Orient Cables (India) Limited

This section primarily provides an overview of the industry landscape, including macroeconomic projections and market segment contributions in India. It details growth forecasts for various sectors, such as the global real GDP, inflation rates, per capita income, and the telecom industry. Furthermore, it discusses demographic trends, such as the working-age group dominance and the expected rise in the urban population share, which fuels demand for residential properties and modern amenities. The text also touches upon the evolution of the internet infrastructure and the components used in the telecom sector.

The demand for broadband connectivity is increasing, supported by advancements in fibre-optic networks and wireless solutions. The wires & cables industry is crucial for modern infrastructure, supporting various sectors like power distribution, telecommunications, construction, automotive, and industrial machinery. The market is segmented into five main categories of wires and cables, including broadband, networking, coaxial, fibre-optic, and power cables. The global market size is projected to grow significantly, driven by smart grids and the adoption of various technologies. The Indian market is also experiencing robust growth, fueled by infrastructure investments, renewable energy integration, and the expansion of telecommunications and broadband connectivity.

The text discusses the distinction between organized and unorganized segments in markets, noting that the organized segment holds a significant majority of the market, which is crucial as consumer awareness shifts towards certified products. It then details the broadband cables market, which is essential for various data transmission needs, and segments it into networking and fibre-optic cables. The global market size and growth projections for these cables are provided, along with drivers for market expansion. Furthermore, the text analyzes the regional segmentation of the global market and provides specific projections for the Indian broadband cables market, highlighting growth drivers related to digital transformation and infrastructure rollout.

The market analysis covers the growth projections for the fibre-optic cables and networking cables markets, detailing their compound annual growth rates over specified periods. It further segments the Indian broadband cables market into organized and unorganized players based on technology and licensing. The text also outlines the diverse end-user segments that rely on broadband cables, including residential, commercial, industrial, telecom providers, government, and educational institutions. Finally, it discusses the transformation of the fixed broadband market in India, noting low penetration compared to mobile broadband but significant growth potential driven by technological advancements and infrastructure investments.

The text discusses the trends in mobile and fixed broadband penetration in India, noting the gap between India's progress and that of China. It details challenges in fixed broadband deployment, such as high infrastructure costs and last-mile connectivity issues, and suggests solutions involving infrastructure investments and partnerships. The growth in the broadband sector is driven by increasing data consumption and government initiatives. Furthermore, the text covers the role of networking cables in various industries and compares them with alternative transmission technologies.

The text discusses the significant growth and impact of the fixed broadband market in India, driven by increasing data consumption and the need for robust cabling infrastructure. It highlights the role of various government initiatives like BharatNet and the National Broadband Mission in expanding connectivity. Furthermore, it details the impact of this growth on the wires and cables market, emphasizing the demand for fibre-optic cables to support high-speed services, and the market size projections for this segment. The text also covers the market share of key players in the wired broadband sector and the growth drivers for the fibre-optic cables network.

The text discusses various aspects related to fibre-optic networks, government initiatives, and the growth of the data centre industry in India. It highlights the role of fibre-optic cables in supporting AI data centres and smart city infrastructure, driven by rising demand for digitalization and IoT. Furthermore, the text covers government programs aimed at expanding broadband connectivity and the challenges and opportunities presented by satellite internet for last-mile connectivity. Finally, it details the significant growth trajectory of the Indian data centre market, driven by digitalization, AI advancements, and data localization mandates.

The section discusses the growth drivers for the Indian data centre market, which are fueled by rising demand for cloud computing, digitalization, internet penetration, and government policies like the Data Centre Incentive Scheme (DCIS). Government policies include the Draft Data Centre Policy 2020, which aims to foster an ecosystem through Data Centre Economic Zones (DCEZ), and the Essential Services Maintenance Act, 1968 (ESMA), which classifies data centres as essential services. The section also details the components of data centres, such as computing resources, network infrastructure, and storage infrastructure. Furthermore, the growing data centre market drives demand for wire and cable solutions, with specific growth expected in networking equipment and ancillary products. The text also covers the impact of green energy trends, noting the robust growth in solar energy adoption and the corresponding demand for various wiring solutions, including E-beam technology.

The global tethered drone market is projected for significant growth, driven by increasing applications in defense, law enforcement, and telecommunications, with North America leading the market share. The Indian tethered drone market is also expected to grow substantially, supported by government initiatives like the Production-Linked Incentive (PLI) scheme and liberalized export policies. The sector involves various players, including specialized companies and entities like Adani Defence and Aerospace, and ancillary products such as keystone jacks, which are crucial for various connectivity needs in India.

The analysis covers several key market segments in India, including patch cords, solar junction boxes, power strips, and EV charging cables, highlighting significant growth trends in these areas. The patch cords market is expected to grow substantially, driven by increased internet usage and data center expansion. The solar junction box market is also projected for strong growth due to the shift towards renewable energy. Furthermore, the power strips market is expanding due to the proliferation of electronic devices, and the EV charging cable segment represents a high-value opportunity in a rapidly evolving infrastructure sector.

The company is expanding into new product lines such as E Beam Cables, Solar Junction Box, Tethered Drone and Harnesses, targeting high-growth sectors including broadband, telecom, renewables, data centre, E-mobility, FMEG real estate, cable resellers, and government sectors like railways and defence. These new products offer higher margins compared to existing products. Orient Cables has established itself as a first in India to receive BIS certification for symmetrical pair/quad cables for digital communications and is among the early movers in developing tethered cable and box systems. The company has shown a rise in its market share from approximately 16% in FY22 to 22.9% in FY26 on a revenue basis. Competitors for Orient Cables include Birla Cable Limited, Sterlite Technologies Limited, Finolex Cables Limited, Polycab India Limited, KEI Industries Limited, Havells India Limited, RR Kabel Limited, Paramount Communications Limited, and Belden India Pvt Ltd.

