🚫 Avoid
Listed
Cables – Electricals
Orient Cables (India) Limited IPO
₹552 Cr · Fresh Issue & OFS · Cables – Electricals
Price Band
₹258 – ₹272
Lot: 1200 shares (₹326,400)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹552 Cr
Fresh Issue & OFS
Market Cap
₹3095.35 Cr
At upper band
P/E Ratio
57.5x
P/S: 2.6x
Listing Date
05 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
25 Sep 2026
✓
Closes
29 Sep 2026
✓
Allotment
30 Sep 2026
✓
Refund
1 Oct 2026
✓
Listing
05 Oct 2026
IPO India Hub: Strong Avoid
Conviction
3/10
The company is valued at 2.5× sector midpoint (57.5x P/E vs. 23x niche baseline) with no margin justification—NPM is only 6.7%, well below the 15% threshold needed to support premium valuations. Revenue and PAT have contracted sharply over two years (−23.2% and −21.6% CAGR respectively), signaling operational deterioration that contradicts the 97x subscription hype.
Listing Performance
Issue Price
₹272
Allotment price
Listing Price
₹448.1
+64.74% on listing day
Current Price (CMP)
₹354.75
+30.4% vs issue
Listed On
05 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong ROCE and debt management
The company delivers a ROCE of 23.82%, indicating efficient capital deployment, and maintains a conservative D/E of 0.94x, leaving room for growth investment. Debt repayment of ₹155.5 Cr from IPO proceeds will further strengthen the balance sheet.
✓ Strength
Promoter commitment and high subscription
Promoter holding remains elevated at 80.71% post-issue, signaling confidence in long-term value creation. The 97.28x subscription demonstrates strong retail demand, though this often reflects sentiment rather than fundamental value.
⚠ Risk
Severe revenue and profit contraction
Revenue collapsed from ₹1,181.7 Cr (FY-1) to ₹490.9 Cr (FY0), a 58% drop in a single year. Net profit fell 39% over the same period, from ₹53.6 Cr to ₹32.8 Cr, indicating the company is in operational distress, not growth mode.
⚠ Risk
Valuation disconnected from fundamentals
At 57.5x P/E, the company trades at 2.5× the sector midpoint with an NPM of only 6.7%—far below the 15% threshold that might justify a premium. The weak 2.7% GMP offers no bullish signal to offset this overvaluation on a Mainboard listing.
₹ Valuation
Extreme premium to sector norms
The P/E of 57.5x against a niche/unlisted sector midpoint of 23x (range 18–28x) represents a 2.5× multiple with no earnings growth or margin story to support it. The P/S of 2.6x is also elevated for a company in revenue freefall.
👁 Watch
Monitor FY1 revenue trajectory closely
Investors must track whether the company can stabilize and grow revenue in the first full year post-listing. If revenue remains flat or contracts further, the valuation will face severe downward pressure and the IPO will likely underperform significantly.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Orient Cables (India) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1171.65 Cr
Net Profit
₹53.81 Cr
Industry
Cables – Electricals
Issue Type
Fresh Issue & OFS
Promoters
VIPUL NAGPAL, GARIMA NAGPAL, VARDAAN NAGPAL, VIPUL FAMILY TRUST, GARIMA FAMILY TRUST
Lead Managers
IIFL Capital and JM Financial
Quick Actions
Frequently Asked Questions
Avoid. The company is valued at 2.5× sector midpoint (57.5x P/E vs. 23x niche baseline) with no margin justification—NPM is only 6.7%, well below the 15% threshold needed to support premium valuations. Revenue and PAT have contracted sharply over two years (−23.2% and −21.6% CAGR respectively), signaling operational deterioration that contradicts the 97x subscription hype.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹272, the minimum investment per retail application is ₹326,400. You can apply for up to 13 lots (₹4,243,200) under the retail category (up to ₹2 lakh).
The IPO opens on 25 Sep 2026. It closes on 29 Sep 2026. Allotment is expected on 30 Sep 2026. Refunds initiate on 1 Oct 2026. Listing on BSE and NSE is on 05 Oct 2026.
The lead managers for the IPO are IIFL Capital and JM Financial. Check the SEBI filing for the registrar details.
The IPO listed on 05 Oct 2026 at ₹448.1 against an issue price of ₹272 (+64.74% on listing day). The current market price (CMP) is approximately ₹354.75 (+30.4% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 29 Sep 2026. The minimum investment is ₹326,400 for one lot (1200 shares). The company is valued at 2.5× sector midpoint (57.5x P/E vs. 23x niche baseline) with no margin justification—NPM is only 6.7%, well below the 15% threshold needed to support premium valuations. Revenue and PAT have contracted sharply over two years (−23.2% and −21.6% CAGR respectively), signaling operational deterioration that contradicts the 97x subscription hype.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 29 Sep 2026. The IPO is priced at a P/E of 57.5x. Market cap at issue price is ₹3095.35 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹272 each, costing ₹326,400 per application. The issue closes on 29 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Orient Cables (India) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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