Orient Cables (India) Limited is set to launch its initial public offering (IPO) from September 25 to September 29, 2026. The ₹552 crore IPO comprises a fresh issue of ₹320 crore and an Offer for Sale (OFS) of ₹232 crore. The price band has been fixed at ₹258 to ₹272 per equity share, with a lot size of 55 shares.
The company manufactures networking cables, passive networking equipment, optical fibre cables, specialty power cables and allied products for industries including telecommunications, broadband, data centres, renewable energy, smart building automation, security, system integration, FMEG and automotive applications.
This Orient Cables IPO analysis covers the company's IPO structure, business model, products, manufacturing capacity, financial performance, valuation, use of proceeds, promoters, strengths, risks and other factors investors should consider before applying.
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Table of Contents
- Orient Cables IPO Details
- Orient Cables IPO Important Dates
- Orient Cables IPO Price Band, Lot Size and Investment
- Orient Cables IPO Reservation
- About Orient Cables
- Orient Cables Products and Business Segments
- Manufacturing Facilities and Capacity
- Orient Cables Industry Overview
- Orient Cables Financial Performance
- Orient Cables Q1 FY27 Financial Performance
- Orient Cables IPO Valuation
- Orient Cables IPO Peer Comparison
- Orient Cables IPO Objects
- Orient Cables IPO: Fresh Issue vs OFS
- Orient Cables Promoters
- Key Strengths of Orient Cables
- Key Risks of Orient Cables
- Orient Cables IPO GMP
- Orient Cables IPO Subscription
- Orient Cables IPO Allotment
- Things Investors Should Consider
- Orient Cables IPO Analysis: Key Takeaways
Orient Cables IPO is a book-built issue of ₹552 crore, comprising a fresh issue of ₹320 crore and an Offer for Sale of ₹232 crore.
| Particulars |
Details |
| Company |
Orient Cables (India) Limited |
| IPO Type |
Book Built Issue |
| Total Issue Size |
₹552 crore |
| Fresh Issue |
₹320 crore |
| Offer for Sale |
₹232 crore |
| Price Band |
₹258-₹272 per share |
| Face Value |
₹1 per share |
| Lot Size |
55 shares |
| Minimum Investment |
₹14,960 |
| Issue Opens |
September 25, 2026 |
| Issue Closes |
September 29, 2026 |
| Basis of Allotment |
September 30, 2026 |
| Refund/Share Credit |
October 1, 2026 |
| Listing Date |
October 5, 2026 |
| Listing Exchanges |
NSE and BSE |
| Lead Managers |
IIFL Capital Services Limited and JM Financial Limited |
| Registrar |
KFin Technologies Limited |
The IPO comprises approximately 1.18 crore fresh equity shares and 85.29 lakh shares through the OFS, taking the total offer to approximately 2.03 crore shares.
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Get all the latest updates on the Orient Cables IPO, including the issue size, price band, lot size, subscription dates and listing details.
| IPO Event |
Date |
| Anchor Investor Bidding |
September 24, 2026 |
| IPO Opens |
September 25, 2026 |
| IPO Closes |
September 29, 2026 |
| Basis of Allotment |
September 30, 2026 |
| Refund Initiation |
October 1, 2026 |
| Credit of Shares |
October 1, 2026 |
| Listing |
October 5, 2026 |
The above dates are the current schedule disclosed for the issue and remain subject to applicable changes.
The price band for the Orient Cables IPO has been fixed at ₹258 to ₹272 per equity share. Investors can bid for a minimum of 55 shares and in multiples of 55 thereafter.
At the upper price band:
55 × ₹272 = ₹14,960
Therefore, the minimum retail application amount is ₹14,960.
Retail investors can apply for up to 715 shares, or 13 lots, within the retail application limit.
The net offer is divided among different investor categories according to the applicable IPO allocation structure.
| Investor Category |
Reservation |
| Qualified Institutional Buyers (QIBs) |
Not more than 50% |
| Non-Institutional Investors (NIIs) |
Not less than 15% |
| Retail Individual Investors |
Not less than 35% |
An anchor investor portion is also provided for within the QIB category. Current issue details show an anchor portion of approximately 30% of the offer.
Orient Cables (India) Limited was incorporated in 2005 and operates in the manufacturing of networking cables, passive networking equipment and related cable solutions.
Its products are used across telecommunications, broadband, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive applications.
The company has developed a broad product portfolio covering networking cables, optical fibre cables, power cables, control and instrumentation cables, CCTV and coaxial cables, patch cords, keystone jacks, power cords and other allied products.
