IPO Overview
Incorporated in September 2005, Orient Cables (India) Limited is a Gurugram-based manufacturer of networking cables and passive networking equipment with nearly two decades of operating experience. The company manufactures a wide range of products including CAT5 to CAT6A cables, optical fibre cables, coaxial cables, instrumentation cables, and specialty power cables. It has expanded its portfolio into TÜV-certified EV charging cables, solar junction boxes, and wire harness assemblies. As of June 30, 2026, the company holds an installed capacity of 8,95,776 km and is ranked among India’s top four networking cable manufacturers, with a market share of approximately 22.9% in FY2026 — up from 16% in FY2022.
The company is now launching its mainboard IPO on both BSE and NSE. The total issue size is ₹552 crore, comprising a fresh issue of ₹320 crore and an Offer for Sale (OFS) of ₹232 crore by promoter shareholders. The price band is set at ₹258–₹272 per share with a lot size of 55 shares, making the minimum retail investment ₹14,960. The IPO opens on 25 September 2026 and closes on 29 September 2026, with listing expected on 5 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 24 September 2026 |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 30 September 2026 (Expected) |
| Credit to Demat | 01 October 2026 |
| Listing Date | 05 October 2026 (Tentative) |
| Price Band | ₹258 – ₹272 per share |
| Face Value | ₹1 per share |
| Lot Size | 55 shares |
| Minimum Investment (Retail) | ₹14,960 (1 lot = 55 shares) |
| Maximum Investment (Retail) | ₹1,94,480 (13 lots = 715 shares) |
| Issue Size | ₹552 crore |
| Fresh Issue | ₹320 crore (1,17,64,705 shares approx.) |
| Offer For Sale (OFS) | ₹232 crore (85,29,409 shares approx.) |
| Post-IPO Valuation | ~₹3,095 crore (at upper price band) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS component of ₹232 crore is being offered entirely by the promoter family. The selling shareholders are:
- Vipul Nagpal
- Garima Nagpal
- Vipul Family Trust
- Garima Family Trust
Note: The entire ₹232 crore from the OFS will go directly to the promoter family and not to the company. Post-IPO, promoter holding will decline from 100% to approximately 82.17%, with public shareholding becoming 17.83%.
Objects of the Issue (Fund Utilization)
Only the fresh issue proceeds of ₹320 crore will be received by the company. The planned utilization is as follows:
- Capital expenditure for machinery, equipment, and civil works at manufacturing facilities — ₹91.5 crore
- Repayment / prepayment of existing borrowings — ₹155.5 crore
- General corporate purposes — remaining proceeds
Note: A significant ~49% of fresh issue proceeds is earmarked for debt repayment, reflecting the company’s current leverage position. The remaining ~29% goes toward capacity expansion.
Lead Managers & Registrar
- Book Running Lead Managers: IIFL Capital Services Ltd. and JM Financial Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The company is promoted by the Nagpal family:
- Mr. Vipul Nagpal — Founder Promoter
- Mrs. Garima Nagpal — Co-Promoter
- Mr. Vardaan Nagpal — Promoter
- Vipul Family Trust and Garima Family Trust — Promoter entities
The promoters bring domain expertise across manufacturing, product development, business development, and strategic initiatives. As of the IPO, total outstanding borrowings stood at ₹258.4 crore (June 2026), which the company plans to substantially reduce using IPO proceeds.
Company Details
Orient Cables (India) Limited manufactures networking cables and passive networking equipment for B2B customers, serving industries that require high-quality, reliable data and power transmission solutions. The company has been steadily expanding its product portfolio and manufacturing footprint since inception.
Key Milestones:
- 2005: Incorporated; began manufacturing networking cables
- 2018: Set up Unit II; commenced optical fibre cable manufacturing
- 2024: Started manufacturing keystone jacks, expanded Unit II, initiated construction of electron-beam irradiation cable facility
- 2025: Launched new power strip product
- 2026: Entered into a JV with Aditya Infotech; commenced operations at Unit III (Bengaluru)
Sectors Served:
- Broadband & Telecom
- Data Centres
- Renewable Energy (Solar)
- Smart Building Automation & Security
- System Integration
- Automotive, Railways & Defence
- FMEG (Fast Moving Electrical Goods)
Key Products:
- CAT5 to CAT6A Networking Cables
- Optical Fibre Cables
- Coaxial & Instrumentation Cables
- TÜV-Certified EV Charging Cables
- Solar Junction Boxes
- Wire Harness Assemblies
- Keystone Jacks & Passive Networking Equipment
Manufacturing Facilities:
- Two facilities in Bhiwadi, Rajasthan (primary manufacturing base)
- New Unit III in Bengaluru, Karnataka (commenced operations May 2026)
- Installed capacity: 8,95,776 km (as of June 30, 2026)
- Total employees: 613 permanent + 1,327 contractual workers
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹831.86 | ₹53.32 |
| FY26 | ₹1,181.67 | ₹53.56 |
Key Financial Metrics
- Revenue grew 42% YoY in FY26 (from ₹831.86 crore to ₹1,181.67 crore) — a 33.3% CAGR from FY24 to FY26
- PAT remained nearly flat — grew only ~0.5% from ₹53.32 crore (FY25) to ₹53.56 crore (FY26) despite 42% revenue growth, indicating significant margin compression
- PAT margin declined from ~6.5% to ~4.6% in FY26
- EBITDA FY26: ₹96.40 crore
- ROE / RoNW (FY26): 25.84%
- ROCE (FY26): 23.82%
- Debt-to-Equity Ratio: 0.94
- Total outstanding borrowings: ₹258.4 crore (as of June 2026)
Company Strengths
- Among India’s top four networking cable manufacturers with ~22.9% market share in FY26, up from ~16% in FY2022 — demonstrating consistent market share gains
- Strong revenue CAGR of ~33.45% from FY24 to FY26, with one of the fastest growth rates in the wires & cables industry
- Diversified product portfolio and end-market presence across telecom, data centres, EV, solar, railways, and defence
- Serves two of India’s three largest telecom companies by revenue as of March 2026 — strong customer retention and long-standing relationships
- Capacity expansion underway with new Bengaluru facility (Unit III), e-beam irradiation cable unit, and JV with Aditya Infotech adding strategic depth
- Fresh IPO proceeds to significantly reduce debt burden (₹155.5 crore earmarked for repayment), which should improve interest cost and financial flexibility
Key Risks & Challenges
- Flat profitability despite high revenue growth: PAT grew only ~0.5% in FY26 despite 42% revenue growth — a clear sign of margin pressure that investors must watch closely
- High customer concentration: Top 10 customers contributed 84% of revenue in Q1 FY27 (June 2026 quarter), making business highly dependent on a few key relationships
- High supplier concentration: Top 10 suppliers accounted for over 74.91% of procurement in the same period — disruption risk in case of supply chain issues
- Promoter OFS exit: The entire ₹232 crore OFS proceeds go to the promoter family — not the company — which could be viewed as partial monetization by insiders at the IPO stage
- Raw material volatility: Significant exposure to copper, aluminium, and polymer prices, which can compress margins without pricing power over end customers
- Leverage risk: Total outstanding borrowings of ₹258.4 crore (D/E of 0.94) as of June 2026 — though fresh issue proceeds will partially address this
- Reduced IPO size: Original planned issue was ~₹700 crore; the IPO size was cut by ₹148 crore entirely from the OFS component — suggesting some investor sensitivity to valuation or promoter exit quantum
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
