{"id":15031,"date":"2026-09-28T11:00:36","date_gmt":"2026-09-28T11:00:36","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15031"},"modified":"2026-09-28T11:00:51","modified_gmt":"2026-09-28T11:00:51","slug":"orient-cables-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/orient-cables-ipo\/","title":{"rendered":"Orient Cables IPO: Untangling The Wire"},"content":{"rendered":"

Orient Cables (India) Limited runs a specialty cable manufacturing platform built for India\u2019s networking, telecom and infrastructure build-out, making everything from LAN and optical fibre cables to EV charging assemblies.<\/em><\/p>\n

IPO Summary<\/h2>\n
\n
\n
\"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

Introduction<\/h2>\n
<\/div>\n

India\u2019s fixed broadband penetration stood at under 5% in calendar year 2024, well behind France at ~49%, Germany at ~46%, Canada at ~43%, and the UK at ~42%<\/p>\n

But the number of Indian fixed broadband subscribers rose <\/strong>from ~18 million in FY19<\/strong> to ~46 million in FY26<\/strong>.<\/p>\n

To support this, India\u2019s networking cables market grew from \u20b92,060 Cr in FY22 to \u20b93,590 Cr in FY26, and is projected to reach \u20b98,450 Cr by FY31, a CAGR of about ~19%.<\/p>\n

Orient Cables (India) Limited <\/strong>with a market share of about ~22% in FY26<\/strong>, is going live with an IPO consisting of a Fresh Issue of \u20b9320 Cr and an Offer for Sale of \u20b9232 Cr, from 25th to 29th Sep, 2026.<\/p>\n

The Business Model<\/h2>\n

Orient Cables makes networking cables <\/strong>and passive networking equipment<\/strong>.<\/p>\n

It has run for nearly two decades and sells into broadband<\/strong>, telecom<\/strong>, data centres<\/strong>, renewable energy<\/strong>, smart building automation <\/strong>and automotive<\/strong>, among other industries.<\/p>\n

The company sells under four segments<\/strong>:<\/p>\n

    \n
  • Networking Cables and Solutions: <\/strong>CAT5, CAT6 cables and their variants, CCTV and coaxial cables.<\/li>\n
  • Specialty Power, Optical Fibre Cables and Solutions: <\/strong>Instrumentation, control and power cables, plus optical fibre cables, fibre patch cords and KNX cables for building automation.<\/li>\n
  • Wire and Cable Harness Assemblies, EV Charging Guns Cable Assembly: <\/strong>New line, started in FY26, aimed at electric vehicle charging infrastructure<\/strong>.<\/li>\n
  • Other Allied Products: <\/strong>Keystone jacks, power strips and power cords.<\/li>\n<\/ul>\n

    Orient Cables sells to three kinds of customers<\/strong>:<\/p>\n

      \n
    • Large buyers <\/strong>such as telecom service providers and power utility manufacturers,<\/li>\n
    • Original equipment manufacturers (OEMs<\/strong>), and<\/li>\n
    • Resellers<\/strong>.<\/li>\n<\/ul>\n

      The company supplies two of India\u2019s top three telecom companies<\/strong>. New customers typically take about six months to onboard, since they audit the company\u2019s plants <\/strong>and test samples abroad before placing an order.<\/p>\n

      The company runs three manufacturing units, two in Bhiwadi<\/strong>, Rajasthan, and one in Bengaluru<\/strong>, which started commercial production in May 2026, primarily to serve customers in South India.<\/p>\n

      \n
      \n
      \"\"<\/picture><\/div>
      Source: RHP<\/em><\/figcaption><\/figure>\n<\/div>\n

      Apart from a domestic presence, Orient Cables also exports to the UAE<\/strong>, Qatar<\/strong>, the US<\/strong>, Australia<\/strong>, among other countries.<\/p>\n

      Unit Economics (per \u20b9100 of Revenue)<\/h2>\n
      \n
      \n
      \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
        \n
      • Cost of materials <\/strong>stayed the dominant cost at ~-80% of revenue across all three years.<\/li>\n
      • Adj. EBITDA Margin <\/strong>rose from 9% in FY24 to 10% in FY25, then slipped back to 8% in FY26 as material costs crept back up.<\/li>\n<\/ul>\n

        Operating Metrics<\/h2>\n
          \n
        • Capacity utilization <\/strong>jumped to 81% in FY25 from 74% in FY24, but fell back to 70% in FY26, as new facilities came online.<\/li>\n<\/ul>\n
          \n
          \n
          \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
            \n
          • Exports<\/strong> fell as a % of revenue <\/strong>constantly, from 13% in FY24 to 9% in FY26. Orient is getting more business in India, and is shifting to domestic business more.<\/li>\n<\/ul>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
              \n
            • Networking Cables <\/strong>dropped as a % of revenue <\/strong>in FY26, to 78%, from 83% in FY24 and 88% in FY25.<\/li>\n<\/ul>\n
              \n
              \n
              \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

