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Orient Cables (India)

• Orient Cables (India) is coming out with a 100% book building; initial public offering (IPO) of 2,13,95,346 shares of face value Rs 1 each in a price band Rs 258-272 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 258 times of its face value on the lower side and 272 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services and JM Financial.
• Compliance officer for the issue is Mona Kaushik. 

Profile of the company

Orient Cables (India) is a manufacturing company with a primary focus on networking cables and passive networking equipment, operating for nearly two decades and catering to high-growth industries including broadband, telecom, data centres, renewable energy, smart building automation/ security, system integration, FMEG and automotive. It manufactures a diverse range of products such as Networking Cables and Solutions, Specialty Power, Optical Fibre Cables and Solutions, Wire and Cable Harness Assemblies, EV Charging Guns Cable Assembly and other allied products include keystone jacks, power strips and power cords.

The company manufactures customized products for its marquee customers who are typically telecommunication service providers, or a multi-national company engaged in developing and supplying networking and connectivity products, providers of IT solutions, data centers etc. The company caters to two out of the top three telecom companies by revenue as on March 31, 2026. Given the critical applications of its products, its customers require strict compliance with global standards for products and processes. They typically audit its facilities and often mandate third-party testing of samples outside India before placing orders. It has maintained relationships with its top ten customers for an average period of over nine years. The quality of its products and manufacturing capabilities have allowed relationships with its customers to grow and has resulted in a consistent increase in revenue from such customers.

The company has capitalised on its established domestic presence and customer relationships to build a robust international presence as well. It exports products to overseas customers located in UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore and Netherlands, amongst others. The company has built a loyal base of multi-national customers over the years of its operations through its ability to meet stringent technical specifications, global accreditations and certifications, and quality of production.

Proceed is being used for: 

• Funding of capital expenditure requirements of the company towards purchase of machinery, equipment and civil works at its manufacturing facilities
• Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The wires & cables industry plays a crucial role in supporting modern infrastructure across industries, enabling the seamless transmission of electricity and data across various sectors. With increasing urbanisation, industrialisation, and adoption of renewable energy systems, the demand for reliable and efficient wiring & cable solutions has surged. Technological advancements in materials and manufacturing processes, coupled with the rise of smart grids and digital communication networks, have further propelled growth. The wires & cables market caters to diverse applications, including power distribution, telecommunications, construction, automotive, and industrial machinery, making it indispensable to modern economies. Broadly, wires & cables are divided into five different categories.

The India wires and cables market reached Rs 1,122.1 billion in FY26, up from Rs 533.1 billion in FY19, reflecting a CAGR of 11.2%. The market is projected to increase to Rs 2,103.8 billion by FY31, growing at a CAGR of 13.4% from FY26 to FY31. The sustained growth is fuelled by several key drivers, including continued investments in power transmission and distribution infrastructure, increasing renewable energy integration, and the expansion of telecommunications infrastructure.

Networking cables are essential for wired data transmission across local and wide area networks, connecting devices such as computers, routers, and printers. Common types like Cat5 through Cat8 provide stable, high-speed connections for home, office, and larger infrastructures like data centres. These cables are designed to reduce interference while supporting activities such as internet browsing, gaming, and video streaming while ensuring high bandwidth and reliable performance for seamless communication. The networking cables market was valued at $16.6 billion in CY25, accounting for 57.1% of the global broadband cables market. It is projected to grow to $26.2 billion in CY30 at a CAGR of 9.6%. The rise of IoT devices and surveillance systems is driving demand for smart homes and offices, both of which rely heavily on robust cabling infrastructure. This is contributing to the growth of multiple sectors, including Internet of Things (IoT), electronic surveillance, building automation, smart homes, smart offices, industrial automation, and data centers. These sectors are increasingly adopting networking cables to support automation, real-time monitoring, and enhanced security. The combined growth of these sectors is projected to reach 15-25% between FY26 and FY31, further driving demand for high-performance cabling solutions. 

Pros and strengths 

Strong market position and industry presence: The company is one of India’s top four players in the networking cables industry with a market share of around 22.9% in Fiscal 2026. The company is engaged in the manufacturing of cables and allied products and solutions, with a primary focus on telecommunications and IT industries. The company’s position in the networking cables manufacturing industry is driven by its focus on introducing new products while delivering customized solutions aligned with evolving technical and quality standards. This, along with its long-standing customer relationships, business experience, domain expertise, and consistent product quality, has helped it to maintain a strong and reliable presence in the industry.

Diversified product portfolio and one-stop networking solutions: The company manufactures a diverse range of products which are customized to the specifications of its customers, under the segments such as Networking Cables and Solutions, Specialty Power, Optical Fibre Cables and Solutions, Wire and Cable Harness Assemblies, EV Charging Guns Cable Assembly and other allied products. In order to provide a comprehensive range of solutions for its customers and with the intention to be a one-stop shop for passive networking solutions, it diversified into manufacturing products related to the passive cable ecosystem in 2024.

