The Orient Cables IPO opens for subscription today, September 25, 2026, and will remain open until September 29. The ₹552 crore mainboard issue has a price band of ₹258 to ₹272 per share and combines a ₹320 crore fresh issue with a ₹232 crore offer for sale. Before subscribing, investors should look beyond the IPO size and grey market premium and assess the company’s financial performance, use of funds, valuation, customer concentration and industry risks.
1. Orient Cables IPO: Check the Issue Size, Price Band and Lot Size
Orient Cables is offering shares at ₹258 to ₹272 per share. The minimum application is 55 shares, which means a retail investor bidding at the upper price band would need ₹14,960 for one lot. Retail investors can apply for up to 13 lots, subject to the applicable IPO rules.
The issue is structured as a book built IPO and will be listed on both the NSE and BSE. The IPO closes on September 29, with allotment expected on September 30 and listing scheduled for October 5, subject to the final timetable.
Orient Cables IPO at a glance
| Particular | Details |
|---|---|
| IPO dates | September 25 to September 29, 2026 |
| Price band | ₹258 to ₹272 |
| Lot size | 55 shares |
| Minimum investment | ₹14,960 |
| Issue size | ₹552 crore |
| Fresh issue | ₹320 crore |
| Offer for Sale | ₹232 crore |
| Listing | NSE and BSE |
| Expected allotment | September 30 |
| Expected listing | October 5 |
2. What Does Orient Cables Do?
Orient Cables (India) is a manufacturer of networking cables and passive networking equipment. Its products are used across broadband, telecommunications, data centres, renewable energy, smart building automation, security, system integration, FMEG and automotive applications.
Its product portfolio includes networking cables, optical fibre cables, specialty power cables, CCTV and coaxial cables, wire and cable harness assemblies, fibre patch cords and other networking accessories.
The company has an installed cable manufacturing capacity of approximately 8.95 lakh kilometres, with manufacturing facilities in Bhiwadi, Rajasthan.
This puts Orient Cables in a segment that can benefit from demand for connectivity infrastructure, data centres, telecom networks and other digital infrastructure. However, sector growth alone does not determine how an IPO will perform.
3. How Will the ₹320 Crore Fresh Issue Be Used?
One of the important things to examine in any IPO is where the fresh capital will go.
Orient Cables plans to use approximately ₹91.5 crore from the fresh issue for machinery, equipment and civil works at its manufacturing facilities. Another ₹155.5 crore is earmarked for repayment or prepayment of borrowings. The balance is intended for general corporate purposes.
Debt reduction is particularly relevant because the company’s borrowings stood at approximately ₹258.4 crore as of June 2026. If the planned repayment is executed as stated, it could reduce the company’s interest burden and improve its balance sheet.
4. Revenue Has Grown, But Profit Growth Was Limited
Orient Cables reported a substantial increase in revenue during FY26.
Revenue from operations rose to around ₹1,171.6 crore in FY26 from ₹825 crore in FY25, representing growth of about 42%. However, profit after tax increased only marginally to approximately ₹53.6 crore from ₹53.3 crore. EBITDA rose from ₹83.8 crore to ₹96.4 crore, while the EBITDA margin declined from around 10.16% to 8.22%.
This difference between revenue growth and profit growth deserves attention. It suggests that investors should not evaluate the Orient Cables IPO solely on its sales expansion. Future margins, raw material costs and operating efficiency will also matter.
For the quarter ended June 2026, the company reported revenue of about ₹489.1 crore and profit of ₹32.7 crore.
5. Watch Raw Material and Customer Concentration
Two important risks highlighted in the company’s offer documents relate to raw material sourcing and customer concentration.
Orient Cables uses inputs such as copper and PVC based materials. Changes in commodity prices can affect production costs, particularly if higher costs cannot be passed on to customers quickly.
Customer concentration is another factor. According to disclosures based on the company’s RHP, its top 10 customers accounted for approximately 76.52% of revenue in FY26, increasing to 84% for the quarter ended June 30, 2026. A high concentration means the financial impact of losing or reducing business from a major customer could be significant.
6. Don’t Rely Only on Grey Market Premium
Grey market premium, or GMP, is likely to attract attention around the Orient Cables IPO. Recent reports have indicated a premium in the unofficial market ahead of the opening. However, GMP is not an official exchange indicator and can change rapidly before listing.
For investors, GMP can provide a snapshot of unofficial market sentiment, but it should not be treated as a guaranteed listing price or return indicator.
The company’s valuation, earnings, debt, industry outlook and risk factors provide more fundamental information for assessing the issue.
