Orient Cables (India) Ltd IPO Date, Price, GMP, Review, Details

Business Overview

Orient Cables is a B2B manufacturing company with nearly two decades of operating experience, primarily engaged in networking cables and passive networking equipment. The company serves a diversified set of end-user industries, including broadband, telecom, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive. Its operations have expanded beyond conventional networking cables into speciality power and optical fibre cables, cable harnesses, EV charging assemblies and other connectivity products.

The company’s portfolio is organised across four broad categories. Networking Cables and Solutions include CAT5, CAT5e, CAT6 and CAT6A cables and their variants, along with patch cords, CCTV cables and coaxial cables. Speciality Power and Optical Fibre Cables and Solutions comprise instrumentation, control and power cables, Unitube and Multitube optical fibre cables, fibre patch cords and customised assemblies. The company has also entered wire and cable harness assemblies and EV charging gun cable assemblies, while allied products include keystone jacks, power strips and power cords.

A key operational capability is customised product development. Orient Cables works with customers to design and manufacture products according to specific technical requirements and applications. Its R&D and quality teams support the process from product design and prototyping to pilot manufacturing and comprehensive testing. This has enabled the company to develop specialised products such as thin-diameter CAT6A 26AWG cables, CAT6A 23AWG armoured cables and KNX cables for building automation.

The company has also developed capabilities to meet international product and safety standards. Its product portfolio includes cables with UL, ETL, CPR and CE certifications, enabling it to address customers and markets with stringent technical requirements. It has developed CPR-compliant LAN cables for European markets, UL-compliant CMR cables for the US and Canada and ETL-certified CAT6A U/UTP cables meeting Alien Crosstalk performance parameters. Its quality laboratories are equipped with calibrated testing infrastructure to support product development and quality assurance.

Orient Cables follows a B2B customer model, serving large institutional customers, OEMs and resellers. Its customers include telecom service providers, telecom equipment manufacturers, power utilities manufacturers, multinational networking and connectivity companies, IT solution providers and data centres. Given the critical applications of its products, customers typically require compliance with defined global standards and may conduct manufacturing-facility audits and third-party testing before placing orders. The company has maintained relationships with its top ten customers for an average period of more than nine years.

The company has an established domestic manufacturing base comprising two facilities in Bhiwadi, Rajasthan and one facility in Bengaluru. The Bhiwadi facilities are located close to the inland container depots at Garhi Harsaru and Rewari, supporting logistics for domestic and export operations. As of June 30, 2026, the company had installed capacity of 895,776 km for networking cables, speciality power cables and optical fibre cables, along with a capacity of 5.04 million pieces of allied products.

Orient Cables also has an international operating presence, with products exported to markets including the UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore and the Netherlands. Its international operations are supported by technical certifications, customised manufacturing capabilities and its ability to meet overseas customer specifications.

The company is expanding into new application areas. Its E-beam irradiation facility for speciality cables has commenced commercial production, initially focusing on renewable-energy applications such as solar cables. The company is also developing solar junction boxes, tethered drone systems, cable harnesses and power cords. In EV charging, its cables have received TÜV certifications, while its subsidiary has received Tier-2 Green Supplier status from a multinational corporation. The company proposes to manufacture EV charging guns in-house and supply cables and gun assemblies for integration into EV chargers.

IPO Details

Use of Funds

• Funds will be used to purchase machinery and equipment and undertake civil works at the company’s manufacturing facilities.

• Part of the proceeds will be used to repay or partially prepay existing borrowings, reducing the company’s outstanding debt.

• General corporate purposes.

Key Strengths

• Diversified, Customised Product Portfolio Across Multiple End Markets

  Orient Cables has built a broad portfolio spanning networking cables, specialty power and optical fibre cables, cable harnesses, EV charging assemblies and allied networking products. Its ability to customise products to customer-specific technical and quality specifications is supported by integrated manufacturing and testing capabilities. The company also holds certifications including UL, ETL, CPR, CE, TSEC, RDSO and DRDO approvals across relevant products. Its expansion into solar cables, EV charging assemblies, cable harnesses, power cords and solar junction boxes further broaden its application base across telecom, data centres, renewable energy, e-mobility, defence, railways and smart-building automation.

