Orient Cables (India) IPO
Orient Cables (India) shares listed on BSE and NSE on 5 October 2026 after an IPO priced at ₹272, an issue of ₹552 crore.
- Minimum investment
- ₹14,9601 lot of 55 shares, at the issue price
- Issue price
- ₹272
- Lot size
- 55 shares
- Issue size
- ₹552 croreFresh issue and offer for sale
- Bidding
- 25 Sep to 29 Sep
- Listing
- 5 OctBSE, NSE
Dates
Orient Cables (India) IPO dates
RHP cover page and Terms of the Offer (indicative timetable)- 24 SepAnchor bidding
- 25 SepBidding opens
- 29 SepBidding closes, UPI by 5 pm
- 30 SepAllotment
- 1 OctRefunds and demat credit
- 5 OctListing
- Today7 Nov
Read before you apply
Orient Cables (India) IPO review: read before you apply
Worth checking
- SeriousA few customers bring most sales
The top 10 customers gave 76.52% of FY26 revenue and 84.00% in April to June 2026. The largest single customer alone was 38.54% in that quarter. Customer names are not disclosed (Risk factor 3).
- SeriousCash from operations is negative
Operating cash flow was negative in FY25, FY26 and April to June 2026, as stock and receivables grew. Total borrowings rose from ₹36.73 crore in March 2024 to ₹258.46 crore in June 2026 (Risk factor 10; borrowings are our calculation from the restated balance sheet).
- Profit did not grow with sales in FY26
Revenue rose 42% in FY26 but profit after tax moved only from ₹53.32 crore to ₹53.81 crore. EBITDA margin fell from 10.17% to 8.23% (RHP, Basis for Offer Price, KPIs; growth is our calculation).
- Returns are falling
Return on net worth fell from 37.26% in FY24 to 34.60% in FY25 and 25.84% in FY26 (Risk factor 14).
- No current credit rating
The company has not taken a credit rating since FY25. The last one was CRISIL B/Stable (issuer not cooperating) in November 2024 (Risk factor 7).
- Promoter group member on a defaulter list
Radhika Julka, sister of promoter Vipul Nagpal, is listed as a wilful defaulter for a ₹5.03 crore loan. She says it is repaid but the bank's no objection certificate is awaited. She has no role in the company (Risk factor 9).
Strengths
- Large share of its market
The RHP says it is one of India's top four networking cable makers, with about 22.9% market share in FY26, up from about 16% in FY22 (RHP, Our Business, citing the 1Lattice report).
- Fast revenue growth
Revenue grew 33.46% a year from FY24 to FY26, to ₹1,171.65 crore (RHP, Basis for Offer Price, KPIs).
- Fresh money cuts debt
₹155.50 crore of the fresh issue is set aside to repay borrowings (RHP, Objects of the Offer).
- Long customer ties
Its top 10 customers have worked with it for over nine years on average. It supplies two of India's top three telecom companies (RHP, Our Business).
- More capacity
Installed capacity was 8,95,776 km of cable a year in June 2026. A new Bengaluru plant started in May 2026 (RHP, Our Business, Capacity and Capacity Utilization).
What Orient Cables (India) does
Orient Cables makes networking cables such as CAT5, CAT6 and CAT6A LAN cables, patch cords and CCTV cables. It also makes power, control and optical fibre cables, and has started on cable harnesses and EV charging cable assemblies. It sells to telecom companies, equipment makers, OEMs and resellers.
It was set up in 2005 and began making LAN cables in 2006. It is led by Vipul Nagpal, with plants in Bhiwadi, Rajasthan and Bengaluru. The promoters, the Nagpal family and two family trusts, own all the shares before the IPO.
Listing and subscription
Orient Cables (India) IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹272
- Listing price
- ₹450
- Gain at open
- +65.4%
- Day close
- ₹405
Subscription
- Total
- 92.27x
- Retail
- 30.55x
- Updated
- 29 Sep 2026, 5:00 pm IST
- QIB50% of offer182.76x
- NII15% of offer115.63x
- Big NII123.18x
- Small NII100.53x
- Retail35% of offer30.55x
- Total92.27x
As of 29 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Orient Cables (India) IPO price band, lot size and issue size
RHP cover page and The Offer (p. 84). Offer sizes are as stated in the RHP. Share counts are our calculation at the issue price of ₹272.| Issue price | ₹272 |
| Lot size | 55 shares |
| Issue size | ₹552 crore at the upper price |
| Fresh issue | ₹320 crore |
| Offer for sale | ₹232 crore by promoters Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust |
| Face value | ₹1 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 118)| Object of the issue | ₹ crore |
|---|---|
| Repay or prepay some company borrowings | 155.50 |
| Machinery, equipment and civil works at the plants | 91.50 |
| General corporate purposes (up to 25% of the fresh issue; amount set after pricing) | |
| Offer for sale by the promoters. The company receives none of this money | 232.00 |
Minimum and maximum investment
Our calculation: at ₹272 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 55 | ₹14,960 |
| Retail (max) | 13 | 715 | ₹1,94,480 |
| Small NII (min) | 14 | 770 | ₹2,09,440 |
| Small NII (max) | 66 | 3,630 | ₹9,87,360 |
| Big NII (min) | 67 | 3,685 | ₹10,02,320 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated and Standalone Financial Information and Basis for Offer Price (p. 139 and 140)Set to the issue price, ₹272. Change it to see what you would be paying for.
