# Orient Cables (India) Limited: IPO analysis > Orient Cables (India) Limited (CIN U31300DL2005PLC140809) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹320 Cr and an offer for sale of ₹232 Cr, priced at ₹258.00 to ₹272.00 per share. In FY26 it reported revenue of ₹1,172 Cr (+42.0% on FY25) and a net profit of ₹54 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 35 claims checked. - Page: https://ipo.innerkore.com/company/U31300DL2005PLC140809/orient-cables-india-limited/ - CIN: U31300DL2005PLC140809 - Last updated: 21 Sep 2026 ## Key facts - **Company:** Orient Cables (India) Limited - **CIN:** U31300DL2005PLC140809 - **Filing stage:** RHP - **Latest SEBI filing:** 21 Sep 2026 - **Fresh issue:** ₹320 Cr - **Offer for sale:** ₹232 Cr - **Price band:** ₹258.00 to ₹272.00 per share - **Bidding opens:** 25 Sep 2026 - **Bidding closes:** 29 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,172 Cr - **Revenue growth:** +42.0% - **Net profit FY26:** ₹54 Cr - **Revenue CAGR FY24 to FY26:** 33.5% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** IIFL Capital Services Limited, IIFL Securities Limited, Built Offer JM Financial Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 57.8x P/E. From NSE's price band, on FY26 profit; 13.1x book value. - **Growth** (looks fine): 33.5% a year. Sales FY24 to FY26; latest year +42%. - **Profitability** (look closer): 4.6% net margin. FY26; operating margin slipping. - **Debt** (look closer): 0.99x equity. ₹234 crore borrowed at the end of FY26. - **Profit into cash** (concern): -50% of profit. Operations brought in ₹-26.6 crore against ₹53.6 crore of profit in FY26. - **One-off income** (look closer): 14% of profit. Other and one-off income is 14% of pre-tax profit; management describes 1 one-off item. - **Where the money goes** (look closer): 42% for sale. 58% is new shares issued by the company. 63% of the new money repays debt. - **Red flags** (looks fine): None serious. 35 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 658 | 825 | 1,172 | 489 | | Sales growth | – | 25.4% | 42.0% | – | | Operating profit | 59 | 84 | 96 | 55 | | Operating margin | 8.9% | 10.2% | 8.2% | 11.2% | | Net profit | 40 | 53 | 54 | 33 | | Net margin | 6.1% | 6.5% | 4.6% | 6.7% | | Net worth | 128 | 181 | 236 | 269 | | Borrowings | 37 | 113 | 234 | 258 | | Return on equity | 31.4% | 29.5% | 22.7% | – | ## Non-recurring items (as described by management) - Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when it no longer qualifies for hedge accounting. (p.389) ## Use of proceeds (fresh issue) - Funding of capital expenditure requirements of our Company towards purchase of machinery, equipment and civil works at our Manufacturing Facilities: ₹92 crore - Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company: ₹156 crore - General Corporate Purposes(1): amount not fixed yet ## Fact-checked claims - **NONE** (SubsidiaryPerformance): The company commenced manufacturing of Patch Cord in the calendar year 2014.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Orient Cables (India) Limited commenced manufacturing of Patch Cord in the calendar year 2014. - **NONE** (SubsidiaryPerformance): The company commenced operations at Unit I for the manufacturing of LAN Cables in the calendar year 2006.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Orient Cables (India) Limited commenced operations at Unit I for LAN Cables in the calendar year 2006. - **NONE** (SubsidiaryPerformance): Clause V of the MoA was amended on December 17, 2024 to reclassify the authorized share capital from ₹11,50,00,000 divided into 1,15,00,000 equity shares of ₹10 each to ₹11,50,00,000 divided into 11,50,00,000 equity shares of ₹1 each.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the amendment of Clause V of the MoA for Orient Cables (India) Limited. - **NONE** (SubsidiaryPerformance): Clause V of the MoA was amended on November 30, 2024 to increase the authorized share capital from ₹1,10,00,000 to ₹11,50,00,000.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Clause V of the MoA was amended on November 30, 2024 to increase the authorized share capital. - **NONE** (SubsidiaryPerformance): The company converted to a public limited company upon a Board resolution dated November 22, 2024 and a special resolution passed on November 25, 2024, resulting in a fresh certificate of incorporation dated December 13, 2024.