Orient Cables IPO

Orient Cables (India) Limited is a manufacturer of networking cables and passive networking solutions. The company was incorporated in 2005 and has developed its business around the manufacture and supply of cables and related products for telecom, networking, power, renewable energy and other specialised applications.

The company's product portfolio is broadly divided into three categories: Networking Cables and Solutions; Specialty Power and Optical Fibre Cables and Solutions; and Other Allied Products. Its products are used across multiple industries, including broadband, telecom, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive.

Orient Cables follows a business-to-business model and supplies customised cable solutions to customers including telecom operators, original equipment manufacturers and resellers. The company also serves international markets and has developed capabilities in product design, testing and certification.

The company operates manufacturing facilities in Bhiwadi, Rajasthan and Bengaluru, Karnataka. Its facilities manufacture different categories of networking and cable products. As of June 30, 2026, the company had an installed cable manufacturing capacity of approximately 8,95,776 kilometres.

The company's manufacturing footprint includes three facilities in Bhiwadi and a facility at Bengaluru. Its official website also identifies an upcoming Plant-III at Bhiwadi, along with its existing manufacturing facilities.

Orient Cables has also been developing additional products and applications, including E-beam Irradiated Specialty Cables, Solar Junction Boxes, Tethered Drone Systems, Harnesses and Power Cords. These initiatives are intended to expand the company's addressable product markets beyond its established networking cable portfolio.

The company has also entered into a joint venture arrangement with Aditya Infotech for manufacturing electric cables, including LAN and CCTV cables, supporting its broader cable manufacturing and backward-integration strategy.

Orient Cables (India) operates in the networking and cable manufacturing industry, with a product portfolio covering networking cables, speciality power and optical fibre cables and other allied products. The company serves multiple sectors, including telecom, broadband, data centres, renewable energy, smart-building applications and automotive.

The company has reported consistent growth in its financial performance over FY2023 to FY2025. Revenue from operations increased from ₹546.09 crore in FY2023 to ₹664.98 crore in FY2024 and ₹831.86 crore in FY2025. During the same period, profit after tax increased from ₹25.96 crore to ₹40.07 crore and then to ₹53.29 crore.

The company subsequently reported further growth in FY2026. Revenue from operations for FY2026 stood at approximately ₹1,171.6 crore, compared with ₹825 crore in the previous year, while profit increased marginally to approximately ₹53.6 crore. EBITDA increased to around ₹96.4 crore, although the EBITDA margin declined from 10.16% to 8.22%.

The proposed Fresh Issue provides the company with funds for manufacturing-related capital expenditure and debt reduction. According to the current issue plan, ₹91.5 crore is proposed for machinery, equipment and civil works, while ₹155.5 crore is intended for repayment of debt. This can help expand production capabilities while reducing a portion of the company's outstanding borrowings.

As of March 31, 2025, the company had total assets of ₹427.19 crore, net worth of ₹180.67 crore and total borrowings of ₹115.27 crore. The corresponding FY2024 figures were ₹293.22 crore, ₹127.54 crore and ₹36.97 crore respectively.

The company's business is exposed to several important risks. More than 74% of FY2025 revenue came from its top 10 customers, making customer concentration an important factor to monitor. The business also requires working capital for inventories and receivables, while the cable industry remains competitive and sensitive to raw-material prices and customer demand.

The company's exposure to data centres, broadband, telecom and renewable-energy applications provides multiple end markets, while its expansion into specialised cable products could broaden its product portfolio. At the same time, investors should examine the IPO valuation, current FY2026 margins, debt position, customer concentration and execution of the proposed capital expenditure before making an investment decision.

The Grey Market Premium, when available, is an unofficial market indicator and does not guarantee the actual listing price. Investors should therefore consider the company's financial performance, valuation, industry conditions, use of IPO proceeds and disclosed risk factors rather than relying only on GMP.

Orient Cables (India) IPO applications can be made through ASBA or UPI-supported IPO application platforms. The IPO opens on September 25, 2026 and closes on September 29, 2026. The minimum application is one lot of 55 shares, requiring ₹14,960 at the upper price band of ₹272.

Through UPI

1. Log in to your stockbroker app/website.
2. Go to the IPO section.
3. Select Orient Cables (India) IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.