- Summary
- Orient Cables (India) is a Delhi-headquartered networking and speciality cable manufacturer launching its ₹552 crore mainboard IPO from 25th to 29th September 2026.
- The issue combines a ₹320 crore fresh issue with a ₹232 crore offer for sale from the promoter group, and the shares are proposed to list on the NSE and BSE on 5th October 2026.
- The price band is ₹258–272 per share, with a lot size of 55 shares and a minimum investment of ₹14,960.
Orient Cables IPO (India) is a ₹552 crore main board book-building issue with a face value of ₹1 per share. The subscription period will be from 25 September to 29 September 2026, with the price range set between ₹258 and ₹272 per share. The issue comprises a ₹320 crore fresh issue along with a ₹232 crore offer for sale, and each application consists of 55 shares. Ahead of the IPO, anchor investors put in ₹165.60 crore on 24 September 2026.
The minimum for a retail application is ₹14,960 for one lot in the upper price range. The minimum application for S-HNI investors is 14 lots or 770 shares worth ₹2,09,440, and B-HNI investors can apply from 67 lots or 3,685 shares amounting to ₹10,02,320. The allotment is scheduled for 30 September 2026, whereas the shares are likely to list tentatively on the NSE and BSE on 5 October 2026.
Orient Cables (India) IPO Key Details
The core specifics of the Orient Cables (India) IPO are as follows.
| IPO Open Date | 25 September 2026 |
| Close Date | 29 September 2026 |
| Face value | ₹1 per share |
| Price Band | ₹258 to ₹272 |
| IPO Lot Size | 55 Shares |
| Fresh issue | ₹320.00 crore approx |
| Offer for Sale | ₹232.00 crore approx |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | ₹552.00 cr approx |
| Minimum Investment | ₹14,960 (55 shares) |
Orient Cables (India) IPO Timeline
The IPO schedule covers the anchor bidding, subscription period, allotment, refunds, demat credit, and listing.
| Bid Opening | 24 September 2026 |
| Bid Closing | 25 September 2026 |
| Tentative Allotment | 30 September 2026 |
| Initiation of Refunds | 1 October 2026 |
| Credit of Shares to Demat | 1 October 2026 |
| Tentative Listing Date | 5 October 2026 |
| UPI mandate closing date | 29 September 2026 |
Key Performance Indicators of Orient Cables (India) Limited
The following figures show how the company’s returns, margins, and leverage have changed over the last three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (% before exceptional item) | 25.84 | 34.60 | 37.26 |
| ROCE (%) | 23.82 | 36.46 | 41.13 |
| Debt Equity (in times) | 0.94 | 0.63 | 0.23 |
| RoNW (%) | 25.84 | 34.60 | 37.26 |
| PAT Margin (% before exceptional item) | 4.55 | 6.41 | 6.03 |
| EBITDA margin (%) | 8.23 | 10.17 | 8.94 |
Orient Cables (India) Limited Financial Details
Here is a look at the company’s revenue, total assets, and profit over the past three financial years.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 1,181.67 | 831.86 | 664.98 |
| Total Asset | 580.79 | 427.19 | 293.22 |
| Profit | 53.56 | 53.32 | 40.07 |
Orient Cables (India) IPO Subscription Status
Orient Cables (India) IPO shares subscription is as follows:
| Date | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Sep 25 (Day 1) | 0.01 | 3.67 | 2.69 | 5.61 | 2.56 | 2.07 |
| Sep 28 (Day 2) | 0.04 | 12.56 | 10.25 | 17.18 | 7.16 | 6.28 |
Orient Cables (India) IPO Grey Market Premium (GMP)
The Orient Cables (India) IPO GMP today stands at ₹70, indicating an estimated listing price of ₹342 against the upper price band of ₹272. The premium eased from ₹113 on 24 September after rising sharply over the previous sessions. At the latest GMP, the estimated listing gain stands at 25.74%.
| GMP Date | GMP | Est. Listing Price on upper price-₹272.00 | Est. Profit* | Trend |
|---|---|---|---|---|
| 28-Sep 11:37 Sub: 4.65x | ₹90 (33.09%) ─ | ₹362 | ₹4,950 | Strong Upward |
| 27-Sep 23:37 | ₹90 (33.09%) ▲ | ₹362 | ₹4,950 | Strong Upward |
| 26-Sep 23:37 | ₹86 (31.62%) ▲ | ₹358 | ₹4,730 | Strong Upward |
| 25-Sep 23:37 Sub: 2.07x O | ₹80 (29.41%) ▼ | ₹352 | ₹4,400 | Upward |
| 24-Sep 23:37 | ₹113 (41.54%) ▲ | ₹385 | ₹6,215 | Upward |
| 23-Sep 23:37 | ₹45 (16.54%) ▲ | ₹317 | ₹2,475 | Stable |
| 22-Sep 23:37 | ₹34 (12.50%) ─ | ₹306 | ₹1,870 | Initial |
Note: GMP (Grey Market Premium) values are sourced from the grey market and are subject to rapid change based on demand, subscription status and market sentiment.