• Long-Standing Relationships with Marquee Customers

  Orient Cables has built customer relationships over nearly two decades, with its top 10 customers associated for an average of over nine years. Repeat business accounted for 93.83% of revenue in Q1 FY27, indicating high customer retention. The company caters to leading telecom operators, global IT solution providers, networking companies, and customers across the broadband, data centres, and government sectors. Its ability to meet stringent technical specifications and provide customised solutions has supported long-term engagements and cross-selling of new products. These relationships can provide revenue visibility, shorten sales cycles for new products and support faster scale-up by leveraging an established customer base.

• Strategically Located, Integrated Manufacturing Base with In-House Innovation

  Orient Cables operates manufacturing facilities in Bhiwadi, Rajasthan and Bengaluru, with the Bhiwadi facilities benefiting from proximity to key inland container depots, while the Bengaluru facility improves serviceability for customers in South India. Its manufacturing setup is supported by in-house copper processing, PVC compounding, FRP rods and IGFR production, reducing dependence on external suppliers and providing greater control over quality and costs. The company had an annualised installed cable capacity of 895,776 km as of June 30, 2026, supported by 50+ extrusion lines and automated equipment. Its in-house engineering and testing capabilities also enable customised product development, helping it move into higher-value applications and respond to evolving customer requirements.

Key Risks

• High Raw Material and Supplier Concentration Creates Cost and Supply-Chain Risk

  Orient Cables is exposed to fluctuations in the prices and availability of key inputs such as copper, PVC compounds and masterbatch, with copper prices linked to LME and PVC prices influenced by crude oil. Supplier concentration is significant, with the top 10 suppliers accounting for 74.91% of raw material sourcing in Q1 FY27 and 69.71% in FY26. The company also largely procures through purchase orders rather than long-term contracts, increasing the risk of supply disruptions or less favourable commercial terms. Although cost increases have generally been passed on to customers, a sharp rise in input costs or inability to pass them through could pressure margins, while shortages could disrupt production, delivery schedules and working capital requirements.

• High Customer Concentration Creates Revenue and Margin Risk

  Orient Cables remains significantly dependent on a limited number of customers, with its top 10 customers contributing 84.00% of revenue in Q1 FY27 and 76.52% in FY26. The largest customer alone accounted for 38.54% of revenue in Q1 FY27. Any reduction, cancellation or termination of orders from major customers could therefore materially affect revenue visibility and capacity utilisation. The company largely operates through customer purchase orders, some of which permit termination without cause, while delays or cancellations could also leave the company with excess inventory or unused capacity. Further, dependence on major customers may weaken negotiating leverage and put pressure on margins. Defaults or payment delays by large customers could additionally affect cash flows and liquidity.

• Manufacturing Concentration in Rajasthan Exposes Operations to Disruption Risk

  Orient Cables has two of its three manufacturing facilities concentrated in Bhiwadi, Rajasthan, making a significant portion of its manufacturing operations dependent on a single geographic region. Equipment breakdowns, power or process disruptions, labour issues, planned shutdowns, natural calamities, adverse weather or regional regulatory developments could disrupt production and delay deliveries. The concentration also exposes the company to Rajasthan-specific environmental requirements, which may require additional capital expenditure and increase operating and compliance costs. While the company has multiple machines across key processes and has not experienced material location-specific disruptions in the stated periods, a prolonged shutdown or major equipment failure could reduce production capacity, increase repair or replacement costs and adversely affect revenue, margins and cash flows.

Financial Snapshot

Peer Comparison

Conclusion

Orient Cables has a diversified product portfolio, established relationships with marquee customers and expanding manufacturing capabilities across networking, optical fibre, specialty power and EV-related applications. The company has delivered strong revenue growth, while FY26 EBITDA margin stood at 8.23%. However, elevated customer and supplier concentration, dependence on raw-material prices, manufacturing concentration and higher leverage remain key risks. The valuation appears demanding on long-term fundamentals, particularly considering the company’s profitability and leverage relative to larger peers. Nevertheless, the company’s growth trajectory, market positioning and improving operating profile could support near-term market interest. We recommend subscribing to this IPO for potential listing gains.