How Orient Cables Makes Money
Orient Cables operates primarily as a B2B manufacturer and supplier.
The company manufactures cables and related networking products and sells them to customers across several end-use industries. Its business therefore depends on product demand, customer relationships, manufacturing capacity, raw-material availability and the company's ability to manage working capital and production costs.
Its key customer industries include:
- Telecommunications
- Broadband
- Data centres
- Renewable energy
- Smart buildings
- Security and surveillance
- System integration
- FMEG
- Automotive
The company also serves customers in export markets.
Orient Cables has a diversified product portfolio.
Networking Cables
The company manufactures CAT5, CAT5e, CAT6 and CAT6A networking cables along with related products such as patch cords.
These products are used in structured cabling, enterprise networking and other data communication applications.
Optical Fibre Cables
The company's portfolio includes optical fibre cable solutions used for communication infrastructure.
Its product range includes different fibre constructions and customised solutions for customer requirements.
Specialty and Power Cables
Orient Cables also manufactures power, control, instrumentation and specialty cables.
Its product portfolio has expanded into areas such as solar DC cables, EV charging cables and guns, E-beam irradiated specialty cables and cable harnesses.
Passive Networking Products
The company also manufactures products such as keystone jacks, power strips and power cords.
Its official product portfolio includes CAT6 and CAT6A keystone jacks used in Ethernet-based local area networks.
Orient Cables operates manufacturing facilities in Bhiwadi, Rajasthan and Bengaluru, Karnataka, with another facility listed as upcoming in Bhiwadi.
The company's official website lists:
-
Plant-I - Bhiwadi, Rajasthan
-
Plant-II - Bhiwadi, Rajasthan
-
Bengaluru Plant - Karnataka
-
Plant-III - Upcoming facility at Bhiwadi, Rajasthan
As of June 30, 2026, the company had an aggregate installed cable manufacturing capacity of approximately 895,776 km.
As of the same date, the company had 613 permanent employees and 1,327 contractual employees.
Orient Cables Market Position
According to the 1Lattice Report cited in the company's offer documents, Orient Cables had an estimated 22.9% share of India's networking cable market in FY2026, compared with approximately 16% in FY2022.
The company was also among the four largest networking cable players in India based on the report's FY2026 assessment.
The 22.9% figure should therefore be presented as an industry-report estimate, rather than as an independently calculated market share.
Orient Cables operates across several areas linked to India's digital and physical infrastructure.
Demand for networking and fibre-related products is connected with telecom networks, broadband expansion, enterprise connectivity, data centres and digital infrastructure. The company also has exposure to renewable energy, smart buildings, EV charging and other specialised applications through its wider product portfolio.
However, industry growth does not automatically translate into equivalent revenue or profit growth for the company. Competition, raw-material prices, customer concentration, capacity utilisation and pricing conditions can affect actual financial performance.
Orient Cables reported strong revenue growth between FY2024 and FY2026, although profit growth was much slower in FY2026.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from Operations |
₹657.77 Cr |
| PAT |
₹40.07 Cr |
| EBITDA |
₹58.82 Cr |
| Total Assets |
₹293.22 Cr |
| Net Worth |
₹127.54 Cr |
| Total Borrowings |
₹36.73 Cr |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from Operations |
₹824.96 Cr |
| PAT |
₹53.32 Cr |
| EBITDA |
₹83.86 Cr |
| Total Assets |
₹427.19 Cr |
| Net Worth |
₹180.70 Cr |
| Total Borrowings |
₹113.45 Cr |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from Operations |
₹1,171.65 Cr |
| PAT |
₹53.56 Cr |
| EBITDA |
₹96.40 Cr |
| Total Assets |
₹580.79 Cr |
| Net Worth |
₹235.84 Cr |
| Total Borrowings |
₹234.19 Cr |
Revenue from operations increased from ₹657.77 crore in FY2024 to ₹1,171.65 crore in FY2026, representing a CAGR of approximately 33.45%.
However, PAT increased only from ₹53.32 crore in FY2025 to ₹53.56 crore in FY2026, while EBITDA increased from ₹83.86 crore to ₹96.40 crore. This indicates that the sharp increase in revenue did not translate into a similar increase in net profit in FY2026.
Note: The company's FY2026 total income is reported at approximately ₹1,181.67 crore. This is different from revenue from operations of ₹1,171.65 crore and should not be used interchangeably.
