Orient CablesIPO Review — Financials, Valuation & Peers
A data-only look at the Orient Cables IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 664.98 | 40.07 | 58.82 | 127.54 | 293.22 | 36.73 | — |
| FY 2025 | 831.86 | 53.32 | 83.86 | 180.7 | 427.19 | 113.45 | — |
| FY 2026 | 1,181.67 | 53.56 | 96.4 | 235.84 | 580.79 | 234.19 | — |
| Jun 2026 (interim) | 490.94 | 32.78 | 54.89 | 268.76 | 743.19 | 258.46 | 5.25 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 51.81x
- P/E (post-issue)
- 23.61x
- RoNW
- 13.17%
- RoE
- 13.17%
- RoCE
- 10.36%
- Debt / Equity
- 0.95
- EPS (pre-issue)
- ₹5.25
- EPS (post-issue)
- ₹13.04
- EBITDA Margin
- 11.22%
- PAT Margin
- 6.77%
- P/BV
- 10.33x
- NAV / share
- ₹26.34
- Market Cap
- ₹3,095.35 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Orient Cables | 5.27 | 23.11 | — | 25.84% | Consolidated |
| Birla Cable Limited | 5.63 | 93.63 | 63.54x | 6.33% | Consolidated |
| Finolex Cables Limited | 46.67 | 397.93 | 26.29x | 12.33% | Consolidated |
| Havells India Limited | 26.95 | 150.95 | 42.69x | 18.97% | Consolidated |
| KEI Industries Limited | 96.09 | 697.17 | 48.99x | 14.75% | Consolidated |
| Paramount Communications Limited | 1.96 | 25.49 | 33.47x | 7.99% | Consolidated |
| Polycab India Limited | 177.53 | 805.5 | 46.69x | 24.58% | Consolidated |
| RR Kabel Limited | 43.53 | 227.61 | 54.85x | 20.83% | Consolidated |
| Sterlite Technologies Limited | 1.15 | 46.46 | 708.38x | 2.63% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust, Garima Family Trust</p>
- Holding (pre-issue)
- 98.38%
- Holding (post-issue)
- 80.71%
- Dilution
- 17.67%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Orient Cables IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Orient Cables placed shares with 20 anchor investors, who together put in ₹165.59 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to SUNDARAM SMALL CAP FUND (₹14 crore), ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND (₹14 crore) and 360 ONE EQUITY OPPORTUNITY FUND-SERIES II (₹14 crore). Investor categories represented include Other and Insurance. The lock-in on half the anchor shares ends on 29 Oct 2026, with the remainder locked until 28 Dec 2026.
Analyst view tally
1 third-party review is on record for the Orient Cables IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Orient Cables operates at an EBITDA margin of 11.22% and a net (PAT) margin of 6.77% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 10.36% and a return on equity (RoE) of 13.17%. At the upper band, the post-issue market capitalisation works out to about ₹3,095.35 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- What is the reservation split in the Orient Cables IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Orient Cables and what is their holding?
- The promoters are <p>Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust, Garima Family Trust</p>. Promoter holding is 98.38% before the issue and 80.71% after listing.
- What is the P/E ratio of the Orient Cables IPO?
- At the upper price band, the Orient Cables IPO is valued at 51.81× pre-issue earnings and 23.61× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Orient Cables IPO?
- The net proceeds go primarily toward repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company, among 4 disclosed objects.