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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.
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.
The table below highlights the key details of the Orient Cables IPO available in the RHP.
| Particulars | Details |
|---|---|
| IPO Type | 100% Book Built Offer |
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Face Value | ₹1 per equity share |
| Price Band | ₹258 to ₹272 per share |
| Lot Size | 55 shares |
| 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) |
| Total Issue Size | 2,02,94,114 shares (agg. up to ₹552 Cr) |
| Listing Exchange | NSE 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.
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.
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
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.
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).
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.
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) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 580.79 | 427.19 | 293.22 |
| Revenue from operations | 1,181.67 | 831.86 | 664.98 |
| PAT | 53.56 | 53.32 | 40.07 |
| EBITDA | 96.40 | 83.86 | 58.82 |
| Net Worth | 235.84 | 180.70 | 127.54 |
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.
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).
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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