Established Clients

    The company has maintained relationships with its top ten customers for an average of over nine years, built across telecom, broadband, data centre and government sectors over nearly two decades of operations.

    Strategically Located Manufacturing With In-House Innovation

    Two facilities in Bhiwadi, Rajasthan, and one in Bengaluru support backward integration, including in-house production of FRP rods and impregnated fibreglass yarn used as raw materials.

    Experienced Promoters and Professional Management

    Promoters Vipul Nagpal, Garima Nagpal and Vardaan Nagpal lead the company, supported by a professional management team with domain knowledge across the wires and cables industry.

    Financial Performance With High Balance Sheet Efficiency

    Revenue from Operations grew at a CAGR of approximately 33.45% between FY2024 and FY2026, against a peer average of approximately 17.27% over the same period, according to the 1Lattice Report (Source: RHP, citing 1Lattice Report).

    Risks Associated with Orient Cables (India) Limited

    Manufacturing Concentration in Rajasthan

    Two of the company's three manufacturing facilities operate in Bhiwadi, Rajasthan. A regional disruption, from a labour dispute to a natural event, would affect a large share of production capacity.

    Dependence on Networking Cables

    Networking cables and solutions contributed 78.23% of revenue from operations in FY2026. A slowdown in demand for this product category would affect a large share of revenue.

    Declining Return on Net Worth

    Return on Net Worth fell from 37.26% in FY2024 to 34.60% in FY2025 and 25.84% in FY2026, partly reflecting capital expenditure on capacity expansion and higher raw material costs. A continued decline would affect perceptions of capital efficiency.

    Absence of a Current Credit Rating

    The company has not obtained a credit rating since FY2025, with its last rating carrying an "Issuer not cooperating" status. This absence would affect the company's access to capital markets and borrowing costs.

    Unregistered Trademarks

    The company has not registered trademarks for logos used across its business activities, and one pending application faces opposition from two parties. An adverse outcome would affect the company's ability to protect its branding.

    Foreign Currency Exposure

    A portion of revenue and expenses is denominated in foreign currency tied to export sales and imported raw materials. Currency fluctuations would affect reported revenue and costs.

    Key Things Investors May Consider

    Before evaluating the Orient Cables IPO, investors may consider the following factors:

    • The company’s manufacturing focus in Rajasthan

    • Most of its revenues are from reliance on networking cables

    • The three fiscal years show a downward trend in Return on Net Worth

    • No credit rating today since FY2025

    • Opposition proceedings, pending and unregistered trademarks

    • Exposure to foreign currency due to exports and imported raw materials

    • Revenue and market share comparison relative to the networking cables industry

    • Price Band, lot size and share counts as on the date of filing of RHP – Not Disclosed

    These factors should be considered alongside the complete risk disclosures and financial information provided in the RHP.

    Disclaimer :

    Investments in securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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    Publish Date: 24 Sep 2026

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