The company is a manufacturing entity with nearly two decades of experience, primarily focused on networking cables and passive networking equipment. The company serves high-growth sectors such as broadband, telecom, data centres, renewable energy, smart building automation/security, system integration, FMEG, and automotive. Key product segments include networking cables, specialty power and optical fibre cables, and recently, wire and cable harness assemblies for EV charging guns. The company has established itself as a top player in the networking cables industry, showing significant growth in market share and revenue compared to peers. Furthermore, the company has built a robust international presence through exports and has developed innovative products that meet stringent global standards.

The company operates within the fibre-optic cable industry, which is crucial for various sectors like telecommunications and healthcare. The company is positioned to benefit from significant growth in the data centre power capacity segment, which is projected to expand substantially. The company holds a leading position in the networking cables industry, having secured a significant market share. They manufacture a diverse portfolio of customized products, including networking cables, specialty power and optical fibre cables, wire and cable harness assemblies, and other allied products. The company has established strong, long-term relationships with customers and maintains a competitive edge due to its ability to meet stringent technical specifications.

The company has vertically integrated into PVC manufacturing, producing materials for insulation and sheathing for LAN and power cables, and manufactures key raw materials like FRP rods and impregnated fibreglass yarn. These integrated processes aim to reduce reliance on external suppliers, control raw material quality, lower costs, and tailor products to customer needs. The company has increased its manufacturing capacity and has a focus on developing new products and expanding its market presence in networking cables and keystone jacks. The company also has expertise in specialized cable types, such as E-Beam irradiated cables, and is positioned to capitalize on the growth in the broadband cables market.

The company is a manufacturing entity with nearly two decades of experience, primarily focused on networking cables and passive networking equipment, serving various high-growth sectors like broadband, telecom, data centers, renewable energy, and automotive. The company manufactures a diverse range of products, including networking cables, specialty power and optical fibre cables, wire and cable harness assemblies, and other allied products. The company is actively diversifying its product portfolio by focusing on new areas such as solar junction boxes, passive networking components, wire harnesses, power cords, and tethered drone systems. Furthermore, the company is expanding its manufacturing capacity and exploring investments in machinery to enhance production efficiency and meet future demand.

The company manufactures a diverse range of cables and assemblies, primarily within the Networking Cables and Solutions segment. Key products include various types of LAN cables (CAT5, 5E, 6, 6A), analogue CCTV and coaxial cables, and custom assemblies such as AISG cable assemblies. The company offers different variants of LAN cables based on customer specifications, including unshielded, shielded, weatherproof, and armoured versions, with customizable functional properties like flame retardancy. Furthermore, they produce specialized cables for power, optical fibre, and various wire and cable harness assemblies.

The company describes various manufacturing processes for different types of cables, including specialty power cables and optical fiber cables. These processes involve steps such as wire drawing, heat treatment, twisting, insulation, jacketing, and packaging to ensure the final product's performance and durability. The company also details different manufacturing facilities located in Rajasthan and Bengaluru, India, for various cable types. The unit products include LAN cables, power cables, and keystone jacks, with specific details on the utilities and quality control infrastructure at each unit.

The company undertakes innovation initiatives to meet customer specifications, which involve optimizing product mix and quantity to achieve cost optimization without compromising performance across various parameters. The company sources primary raw materials such as Copper, PVC Compound, PE, Masterbatches, PVC resin, and plasticisers, and it has backward integration initiatives by manufacturing certain raw materials in-house, such as PVC Compound, Copper Drawing, FRP Manufacturing, and IGFR Manufacturing. Raw materials are sourced domestically from several Indian states and internationally from Thailand, Korea, and Singapore. The company maintains diverse and short-term supply contracts with suppliers to mitigate supply chain disruptions. Customer relationships are built on the ability to consistently meet stringent quality and technical standards, ensuring reliable product delivery. The company engages in various sales and marketing activities, including participation in domestic and international trade exhibitions, to generate leads and strengthen its market presence.

This section details various aspects related to the company's operational setup, including the leasing of corporate and registered offices, which involves different terms and durations. It also mentions the leasing of industrial plots from various bodies, including the Rajasthan State Industrial Development and Industrial Corp Ltd. Furthermore, it notes the company's ongoing process to acquire additional office space in Gurugram and the use of other properties as guest houses on a leasehold basis. The text also lists numerous applicable laws across different domains such as standards, environmental protection, and various labour and tax regulations.

The company's operations are subject to various regulatory frameworks concerning foreign trade, foreign investment, intellectual property, and competition. Key regulations mentioned include the Foreign Trade Policy, the Foreign Exchange Management Act (FEMA), and rules governing foreign investment, including limits on holdings by NRIs and FPIs. Furthermore, the company operates under various intellectual property laws such as the Trade Marks Act, Patents Act, and Copyright Act, as well as competition laws enforced by the Competition Commission of India (CCI).

The company's history began with its incorporation as a private limited company on September 15, 2005, and it underwent several name and conversion changes, culminating in its conversion to a public limited company on November 22, 2024. The company's Memorandum of Association (MoA) has seen several amendments regarding the authorized share capital over the years. Key operational milestones include commencing operations for various cable manufacturing units and achieving significant revenue milestones. Furthermore, the company has entered into a Joint Venture Agreement with Aditya Infotech Limited for the manufacturing and supply of electric cables.

