Orient Cables (India) IPO: Dates, Price, Lot Size, Issue Details, Everything You Need To Know

Orient Cables manufactures networking cables, specialty power and optical fibre cables, cable assemblies and passive networking products. It supplies telecom, broadband, data-centre, renewable-energy, FMEG and automotive customers from three facilities in Bhiwadi and Bengaluru.  FY26 revenue grew 42.0% to Rs 1,171.65 crore, led by a 155.3% increase in specialty power and optical fibre cable sales. Profit, however, was almost flat at Rs 53.81 crore because material, employee, depreciation and finance costs rose with the expansion. Oriebt Cables IPO combines of Rs 320 crore fresh issue with a Rs 232 crore offer for sale. The fresh capital will fund machinery, debt repayment and general corporate purposes. The central question is whether rapid growth can begin generating cash rather than requiring progressively more working capital and borrowing. 

Orient Cables (India) IPO Dates And Launch Details

Orient Cables (India) Price Band And Investment Details 

IPO Structure

About The Company

Orient Cables has operated for nearly two decades and focuses on customised B2B products. Its broad product set allows it to serve telecom operators, telecom-equipment makers, utilities, OEMs and resellers. The company states that it supplies two of India's top three telecom companies by  

 and has maintained its top-ten customer relationships for more than nine years on average. 

• Networking cables and solutions: CAT5, CAT5e, CAT6 and CAT6A cables, patch cords, CCTV and coaxial cables.
• Specialty power and optical fibre: instrumentation, control and power cables, unitube and multitube optical fibre cables and assemblies.
• Newer assemblies: wire harnesses, EV charging guns and cable assemblies introduced in FY26.
• Allied products: keystone jacks, power strips and power cords.
• Backward integration: PVC compounding, copper drawing, FRP rods and impregnated fibreglass yarn support quality and cost control. 

Product Mix And Revenue Engine

Since FY25, the revenue mix has become less concentrated in networking cables. Specialty power and optical fibre products increased from 11.89% of revenue in FY25 to 21.37% in FY26 and 31.23% in Q1 FY27. This broadens the addressable market, but it does not automatically improve margin because raw-material intensity and customer pricing differ by product. 

Capacity And Utilisation

The proposed machinery programme would lift annual cable capacity by 3,59,520 km to 12,55,296 km and allied-product capacity by 1.224 crore pieces to 1.728 crore pieces. Cable utilisation has not yet returned to FY25 levels, while allied-product utilisation is low. New assets therefore need demand creation as well as installation. 

Customer Supplier And Geographic Concentration

Growth has increased concentration rather than reduced it. The top-ten customer share reached 84% in Q1 FY27. Raw-material procurement is similarly concentrated, and the company generally buys copper and polymer compounds through purchase orders rather than long-term contracts. That combination makes order continuity, pass-through pricing and supplier availability important monitorables. 

Financial Performance

FY26 growth came from both networking cables and a sharp increase in specialty power and optical fibre sales. EBITDA grew more slowly than revenue because material costs increased 46.1%, employee costs rose 38.5%, depreciation more than doubled and finance costs rose 52.8%. Q1 FY27 margins improved, but one quarter should not be treated as a settled run-rate. 

Balance Sheet Returns And Liquidity

Q1 FY27 return and net-debt-to-EBITDA metrics are not annualised and should be read cautiously. 

The balance sheet expanded faster than earnings. Borrowings rose more than six-fold from FY24 to FY26, while ROCE and ROE declined. The planned Rs 155.50 crore repayment should reduce finance cost and improve resilience, but leverage will also depend on how much working capital the next phase of growth absorbs. 

Cash Flow And Working Capital

Receivable days improved, but payable days fell much faster. As a result, net working capital days rose from 14 in FY24 to 48 in FY26. The business recorded negative operating cash flow in FY25, FY26 and Q1 FY27, while capex added further cash outflow. Profit growth is therefore being funded partly by suppliers, borrowings and new equity rather than internally generated cash. 

Where The Fresh Issue Money Goes 

The offer attempts to do two things at once: expand manufacturing and repair the balance sheet. Debt repayment is the larger stated object, which is sensible given the rise in net debt. The capex programme is scheduled across FY27-FY29 and requires careful utilisation discipline because some existing product lines remain underused. 

Sector And Market Context 

The RHP-commissioned 1Lattice report places Orient among India's top four networking-cable companies, with an estimated 22.9% FY26 market share. The Indian broadband-cable market is projected to grow from about Rs 10,500 crore in FY26 to Rs 23,310 crore by FY31, supported by fibre deployment, data centres and fixed broadband. Renewable energy and EV infrastructure add adjacent demand for specialty cables and assemblies. 

The opportunity remains commodity sensitive. Copper, PVC compounds and other polymers account for much of production cost, and tender or purchase-order pricing may not pass through every input move immediately. Market growth helps volumes, but margins depend on mix, procurement and utilisation. 

Strengths

• Established networking position: An estimated 22.9% FY26 market share and relationships with major telecom customers support credibility.
• Product diversification: Specialty power and optical fibre revenue is rising rapidly.
• Backward integration: In-house copper and polymer-related processes provide greater control over cost and quality.
• Customisation and certification: The company serves applications requiring global testing and product approvals.
• Broader end markets: Renewables, EV charging, data centres, railways and defence can reduce reliance on traditional telecom cables over time. 

Risks

Opportunities

• Specialty-cable scale-up: The mix shift towards power and optical fibre products can enlarge the addressable market.
• Renewable-energy products: E-beam irradiated solar cables and junction boxes target a fast-growing end market.
• EV assemblies: Charging guns, cables and harnesses create an adjacent OEM opportunity.
• Data-centre and broadband demand: Higher connectivity investment supports networking and optical fibre products.
• Balance-sheet improvement: IPO-funded repayment can reduce interest drag if working capital remains controlled. 

Valuation Lens

At Rs 272, the implied post-issue market capitalisation is approximately Rs 3,095 crore. This is about 57.5 times FY26 profit attributable to owners and 2.64 times FY26 revenue. The valuation therefore assumes more than historical revenue growth: it also assumes better cash conversion, successful deleveraging and returns from the new capacity. 

What To Track After Listing

• Operating cash flow, free cash flow and net working capital days.
• Debt repayment and the resulting change in finance cost.
• Cable and allied-product utilisation after new machinery is commissioned.
• Specialty power and optical fibre revenue mix and segment margins.
• Top-ten customer and supplier concentration.
• Incremental ROCE on IPO-funded assets.
• Progress of the Orient trademark dispute and pending certifications for newer products. 

Conclusion

Orient Cables has delivered strong revenue growth, diversified into specialty products and built a meaningful position in networking cables. The fresh issue also allocates substantial capital to debt repayment, which can address a clear balance-sheet need. 

The counterweight is cash conversion. Profit was nearly flat in FY26 despite 42% revenue growth, borrowings rose sharply and free cash flow was negative. The post-listing test is whether higher-value products and new capacity can restore ROCE while converting accounting profit into cash. 

Disclaimer: This blog is only for educational and informational purposes and does not constitute investment advice. Please consult your financial advisor before taking any investment decisions.