Prime Cable private revenue more than tripled in H1 FY27

Prime Cable’s revenue from private corporates more than tripled to Rs 127 crore in H1 FY27, rising 201% year on year and making up 64.7% of Rs 196.4 crore revenue from operations, compared with 46.5% in H1 FY26; government revenue rose 43% to Rs 69.4 crore.

How did Prime Cable’s customer mix change in H1 FY27?

Prime Cable generated a majority of H1 FY27 revenue from private corporates, which supplied 64.7% of sales, versus 35.3% from government clients. This reversed the H1 FY26 mix, when government clients accounted for 53.5% and private corporates for 46.5%, increasing the private share by 18.2 percentage points.

The movement follows a broader change over three reporting periods. Private corporates represented 25.6% of revenue in FY24 and 25.5% in FY25, then reached 49.1% in FY26 before rising to 64.7% in H1 FY27. Government’s share moved from 74.4% in FY24 and 74.5% in FY25 to 50.9% in FY26 and 35.3% in the latest half year.

Private-corporate revenue increased by Rs 84.8 crore, from Rs 42.2 crore in H1 FY26 to Rs 127 crore in H1 FY27. Government revenue increased by Rs 20.9 crore, from Rs 48.5 crore to Rs 69.4 crore, while total revenue from operations rose by Rs 105.7 crore to Rs 196.4 crore.

Prime Cable defines government revenue to include orders billed to engineering, procurement and construction, or EPC, partners working on behalf of government. Customer classification therefore does not directly correspond with sales-channel reporting, even though EPC contractors were the largest channel in H1 FY27.

What sales channels accompanied Prime Cable’s private-corporate growth?

Prime Cable’s private-corporate growth coincided with a 240% year-on-year increase in EPC-contractor revenue, which reached Rs 120.6 crore in H1 FY27. EPC contractors accounted for 61.4% of total revenue, up from 39.2% in H1 FY26, while tender revenue rose 35% to Rs 69.4 crore and its share fell from 56.6% to 35.3%.

The reported channel change was concentrated in contractor-led sales rather than direct sales. Direct sales declined by Rs 0.4 crore to Rs 3.4 crore in H1 FY27 and represented 1.7% of revenue, down from 4.2% a year earlier. Other channels supplied Rs 3 crore, compared with nil reported in H1 FY26.

Product figures show that medium-voltage, or MV, power cables contributed Rs 41 crore in H1 FY27, compared with nil in H1 FY26. Prime Cable said its in-house laboratory obtained National Accreditation Board for Testing and Calibration Laboratories accreditation to test cables up to 33 kilovolts, supporting its stated presence in the MV segment.

The broader power-cables category, including MV cables, generated Rs 76.8 crore in H1 FY27, up 214% from Rs 24.5 crore. Control-cable revenue increased 71% to Rs 73.4 crore and aerial bunch cable revenue increased 155% to Rs 37.2 crore; together, these three categories generated Rs 187.4 crore of reported revenue.

Which industries accounted for Prime Cable’s H1 FY27 revenue growth?

Prime Cable derived 92.9% of H1 FY27 revenue from power transmission and power distribution. Transmission revenue rose 122% year on year to Rs 107.8 crore and accounted for 54.9% of sales, while distribution revenue rose 145% to Rs 74.7 crore and represented 38%.

Transmission added Rs 59.2 crore between the two half years and distribution added Rs 44.2 crore. By comparison, power generation increased by Rs 1 crore to Rs 8.1 crore and power consumption increased by Rs 1.3 crore to Rs 5.8 crore. Transmission and distribution had represented a combined 87.2% of H1 FY26 revenue.

Prime Cable reported an unexecuted order book of Rs 264.8 crore as of H1 FY27 and Rs 294 crore at the end of October, which management said would be executed over the following four to six months. The presentation gives no customer-type, channel or industry breakdown for the order book, so it does not indicate whether private corporates will retain their 64.7% revenue share.

What operating developments could affect Prime Cable’s next revenue mix?

Prime Cable added 14 vendor approvals in H1 FY27, taking its disclosed total to 66 approvals, including public-sector undertakings and states. The company also reported 96 clients, two manufacturing units, installed capacity of 37,000 kilometres and annualised capacity utilisation of 83.1%, calculated using normalised revenue based on March 2026 commodity prices.

Prime Cable said its Narela Unit 1 and Ghiloth Unit 2 facilities reached peak utilisation in H1 FY27. Management expected the new Ghiloth MV facility, Unit 3, to be commercialised after Diwali and to operate at 20% utilisation in FY27, adding capacity for the MV power-cable category that generated Rs 41 crore in the first half.

Management expects normalised FY27 revenue of Rs 370 crore and has retained its guidance for 45% revenue growth in FY28. Normalised H1 FY27 revenue was Rs 175.9 crore, compared with reported revenue from operations of Rs 196.4 crore, with the normalisation based on March 2026 commodity prices.

Conclusion

Prime Cable’s H1 FY27 revenue mix shifted decisively toward private corporates, whose Rs 127 crore contribution grew faster than the Rs 69.4 crore government segment and changed the split from a government majority in H1 FY26. The increase occurred alongside Rs 120.6 crore of EPC-contractor sales and a 92.9% combined contribution from transmission and distribution.

The next disclosed milestones are execution of the Rs 294 crore order book over the stated four to six months and commercialisation of the Ghiloth MV facility after Diwali. Management’s FY27 normalised revenue expectation of Rs 370 crore, 20% expected FY27 utilisation at the new unit and retained 45% FY28 growth guidance provide the reported measures to watch next.