Orient Cables (India) IPO Reservation
The issue is reserved for QIBs, NIIs, and retail investors, with anchor investors forming part of the QIB allocation.
Orient Cables (India) IPO Prospectus
Investors can refer to the following documents for more details about the public issue.
About Orient Cables (India) Limited
Orient Cables was incorporated in 2005 and has been making networking cables and passive networking equipment for nearly two decades. Its portfolio includes CAT5 to CAT6A cables, patch cords, optical fibre and power cables. It has also moved into newer products such as E-beam irradiated specialty cables, solar junction boxes, and TÜV-certified EV charging cables.
Its market share increased from roughly 16% in FY22 to 22.9% in FY26. The company has three manufacturing facilities, with two located in Bhiwadi, Rajasthan, and one in Bengaluru.
Promoters:
- Vipul Nagpal
- Garima Nagpal
- Vardaan Nagpal
- Vipul Family Trust
- Garima Family Trust
| Book Runner | IIFL Capital Services Limited JM Financial Limited |
| Issue Registrar | KFin Technologies Limited |
Purpose of Orient Cables (India) IPO
The fresh issue proceeds are intended for the following purposes.
| Particulars | Estimated Amount in ₹ Crores |
| Capital expenditure towards purchase of machinery, equipment and civil works at manufacturing facilities | 91.50 |
| Repayment or prepayment of outstanding borrowings | 155.50 |
| General Corporate Purposes | — |
Orient Cables (India) Limited – Strengths and benefits
- Long-standing customer relationships: New customers in this industry typically go through around 6 months of facility audits and third-party testing. This process can make it harder for new suppliers to enter the market.
- Diversified, customised product range: The company makes standard networking cables as well as specialty power and optical fibre products, with products customised to customer requirements across different end-user industries.
- Market presence in a growing category: Orient Cables ranks among India’s top four networking cable players and had a 22.9% market share in FY26. It also recorded the fastest revenue CAGR of 33.45% among its peer set over FY24–26, compared with a peer average of 17.27%.
- Strategically located, innovation-focused manufacturing: Its manufacturing facilities are positioned around key demand centres, while the company continues to add products such as E-beam irradiated cables and EV charging assemblies.
Orient Cables (India) Limited – Risks and limitations
- Customer concentration: The top 10 customers made up 76.52% of its FY26 revenue, while the figure stood at 84.00% for the quarter ended June 2026, leaving the company heavily dependent on a relatively small group of customers.
- Manufacturing concentrated in one state: Two of the company’s three manufacturing facilities are in Bhiwadi, Rajasthan. Any disruption affecting the region could therefore impact operations.
- No current credit rating: Orient Cables has not had an updated credit rating since FY2025. Its last rating was CRISIL B/Stable and was marked “Issuer Not Cooperating”. The rating is sub-investment-grade and is also not current, which could have a bearing on future borrowing costs.
- Declining return efficiency: RoNW declined from 37.26% in FY24 to 25.84% in FY26. This means the return generated on net worth has fallen even as the company’s revenue has increased.
Orient Cables (India) IPO Review
Orient Cables enters the IPO with strong revenue growth. However, declining margins and return ratios, high customer concentration, manufacturing concentration in Rajasthan, and an outdated sub-investment-grade credit rating remain important points to consider. At the upper price band of ₹272, the latest GMP of ₹70 suggests a 25.74% estimated gain, although GMP is unofficial and can change.
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Orient Cables (India) IPO FAQs
It is a ₹552 crore mainboard book-building issue, comprising a ₹320 crore fresh issue and a ₹232 crore offer for sale by the promoter group. The shares are proposed to be listed on the NSE and BSE.
Investors can apply through a stockbroker or an IPO-enabled trading platform linked to their demat account. Payment can be authorised through UPI or ASBA.
The IPO has factors that investors may want to examine on both sides. Market share gains, 33.45% revenue CAGR over FY24–26, and a diversified product portfolio are among the company’s stated strengths. On the other hand, the company has high customer concentration, a stale sub-investment-grade credit rating, and declining margins and return ratios despite revenue growth. The valuation at the issue price is another factor to consider when assessing the growth and profitability trade-off.
The IPO will open for bidding on 25 September 2026 and close on 29 September 2026.
The lot size is 55 shares. At the upper end of the price band, one lot requires an investment of ₹14,960.
The allotment is expected on 30 September 2026. Refunds and credit of shares to demat accounts are scheduled for 1 October 2026.
The tentative listing date is 5 October 2026 on the NSE and BSE.
