Orient Cables (India) is set to enter the Indian primary market with its initial public offering of ₹552 crore. The Gurugram-headquartered company manufactures networking cables, specialty power cables, optical fibre cables and passive networking equipment for industries including broadband, telecom, data centres, renewable energy, smart building automation, FMEG and automotive applications. The IPO will open for subscription on September 25, 2026 and close on September 29, 2026, with the price band fixed at ₹258 to ₹272 per equity share.
Orient Cables IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Price Band | ₹258–₹272 per share |
| Face Value | ₹1 per share |
| Total Issue Size | ₹552 crore |
| Fresh Issue | ₹320 crore |
| Offer for Sale | ₹232 crore |
| Lot Size | 55 shares |
| Minimum Investment | ₹14,960 |
| Issue Type | Book Built |
| Listing | BSE and NSE |
| Anchor Date | September 24, 2026 |
| Allotment | September 30, 2026 |
| Refund/Demat Credit | October 1, 2026 |
| Expected Listing | October 5, 2026 |
| Lead Managers | IIFL Capital Services, JM Financial |
| Registrar | KFin Technologies |
At the upper price band, the company is seeking a valuation of approximately ₹3,095 crore. Retail investors can apply for a minimum of 55 shares, requiring ₹14,960, while the maximum retail application is 715 shares, or 13 lots, requiring ₹1,94,480. The issue allocation provides 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
The current ₹552 crore issue is smaller than the ₹700 crore IPO proposed in the company’s earlier draft documents. The fresh issue remains at up to ₹320 crore, while the OFS component has been reduced. The offer-for-sale portion involves shares being sold by members of the promoter group, while the company itself will receive the proceeds from the fresh issue.
Orient Cables Business Model
Orient Cables operates in the networking and cable infrastructure industry, supplying products that form part of physical connectivity systems used across telecommunications, broadband networks, data centres, renewable energy installations, smart buildings and other industrial applications. Its business is broadly organised into networking cables and solutions, specialty power and optical fibre cables and solutions, and other allied products.
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The company’s networking cable portfolio includes products used for structured networking and connectivity, while its specialty cable business covers applications requiring power transmission, optical connectivity and specialised cable configurations. The allied-products portfolio includes products such as keystone jacks, power strips, power cords and other connectivity components. This combination allows the company to participate in multiple stages of network and electrical connectivity projects rather than relying on a single cable category.
Orient Cables follows a predominantly B2B business model. Its customers include telecom service providers, telecom equipment manufacturers, original equipment manufacturers and resellers. The company also develops customised products according to customer specifications, which can involve technical requirements, certification standards and specialised designs. According to company disclosures, it has maintained relationships with its top ten customers for an average period of more than eight years, while repeat business from its top 50 customers represented 98.78% of revenue from operations in FY25.
Manufacturing Infrastructure
Orient Cables operates manufacturing facilities in Bhiwadi, Rajasthan, with its plants positioned close to industrial infrastructure and logistics networks serving the National Capital Region. The company has more than 50 high-speed extrusion lines covering materials such as PVC, LSZH, PE, TPE and TPU, alongside capabilities including copper drawing, PVC compounding and robotic assembly for connectivity products.
The company’s installed cable manufacturing capacity was approximately 8.95 lakh kilometres as of June 30, 2026. Its manufacturing network is supported by testing laboratories and quality-control systems designed to meet Indian and international specifications. The company also has an upcoming manufacturing facility in Bhiwadi, which is expected to expand its production capabilities.
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The company has exposure to several structural demand areas. Increasing broadband penetration, telecom network expansion, data-centre development, renewable-energy infrastructure and smart-building applications can create demand for networking and specialty cable products. However, actual growth depends on customer orders, project cycles, pricing, raw-material costs and the company’s ability to maintain manufacturing capacity and quality standards.
Market Position and Customer Relationships
Orient Cables has developed a specialised position in networking cables through nearly two decades of operations. According to the 1Lattice information cited in its offer documents, the company increased its share of India’s networking-cables market by revenue from approximately 16% in FY22 to around 22% in FY25 and was among the leading players in the segment.
Customer retention is an important part of the company’s business model. Its products often require customer-specific specifications, testing and certifications, which can increase the importance of established manufacturing processes and quality systems. The company states that it supplies customers across telecom, broadband, data centres, government and reseller channels and has developed customised products for large multinational and domestic customers.
At the same time, the customer concentration needs to be considered. More than 74% of revenue from operations came from the company’s top ten customers in FY25, according to IPO-related disclosures. This creates dependence on a relatively limited group of large customers, even though the company has historically maintained strong repeat business.