This section details the security arrangements and guarantees provided by the company's promoters related to facilities availed by the company. It outlines various assets and liabilities used as security, including industrial and residential properties, stock, and book debts. Furthermore, it specifies rent agreements between the company and its director, as well as a rent agreement with a group company, which involve payments to the promoters or group companies. The guarantees are effective until the underlying loans are repaid, and the financial implications of default are discussed in relation to other sections of the prospectus.

The definitions section outlines various terms used in the Red Herring Prospectus. It specifies that 'Our Company' is Orient Cables (India) Limited, a public limited company incorporated under the Companies Act, 1956, with a registered office in Delhi. The section also defines various parties such as the Board, Auditors, Key Managerial Personnel, and various offer-related terms like 'Bid', 'Bid/Offer Closing Date', and 'Book Running Lead Managers'.

This section defines various terms used within the context of the offering documents. It specifies terms related to escrow accounts, different types of bidders, various financial and regulatory entities, and the structure of the offer itself. Key definitions cover concepts like the floor price, different portions of the offer (like QIB and Retail), and the process for finalizing the offer price.

This section primarily defines various terms and conventions used throughout the Draft Red Herring Prospectus, covering legal terms, financial metrics, and currency conversions. It details various regulations such as those from SEBI, the Companies Act, and FEMA, along with definitions for financial concepts like Net Worth, Profit After Tax, and various Key Performance Indicators (KPIs). The text also specifies conventions regarding the use of different accounting standards (Ind AS, Indian GAAP, IFRS, U.S. GAAP) and the sources for industry and market data.

The section discusses various limitations and risks related to the information used in the Draft Red Herring Prospectus, including reliance on commissioned reports and the nature of market data. It clarifies that certain information is derived from the 1Lattice Report, which is subject to specific disclaimers regarding its scope and reliability. The text also details risks associated with supply chain disruptions due to fluctuations in the price and availability of primary raw materials, such as copper and various PVC compounds. Furthermore, it outlines risks related to competition and the potential for losing revenue due to dependency on suppliers and the possibility of changes in supplier preferences.

The provided text details various operational and business risks, including supply chain dependencies, customer reliance, quality issues, and manufacturing facility risks. The company faces risks related to the supply of raw materials, potential customer contract terminations, and potential non-compliance with quality or regulatory standards. Furthermore, the text highlights risks associated with the concentration of manufacturing facilities in Rajasthan and potential disruptions from local factors, as well as risks related to machinery maintenance and regulatory changes in the state.

The provided text discusses various aspects related to the company's operations, financial reporting, and compliance with statutory requirements. It covers limitations on capacity utilization, the status of credit ratings, and observations made by Statutory Auditors regarding financial statements. Several sections detail discrepancies found between quarterly returns and unaudited books of account, along with the company's response and corrective actions taken. Furthermore, there is information regarding the sanctioning of working capital limits and the handling of arrears of statutory dues.

This section details various observations and disclosures related to the company's financial compliance, related party transactions, and business risks. It covers issues concerning the timely transfer of unspent Corporate Social Responsibility (CSR) amounts, the status of loans involving a promoter's sister, and potential negative cash flows from operating and investing activities. Furthermore, the text highlights the company's heavy dependence on the networking cables industry and the risks associated with market fluctuations, competition, and the ability to introduce new products.

The provided section details several operational and legal risks faced by the company. Risks include dependency on third-party contract laborers, the inability to protect intellectual property rights such as logos and trademarks, reliance on third-party transportation and logistics providers, and exposure to disruptions in the supply chain. Furthermore, the company faces risks related to freight cost increases, export tariffs, and reliance on specific ports for overseas sales. The text also covers risks associated with environmental compliance, insurance adequacy, and the volatility of foreign currency exchange rates.

This section details various financial and operational risks faced by the company. It discusses the impact of fluctuating exchange rates on operations, potential exchange controls in certain markets, and the limitations of the RBI's policies on hedging foreign currency exposures. Furthermore, the text highlights risks associated with entering new product segments and expanding into international markets, including challenges related to market entry, competition, and regulatory environments. The company also notes risks related to the procurement of equipment for manufacturing facilities and the potential for delays or cost overruns.

This section details various corporate and regulatory aspects related to the company's structure and the filing process for the Draft Red Herring Prospectus. It outlines the history of the company's name changes and incorporation, provides the registered and corporate office addresses, and specifies the procedures for filing the prospectus with regulatory bodies. Furthermore, it lists the Board of Directors, the Company Secretary and Compliance Officer, and the Statutory Auditors, along with details on changes to the statutory auditors.

This section details various aspects of the issuance process, including the identification of different intermediaries and the procedures for the book-building process. It outlines where lists of Designated SCSBs, Registered Brokers, RTAs, and Credit Rating agencies can be found, and specifies rules regarding the use of UPI mechanisms for certain bidders. Furthermore, it discusses the process for determining the price band and minimum bid lot size in consultation with Book Running Lead Managers (BRLMs).

This section details the company's capital structure, including the authorized and issued share capital, and a history of equity share issuances and secondary transactions. The authorized share capital is set at 13,00,00,000 equity shares, with the issued capital being 10,20,35,000 shares. The text also outlines various past allotments and secondary transfers of shares by promoters and promoter group members.

The section details various transactions involving the transfer of equity shares, including transfers from different entities and subsequent allotments. There are several instances of equity share transfers occurring on specific dates, with varying consideration types such as cash. Furthermore, the section outlines a significant change in shareholding for Vipul Nagpal following a subdivision event, resulting in a change in the number of shares held. The data also includes details on bonus allotments and various transfers of shares by way of gift.

