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Analysts are broadly optimistic on the Orient Cables IPO, with most brokerages issuing Subscribe scores whereas flagging a demanding post-issue valuation and elevated buyer focus as the first reservations.
Orient Cables is elevating INR 552 crore by a mainboard book-built subject priced at INR 258–272 per share, open from 25 September to 29 September 2026, with itemizing anticipated on 5 October 2026. As of the two:36 PM replace on 28 September 2026, the problem had been subscribed 6.86 instances total, led by HNIs at 13.71x in opposition to modest institutional participation of 0.04x, which usually consolidates on the ultimate day.
Orient Cables IPO Broker Recommendations: Firm-by-Firm View
BP Equities charges the problem Subscribe, valuing the corporate at roughly 51.8x FY26 post-issue earnings on the higher band. The brokerage factors to Orient Cables’ top-four market place with roughly 22.9% income market share in India’s networking cables section and highlights a excessive entry barrier — provider onboarding takes round six months — as a structural moat. Raw-material value volatility, with the top-10 suppliers accounting for 74.9% of inputs, is cited as the first danger.
Samco Securities recommends Subscribe for itemizing positive factors however characterises the valuation as “demanding on long-term fundamentals.” The brokerage’s bull case rests on a 33.5% income CAGR over FY24–FY26 and a margin restoration in Q1 FY27, with EBITDA increasing to 11.2%. It flags buyer focus — the top-10 shoppers contributed 84% of Q1 FY27 income — and rising leverage (web debt/fairness at 0.94x) as the important thing considerations.
Ventura Securities points a Subscribe suggestion, anchoring its case on the corporate’s 22.9% networking-cable market share and diversification into E-beam, EV cable assemblies, and optical fibre. Return ratios — ROE of 25.8% and ROCE of 23.8% in FY26 — are cited as proof of capital effectivity. Ventura individually flags the continuing “ORIENT” trademark dispute with Orient Electric as a litigation danger, alongside copper and PVC value volatility.
SBI Securities recommends Subscribe for the long run, putting the post-issue P/E at 57.5x FY26 earnings on the higher band. Revenue, EBITDA, and PAT CAGRs of 33.5%, 28.0%, and 15.9% respectively over FY24–FY26 underpin its optimistic stance, as does the corporate’s growth into optical fibre, photo voltaic, and EV segments. The brokerage cautions that working-capital days have stretched from 14 to 48 and highlights copper’s roughly 80% share of raw-material inputs as an earnings sensitivity.
Marwadi Shares charges the problem Subscribe with Caution, citing a post-issue P/E of roughly 58x FY26 earnings in opposition to friends RR Kabel at roughly 46x and Polycab at roughly 44x. The brokerage acknowledges the dominant networking-cable place and 42% income progress in FY26 however factors to capability utilisation of roughly 69.9% and low money conversion as execution dangers. The top-5 prospects contributing 65% of income reinforces the focus concern.
GEPL Capital assigns a Subscribe ranking, valuing the problem at 57.8x FY26 on a post-issue foundation. The brokerage’s thesis centres on Orient Cables’ presence throughout high-growth verticals — telecom, broadband, knowledge centres, and renewables — and the twin use of proceeds for capability growth and debt compensation.
SMC Global points a cautious 2.5 out of 5 ranking, making use of a special earnings base that produces a pre-issue P/E of 84.64x and a post-issue P/E of 94.40x on the higher band. High leverage (web debt/EBITDA of two.31x), working-capital stretch, and buyer focus drive its reservations. The brokerage does acknowledge the corporate’s long-term positioning in networking, optical fibre, and data-centre infrastructure.
Anand Rathi charges the problem Subscribe for the long run, utilizing a P/E of 23.5x and EV/EBITDA of 34.71x FY26 by itself earnings base — a materially completely different foundation from most different brokerages. Its core argument covers robust income CAGR, increasing market share amongst organised gamers, and a number of structural progress drivers spanning knowledge centres, renewables, and e-mobility. It notes that valuation leaves restricted room for execution-related deviations.
Bajaj Broking recommends Subscribe at a P/E of 57.8x and EV/EBITDA of 34.4x FY26 on the higher band, highlighting accelerated digital transformation tailwinds and strategic diversification into clean-energy and specialty segments as the expansion levers.
Canara Bank Securities and Kantilal Chhaganlal Securities each fee the problem Subscribe for the long run, each anchoring on a P/E of roughly 51.6x FY26 on the higher band. Both brokerages cite the top-four market place, the 33.5% income CAGR, and the corporate’s broad certification portfolio (ETL, UL, CPR, BIS) as positives, whereas flagging buyer focus and raw-material value volatility as ongoing dangers.
Orient Cables IPO Research Notes: Common Threads and Key Risks
Orient Cables IPO dealer views converge on a number of structural positives: Orient Cables’ roughly 22.9% income market share in India’s networking cables market, a 33.5% income CAGR over FY24–FY26, and publicity to broadband rollout, data-centre buildout, and the vitality transition. The deliberate use of INR 155.50 crore of IPO proceeds for debt compensation is broadly famous as a balance-sheet optimistic.
Valuation is the one most debated variable throughout the notes. P/E estimates on the higher band vary from roughly 51.6x to 57.8x amongst most brokerages, whereas SMC Global’s completely different earnings base produces a considerably greater determine. Anand Rathi’s EV/EBITDA of 34.71x and Bajaj Broking’s EV/EBITDA of 34.4x are broadly comparable, however the earnings multiples differ sufficient that every dealer’s acknowledged foundation must be learn independently — the differing EPS assumptions should not reconcilable with out the underlying workings.
Customer focus is flagged persistently: the top-10 shoppers contributed 84% of Q1 FY27 income, the top-5 contributed 65% of FY26 income, and the top-10 suppliers supplied 74.9% of inputs. The ongoing trademark dispute over the “ORIENT” model is famous by Ventura and Canara Bank Securities as a particular litigation overhang. Working-capital stretch — days increasing from 14 to 48 — and rising web debt/fairness from 0.23x in FY24 to 0.94x in FY26 spherical out the chance image cited throughout the notes.
Anchor Investor Participation
Orient Cables raised INR 165.60 crore from anchor buyers forward of the general public subject, allocating 60,88,233 shares at INR 272 per share to twenty buyers throughout 20 entities. Domestic mutual funds accounted for 67.64% of the anchor allocation, reflecting significant participation from the institutional investor group on the subject value.
IPO Details
- Company: Orient Cables
- Price band: INR 258–272
- Issue measurement: INR 552 crore
- Fresh subject: 1,17,64,705 shares
- OFS part: 85,29,412 shares
- Lot measurement: 55 shares
- Open date: 25 September 2026
- Close date: 29 September 2026
- Allotment date: 30 September 2026
- Listing date: 5 October 2026
- Listing change: Mainboard (BSE/NSE)
- Registrar: KFIN Technologies
- Lead managers: IIFL Capital Services, JM Financial
Disclaimer: Orient Cables IPO overview and scores above are these of the person brokerages named and don’t represent a suggestion by this publication to subscribe, keep away from, or take any motion in relation to the Orient Cables IPO.
Rajat Bhati has a robust technical background and 5 years of expertise within the inventory market. He focuses on fairness analysis, technical evaluation, IPO valuations, and danger administration, serving to buyers make clearer, data-backed selections. Today, he works full-time to coach folks concerning the alternatives in IPO market.
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