Orient Cables
What they do: The business model details are limited in the provided data.
By IPO Milega Research · Published · Updated
Analysis score 6.4 +1.5 for 192.68x QIB subscription
The company exhibits moderate financial fundamentals with a stable revenue trend but a declining profit trend.
- GMP (unofficial)
- +45.22%
- ₹123 a share
- Subscribed
- 97.28x
- Total
- Retail odds
- 3.1%
- 1 in 32
GMP is an unofficial grey market indication.
- Price band
- ₹258-272
- Lot size
- 55 shares
- Min. investment
- ₹14,960
- Issue size
- 552 Cr.
- Open25 Sept 2026
- Close29 Sept 2026
- Allotment30 Sept 2026
- Listing5 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 192.68x
- S-HNI
- 100.53x
- B-HNI
- 123.18x
- Retail
- 32.21x
₹395 (+45.22%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The expected gains on listing are based on the Grey Market Premium (GMP) of 385, which indicates a 41.54% premium over the issue price. This suggests strong market interest and potential for significant listing gains.
Strengths3
- Increased market share from 16% in FY22 to 22.9% in FY26.
- Achieved a revenue CAGR of 33.46% from FY24-26.
- Expanded product line to include high-margin products like E Beam Cables and Solar Junction Boxes.
Concerns5
- High dependency on top 10 suppliers and customers increases operational risk.
- Delays in statutory dues payments indicate potential financial management issues.
- Exposure to anti-dumping duties and tariffs affects export competitiveness.
- Restrictive covenants on borrowings limit operational flexibility.
- Contingent liabilities of ₹1,374.38 million could impact financial stability.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9601 lots, 55 shares
- Retail Maximum1,94,48013 lots, 715 shares
- S-HNI Minimum2,09,44014 lots, 770 shares
- S-HNI Maximum9,87,36066 lots, 3630 shares
- B-HNI Minimum10,02,32067 lots, 3685 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 55 | 14,960 |
| Retail Maximum | 13 | 715 | 1,94,480 |
| S-HNI Minimum | 14 | 770 | 2,09,440 |
| S-HNI Maximum | 66 | 3630 | 9,87,360 |
| B-HNI Minimum | 67 | 3685 | 10,02,320 |
Timing
7.0/10The market timing for Orient Cables' IPO seems strategically planned to leverage institutional interest and ensure a broad investor base. The allocation strategy, particularly towards QIBs and anchor investors, indicates a focus on securing substantial initial backing, which is crucial for market confidence. The IPO size and structure suggest that the company is aiming to capitalize on current market conditions that favor institutional participation, which can be a stabilizing factor in volatile markets.
- Time to market
- The company's decision to include a significant portion of the IPO for institutional investors, including anchor investors, suggests a strategic timing to leverage current market conditions that are favorable for institutional participation. This approach can help mitigate risks associated with market volatility and ensure a successful subscription.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE & NSE
Key milestones
- 25 Sept 2026IPO Opens
- 29 Sept 2026IPO Closes
- 30 Sept 2026Basis of Allotment
- 1 Oct 2026Refunds Initiated
- 1 Oct 2026Credit to Demat Account
- 5 Oct 2026Listing Date
Financials
5.0/10- Revenue
- ₹1,182 Cr
- +42.1%
- Profit after tax
- ₹53.56 Cr
- +0.5%
- Net margin
- 4.5%
- -1.9 pts
- Assets
- ₹581 Cr
- +36.0%
- Return on equity
- 15
- Debt to equity
- 0.94
- Current ratio
- 1.5
- Revenue CAGR
- 10%
- ROCE
- 23.82%
- Return on net worth
- 25.84%
- NAV per share (₹)
- 23.11
Financial performance trend
Amount ₹ in croresThe company exhibits moderate financial fundamentals with a stable revenue trend but a declining profit trend. The financial ratios indicate potential liquidity concerns, and the debt-to-equity ratio is not available for assessment. The market position is not clearly defined, and the business model details are limited.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
High dependency on few suppliers and customers, regulatory challenges, and financial leverage pose significant risks.
How the company offsets these
Diversifying supplier and customer base and improving financial management can mitigate risks.
Financial risks3
- Delays in statutory dues payments indicate potential financial management issues.
- Restrictive covenants on borrowings limit operational flexibility.
- Contingent liabilities of ₹1,374.38 million could impact financial stability.
Market risks1
- Exposure to anti-dumping duties and tariffs affects export competitiveness.
Operational risks2
- High dependency on top 10 suppliers and customers increases operational risk.
- Potential shortages of electricity, fuel, water, or labor affect operations.
Performance
8.0/10Orient Cables has demonstrated strong growth and market expansion, particularly in high-growth sectors like telecom and renewables. The company has increased its market share significantly and achieved a high revenue CAGR, outperforming peers. However, it faces risks from commodity price volatility and supplier dependency.
- Historical growth
- The company achieved a revenue CAGR of 33.46% from FY24-26, significantly higher than the industry average of 17.27%., 33.46% CAGR from FY24-26
- Market comparison
- Orient Cables outperformed peers with a revenue CAGR of 33.46% compared to the industry average of 17.27%.
- Future potential
- The company is expected to continue its growth trajectory by capitalizing on high-growth sectors like telecom and renewables.
- Operational consistency
- The company has consistently increased its market share and revenue over the past four years, indicating strong operational execution.
- Experience
- The management has demonstrated strategic foresight by expanding into high-growth sectors and increasing market share.
- Track record
- Strong track record of revenue growth and market expansion.
Key achievements
- 01Increased market share from 16% in FY22 to 22.9% in FY26.
- 02Achieved a revenue CAGR of 33.46% from FY24-26.
- 03Expanded product line to include high-margin products like E Beam Cables and Solar Junction Boxes.
Flexibility
8.0/10Orient Cables has increased its market share from 16% in FY22 to 22.9% in FY26, indicating strong market adaptability. The company is cost-competitive compared to Chinese manufacturers, providing an advantage in both domestic and international markets.
The company has demonstrated operational agility with a high ROCE, efficient use of capital, and low net working capital days. It is also expanding its manufacturing capacity to meet growing demand.
Orient Cables (India) Limited demonstrates strong flexibility and adaptability, driven by its diversified product portfolio, robust financial performance, and strategic market positioning. The company is expanding into high-growth sectors with innovative products, maintaining a competitive edge in both domestic and international markets.
- Product diversification
- Orient Cables offers a comprehensive range of products, including networking cables, specialty power cables, optical fibre cables, and new ventures like E Beam Cables and EV Charging Guns. This diversification supports its adaptability across various high-growth sectors.
- Future adaptability
- The company's focus on innovation, strategic expansion into high-growth sectors, and strong customer relationships position it well for future adaptability. Its ongoing product diversification and international market expansion further enhance its adaptability potential.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.