Long-standing customer relationships and strong client base: The company, through nearly two decades of business operations, established long-term relationships with customers across industries it caters to. The company’s ability to address the various stringent client requirements over long periods of time consistently enables it to obtain assured and additional business from existing clients as well as new clients in an industry marked by high entry barriers. The company’s customers include leading telecommunications providers, multi-national companies engaged in developing and supplying networking and connectivity products, global providers of IT solutions, amongst other manufacturing and service providing companies. The company caters to two out of the top three telecom companies by revenue as on March 31, 2026.

Strategically located manufacturing facilities and capacity expansion: The company has two strategically located manufacturing facilities at an industrial area in Bhiwadi Rajasthan with proximity to the inland container depots at Garhi Harsaru and Rewari in Haryana through which it exports its products and imports raw materials. The company’s Manufacturing Facilities are located in an area with abundant availability of skilled manpower, power, water, transport and other facilities meeting industrial requirements. It commenced its operations in Bhiwadi in 2006, beginning with a small capacity designed to cater to the growing market demand at the time. In 2018, it undertook expansion by adding a new unit for Optical Fibre Cables (OFC), and used the same facility for expansion in capacity of networking cables in 2023. In 2025, it undertook a further major expansion in manufacturing capacity of networking cables and started the process of installing an e-beam irradiation machine in the same facility to further enhance its capabilities in different product verticals.

Risks and concerns

Reliance on key customers for revenue: The company derives 84.00% and 76.52% of its revenue from operations from its top 10 customers as of the three months period ended June 30, 2026 and Fiscal 2026, respectively. If one or more of such customers choose not to source their requirements from it or to terminate its contracts or purchase orders, its business, cash flows, financial condition and results of operations may be adversely affected.

Dependence on networking cables segment: The company is heavily dependent on the performance of the networking cables in the wires and cables industry and the performance of the end-user industries. The company has garnered 78.23%, 87.89% and 83.47% of its revenue from networking cables and solutions in FY26, FY25 and FY24 respectively. Any adverse changes in the conditions affecting the broadband wires and cables industry or the end-user industries in which its customers operate can adversely impact its business, financial condition, results of operations, cash flows and prospects.

Concentration of manufacturing operations in Rajasthan: The company’s continued operations at two of its Manufacturing Facilities, concentrated in Rajasthan are critical to its business and any disruption, breakdown or shutdown of its manufacturing facilities or any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Rajasthan may have an adverse effect on its business, financial condition, results of operations and cash flows.

High working capital requirements and receivables risk: The company’s operations require continuous working capital to maintain adequate levels of raw materials, stores, finished goods, and trade receivables. A substantial portion of its sales is made on credit, with payment terms typically up to 90 days, depending on market practices and customer profiles. Delays in collecting receivables, especially during adverse economic conditions or customer-specific challenges, could constrain its cash flows and limit its ability to fund operations.

Outlook

Orient Cables (India) is a manufacturer of networking cables and passive networking equipment. The company has nearly two decades of experience in the networking cables and passive networking equipment industry and caters to industries including broadband, telecommunications, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive. The company has presence across diverse end-user industries. It has strategically located manufacturing facilities. On the concern side, the company derived a major portion of its revenue from operations from few customers. If one or more of such customers choose not to source their requirements from it or to terminate the company’s contracts or purchase orders, its business, cash flows, financial condition and results of operations may be adversely affected. Moreover, one of the members of the Promoter Group, Radhika Julka, the sister of the company Promoter Vipul Nagpal, has been disclosed in the list of Wilful Defaulters. While the company been informed that the bank statements indicate that the loan has been repaid, the no objection certificate from the bank is awaited.

The issue has been offering 2,13,95,346 shares in a price band of Rs 258-272 per equity share. The aggregate size of the offer is around Rs 552.00 crore to Rs 581.95 crore based on lower and upper price band respectively. Minimum application is to be made for 55 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 42.03% from Rs 8,249.58 million in Fiscal 2025 to Rs 11,716.54 million in Fiscal 2026. This growth was primarily driven increase in sales of networking cables and solutions. Moreover, the company’s profit for the year increased by 0.45% from Rs 533.21 million in Fiscal 2025 to Rs 535.61 million in Fiscal 2026.

Meanwhile, the company is well established in the optical fibre cable segment, having close to 7 years of being in operations. It has obtained the major approvals for the segment including RDSO and ETL approvals. The industry has gone through a difficult phase globally due to falling fibre prices. However, the price declining phase is over and the industry is poised to grow at a healthy rate in the coming years for existing and active players. It is well positioned to take advantage of the growing market of optical fibre cables in the coming years, by not only capitalising on the tailwinds of the industry but by also increasing its own revenue market share.