Orient Cables (India) Ltd. IPO: price band, dates, issue size, business profile, financials, valuation and risks

Orient Cables (India) Limited is set to open its mainboard initial public offering (IPO) on 25 September 2026, with the issue closing on 29 September 2026 and listing scheduled for 5 October 2026. The IPO has a price band of ₹258 to ₹272 per share and a lot size of 55 shares. The total issue size is ₹552.00 crore, comprising a ₹320.00 crore fresh issue and a ₹232.00 crore offer for sale (OFS). Proceeds from the fresh issue are proposed to be used for capital expenditure at manufacturing facilities, repayment or prepayment of certain borrowings, and general corporate purposes, while OFS proceeds will go to the selling shareholders.

What Orient Cables does and where it sells

Orient Cables (India) Limited manufactures networking cables and allied passive networking products for business-to-business (B2B) customers. Its end-markets, as described in the offer context, include telecom, broadband, data centres, smart building automation and government segments.

The product range has expanded over time from LAN (local area network) cables into optical fibre cables, power and specialty cables, patch cords, CCTV/coaxial cables and keystone jacks. The company has also outlined plans to move into adjacent categories it describes as higher-growth, including electron-beam (e-beam) irradiated solar cables, solar junction boxes, EV (electric vehicle) charging cable/gun assemblies, harnesses and tethered drone systems.

This mix matters because the company’s stated opportunity set spans both core connectivity infrastructure (networking and fibre) and related categories linked to renewable energy and e-mobility. The business model, per the disclosed description, is oriented toward supplying repeat orders to institutional customers rather than retail sales.

Competitive positioning, certifications and concentration factors

In the disclosed context, Orient Cables positions itself among the top four players in Indian networking cables, with an estimated market share of about 22.90% in FY2026. It also highlights customer relationships, including serving 2 of the top 3 telecom companies by revenue.

A recurring theme in B2B cable procurement is qualification and compliance. The company highlights that customer switching can be difficult because cable suppliers typically face audits and certification requirements. It also references certification and compliance capabilities that support both domestic and export markets, including BIS (Bureau of Indian Standards) compliance for certain categories and export-facing certifications such as UL/ETL/CPR/CE.

Alongside these entry-barrier elements, the offer context flags concentration characteristics that can affect operating outcomes:

• Supplier concentration: the top 10 suppliers account for about 70% of raw-material sourcing.
• Customer concentration: a significant share of revenue is linked to top customers, exposing cash flows and working capital to changes in large orders or payment cycles.
• Input-cost sensitivity: commodity-linked raw materials such as copper, aluminium and polymers can be volatile, with potential implications for margins depending on pass-through dynamics.

These factors are central to how investors typically track execution in cable and passive networking businesses, particularly during periods of commodity price volatility and shifting capex cycles among telecom and enterprise customers.

Manufacturing footprint and milestones in the product build-out

Orient Cables traces its operating history to 2006, when it commenced operations at Unit I for manufacturing LAN cables. It expanded into patch cords in 2014, CCTV cables in 2015 and CAT 6A LAN cables in 2016. In 2017, it crossed revenue from operations of more than ₹1,000 million.

A key diversification milestone came in 2018 with the set-up of Unit II and commencement of optical fibre cable manufacturing. In 2024, it commenced manufacturing keystone jacks and expanded Unit II, while also initiating construction of an electron-beam irradiation cable facility. In 2025, the company launched a new power strip product. In 2026, it entered into a joint venture agreement with Aditya Infotech and commenced operations at Unit III.

The IPO context also points to planned and ongoing capacity and facility upgrades, including machinery additions and the e-beam capability, and scaling the manufacturing footprint, including a newer Bengaluru unit.

IPO structure, category split and proposed use of fresh issue proceeds

The IPO combines a fresh issue and an OFS. This distinction is important: fresh issue proceeds accrue to the company and are proposed to be used for business objectives, while OFS proceeds accrue to the selling shareholders.

From the fresh issue, Orient Cables proposes to utilise net proceeds toward:

• Funding capital expenditure requirements for purchase of machinery, equipment and civil works at its manufacturing facilities.
• Repayment or prepayment, in full or in part, of certain outstanding borrowings.
• General corporate purposes.

Within the disclosed allocations, the company has specified proposed amounts for capex and debt repayment/prepayment, while general corporate purposes is disclosed without a specific allocation.

For investor categories, the disclosed reservation is 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 35% for Retail Individual Investors. The anchor portion is described as up to 60% of the QIB portion, with a domestic mutual fund reservation within the anchor allocation.

As of 23 September 2026, the issue has not opened for subscription; bidding is scheduled to begin on 25 September 2026.

Financial trajectory: revenue, profitability and asset growth

Across the reported period, Orient Cables has disclosed rising total revenue and total assets, with profit after tax (PAT) increasing between FY2024 and FY2025 and remaining broadly similar in FY2026. The reported PAT margin varies across the period, reflecting changes in profitability relative to revenue.

The offer context also discloses key metrics that frame profitability, returns and leverage at the IPO price band, including EPS (earnings per share), ROE (return on equity), ROCE (return on capital employed), EBITDA margin as a percentage, PAT margin and a debt-to-equity ratio. These metrics are commonly used by IPO investors to contextualise operating profitability, capital efficiency and balance-sheet gearing alongside the company’s expansion plans.

Valuation and market indicators, key risks, and what to monitor

At the upper end of the price band, the offer context reports a pre-IPO price-to-earnings (P/E) multiple of 51.81 times and a price-to-book multiple of 10.33 times, alongside an EPS of ₹5.25. It also reports an EBITDA margin of 11.22% and a PAT margin of 6.77%, with ROE of 13.17% and ROCE of 10.36%. The reported debt-to-equity ratio is 0.95 times.

In the unofficial grey market, the latest available observations in the provided context show GMP quotes of ₹34 and ₹40 (both dated 23 September 2026) against a referenced issue price of ₹272. GMP is an unofficial indicator, can change materially, and is not the same as exchange-reported subscription data.

Key risks highlighted in the disclosed context include brand disputes around “ORIENT” that could lead to legal costs or branding changes; supplier concentration and raw-material price volatility that can affect profitability; customer concentration that can impact cash flows and working capital; reliance on contract labour that may pose operational and quality-consistency risks; competition from domestic and global players; technology shifts requiring continuous R&D with associated risk of product obsolescence; and potential disruption to traditional cable demand from alternatives such as satellite internet, as well as variability in the pace of fibre and fixed-broadband rollout.

Monitoring points that follow directly from the offer context, stated as developments to track:

• Execution progress on planned capital expenditure at manufacturing facilities, including the electron-beam irradiation cable facility and machinery upgrades.
• The extent and pace of borrowing repayment or prepayment proposed from fresh issue proceeds, and the resulting leverage profile.
• Stability of repeat orders from large B2B customers and any change in the degree of customer concentration.
• The impact of raw-material price volatility and supplier concentration on reported margins and working-capital requirements.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (23 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.