Orient Cables (India) IPO

Strengths · 8

• 01Sales 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.
• 02EBITDA has improved from Rs 58.82 crore in FY2024 to Rs 96.40 crore in FY2026.
• 03It is among the top four networking cable players in India according to the 1Lattice Report.
• 04Installed capacity is substantial at 895,776 km as on 30 June 2026.
• 05The 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.
• 06Its end markets include data centres, broadband and renewable energy, all of which are expanding.
• 07It 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.
• 08Net 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 · 8

• 01Profit 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.
• 02Borrowing 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.
• 03Return on capital employed is only 10.36%, which is low for the capital now tied up in the business.
• 04The issue is priced at about 23.61 times earnings on an EPS of Rs 11.52, which is full for a company whose profit is flat.
• 05The 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.
• 06Copper is the main raw material and its price moves sharply, which is difficult to pass on where orders are already priced.
• 07The newer products such as EV charging cables, drone systems and solar junction boxes are still small and unproven contributors.
• 08This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 82.17%.

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.

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