Orient Cables Profitability
The company's FY2026 profitability indicators were:
| Profitability Metric |
FY2026 |
| EBITDA Margin |
8.23% |
| PAT Margin |
4.55% |
| ROE/RoNW |
25.84% |
| ROCE |
23.82% |
| Debt-to-Equity |
0.94x |
The company reported a decline in profitability margins compared with FY2025 despite substantial revenue growth. The FY2026 EBITDA margin was approximately 8.23%, while PAT margin was approximately 4.55%.
Orient Cables Operating Cash Flow
Operating cash flow is an important area for investors to examine because accounting profit does not necessarily translate into cash generated from operations.
Orient Cables reported:
| Period |
Operating Cash Flow |
| FY2024 |
₹42.18 Cr |
| FY2025 |
-₹9.79 Cr |
| FY2026 |
-₹26.64 Cr |
| Q1 FY2027 |
-₹11.76 Cr |
The company therefore moved from positive operating cash flow in FY2024 to negative operating cash flow in FY2025 and FY2026. Q1 FY2027 also recorded negative operating cash flow.
This is an important factor because the company operates in a business that requires working capital and has customer credit periods.
The latest financial period available before the IPO is the quarter ended June 30, 2026.
| Particulars |
Q1 FY2027 |
| Revenue from operations |
₹489.16 Cr |
| PAT |
₹32.78 Cr |
| EBITDA |
₹54.89 Cr |
| Total Assets |
₹743.19 Cr |
| Net Worth |
₹268.76 Cr |
| Total Borrowings |
₹258.46 Cr |
The company reported a quarterly profit of approximately ₹32.78 crore and revenue from operations of approximately ₹489.16 crore for the three months ended June 30, 2026.
The Q1 FY2027 figures should not be directly annualised without considering seasonality and changes in working capital during the year.
At the upper end of the price band, the company is seeking a valuation of approximately ₹3,095 crore.
The FY2026 diluted EPS reported in the offer document data is approximately ₹5.27.
Based on the upper price band of ₹272:
P/E = ₹272 ÷ ₹5.27 ≈ 51.6x
At the lower price band of ₹258:
P/E = ₹258 ÷ ₹5.27 ≈ 49.0x
Therefore, based on FY2026 EPS, the IPO price band implies a P/E multiple of approximately 49x-52x.
This valuation should be compared with listed companies operating in overlapping cable, electrical and connectivity segments, while considering differences in business mix, scale, growth, profitability and capital structure.
Some listed companies with overlapping cable/electrical businesses include RR Kabel, Polycab India, Finolex Cables, KEI Industries, Havells India and Paramount Communications.
FY2026 EPS Comparison
| Company |
FY2026 EPS |
| Orient Cables |
₹5.27 |
| RR Kabel |
₹43.53 |
| Polycab India |
₹177.53 |
| Finolex Cables |
₹46.67 |
| KEI Industries |
₹96.09 |
| Havells India |
₹26.95 |
| Paramount Communications |
₹1.96 |
P/E Comparison
| Company |
P/E |
| Orient Cables |
~51.6x* |
| RR Kabel |
54.85x |
| Polycab India |
46.69x |
| Finolex Cables |
26.29x |
| KEI Industries |
48.99x |
| Havells India |
42.69x |
| Paramount Communications |
33.47x |
*Orient Cables' P/E is calculated using the ₹272 upper price band and FY2026 EPS of ₹5.27. Peer P/E multiples are based on market data and can change with share prices.
RoNW/ROE Comparison
| Company |
RoNW/ROE |
| Orient Cables |
25.84% |
| RR Kabel |
20.83% |
| Polycab India |
24.58% |
| Finolex Cables |
12.33% |
| KEI Industries |
14.75% |
| Havells India |
18.97% |
| Paramount Communications |
7.99% |
The comparison should be interpreted carefully because these companies differ substantially in size, product mix, geographic exposure and end markets.
The company will receive the proceeds from the ₹320 crore fresh issue. The ₹232 crore OFS proceeds will go to the selling shareholders rather than to Orient Cables.
The fresh issue proceeds are proposed to be used for the following purposes:
| Use of Funds |
Amount |
| Repayment/prepayment of borrowings |
₹155.50 Cr |
| Capital expenditure |
₹91.50 Cr |
| General corporate purposes |
₹73.00 Cr |
| Total |
₹320.00 Cr |
The company proposes to use ₹91.50 crore for machinery, equipment and civil works at its manufacturing facilities and ₹155.50 crore towards repayment or prepayment of certain outstanding borrowings.
Why Debt Reduction Matters
Orient Cables' borrowings increased from ₹36.73 crore in FY2024 to ₹113.45 crore in FY2025 and ₹234.19 crore in FY2026.