This section details various transactions involving the allotment and transfer of equity shares to different parties over time. It includes instances of cash transfers, gifts, and bonus allotments, with corresponding changes in the number of equity shares held by specific individuals or trusts. Furthermore, it outlines provisions regarding the minimum promoter's contribution and lock-in periods for certain equity shares.

This section details the shareholding structure of the company, providing various snapshots of promoter and major shareholder holdings at different points in time relative to the Draft Red Herring Prospectus. It outlines shareholding data as of the date of the RHP, 10 days prior, one year prior, and two years prior. Furthermore, it specifies details regarding the share capital history, including various transactions and the status of securities being pledged. It also covers aspects related to the issuance of employee stock options.

This section details particulars related to an ESOP scheme, including the number of options outstanding, granted, and forfeited over different fiscal years. It also covers aspects related to employee compensation cost calculations using fair value of stock options and the impact on earnings per equity share. Furthermore, it addresses the intention of key managerial personnel and directors to sell equity shares arising from the option scheme within three months after listing.

The Offer involves a combination of a Fresh Issue and an Offer for Sale by Promoter Selling Shareholders. The Fresh Issue is for an amount aggregating up to ₹320.00 Crore, while the Offer for Sale is for up to ₹232.00 Crore. The proceeds from the Offer for Sale will not be received by the Company, and the proceeds from the Offer for Sale will not be included in the Net Proceeds. The Company intends to use the Net Proceeds for various purposes, including funding capital expenditure, repaying borrowings, and general corporate purposes.

This section details various machinery and equipment that the company intends to procure, including items for cable and wire processing, as part of the offer for sale. The proposed uses of the proceeds are categorized into several areas, including debt repayment, capital expenditure (capex), working capital, and general corporate purposes. The company intends to utilize an estimated amount towards settling outstanding borrowings and other financial arrangements.

This section details various fund-based facilities obtained by the company from different lenders, categorized by the purpose for which the loans were sanctioned and utilized. The facilities include term loans and working capital loans from HDFC Bank Limited, ICICI Bank Limited, and CITI Bank Limited. The purposes covered range from capital expenditure for plant and machinery to the purchase of various items, and funding for daily operations such as payments to suppliers and utilities. Specific prepayment penalties and conditions are outlined for each facility.

The section details the utilization of net proceeds, outlining flexibility for the company to deploy these funds as determined by the Board and business requirements. The company may temporarily invest the net proceeds in deposits with scheduled commercial banks as approved by the Board, but it is confirmed that the net proceeds will not be used for buying, trading, or dealing in equity securities. Furthermore, the company commits to monitoring the utilization of gross proceeds by an appointed monitoring agency and will disclose the deployment of funds in quarterly reports.

The section details the basis for determining the Offer Price, which involves consultation with BRLMs and assessment of market demand through a Book Building Process. It outlines several qualitative factors supporting the offer price calculation, including the company's position in the specialty cable manufacturing industry, its diversified product portfolio, long-standing customer relationships, strategically located manufacturing facilities, and the experience of its promoters and management. Quantitative factors are also presented, including various Earnings/Loss per Share metrics, Return on Net Worth, Net Asset Value, and comparisons against industry peers.

The provided section discusses the comparison of the company's key performance indicators (KPIs) with its listed industry peers, noting that differences in scale, business models, product verticals, focus areas, or geographical presence may exist. It presents detailed tables comparing various financial metrics such as Revenue from Operations, EBITDA, PAT, ROCE, and ROE across different fiscal periods for the company against several industry peers. Furthermore, the text confirms that no material additions or dispositions to the business were made in the three-month period ended June 30, 2026, which negates the need for comparisons based on such changes.

This section details various special direct tax benefits available to the Company and its shareholders under the Income Tax Act, 2025 as amended. These benefits are contingent upon the Company and its shareholders fulfilling specific conditions prescribed under the relevant Tax Laws, which are based on business imperatives the Company faces in the future and may not be fulfilled. The text outlines several deductions and tax treatments related to corporate tax rates, employee costs, inter-corporate dividends, and expenditure for undertaking extension.

This section details special tax benefits available to the Company and its shareholders under various indirect tax laws, including GST, Customs Act, and Foreign Trade Policy. The Company claims exemptions on imports under the Advance Authorisation scheme and the Export Promotion Capital Goods (EPCG) Scheme. Furthermore, the Company benefits from concessional GST rates on outward supplies to Merchant Exporters, and exemptions on customs duty for solar cell imports. The section also mentions benefits related to the export of goods without Integrated GST payment and duty drawback on imported materials.

This section details the corporate structure of the company's subsidiaries and joint ventures, including information on their incorporation, business nature, and capital structure. It lists one subsidiary, OCL Greentech Private Limited, and one joint venture, Corelink Cable Technology Private Limited, along with their respective shareholding patterns and board members. It also outlines various conflict of interest disclosures related to directors and the company's agreements with other entities.

This section details the professional backgrounds and associations of the company's directors, including their qualifications and previous roles in various industries. It also covers confirmations regarding the independence and relationship status of the directors, ensuring compliance with listing regulations. Furthermore, it outlines the provisions related to borrowing powers, the terms of appointment and remuneration for executive and whole-time directors, and the composition and mandate of various Board-level committees, such as the Audit Committee.

This section details the various committees established by the Board, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee. It outlines the terms of reference for these committees, which cover aspects such as director qualifications, remuneration policies, handling of shareholder grievances, CSR activities, and risk management functions. The text also mentions various powers delegated to these committees under relevant laws and regulations.

