Minerva Capital Research Solutions

Orient Cables (India)

RHP
ListedListed 5 Oct 2026MainboardNSE: ORIENTCABLCheck allotment
Current price₹ 355.4+30.66% since issue
Listing day+65.44%
Issue price
₹ 272
Issue size
₹ 552 Cr.
Min. investment
₹ 14,960
Listing price
₹ 450
Subscribed
92.27x
Lot size
55 shares
P/E
23.61
RoNW
13.17%
RoCE
10.36%
Debt / Equity
0.95
PAT margin
6.77%
EBITDA margin
11.22%
RoE
13.17%
EPS
₹ 13.04
NAV
₹ 26.34
Promoter stake
80.71%

About

Orient Cables (India) Limited was started in September 2005. It makes networking cables and passive networking equipment, and has nearly two decades of experience in this line. Passive equipment means the connectors, jacks and cords that carry a signal without needing power of their own. Its customers are in broadband, telecommunications, data centres, renewable energy, smart building automation and security, system integration, fast moving electrical goods and automotive. Its range covers CAT5, CAT5e, CAT6 and CAT6A networking cables, patch cords, CCTV and coaxial cables, instrumentation and control cables, power cables, optical fibre cables, fibre patch cords, keystone jacks, power strips and power cords, along with products made to a customer's own specification. As on 30 June 2026 it had an installed capacity of 895,776 km. It has been widening its range into E-beam irradiated specialty cables, solar junction boxes, tethered drone systems, cable harnesses, power cords and EV charging cables and guns, the last of which are TÜV certified. According to the 1Lattice Report it was among the top four networking cable players in India.

Timeline

  1. Opens
    25 Sep
    done
  2. Closes
    29 Sep
    done
  3. Allotment
    30 Sep
    done
  4. Refunds
    1 Oct
    done
  5. Demat credit
    1 Oct
    done
  6. Listing
    5 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 123 on 2 Oct 2026
Lowest
₹ 34 on 22 Sep 2026
First quoted
₹ 34 on 22 Sep 2026

Subscription

How many times each investor group bid for its share, as of 05 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)155₹ 14,960
Retail (Max)13715₹ 1,94,480
S-HNI (Min)14770₹ 2,09,440
B-HNI (Min)673,685₹ 10,02,320

Company overview

Financials

Financials by year
Assets743.19580.79427.19293.22
Total Income490.941,181.67831.86664.98
Profit After Tax32.7853.5653.3240.07
EBITDA54.8996.483.8658.82
NET Worth268.76235.84180.7127.54
Reserves and Surplus257.35224.34170.5126.52
Total Borrowing258.46234.19113.4536.73

Strengths

  • Sales have grown strongly, from Rs 664.98 crore in FY2024 to Rs 831.86 crore in FY2025 and Rs 1,181.67 crore in FY2026, a rise of 42% in the last year.
  • EBITDA has improved from Rs 58.82 crore in FY2024 to Rs 96.40 crore in FY2026.
  • It is among the top four networking cable players in India according to the 1Lattice Report.
  • Installed capacity is substantial at 895,776 km as on 30 June 2026.
  • The product range is wide, from CAT networking cables and optical fibre to instrumentation, control and power cables, so it can serve a customer across several needs.
  • Its end markets include data centres, broadband and renewable energy, all of which are expanding.
  • It has moved into newer lines including E-beam irradiated specialty cables, solar junction boxes, tethered drone systems and TÜV certified EV charging cables and guns.
  • Net worth has more than doubled in two years, from Rs 127.54 crore in FY2024 to Rs 268.76 crore as on 30 June 2026.

Risks

  • Profit has stopped growing. Profit after tax was Rs 53.32 crore in FY2025 and Rs 53.56 crore in FY2026, essentially flat, even though sales rose 42% over the same year.
  • Borrowing has risen about seven times in two years, from Rs 36.73 crore in FY2024 to Rs 234.19 crore in FY2026 and Rs 258.46 crore by 30 June 2026, a debt to equity ratio of 0.95.
  • Return on capital employed is only 10.36%, which is low for the capital now tied up in the business.
  • The valuation figures do not agree with each other. At the upper band of Rs 272 the source shows a post issue EPS of Rs 13.04 and a P/E of 23.61, but those two cannot both be right, so the earnings multiple on offer cannot be pinned down from the published data.
  • The profit margin is thin at 6.77% and has fallen as revenue has grown, which suggests the extra sales are being won at lower margin.
  • Copper is the main raw material and its price moves sharply, which is difficult to pass on where orders are already priced.
  • The newer products such as EV charging cables, drone systems and solar junction boxes are still small and unproven contributors.
  • This is a fresh issue combined with an offer for sale, and promoter holding falls from 98.38% to 80.71%.

What the money is for

Objects of the issue
Funding of capital expenditure requirements of our Company towards purchase of machinery, equipment and civil works at our Manufacturing Facilities91.5
Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company155.5
General Corporate Purposes—

Promoters

  • Vipul Nagpal
  • Garima Nagpal
  • Vardaan Nagpal
  • Vipul Family Trust
  • Garima Family Trust
Promoter holding98.38%→80.71%before → after the issue · down 17.67 points

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
KFin Technologies Limited
Lead managers
JM Financial Ltd., IIFL Capital Services Limited
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.