Orient Cables (India) IPO
Orient Cables (India) IPO is a mainboard IPO raising ₹552 Cr at ₹258 – ₹272 a share. It listed on 5 Oct 2026 at ₹450, +65.4% against its issue price of ₹272, and trades at ₹345 today (+27.0% since issue). It was subscribed 92× in total.
92.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Orient Cables (India) Limited manufactures networking cables and passive networking equipment, primarily for B2B customers in telecom, broadband, data centres, renewable energy, smart building automation/security, FMEG and automotive. Its products include CAT5/5e/6/6A LAN cables, patch cords, CCTV/coaxial cables, instrumentation and power cables, optical fibre cables (up to 288 fibres), keystone jacks, power strips/power cords, EV charging cables and guns, and newer items such as tethered drone systems, solar junction boxes and E-beam irradiated specialty cables.
How it earns
The company earns revenue by selling customised, made-to-spec cables and passive networking products directly to three customer categories: large clients (telecom service providers, telecom equipment manufacturers, power utilities manufacturers), OEMs, and resellers, both in India and overseas.
Who buys
B2B customer mix spanning (FY26 % of revenue): Broadband 39.22%, Telecom 32.45%, Smart building automation and security 11.67%, Reseller 8.62%, Data Centre 4.59%, IT/SI/Service Provider 1.22%, Others 2.22%. Marquee clients include two of the top three Indian telecom companies by revenue (as of March 31, 2026). Average relationship with top 10 customers is over nine years. Repeat-business revenue from top 50 customers was 93.92% in FY26, 98.78% in FY25 and 99.74% in FY24. Exports (FY26 ₹1,084.85 million, i.e. ~₹108.49 crore) go to UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore and Netherlands.
Scale
Three manufacturing facilities (Unit I and Unit II in Bhiwadi, Rajasthan; Unit III in Bengaluru, commenced May 2026) with annualised installed capacity of 895,776 cable-km plus 5,040,000 pieces of other allied products as of June 30, 2026; 613 permanent employees and 1,327 contractual employees as of June 30, 2026.
What it says sets it apart
- One of India's top four players in networking cables with ~22.9% market share in FY26; share grew from ~16% in FY22 (per 1Lattice Report)
- Fastest-growing in the wires & cables peer set: revenue CAGR of ~33.45% in FY24-FY26 versus peer average of ~17.27%; highest ROE among peers in FY25 and FY26 (ROCE of 36.46% and 23.82%)
- First company in India to receive BIS certification for symmetrical pair/quad cables for digital communications (1Lattice Report) and holds global certifications including ETL, UL (CM/CMR), CPR (DCA/ECA/B2CA), CE, TSEC/BSNL QA, RDSO (Indian Railways), DRDO approval, BIS 14493 and TÜV for EV charging cables
- Vertically integrated manufacturing: in-house copper processing plant, in-house PVC compounding line of 500 MT/month, in-house FRP rods and impregnated fibreglass yarn (IGFR), over 50 extrusion lines, robotic keystone jack assembly, and an E-beam irradiation facility for specialty cables
- Diversified, customisable product portfolio with high entry barriers - 1Lattice states customer onboarding typically takes ~6 months including facility audits and overseas third-party testing, and orders have grown with the same clients (top-50 retention of 93-99% across FY24-FY26)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs272 / stated EPS Rs5.27 (FY26 (ended March 31, 2026) diluted EPS, restated consolidated, face value ₹1). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 183× their allocation. Retail: 31×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by JM Financial Limited — median +15.5% across the 107 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 10 Nov 2026.
What to watch
- Priced at 51.6× earnings — 8% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ORIENT CABLES (INDIA) LTD
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