This section details the terms of reference for the Risk Management Committee and the IPO Committee, outlining their respective responsibilities and powers. The Risk Management Committee is tasked with formulating risk management policies, mitigation measures, and monitoring/reviewing these policies. The IPO Committee is responsible for various aspects related to the IPO process, including seeking approvals from various authorities, finalizing the draft prospectus, deciding on offer terms, appointing intermediaries, and handling the allotment of equity shares.

This section details the Key Managerial Personnel (KMP) and Senior Management Personnel of the company, including their professional backgrounds and compensation details. It outlines various governance aspects concerning these personnel, such as relationships, service contracts, and conflicts of interest. Furthermore, it discloses information about the Promoters, including their shareholding, various family trusts, and the nature of their interests and transactions with the company.

This section details various regulatory and contractual disclosures related to the company's promoters, group companies, and related party transactions. It outlines rent agreements with the promoter and another entity, lists the members of the promoter group, identifies group companies, and discusses various aspects concerning conflicts of interest, litigation, and transactions with these entities. The text also references where to find further details regarding these disclosures in other parts of the DRHP.

This section details the declaration and payment of dividends, outlining the Board's consideration of various internal and external parameters, including profits, retained earnings, earnings outlook, free cash flows, debt repayment schedules, and macroeconomic factors. It also clarifies that the company has not declared or paid dividends for the three months ended June 30, 2026, and specifies that past practices do not guarantee future dividend declarations. Furthermore, the text references various financial statements and the examination process conducted by the auditors.

This section presents the restated consolidated and standalone financial information for Orient Cables (India) Limited for various periods, including the years ended March 31, 2024, March 31, 2025, and June 30, 2026. The data includes statements of assets, liabilities, profit and loss, and cash flows. Key financial figures such as revenue, expenses, profit before tax, and cash movements are provided across these periods.

This section details various aspects of the financial statements, including cash flow components, historical financial data periods, and the basis for preparing the financial information. It specifies the methodology used for cash flow statements, the nature of the financial statements prepared, and the accounting policies applied. The preparation involved incorporating adjustments for changes in accounting policies and material amounts, and adjustments for reclassification of items to align with the financial statement groupings.

This section details the basis of preparation and material accounting policies for the financial statements, including how various financial instruments and assets/liabilities are measured. It outlines consolidation policies for subsidiaries, associates, and joint arrangements, specifying the accounting methods used for each. Furthermore, it describes the treatment of business combinations, including the measurement of goodwill and the handling of changes in ownership interests. The policies cover historical cost conventions, fair value measurements for certain financial instruments, and the classification of assets and liabilities as current or non-current.

This section outlines the accounting policies for various financial instruments and assets as per the company's basis of preparation. It details the recognition, measurement, and subsequent treatment for financial assets, including debt instruments, equity instruments, and financial liabilities. The policies differentiate between various measurement bases such as amortized cost, fair value through profit or loss, and fair value through other comprehensive income, depending on the contractual terms and business model. Furthermore, it specifies rules for de-recognition of assets and liabilities, as well as the treatment of derivative financial instruments.

This section details various accounting policies related to hedge accounting, impairment of non-financial assets, inventory valuation, borrowing costs, investments, foreign currency transactions, taxation, revenue recognition, and employee benefits. It outlines specific treatments for recognizing gains and losses, determining asset impairment, valuing inventories, capitalizing borrowing costs, and translating foreign currency transactions. Furthermore, it specifies how different types of revenue, such as goods sales, services, capacity swaps, interest income, rental income, insurance claims, dividend income, and other income, are recognized. Finally, it covers the accounting for short-term employee benefits and defined contribution plans.

This section details various accounting policies related to employee benefits, leases, segment reporting, and asset recognition. It outlines the treatment for gratuity plans, lease accounting for assets, and the recognition of lease liabilities and right-of-use assets. Furthermore, it specifies how common costs are allocated to operating segments and defines criteria for identifying leases, including short-term and low-value leases.

This section provides detailed notes on various financial aspects for Orient Cables (India) Limited, covering Capital Work in Progress (CWIP), Right-of-Use Assets and Lease Liabilities, and Intangible Assets under Development. The data is segmented by different reporting periods, including year-end and period-end figures, with amounts stated in INR millions. Key details include the movement and aging of CWIP, the recording of depreciation and lease expenses, and the carrying values and amortization of computer software intangible assets.

This section details various financial and structural information for Orient Cables (India) Limited, including intangible assets under development, financial assets, inventories, trade receivables, cash and cash equivalents, and share capital structure. It provides comparative data across different financial years and periods, noting distinctions between standalone and consolidated figures. Furthermore, it outlines details regarding the movement and structure of the equity share capital, including authorized and issued shares, and the holdings of promoters.

This section details various financial information for Orient Cables (India) Limited, including equity movements, borrowings, provisions, and trade payables across different reporting periods. The data covers changes in retained earnings, details on securities premium, employee stock option reserves, non-current and current borrowings, provisions for employee benefits, deferred tax assets and liabilities, and various trade payables. The information is presented in millions of INR, with figures showing trends from March 2024 to June 2026.

This section details various financial statement line items for Orient Cables (India) Limited across different reporting periods, including current liabilities, revenue, income, cost of materials, inventory changes, employee benefits, finance costs, depreciation, and other expenses. It also includes disclosures related to employee benefits, contingent liabilities, and compliance with various laws and regulations.

This section provides various financial disclosures for Orient Cables (India) Limited, including capital commitments, litigation details, segment and geographical reporting, and reconciliation of revenue. It details the breakdown of revenue by product category and geographical location, along with various related party transactions and balances. Furthermore, it outlines financial risk management policies concerning liquidity, market, and credit risks, including sensitivity analysis for interest rate changes.

