Orient Cables IPO

The Orient Cables mainboard IPO opens for subscription on 25 Sept 2026 and closes on 29 Sept 2026, offered at a price band of ₹258–272 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹552 crore. Retail investors bid in lots of 55 shares, a minimum application of ₹14,960.

Issue structure

The offer combines a fresh issue of ₹320 crore with an offer for sale (OFS) of ₹232 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company (₹155.5 crore), alongside funding of capital expenditure requirements of company towards purchase of machinery, equipment and civil works at manufacturing facilities (₹91.5 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Orient Cables reported revenue of ₹490.94 crore and a net profit of ₹32.78 crore. Revenue declined from ₹664.98 crore in FY2024 to ₹490.94 crore in FY2026 (-26.0%). Net worth stood at ₹268.76 crore at the end of FY2026. At the upper band, that puts the issue at roughly 51.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 23.61× post-issue earnings and 10.33× book value, against a return on net worth of 13.17% and a debt-to-equity ratio of 0.95. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Birla Cable Limited and Finolex Cables Limited, with a median peer P/E of about 47.8×. The issue's own post-issue P/E works out to 23.61×.

Promoters

The promoters of the company are <p>Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust, Garima Family Trust</p>. Promoter holding stands at 98.38% before the issue and comes down to 80.71% after listing.

Grey market premium (GMP)

In the unofficial grey market, Orient Cables shares are quoted at a premium of ₹121 implying an expected listing around ₹393, about +44.5% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Orient Cables IPO was subscribed 97.28 times overall. The strongest demand came from qualified institutional buyers (QIB) at 192.68 times, with non-institutional investors (NII) at 121.9× and retail investors at 32.21×.

Listing performance

Orient Cables listed on 5 Oct 2026 at ₹448.1, a premium of +64.7% over the issue price of ₹272.

What to weigh

When evaluating the Orient Cables IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Orient Cables

Orient Cables is engaged in the manufacturing and supply of networking cables, passive networking components, and specialized cable solutions. The company's product offerings are broadly classified into three key business segments: Networking Cables and Connectivity Solutions Specialty Power Cables and Optical Fibre Cable Solutions Allied and Complementary Products Its products cater to a wide range of industries and applications, including telecommunications, broadband infrastructure, data centres, renewable energy projects, smart building systems, security and surveillance networks, system integration, fast-moving electrical goods (FMEG), and the automotive sector. As of March 31, 2025, the company had an aggregate installed manufacturing capacity of approximately 794,976 kilometres of cables. To expand its product portfolio and address emerging market opportunities, Orient Cables is developing and introducing new products such as E-beam irradiated specialty cables, solar junction boxes, tethered drone systems, harness assemblies, and power cords. Competitive Strengths: Established presence as a manufacturer of specialty cable solutions for the telecommunications industry. Broad and diversified portfolio of customized products serving multiple end-user sectors. Long-term business relationships with a wide base of reputed customers. Strategically located manufacturing facilities supported by a focus on innovation and product development. Strong leadership team comprising experienced promoters and professional management personnel.