As of June 30, 2026, total borrowings stood at approximately ₹258.46 crore.
The proposed debt repayment is therefore a significant component of the fresh issue and is intended to reduce part of the company's outstanding borrowings.
| Particulars |
Amount & Recipient |
| Fresh Issue |
₹320 Cr, proceeds received by Orient Cables |
| OFS |
₹232 Cr, proceeds received by selling shareholders |
| Total IPO |
₹552 Cr |
The OFS represents approximately 42% of the total issue value.
Investors should therefore distinguish between funds being raised for the company's operations and funds received by existing shareholders selling part of their holdings.
The promoters disclosed in the company's offer documents include:
- Vipul Nagpal
- Garima Nagpal
- Vardaan Nagpal
- Vipul Family Trust
- Garima Family Trust
The IPO involves an OFS by existing promoter-group shareholders.
Following the issue, promoter-group ownership is expected to reduce from the pre-issue level. Current IPO disclosures indicate post-issue promoter holding of approximately 82.17%.
Orient Cables has several business and operational factors that support its position across the cable and connectivity market.
1. Presence across multiple end-use industries
Orient Cables serves telecom, broadband, data centres, renewable energy, smart buildings, security, system integration, FMEG and automotive applications. This provides exposure to several cable and connectivity applications rather than a single end market.
2. Established networking cable business
The company has been operating in the networking cable and passive networking equipment industry since 2005.
According to the 1Lattice Report cited in the offer documents, its networking cable market share increased from approximately 16% in FY2022 to 22.9% in FY2026.
3. Broad product portfolio
The company manufactures networking cables, optical fibre cables, specialty power cables, control and instrumentation cables, CCTV cables, patch cords, keystone jacks and other allied products.
4. Product expansion
Orient Cables has expanded into areas including EV charging cables and guns, E-beam irradiated specialty cables, solar-related cables, tethered drone systems and cable harnesses.
5. Manufacturing capacity
The company had installed cable manufacturing capacity of approximately 895,776 km as of June 30, 2026, supported by facilities in Rajasthan and Karnataka.
Orient Cables faces several business, operational and financial risks that investors should consider before evaluating the IPO.
1. High customer concentration
The top 10 customers contributed 76.52% of revenue from operations in FY2026.
For the three months ended June 30, 2026, their contribution increased to 84.00%.
This creates dependence on a relatively small group of customers.
2. High supplier concentration
The company sourced more than 69.71% of its primary raw materials from its top 10 suppliers in FY2026, increasing to more than 74.91% in Q1 FY2027.
The company also does not have long-term supply agreements with all suppliers, creating exposure to supply availability and pricing.
3. Raw-material price volatility
Copper, PVC compounds and other raw materials form an important part of cable manufacturing costs.
Changes in commodity and petrochemical prices can therefore affect production costs and margins, particularly if higher costs cannot be passed on to customers quickly.
4. Negative operating cash flow
The company reported negative operating cash flow in FY2025, FY2026 and Q1 FY2027.
This indicates that working-capital requirements have affected the conversion of accounting earnings into operating cash.
5. Manufacturing concentration
Two of the company's manufacturing facilities are located in Bhiwadi, Rajasthan.
The offer-document risk factors note that disruption at these facilities could adversely affect operations and financial performance.
6. Intellectual property and trademark disputes
Orient Cables is involved in legal proceedings relating to the use of the “ORIENT” brand and trademarks involving Orient Electric.
The Delhi High Court records show litigation between Orient Cables and Orient Electric, including proceedings filed by both sides.
The company's DRHP addendum also disclosed that certain Orient Cables logos were not registered and that one logo application had been opposed before the Trademark Registry.
7. Export-related risks
Orient Cables has an export business and therefore faces risks arising from tariffs, anti-dumping measures, foreign regulations, currency movements and changes in overseas demand.
The company specifically identifies trade-related measures in overseas markets as a potential business risk.
8. Dependence on contractual workforce
As of June 30, 2026, the company had 613 permanent employees and 1,327 contractual employees.
The relatively large contractual workforce creates exposure to labour availability, wage and workforce-related risks.
9. Capacity expansion risks
The company is investing in machinery, equipment and civil works using part of the IPO proceeds.
Expansion projects can face delays, cost overruns, execution issues or slower-than-expected utilisation.
The Grey Market Premium (GMP) is an unofficial indicator based on transactions in the grey market. It is not determined by SEBI, the stock exchanges or the company.
Since GMP can change frequently and is not an official part of the IPO process, investors should not treat it as a guaranteed indication of the listing price.