This section details various financial and statutory information for Orient Cables (India) Limited, including risk factors, financial instrument valuations, and tax reconciliation. It covers the movement of borrowings, liabilities, and equity components over different reporting periods. Furthermore, it provides analytical ratios such as Debt-Equity, Debt Service Coverage, Return on Equity, and various turnover ratios, along with details on Corporate Social Responsibility (CSR) expenditure.

This section details various notes related to the financial statements, including provisions regarding fund receiving, transactions with other entities, and various adjustments made to the financial figures. It includes details on share-based payments, the structure of employee stock option schemes, and disclosures about the accounting software used. Furthermore, it outlines various adjustments made to the balance sheet and profit/loss figures for different reporting periods.

This section provides various adjustments and financial information related to the company's financial statements, including compliance with CSR spending rules and statutory dues. It details the reconciliation of profit figures to EBITDA and EBITDA margins across different periods. Furthermore, it presents a capitalization statement and a summary of the company's aggregate borrowings as of June 30, 2026, along with principal terms of the credit facilities sanctioned.

This section outlines various legal and contractual aspects related to the company's borrowing arrangements, including events of default, consequences thereof, and restrictive covenants imposed by lenders. It details the terms of unsecured loans, such as the tenor and interest rate, and clarifies that consents have been obtained for certain activities. Furthermore, the text discusses the limitations of the financial information provided, noting differences between accounting standards and the potential comparability issues due to the incorporation of a subsidiary.

This section discusses the company's customer relationships, product diversification efforts, and manufacturing capacity expansion. The company emphasizes the strength of relationships with top customers and the strategy to diversify its product portfolio to serve various end-use applications. It details capacity expansion initiatives for manufacturing facilities and highlights improvements in operational efficiency, such as increased EBITDA margins. Furthermore, the text covers the cost of raw materials, the sourcing strategy from various suppliers, and the procurement model used for raw materials.

This section details various accounting policies related to consolidation, business combinations, financial instruments, and asset recognition under Indian Accounting Standards (Ind AS). It covers how different ownership interests (associates, joint arrangements, joint ventures) are accounted for, the treatment of business combinations including goodwill, the historical cost convention, the classification of assets and liabilities (current versus non-current), fair value measurement for financial instruments, and the recognition and amortization of intangible assets. The text also outlines specific rules for dealing with changes in ownership interests and the measurement of various financial instruments.

This section details various accounting treatments and recognition principles for different financial instruments, liabilities, derivatives, and assets. It covers classifications for financial assets and liabilities, subsequent measurement methods, impairment assessments, treatment of financial guarantees, derivative instruments, hedge accounting, and the recognition of various types of revenue. Specific rules are provided for measuring items like trade payables, loans, and foreign currency transactions, including how exchange differences are handled. Furthermore, the text outlines rules for recognizing and accounting for impairment of assets, inventories, and the treatment of borrowing costs.

This section details various accounting treatments and financial statement components. It covers provisions for employee benefits such as provident funds and gratuity, lease accounting standards, segment reporting methodologies, and definitions for cash and cash equivalents. Furthermore, it outlines the structure of the Statement of Profit and Loss, detailing components like revenue from operations, various expenses, and resulting profit before tax, along with tax expenses.

This section details various financial line items for a three-month period ending June 30, 2026, including expenses, profit before tax, and EBITDA margins. It also provides a comparison of key financial figures between Fiscal 2026 and Fiscal 2025, highlighting significant growth in total income and revenue from operations. The analysis shows substantial increases in the cost of materials consumed and employee benefits expenses year-over-year.

This section details various financial statement line items for two fiscal years, highlighting significant changes in financing costs, depreciation, other expenses, profit before tax, tax expense, and profit for the year. Financing costs saw substantial increases in interest to banks and borrowings. Depreciation and amortization expenses rose significantly, mainly driven by increased depreciation on property, plant, and equipment. Other expenses showed a 38.57% increase, largely due to rising power and fuel charges and consumption of stores and spare parts. Profit before tax saw a slight increase, and the total tax expense also rose, with current tax increasing due to higher profit before tax.

The company showed significant growth in its operations, with total income increasing by 25.10% from Fiscal 2024 to Fiscal 2025. Revenue from operations grew by 25.42%, driven by a 32.05% increase in networking cables and solutions sales. Despite this growth, EBITDA increased by 14.95% year-on-year, while the EBITDA margin decreased from 10.17% to 8.23%. Finance costs saw a substantial increase, with short-term borrowings rising by 159.05% and long-term borrowings increasing by 473.12%.

The company's funding requirements are primarily met through cash generated from operations supplemented by borrowings from banks. Liquidity is maintained through operating activities, debt repayment, and working capital requirements. The text details cash flows, profit figures, and various financial indebtedness metrics across different fiscal years. Furthermore, the prospectus discloses contingent liabilities and off-balance sheet arrangements, stating that no such arrangements are reasonably likely to have a material effect on the company's financial condition.

The section outlines various categories of outstanding litigation and material developments, including criminal proceedings, regulatory actions, and civil claims involving the Company, its subsidiaries, directors, and promoters. It specifies criteria for what constitutes material litigation based on monetary thresholds related to turnover, net worth, and profit/loss, as well as rules for evaluating pre-litigation notices. Several specific pending cases are detailed, such as civil suits, criminal complaints, and regulatory notices.