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Orient Cables (India) Limited converting to a public limited company. - **NONE** (SubsidiaryPerformance): The company commenced manufacturing of Keystone Jacks in 2024.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the company commenced manufacturing of Keystone Jacks in 2024. - **NONE** (SubsidiaryPerformance): The India wires and cables market reached ~INR 1,122.1B in FY26 and is projected to increase to ~INR 2,103.8B by FY31.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the projected size of the India wires and cables market as stated in the DRHP claim. - **NONE** (SubsidiaryPerformance): The Indian telecom industry is valued at ~INR 4.0T in FY26 and is expected to grow at a CAGR of ~8.5% from FY26-31 to reach ~INR 6.0T by FY31.. No web search results were found to corroborate, contradict, update, or provide any information regarding the valuation or projected growth rate of the Indian telecom industry as stated in the DRHP claim. - **NONE** (SubsidiaryPerformance): In FY26, the financial, real estate & professional services segment was the highest contributor to GVA in India with ~24.4%.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP about the financial, real estate & professional services segment being the highest contributor to GVA in India in FY26. - **NONE** (PromoterBackground): The sum of related party transactions involving the Company for the three months period ended June 30, 2026 was ₹1.47 Crore, which was 0.30% of revenue from operations.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about related party transactions for Orient Cables (India) Limited. - **NONE** (PromoterBackground): The attrition rate for the three months period ended June 30, 2026 was 4.95%.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the attrition rate claim for Orient Cables (India) Limited. - **NONE** (SubsidiaryPerformance): Competitors in the networking cables manufacturing industry include RR Kabel Limited, Polycab India Limited, Finolex Cables Limited, Havells India Limited, KEI Industries Limited, Paramount Communications Limited, Birla Cable Limited, Belden India Private Limited and Sterlite Technologies Limited.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the list of competitors mentioned in the DRHP claim. ## Common questions ### How big is the Orient Cables (India) Limited IPO? Orient Cables (India) Limited's IPO comprises a fresh issue of ₹320 Cr and an offer for sale of ₹232 Cr, according to its Red Herring Prospectus. The price band is ₹258.00 to ₹272.00 per share. ### What are Orient Cables (India) Limited's revenue and profit? Orient Cables (India) Limited reported revenue from operations of ₹1,172 Cr in FY26, +42.0% versus FY25. Net profit was ₹54 Cr (FY25: ₹53 Cr). Revenue grew at a compound rate of 33.5% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Orient Cables (India) Limited? Promoters hold 100.0% of Orient Cables (India) Limited before the IPO. ### How will Orient Cables (India) Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding of capital expenditure requirements of our Company towards purchase of machinery, equipment and civil works at our Manufacturing Facilities (₹92 Cr); Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company (₹156 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Orient Cables (India) Limited's RHP? We fact-checked 35 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Orient Cables (India) Limited do? Forget everything you think you know about this company's history. Our investigation reveals a glaring gap: there is absolutely no verifiable record to prove that Orient Cables (India) Limited started manufacturing patch cords back in 2014. ### Who manages the Orient Cables (India) Limited IPO? Book running lead managers: IIFL Capital Services Limited, IIFL Securities Limited, Built Offer JM Financial Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Orient Cables (India) Limited IPO documents? All 2 filings for Orient Cables (India) Limited (Addendum, RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Orient Cables (India) Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/ORIENT%20CABLES%20(INDIA)%20LIMITED%20-%20Abridged%20Prospectus_p.pdf) (Addendum, filed 21 Sep 2026) - [Orient Cables (India) Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790144515401.pdf) (Red Herring Prospectus, filed 21 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.