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Orient Cables Financial Performance
Orient Cables recorded strong revenue growth in FY26, although profit growth was comparatively modest. Revenue from operations increased to approximately ₹1,171.6 crore from ₹825 crore in FY25, representing growth of around 42%. Profit increased only marginally to approximately ₹53.6 crore from ₹53.3 crore, while EBITDA rose to ₹96.4 crore from ₹83.8 crore. The EBITDA margin declined to approximately 8.22% from 10.16% in FY25.
| Financial Year | Revenue from Operations | EBITDA | Profit After Tax |
|---|---|---|---|
| FY24 | ₹657.78 crore | ₹58.82 crore | ₹40.07 crore |
| FY25 | ₹824.96 crore | ₹83.86 crore | ₹53.32 crore |
| FY26 | ₹1,171.65 crore | ₹96.40 crore | ₹53.81 crore |
| Q1 FY27 | ₹489.16 crore | — | ₹33.22 crore |
The financial performance shows an important difference between revenue growth and profitability. While FY26 revenue expanded substantially, profit remained broadly flat because operating margins were under pressure. This makes raw-material costs, product mix, pricing and operating efficiency important factors for future profitability.
The company reported another strong quarter in the three months ended June 2026, with revenue of approximately ₹489.1 crore and profit of ₹32.7 crore. This provides a more recent indication of business activity, although quarterly performance can fluctuate depending on order schedules and customer deliveries.
Use of IPO Proceeds
A substantial portion of the ₹320 crore fresh issue is intended to strengthen manufacturing capacity and reduce debt. Orient Cables plans to use approximately ₹91.5 crore for machinery, equipment and civil works at its manufacturing facilities. Another ₹155.5 crore is proposed for repayment or prepayment of outstanding borrowings. The remaining proceeds will be used for general corporate purposes.
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The debt-reduction component is significant because the company’s outstanding borrowings stood at approximately ₹258.4 crore as of June 2026. Using IPO proceeds to reduce borrowings could lower financing requirements, while the manufacturing investment is intended to support future capacity and operating growth.
Orient Cables IPO GMP
Grey market premium, or GMP, is an unofficial indicator of market sentiment before listing and is not part of the formal IPO process. Current IPO trackers had not established a meaningful GMP figure as of September 22, 2026. GMP can change rapidly before the issue closes and should not be treated as a guaranteed listing premium or return.
Key Risks
One of the major risks for Orient Cables is raw-material price volatility. Cable manufacturing requires materials such as copper and polymers, and fluctuations in their prices can directly affect manufacturing costs and margins. The company also has supplier concentration, with more than 77% of raw-material purchases sourced from its top ten suppliers in FY25 according to IPO-related disclosures.
Customer concentration is another important factor. More than 74% of revenue from operations was generated from the top ten customers in FY25. The company has established long-term relationships with many of these customers, but the loss or reduction of orders from a major customer could still materially affect revenue and capacity utilisation.
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The business also operates in competitive and technology-sensitive markets. Networking standards, data-centre requirements, telecom infrastructure and connectivity technologies continue to evolve. The company needs to maintain product quality, certifications and manufacturing capabilities while developing products that meet changing customer requirements.
Manufacturing concentration is another consideration because a significant part of production is located in Bhiwadi. Operational disruptions caused by equipment failures, power issues, labour constraints, natural events or regulatory matters could affect production and deliveries.
Finally, the IPO includes a significant OFS component of ₹232 crore. Since these proceeds go to selling shareholders rather than the company, only the fresh-issue portion contributes directly to Orient Cables’ capital base. Investors therefore need to distinguish between the funds raised by the company and the shares being sold by existing shareholders.
Conclusion
Orient Cables enters the IPO market with a business focused on networking cables, specialty power and optical fibre cables and passive networking equipment. Its customer base spans telecom, broadband, data centres, renewable energy, smart buildings and industrial applications, while its manufacturing infrastructure provides substantial cable production capacity and customised product capabilities.
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The ₹552 crore IPO includes a ₹320 crore fresh issue and ₹232 crore OFS, with the fresh proceeds primarily directed toward manufacturing investment and debt reduction. FY26 revenue increased sharply to around ₹1,171.6 crore, although profit remained almost unchanged because operating margins came under pressure. The company’s recent June 2026 quarter showed stronger profitability, making future margin performance an important factor to monitor.
The key areas for investors to evaluate include the company’s ability to convert its strong revenue growth into sustainable profit growth, raw-material costs, customer and supplier concentration, manufacturing capacity, debt levels, competition and the execution of its planned capital expenditure. The company’s long-term customer relationships and exposure to growing connectivity infrastructure provide important business context, but they need to be considered alongside these operating and financial risks.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to subscribe to the IPO, or a guarantee of listing gains. IPO investments involve market, business, financial and regulatory risks. Investors should read the company’s Red Herring Prospectus and evaluate their own financial objectives and risk tolerance before making any investment decision.
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