Orient Cables (India) Limited

Incorporated in September 2005, Orient Cables (India) Limited is a premier Indian wires and cables manufacturing enterprise specializing in networking cables and passive networking equipment. Operating for nearly two decades, the company’s underlying business model focuses on B2B manufacturing and supplying custom-engineered cabling solutions to high-growth sectors, including broadband, telecommunications, data centers, renewable energy, smart building automation/security, system integration, FMEG, and automotive. Its primary value proposition centers on delivering high-performance, quality-certified products—such as UL, ETL, CPR, and BIS certified cables—that replace expensive imported solutions with indigenous, cost-effective alternatives.

The company caters to three primary customer segments: telecom service providers, original equipment manufacturers (OEMs), and resellers. Its client portfolio includes marquee names across the telecom and technology ecosystem, catering to two of India's top three telecom operators by revenue. Geographically, Orient Cables maintains a nationwide sales network across India and an expanding global footprint spanning 15 countries, including the United States, the UAE, Qatar, Australia, New Zealand, Nepal, Singapore, and the Netherlands. International exports contributed ₹108.48 Cr (9.26% of operational revenue) in FY26.

Manufacturing infrastructure is anchored across three strategic production facilities: two units located in the industrial hub of Bhiwadi, Rajasthan, and a newly established unit in Bengaluru, Karnataka, which commenced commercial operations in May 2026 to serve South Indian markets. As of June 30, 2026, the company's total annualized installed capacity stood at 8,95,776 kms of cables and 50,40,000 pieces of allied passive networking products (including keystone jacks). Historical capacity utilization for cable manufacturing across all units was recorded as follows:

FY24: Installed capacity of 5,39,661 kms | Actual production of 4,01,769 kms (74.45% capacity utilization).

FY25: Installed capacity of 5,60,938 kms | Actual production of 4,52,943 kms (80.75% capacity utilization).

FY26: Installed capacity of 7,94,976 kms | Actual production of 5,55,329 kms (69.85% capacity utilization).

Operational capabilities are supported by backward integration initiatives, including in-house copper drawing plants, PVC compounding extrusion lines (500 MT/month capacity), and the production of internal raw materials like Fibre Reinforcement Plastic (FRP) rods and impregnated fibreglass yarn (IGFR). Product development is driven by dedicated in-house R&D and quality control testing laboratories equipped with advanced testing tools like DCM/Betalasermike cable testing systems and Fluke cable analyzers. Orient Cables is an early mover in emerging categories, becoming the first company in India to receive BIS certification for symmetrical pair/quad cables and developing specialized E-beam irradiated cables, solar junction boxes, and tethered drone cable assemblies.

Based on its historical financial data, Orient Cables (India) Limited posted total income and net profits of ₹664.98 Cr / ₹40.07 Cr in FY24, ₹831.86 Cr / ₹53.32 Cr in FY25, and ₹1,181.67 Cr / ₹53.81 Cr in FY26, maintaining strong momentum into Q1 FY27 with ₹490.94 Cr in total income and ₹32.78 Cr in PAT. The company has demonstrated steady top-line growth, with total income expanding at a 33.30% CAGR over the last three full fiscals. Total debt expanded from ₹36.97 Cr in FY24 to ₹235.29 Cr in FY26 to fund working capital requirements. It boasts an average EPS of ₹5.03 and an average RoNW of 30.66% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 11.77 against a NAV of ₹23.11 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 5.57. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 77.25x (FY24), 58.05x (FY25), and 57.52x (FY26). According to the RHP, peer companies like RR Kabel, Polycab India, Finolex Cables, Havells India, and KEI Industries trade at P/E multiples ranging from 26.29x to 54.85x (average peer group P/E of 46.12x), indicating that Orient Cables' FY26 post-issue P/E of 57.52x is priced at a premium relative to industry giants.

On the Book Running Lead Manager (BRLM) front, the issue is managed by IIFL Capital Services Limited and JM Financial Limited. KFin Technologies Limited, which has handled over 50 public issues in the last three fiscal years, is acting as the Registrar to the Offer.

• 1 Vipul Nagpal
• 2 Garima Nagpal
• 3 Vardaan Nagpal
• 4 Vipul Family Trust
• 5 Garima Family Trust