For the latest GMP, subscription and allotment information, this section should be updated as the IPO progresses.
The IPO will open for subscription on September 25, 2026 and close on September 29, 2026.
Live subscription data will become available after bidding begins.
The subscription figures should be tracked separately for:
- Qualified Institutional Buyers
- Non-Institutional Investors
- Retail Individual Investors
- Total subscription
Subscription data reflects demand during the IPO period and can change significantly between the opening and closing days.
The basis of allotment is currently scheduled for September 30, 2026.
Refunds and credit of shares are scheduled for October 1, 2026, followed by the proposed listing on October 5, 2026.
Investors can check their allotment status through the IPO registrar and relevant exchange facilities once the basis of allotment is finalised.
Orient Cables IPO Listing
Orient Cables shares are scheduled to list on NSE and BSE on October 5, 2026.
The final listing price will be determined by market trading after listing and cannot be established from the IPO price band or grey-market premium alone.
Investors analysing the Orient Cables IPO should consider both the company's growth and the risks visible in its financial statements and offer documents.
Revenue growth vs profit growth
Revenue from operations increased substantially between FY2024 and FY2026, but FY2026 PAT remained almost unchanged from FY2025.
This difference between revenue growth and profit growth is an important factor to monitor.
Working capital and cash flows
Operating cash flow turned negative in FY2025 and remained negative in FY2026 and Q1 FY2027.
Investors should therefore monitor receivables, inventory, customer credit periods and future cash conversion.
Debt reduction
A substantial portion of the fresh issue is earmarked for repayment or prepayment of borrowings.
The impact of this debt reduction on interest costs and leverage will be relevant after listing.
Customer concentration
The contribution of the top 10 customers was 76.52% in FY2026 and 84.00% in Q1 FY2027.
Changes in relationships with major customers could therefore materially affect revenue.
Valuation
At ₹272, the IPO price implies a P/E of approximately 51.6x based on FY2026 EPS of ₹5.27.
Investors should compare this valuation with companies operating in overlapping cable and electrical segments while considering the differences in scale, business mix and profitability.
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Orient Cables is entering the public market with a ₹552 crore IPO at a price band of ₹258-₹272 per share. The company has recorded strong revenue growth, with revenue from operations rising from ₹657.77 crore in FY2024 to ₹1,171.65 crore in FY2026.
At the same time, investors need to consider the slower growth in FY2026 PAT, negative operating cash flow, rising borrowings, customer and supplier concentration and the ongoing legal disputes relating to the “ORIENT” brand.
The fresh issue provides ₹320 crore to the company, with ₹155.50 crore earmarked for debt repayment/prepayment and ₹91.50 crore for capital expenditure. The remaining ₹232 crore of OFS proceeds will go to selling shareholders.
At the upper price band, the IPO implies a valuation of approximately 51.6x FY2026 earnings, based on the disclosed FY2026 EPS of ₹5.27. Investors should therefore assess the IPO by considering the company's revenue growth, profitability, cash flows, leverage, customer concentration, industry exposure and valuation together rather than relying on a single metric.
Want to compare Orient Cables with other recent mainboard issues across different sectors? Use this IPO dashboard to track issue sizes, price bands, subscription periods and listing details.
Orient Cables IPO FAQs
1. What is the Orient Cables IPO size?
The Orient Cables IPO has a total issue size of ₹552 crore, comprising a ₹320 crore fresh issue and a ₹232 crore OFS.
2. What is the Orient Cables IPO price band?
The price band is ₹258 to ₹272 per equity share.
3. What is the Orient Cables IPO lot size?
The minimum lot size is 55 shares.
4. What is the minimum investment in Orient Cables IPO?
At the upper price band of ₹272, the minimum investment is ₹14,960.
5. When is Orient Cables IPO allotment?
The basis of allotment is scheduled for September 30, 2026.
6. What is the revenue of Orient Cables?
Orient Cables reported ₹1,171.65 crore revenue from operations in FY2026, compared with ₹824.96 crore in FY2025.
7. What are the major risks of Orient Cables?
Key risks include high customer concentration, supplier concentration, raw-material price volatility, negative operating cash flow, manufacturing concentration, intellectual-property litigation, export-related risks and capacity expansion risks.
8. Is the Orient Cables IPO fresh issue or OFS?
It is a combination of both. The IPO contains a ₹320 crore fresh issue and a ₹232 crore Offer for Sale.
9. What is the market share of Orient Cables?
According to the 1Lattice Report cited in the offer documents, Orient Cables had approximately 22.9% market share in India's networking cable industry in FY2026.