- Market cap
- ₹3,095 cr
- P/E (FY26, diluted)
- 51.6x
- Price to book
- 11.5x
- Market cap to sales
- 2.6x
- Peer average P/E
- 128.11x
Based on FY26, diluted EPS of ₹5.27, 11.38 crore shares, net worth of ₹268.76 crore (June 2026) and revenue of ₹1,171.65 crore. Shares are after the IPO (our calculation at the issue price of ₹272). The industry average P/E of 128.11x is from the RHP (p. 139), across eight listed peers; it is pulled up by Sterlite Technologies at 708.38x. Peer prices as of 7 Sep 2026.
Financials
Orient Cables (India) financials
RHP, Restated Consolidated and Standalone Financial Information (p. 71 to 74) and KPIs (p. 141), ₹ croreRevenue and EBITDA
Revenue grew 33.46% a year from FY24 to FY26 (RHP). Profit after tax grew 15.9% a year over the same period (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 657.77 | 824.96+25.4% | 1,171.65+42.0% | 489.16 |
| EBITDA | 58.82 | 83.86 | 96.40 | 54.89 |
| EBITDA margin | 8.94% | 10.17% | 8.23% | 11.22% |
| Profit after tax | 40.07 | 53.32+33.1% | 53.81+0.9% | 33.22 |
| Diluted EPS (₹) | 3.93 | 5.23 | 5.27 | 3.26 |
| Total equity | 127.54 | 180.70 | 235.84 | 268.76 |
| Total borrowings (ours) | 36.73 | 113.45 | 234.19 | 258.46 |
| Cash from operations | 42.18 | -9.79 | -26.64 | -11.76 |
FY24 and FY25 are standalone; FY26 and Q1 FY27 are consolidated, after the subsidiary OCL Greentech was set up in May 2025. Q1 FY27 is April to June 2026 and is not annualised. Profit after tax is the share of the company's owners. Total borrowings add current and non-current borrowings (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 140). Peer prices as of 7 Sep 2026. FY26 figures.| Company | Diluted EPS (₹) | NAV per share (₹) | P/E | RoNW |
|---|---|---|---|---|
| Orient Cables (India) | 5.27 | 23.11 | 51.61x at issue price (ours) | 25.84% |
| RR Kabel | 43.52 | 227.61 | 54.85x | 20.83% |
| Polycab India | 176.95 | 805.50 | 46.69x | 24.58% |
| Finolex Cables | 46.67 | 397.93 | 26.29x | 12.33% |
| Havells India | 26.94 | 150.95 | 42.69x | 18.97% |
| KEI Industries | 96.02 | 697.17 | 48.99x | 14.75% |
| Paramount Communications | 1.96 | 25.49 | 33.47x | 7.99% |
| Birla Cable | 5.63 | 93.63 | 63.54x | 6.33% |
| Sterlite Technologies | 1.11 | 46.46 | 708.38x | 2.63% |
The peer average P/E of 128.11x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 6.03% | 6.41% | 4.55% | 6.77% |
| Return on equity | 37.26% | 34.60% | 25.84% | 13.17% |
| Return on capital employed | 41.13% | 36.46% | 23.82% | 10.36% |
| Net working capital days | 14 | 27 | 48 | 46 |
| Net debt to equity | 0.23 | 0.63 | 0.94 | 0.95 |
| Net debt to EBITDA | 0.49 | 1.36 | 2.31 | 4.67 |
| Top 10 customers' share of revenue | 71.76% | 74.75% | 76.52% | 84.00% |
| Networking cables' share of revenue | 83.47% | 87.89% | 78.23% | 68.60% |
| Exports' share of revenue | 13.15% | 10.79% | 9.26% | 7.00% |
Q1 FY27 returns and net debt to EBITDA are for three months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 141) and Risk Factors 3 and 12
Company
About Orient Cables (India)
Business
RHP, Our Business (p. 213 and 241) and Risk FactorsNetworking cables are most of revenue, but their share fell from 87.89% in FY25 to 68.60% in April to June 2026 as specialty power and optical fibre cables grew. Exports were 9.26% of FY26 revenue, mostly to the Middle East.
Revenue by segment, FY26
- Networking cable market share, FY26
- 22.9%
- Installed capacity a year, June 2026
- 8,95,776 km
- Exports, FY26
- 9.26%
- Permanent employees, June 2026
- 613
Key risks
RHP, Risk Factors- Raw material pricesCopper and PVC prices swing with metal and crude oil markets.
- Customer concentrationThe top 10 customers are over three-quarters of revenue.
- Product qualityCustomers set strict quality rules, and defects could lose orders.
- Plant locationTwo of its three plants are in one area of Rajasthan.