The section details various aspects of the company's outstanding litigation, including tax proceedings, pending civil suits involving group companies, outstanding dues to creditors, and various governmental approvals. Regarding litigation, a counter civil suit was filed by Orient Electric Limited against the Company, and the matter is currently pending. Several tax proceedings were disclosed involving the Company, Promoters, and Directors. Furthermore, there are significant outstanding dues owed to Material Creditors, including dues to MSME creditors, Material Creditors, and other creditors. The company also lists numerous material approvals obtained from various governmental and statutory authorities for its business operations, including factory licenses, consents to establish, and various operational permits.

The section primarily details the authorization of the Draft Red Herring Prospectus by the Board and Shareholders, and the receipt of in-principle approvals for equity share listing from the BSE and NSE. It also clarifies that company personnel and promoters are not prohibited from accessing capital markets, and confirms that certain individuals have not been declared as Wilful Defaulters or Fraudulent Borrowers by financial institutions, with a caveat regarding an awaited no objection certificate for a loan repayment. The text further outlines compliance with various SEBI regulations and eligibility criteria for the offer, including requirements for net tangible assets, operating profit, and net worth over the preceding three financial years.

The section details various consents received from practicing professionals to be named as 'experts' under Section 2(38) of the Companies Act, 2013, for different aspects of the company's operations, including share capital buildup, manufacturing capacities, and intellectual property. It also states that no capital issues were made by the company in the last three years, and there are currently no listed subsidiaries or associates. Furthermore, the section provides extensive details regarding the price information of past issues handled by various brokers and lists various mechanisms for the redressal of investor grievances related to bid processes.

This section primarily details procedures related to investor grievances, the terms of the offer, and the process for the allotment of equity shares. It outlines the various legal frameworks governing the offer, the nature of the offer (Fresh Issue and Offer for Sale), and the rules regarding the ranking of equity shares. Furthermore, it specifies the mode of dividend payment and the various timelines and procedures for the submission, closing, and processing of bids, including different categories of bidders and the handling of delays.

This section details various procedural aspects related to the issuance and offering of equity shares, including provisions for revising the Price Band, extensions to the Bid/Offer Period, and conditions for minimum subscription levels. It outlines rules for handling delays, the process for disseminating revisions, and the allocation methodology across different bidder categories such as QIBs, Non-Institutional Bidders, and Retail Individual Bidders. Furthermore, it specifies rules regarding the allotment of shares, the mode of bidding, and the handling of various bid types, including those from Foreign Portfolio Investors (FPIs).

This section details various procedural aspects related to the offer process, including the use of different payment mechanisms like UPI, the timelines for listing, and investor grievance redressal. It outlines phased implementation of the UPI mechanism, including its transition from ASBA forms to UPI, and specifies rules for bid submission, the allocation of shares across different investor categories, and restrictions on certain parties participating in the offer.

This section details various restrictions and requirements concerning different categories of bidders in the offer process, including Mutual Funds, HUFs, Eligible NRIs, FPIs, and various other entities. It outlines specific rules regarding bid documentation, investment limits, and the handling of different bid structures like Multi-Investment Manager (MIM) bids. Furthermore, it specifies rules for bids from various financial institutions like banking companies, insurance companies, and NBFCs, including required documentation and investment limits based on regulatory frameworks like RBI and IRDAI.

This section primarily outlines various instructions and prohibitions for bidders participating in the offering process, covering aspects such as bid submission procedures, required documentation, and restrictions based on the bidder category (e.g., QIBs, Retail Individual Bidders). It details rules regarding bid amounts, use of different payment methods, and compliance with various regulatory requirements concerning bidder identification and account details. It also lists specific technical grounds for the rejection of bids.

This section primarily details various procedural aspects related to the offer, including allotment rules, payment mechanisms for anchor investors, pre-offer and allotment advertisements, and legal disclaimers. It outlines specific requirements for how bids and allotments should be handled, including provisions related to fraudulent activities, undertakings by the company and promoters, and restrictions on foreign ownership of Indian securities.

This section details the interpretation of capitalized terms within the Articles of Association, referencing various provisions of the Companies Act, 2013, and SEBI ICDR Regulations. It defines key terms such as Articles, Board, Control, Company, Directors, Depositories Act, and various financial and legal instruments. The section also outlines rules regarding share capital, the issuance of different types of shares, procedures for transfer, and provisions related to the dematerialization of shares.

This section details various aspects of share transfer, lien, call provisions, and forfeiture procedures under the relevant Act and rules. It outlines requirements for transferring securities, the Company's lien rights over shares, the process for making calls on members, and the procedures for forfeiting shares due to non-payment. It also covers provisions related to the transmission of shares upon the death or insolvency of a member.

This section primarily details the provisions related to the forfeiture and handling of shares, the alteration of the company's capital, and the powers of the Board of Directors. It outlines procedures for handling unpaid dividends, the ability to modify the share capital, and the Board's authority concerning borrowing and securing funds for the company.

This section primarily outlines various provisions related to the appointment and powers of senior management personnel, such as Chief Executive Officers, Managers, and Secretaries, by the Board. It also details the powers of a Managing Director, including the ability to delegate powers, and various provisions concerning dividends, reserves, and the handling of dividends payable on equity shares. Furthermore, the text discusses the inspection rights of Directors over company accounts and documents, the process for laying financial statements before the Annual General Meeting, the appointment of auditors, and various indemnity provisions for company officers.

This section details various reports, consents, and agreements related to the drafting of the Draft Red Herring Prospectus (DRHP), including reports from external entities and various certificates issued by Chartered Accountants. It includes consents from various professionals to act as 'experts' under the Companies Act, 2013, and references to various agreements and filings with regulatory bodies. The text also contains multiple declarations confirming compliance with relevant laws and the accuracy of the disclosures made in the DRHP.