              Financial Stuff<\/h2>\n
              \n
              \n
              \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
                \n
              • Revenue from Operations <\/strong>grew from \u20b9658 Cr in FY24 to \u20b91,172 Cr in FY26<\/strong>, a two-year CAGR of ~33%.<\/li>\n
              • Finance Costs <\/strong>more than tripled, from \u20b96 Cr to \u20b919 Cr <\/strong>over FY24 to FY26, and actually, Net Debt\/EBITDA has climbed from 0.49x in FY24 to 2.31x in FY26.<\/li>\n
              • Depreciation <\/strong>more than doubled between FY25 and FY26, from \u20b97 Cr to \u20b915 Cr<\/strong>, as the Bengaluru facility and other capacity came online.<\/li>\n
              • PAT Margin <\/strong>fell from 6% in FY24 <\/strong>to 5% in FY26<\/strong>.<\/li>\n<\/ul>\n

                Peer Comparison<\/h2>\n
                \n
                \n
                \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
                  \n
                • Orient Cables is the smallest company <\/strong>in the group by revenue<\/strong>, and every other peer is at least 5x its size.<\/li>\n
                • Orient\u2019s EBITDA Margin<\/strong> of 8%<\/strong> sits in the lower half of the group, behind Polycab, Sterlite, and KEI Industries, but ahead of Paramount Communications and Birla Cable.<\/li>\n
                • Orient\u2019s PAT Margin <\/strong>of 5%<\/strong> is also in the lower half, behind most other <\/strong>peers, on par with RR Kabel.<\/li>\n<\/ul>\n

                  With the Issue Price of of \u20b9272\/share, and FY26 EPS of \u20b95.27, Orient Cables is trading at a P\/E of 51.61x, while RR Kabel trades at 45.5x, and Polycab trades at 43.1x, and Finolex trades at 26.8x.<\/strong><\/em><\/p><\/blockquote>\n

                  Key Risks<\/h2>\n
                    \n
                  • Negative operating cash flow: <\/strong>Orient Cables had negative cash flow from operating activities of \u20b910 Cr in FY25 and \u20b927 Cr in FY26, due to a steadily rising inventory and receivables.<\/li>\n
                  • Supplier concentration and raw material risk: <\/strong>Top 10 suppliers accounted for ~70% of raw material purchases in FY26<\/strong>. Copper and PVC compound prices track the London Metal Exchange and crude oil respectively, and the company has no long-term contracts locking in price or volume with its supplier.<\/li>\n
                  • Export tariffs: <\/strong>The European Union (EU) has imposed anti-dumping duties <\/strong>of ~11% on Indian optical fibre cables<\/strong> since July 2024, and the United States has added reciprocal tariffs of ~26% <\/strong>on Indian telecom equipment since April 2025.<\/li>\n
                  • Trademark dispute: <\/strong>Orient Electric Limited has applied to cancel Orient Cable\u2019s corporate name and has sued the company for trademark infringement over the \u201cORIENT\u201d mark. Losing the brand name could be very detrimental for the company.<\/li>\n<\/ul>\n

                    IPO FAQs<\/h2>\n

                    Q: What is Orient Cables\u2019 price band?<\/strong><\/p>\n

                    A: Orient Cables does not have a price band, but a price of \u20b9272 per share.<\/p>\n

                    Q: What is Orient Cables\u2019 closing date?<\/strong><\/p>\n

                    A: Orient Cables IPO closes on 29th Sep, 2026<\/p>\n

                    Q: What is Orient Cables\u2019 listing date?<\/strong><\/p>\n

                    A: Orient Cables lists on 5th Oct, 2026, on the NSE and the BSE<\/p><\/blockquote>\n

                    Summary<\/h2>\n

                    Orient Cables is a fast-growing, small-scale player in the networking cables market. Revenue nearly doubled between FY24 and FY26. But, operating cash flow has been negative for two straight years, leverage is climbing, and revenue and supply concentration risks are real.<\/p>\n","protected":false},"excerpt":{"rendered":"

                    Orient Cables (India) Limited runs a specialty cable manufacturing platform built for India\u2019s networking, telecom and infrastructure build-out, making everything from LAN and optical fibre cables to EV charging assemblies. IPO Summary Introduction India\u2019s fixed broadband penetration stood at under 5% in calendar year 2024, well behind France at ~49%, Germany at ~46%, Canada at […]<\/p>\n","protected":false},"author":9,"featured_media":15032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nOrient Cables IPO: Review, Financials, Business & Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Orient Cables IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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