Backed by strong fundamentals, marquee clients, and India’s digital infrastructure push, Orient Cables (India) seeks to go public with an INR 700 crore issue combining fresh equity and Offer for Sale.
One of the fastest-growing players in the networking cables industry, Orient Cables (India), has filed its DRHP with the Securities and Exchange Board of India (SEBI), setting the stage for an ambitious INR 700 crore IPO. Orient Cables IPO comprises a fresh issue of equity shares aggregating up to INR 320 crore and an OFS worth INR 380 crore by the company’s promoters.
Orient Cables: Company Overview
Founded nearly two decades ago, Orient Cables operates in the B2B manufacturing space, specialising in networking cables, speciality optical fibre solutions, and allied products. With a rapidly increasing market share — from 16% in FY22 to 22% in FY25- the company is now one of India’s top five players in the networking cables segment, according to industry research by 1Lattice.
It caters to high-growth sectors such as telecom, broadband, data centres, smart buildings, FMEG, automotive, and renewable energy. Its products are sold both domestically and internationally, with exports to the UAE, USA, Singapore, Qatar, Australia, and the Netherlands, among others.
Financials at a Glance
Orient Cables has demonstrated strong financial performance, with impressive compounding growth and high returns:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 543.68 | 657.77 | 824.96 |
| EBITDA | 43.33 | 58.82 | 83.86 |
| EBITDA Margin (%) | 7.97% | 8.94% | 10.17% |
| PAT | 25.96 | 40.07 | 53.29 |
| RoNW (%) | 34.81% | 37.26% | 34.58% |
| ROCE (%) | 35.93% | 41.13% | 36.46% |
Notably, the company delivered a 23.18% revenue CAGR over FY23–FY25, far ahead of the industry average of 11.5% during the same period. The business also maintains low working capital intensity.
Orient Cables IPO Structure & Shareholding
The offer includes significant secondary sales by promoter entities:
| Selling Shareholder | Amount (INR Crore) |
|---|---|
| Vipul Nagpal (Promoter) | 92.1 |
| Garima Nagpal (Promoter) | 21.5 |
| Vipul Family Trust | 133.2 |
| Garima Family Trust | 133.2 |
Orient Cables IPO is being managed by IIFL Capital Services and JM Financial, with KFin Technologies appointed as the registrar.
Use of Proceeds
The company plans to channel fresh issue proceeds primarily toward:
- INR 91.5 crore: Capital expenditure for capacity expansion (machinery, equipment, civil works)
- INR 155.5 crore: Repayment/prepayment of borrowings
- Remaining funds will be used for general corporate purposes
Industry Overview
India’s networking and broadband cables market is expected to grow at a CAGR of ~19.7% to INR 7,170 crore by FY30, from INR 2,920 crore in FY25. The broader wires and cables market is also expected to nearly double from INR 96,300 crore in FY25 to INR 1,85,900 crore by FY30, reflecting robust demand from 5G rollout, digital infrastructure, data centres, and smart cities.
Orient Cables is poised to ride this wave, with its diversified portfolio, early-mover advantage in allied products like Keystone Jacks, and a robust R&D and customisation capability. The company has also begun manufacturing newer verticals such as solar junction boxes, tethered drones, EV charging cables, and cable harnesses.
Operational Backbone: High Capacity & In-House Integration
Orient Cables operates two manufacturing units in Bhiwadi, Rajasthan, with a combined installed cable capacity of 7,94,976 km and over 5 million units of allied products like jacks and connectors. The company has heavily invested in automation, in-house copper processing, FRP rod manufacturing, PVC compounding, and robotic jack assembly lines, leading to higher margin realisation and lower cost dependence.
Client Base and Retention
Orient serves a clientele that includes two of India’s top three telecom players, along with large IT firms and OEMs. With ~99% revenue retention from top 50 clients, the company enjoys strong repeat business. Nearly 37% of revenue in FY25 came from clients it has served for over 10 years.
Conclusion
In a digitisation, smart infrastructure and data consumption-driven market, Orient Cables (India) is at an inflection point. Strong fundamentals, a clear growth path and leadership in networking solutions makes it a good story in the upcoming IPO pipeline.
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