This section primarily consists of declarations and certifications by various Directors and the Chief Financial Officer regarding the compliance of the Red Herring Prospectus with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India. Furthermore, a Promoter Selling Shareholder has made a specific declaration concerning the accuracy of statements related to themselves and the equity shares being offered in the Offer for Sale.

This section primarily contains declarations from various promoters and family trusts confirming the truth and correctness of statements made in the Draft Red Herring Prospectus regarding their role as Promoter Selling Shareholders. These declarations limit their responsibility for statements related to the Company or other promoters. Specifically, Garima Nagpal, Vipul Family Trust, and Garima Family Trust have each made separate confirmations.

The text discusses potential risks related to product development, market dynamics, and regulatory environments, such as challenges in scaling manufacturing or facing adverse policy changes. It further states that the Company, its promoters, directors, and other related entities might be involved in outstanding legal proceedings, and any adverse outcome could negatively impact the business and financial condition. A summary table is provided detailing outstanding litigation proceedings involving the Company and its related parties.

The management section details various compliance and operational risks faced by the company. It notes that certain challans for regulatory filings are untraceable, and there is no assurance that such records will be available in the future. Furthermore, the company is subject to potential financial penalties for delays in paying statutory dues. Operational risks include the dependency on external utilities like electricity, fuel, and water, and the potential for delays due to shortages. The company is also exposed to regulatory actions concerning licenses, permits, and approvals for its manufacturing facilities, and potential adverse impacts from trade protectionist measures on exports.

The section discusses various risks related to the company's operations, including the potential impact of expiring certifications, industry threats, and issues with intellectual property. It highlights risks such as rising commodity prices, competition, technological advancements, and currency volatility in the wires and cables industry. Furthermore, the text addresses risks concerning brand protection, the inability to secure intellectual property rights, and potential litigation from third parties. There are also concerns about the company's financial stability, including indebtedness, potential breaches of financing covenants, and the uncertainty surrounding the renewal of lease agreements for corporate premises.

The company emphasizes that its future performance relies heavily on the continued service of its Directors, Key Managerial Personnel (KMPs), and Senior Management Personnel (SMPs), warning that the loss of such personnel could negatively impact the business, financial condition, and operations. The company notes significant competition for skilled personnel in the cable manufacturing industry, suggesting difficulty in attracting and retaining necessary expertise due to competitive compensation offers. Furthermore, the company discloses potential risks related to related party transactions, which may involve conflicts of interest, and the potential for various legal and regulatory issues, including the increased scrutiny associated with being a publicly listed company.

The management section highlights several risks related to operational continuity, data security, and macroeconomic factors. Risks include potential disruptions to IT systems from various causes, slowdowns in the Indian economy, volatility in global commodity prices, and various geopolitical tensions. Furthermore, the company faces risks from natural disasters, terrorist attacks, and public health crises. The text also details concerns about inflation impacting margins, evolving regulatory and legal frameworks, and potential adverse changes in India's sovereign credit rating.

The section discusses various regulatory and legal aspects concerning the listing and trading of equity shares, including surveillance measures imposed by stock exchanges. It details potential tax implications on capital gains from the sale of equity shares, the uncertainty surrounding future tax laws, and restrictions on the withdrawal of bids by investors. Furthermore, it addresses issues related to foreign investment restrictions, exchange controls, and the ability of foreign investors to enforce judgments against the company.

The provided text primarily discusses the limitations of shareholder rights and insolvency laws under Indian law compared to other jurisdictions. It notes that the Articles of Association, board composition, corporate procedures, directors' fiduciary duties, and shareholder rights may differ from those in other countries. Furthermore, it highlights that insolvency proceedings in India are likely to involve Indian insolvency laws, such as the Insolvency and Bankruptcy Code, 2016, which may have procedural and substantive differences compared to laws in familiar jurisdictions.

This section details contingent liabilities, including guarantees issued by banks and the holding of margin money for letters of credit, which are set forth in the Restated Consolidated and Standalone Financial Information. It also summarizes related party transactions for the three months ended June 30, 2026, comparing Fiscal 2026, 2025, and 2024, categorized by the nature of the transaction and the relationship with the counterparty. The data includes various transactions such as the sale and purchase of goods, rent paid, interest on loans, and various payments and receipts involving Key Managerial Personnel (KMPs) and directors.

This section details various financial relationships and transactions between the company and its key personnel, including remuneration, receivables, and payables across different fiscal years. It also outlines the structure and authorization for an offer involving the issuance and sale of equity shares. The text specifies different portions of the offer, including QIB and Anchor Investor portions, and the allocation rules for these portions to various investor categories like Mutual Funds and Life Insurance Companies.

This section details the procedures for handling under-subscription or non-allotment in various portions of the equity share offering. It outlines rules for spill-over allocations between categories, the requirement for minimum subscription levels, and the use of the UPI mechanism for individual investors based on application amounts. Furthermore, it specifies the allocation methodology for different bidder categories, including provisions for ensuring a minimum allocation for Non-Institutional Bidders and the discretionary nature of allocation to Anchor Investors.

The section details contractual obligations, capital expenditures, and various risk factors related to the company's operations. It mentions that transactions with related parties include reimbursements, rent payments, loans, interest, and remuneration. Furthermore, it discusses risks such as credit risk, liquidity risk, market risk (including interest rate, currency, and equity price risk), and inflation risk. The text also notes dependencies on a limited number of customers and mentions a recent development involving the subscription of equity shares in a joint venture.