Orient Cables IPO

Easy to miss in the prospectus

• The three-year series changes basis mid-way. FY26 and the June 2026 quarter are consolidated, following the incorporation of OCL Greentech Private Limited on 5 May 2025; FY25 and FY24 are standalone. Growth rates measured across that break are not strictly like-for-like.
• Post-issue promoter holding is left blank here because the RHP leaves it as a placeholder and no final prospectus figure could be sourced. Aggregator pages print 80.71% post-issue and 98.38% pre-issue; the RHP itself states the promoters held 10,20,34,800 shares, or 99.99% of pre-offer capital, which is the figure used.
• Two FY25 profit figures appear in the RHP: ₹533.21 million in the restated statement of profit and loss and the KPI tables, and ₹532.91 million in one risk-factor growth table. This record uses ₹53.32 Cr throughout.
• The disclosed FY26 PAT margin of 4.55% divides profit by total income, not by revenue from operations; on revenue from operations the same profit gives 4.59%. The disclosed net debt to equity of 0.94 is likewise net of cash and measured on total equity - gross borrowings over net worth at 31 March 2026 is 0.99.
• Return on net worth is calculated by the issuer on average net worth, as its own note states. The FY26 figure of 25.84% becomes 22.82% if computed on closing net worth instead.
• The P/E in the prospectus is struck on pre-issue basic EPS of ₹5.27. On post-issue capital of 11,37,99,705 shares the same FY26 profit gives ₹4.73 a share, so ₹272 is about 57.5 times post-issue earnings rather than 51.61.
• The industry P/E table in the RHP spans 26.29 times at Finolex Cables to 708.38 times at Sterlite Technologies and reports an arithmetic average of 128.11 times; the median of the eight named peers is about 47.84 times, and the average is only meaningful if the Sterlite outlier is understood.
• A CARO observation for FY2025-26 records that quarterly statements filed with lenders did not agree with the books - most materially trade receivables of ₹2,516.62 million per the unaudited books against ₹2,865.07 million reported to banks for the quarter ended 31 March 2026, a gap of ₹348.45 million the company attributes to overhead changes, receivable factoring and year-end audit entries.
• The company's logos are not registered. Applications are pending and the one dated 28 December 2024 has been opposed by two parties before the Trademark Registry; two further trademarks were assigned to the company by promoter and whole-time director Vardaan Nagpal on 10 September 2026 for ₹1,000 each.
• Both offices are rented from the promoter side: the New Delhi registered office from Vipul Nagpal at ₹0.01 million a month, and the Gurugram corporate office from Orient Networks Private Limited, in which he holds 99%, at ₹0.40 million a month.
• Exports have shrunk as a share of revenue every year - 13.15% in FY24, 10.79% in FY25, 9.26% in FY26 - and are concentrated in the Middle East, which alone was 8.07% of FY26 revenue.
• Cable capacity utilisation fell as capacity was added: 74.45% in FY24, 80.75% in FY25, 69.85% in FY26, with the new Bengaluru unit at 45.77% in its first quarter.
• Grey market quotes - unofficial and unregulated - implied an open near ₹382 to ₹390 on listing morning, and one brokerage report put the last premium at ₹121. The stock opened at ₹450 on the NSE, touched ₹464.85 and was locked at the 10% lower circuit of ₹405 the same session.
• Final subscription figures differ by source. The exchange tally used here is 97.28 times overall, with QIBs at 192.68 times; several brokerage pages report a 5 p.m. snapshot of 92.27 times overall and 182.76 times for QIBs.
• The 22.9% market share, the top-four ranking and the industry outlook all come from a 1Lattice report that the company commissioned and paid for exclusively for this offer.