7. What Should Investors Watch Before Subscribing?
The Orient Cables IPO has both growth drivers and risks. On one side, the company operates in networking and cable infrastructure, has expanded revenue significantly and plans to invest in manufacturing capacity while reducing debt.
On the other hand, FY26 profit growth was modest despite strong revenue growth, operating margins declined, and the company has exposure to raw material prices and customer concentration.
Investors should therefore review the RHP, financial statements, IPO valuation, risk factors and intended use of funds before deciding whether the issue fits their investment objectives and risk tolerance. The company’s own offer documents also caution that the IPO price should not be treated as an indication of the future market price.
Conclusion
The Orient Cables IPO brings a ₹552 crore mainboard issue to the market with a price band of ₹258 to ₹272 and a minimum retail investment of ₹14,960. Its strong revenue growth, planned capital expenditure and proposed debt reduction are key points to examine, while subdued profit growth, margin pressure, raw material exposure and customer concentration remain important risks.
With the IPO open from September 25 to September 29, investors have several factors to evaluate beyond subscription demand or GMP. The next important milestones will be the final subscription figures, allotment on September 30 and the proposed listing on October 5.
Frequently Asked Questions
1. When does the Orient Cables IPO open and close?
The Orient Cables IPO opens on September 25, 2026, and closes on September 29, 2026. The issue is a mainboard IPO and is proposed to be listed on both NSE and BSE. Investors must complete their application and UPI mandate within the applicable deadlines on the final bidding day.
2. What is the Orient Cables IPO price band?
The Orient Cables IPO price band is ₹258 to ₹272 per share. Investors can bid within this range, subject to the applicable IPO rules. The minimum lot contains 55 shares, making the minimum application amount ₹14,190 at the lower band and ₹14,960 at the upper band.
3. What is the minimum investment for the Orient Cables IPO?
The minimum retail application consists of 55 shares. At the upper price band of ₹272, one lot costs ₹14,960. Investors should also account for their available funds and ensure that the UPI mandate or ASBA application is completed correctly within the IPO timeline.
4. What is the size of the Orient Cables IPO?
The Orient Cables IPO is valued at approximately ₹552 crore. It consists of a fresh issue of up to ₹320 crore and an offer for sale of approximately ₹232 crore by existing shareholders. The fresh issue proceeds will be used partly for capital expenditure and debt repayment.
5. What does Orient Cables manufacture?
Orient Cables manufactures networking, specialty power and optical fibre cables along with wire and cable harness assemblies and allied networking products. Its customer industries include telecom, broadband, data centres, renewable energy, smart buildings, security, FMEG and automotive applications.
6. How will Orient Cables use the IPO proceeds?
Around ₹91.5 crore of the fresh issue proceeds is planned for machinery, equipment and civil works, while approximately ₹155.5 crore is intended for repayment or prepayment of borrowings. The remaining amount will be used for general corporate purposes.
7. What are the major risks in the Orient Cables IPO?
Important risks include fluctuations in raw material prices, particularly copper and PVC based inputs, customer concentration, working capital requirements, manufacturing disruptions and competitive pressure. The company’s offer documents also highlight risks relating to its operations, suppliers, customers and financial obligations.
8. What was Orient Cables’ revenue and profit in FY26?
Orient Cables reported revenue from operations of approximately ₹1,171.6 crore in FY26, compared with ₹825 crore in FY25. Profit after tax was around ₹53.6 crore, compared with ₹53.3 crore in FY25. The figures show strong revenue growth but relatively limited year on year profit growth.
9. When will Orient Cables IPO allotment be finalised?
The basis of allotment for the Orient Cables IPO is expected to be finalised on September 30, 2026. Refund initiation and credit of shares to successful applicants are expected on October 1, followed by the proposed stock market listing on October 5. These dates remain subject to the final issue schedule.
10. Should investors use GMP to decide on the Orient Cables IPO?
GMP should not be the sole basis for an IPO decision. Grey market premium represents unofficial market activity and can change before listing. Investors should instead consider the company’s financial performance, valuation, business model, use of IPO proceeds, industry conditions and disclosed risk factors before deciding whether the issue suits their objectives and risk tolerance.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Parvati Rai is the Vice President of the Research team at Equentis. She has over 15 years of equity-research and strategy-consulting experience. A specialist in deep-dive valuations, financial modelling, and forecasting, she has built research desks from the ground up, by steering buy-side, sell-side, and independent coverage across sectors. When she isn’t fine-tuning models, Parvati unwinds on nature treks and mentors aspiring analysts.