- Working capitalSales are on credit of up to 90 days, so delays strain cash.
- One main productMost revenue comes from networking cables for telecom and IT.
- CompetitionIt competes with large listed cable makers.
- Capex ordersMachinery for the planned capex has not yet been ordered.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingThe RHP gives the sale in rupees, not shares, so after-IPO holdings are not shown.
The Nagpal family and its two trusts own 100% of the company before the IPO. Four of them sell in the offer for sale. The RHP gives the sale in rupees, not shares, so after-IPO holdings are not shown.
| Shareholder | Before IPO (shares) | Before IPO | Selling (₹ crore) |
|---|---|---|---|
| Vipul Family Trust (promoter) | 3,57,12,000 | 35.00% | 52.00 |
| Garima Family Trust (promoter) | 3,57,12,000 | 35.00% | 97.10 |
| Vipul Nagpal (promoter) | 2,47,22,800 | 24.23% | 67.20 |
| Garima Nagpal (promoter) | 57,88,000 | 5.67% | 15.70 |
| Vardaan Nagpal (promoter) | 1,00,000 | 0.10% | Nil |
RHP, Capital Structure (p. 110 and 111) and cover page
IndustryIndia wires and cables market FY26: About ₹1,12,210 crore
- India wires and cables market FY26
- About ₹1,12,210 crore
- Growth FY19 to FY26
- About 11.2% a year (from ₹53,310 crore)
- Expected by FY31
- About ₹2,10,380 crore (13.4% a year)
- India broadband cables market FY26
- About ₹14,090 crore, expected ₹31,750 crore by FY31
The report gives these in ₹ billion; ₹ crore is our conversion.
1Lattice 'Wires and cables industry report' in the RHP, commissioned and paid for by the company (p. 164 and p. 169)
LitigationAgainst the company: tax, regulatory and civil: 8 · By the company: criminal and civil: 2 · Against directors: tax: 3
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax, regulatory and civil | 8 | ₹2.04 crore |
| By the company: criminal and civil | 2 | ₹0.34 crore |
| Against directors: tax | 3 | ₹0.01 crore |
| Against promoters: tax | 1 | Negligible |
| By promoter Vipul Nagpal: criminal (cheque bounce) | 1 | ₹22.80 crore |
| Group companies: civil | 1 | ₹2.00 crore |
RHP, Risk Factor 30 (summary of outstanding litigation, p. 44 and 45)
Company detailsLegal name, registered office, CIN and website
| Legal name | Orient Cables (India) Limited |
| Incorporated | 15 Sep 2005, as Orinet Cables (India) Private Limited |
| Promoters | Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust, Garima Family Trust |
| Corporate office | Gurugram, Haryana |
| Plants | Bhiwadi, Rajasthan (two units) and Bengaluru |
| Main product | LAN cables (CAT5e, CAT6, CAT6A) |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Orient Cables (India) IPO allotment status
Out from 30 Sep 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Orient Cables (India) LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Orient Cables (India) IPO FAQs
When does the Orient Cables (India) IPO open and close?
The Orient Cables (India) IPO opens on Friday, 25 September 2026 and closes on Tuesday, 29 September 2026. Anchor bidding is on 24 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Orient Cables (India) IPO price band and lot size?
The price is ₹272 per share. The lot size is 55 shares, so the minimum bid is 55 shares, or ₹14,960 at the upper price.
What is the Orient Cables (India) IPO size?
The Orient Cables (India) IPO is of ₹552 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoters Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust.
What is the Orient Cables (India) IPO allotment date?
Allotment is on Wednesday, 30 September 2026. Refunds and demat credit are expected on 1 October 2026.
What is the Orient Cables (India) IPO listing date?
Orient Cables (India) shares are due to list on BSE and NSE on Monday, 5 October 2026.
Who is the registrar of the Orient Cables (India) IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Orient Cables (India) do?
Orient Cables (India) makes networking (LAN), power and optical fibre cables at plants in Bhiwadi, Rajasthan and Bengaluru, mainly for telecom and IT customers.
What does Orient Cables (India) make?
Networking (LAN) cables, power and control cables, and optical fibre cables. Networking cables were 78.23% of FY26 revenue.
How big is the Orient Cables IPO?
Up to ₹552 crore, made of a ₹320 crore fresh issue and a ₹232 crore offer for sale.
What will Orient Cables do with the IPO money?
₹155.50 crore goes to repaying borrowings and ₹91.50 crore to machinery and civil works at its plants. The rest of the fresh issue is for general corporate purposes.
Who is selling shares in the Orient Cables IPO?
Promoters Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust. Their ₹232 crore goes to them, not the company.
When are the Orient Cables IPO dates?
It opened on 25 Sep 2026 and closed on 29 Sep 2026. Listing was planned for 5 Oct 2026 on BSE and NSE.
Is Orient Cables profitable?
Yes. Profit after tax was ₹40.07 crore in FY24, ₹53.32 crore in FY25 and ₹53.81 crore in FY26 (RHP, KPIs).
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