Orient Cables IPO: Allotment Status, GMP, Listing Date and Review

Orient Cables is the biggest IPO listing on Monday, and the most heavily oversubscribed. The ₹552 crore issue drew bids worth 97 times the shares on offer, with institutions bidding for 192 times their quota. The company makes the networking, CCTV, coaxial and specialty cables inside offices, data centres and homes, and claims about 22.9% of India’s networking cable market.

Allotment has been finalised and shares list on BSE and NSE on 5 October. The grey market premium of about ₹123 points to a listing near ₹395, roughly 45% above the ₹272 issue price. Here is how to check your allotment, and what the numbers say about the business behind the hype.

Orient Cables (India) IPO at a glance

With 38.45 lakh applications and retail subscribed 32 times, most retail applicants will not have received shares. Unsuccessful applicants should have had their UPI blocks released by 1 October.

What Orient Cables (India) actually does

Orient Cables (India) Ltd was incorporated in September 2005 and is promoted by Vipul Nagpal, Garima Nagpal, Vardaan Nagpal and two family trusts. Its core business is networking cable: CAT5e, CAT6 and CAT6A data cables and patch cords used in offices, data centres and homes. It also makes CCTV and coaxial cables, instrumentation and power cables, optical fibre cable, power strips and cords, specialty cables, solar junction boxes, cable harnesses, tethered drone cables and TÜV-certified EV charging cables.

Installed capacity stood at about 8.96 lakh km of cable as of 30 June 2026. The company says it is one of the top four players in Indian networking cable, with its share rising from 16% in FY22 to about 22.9% in FY26. It employed 613 permanent staff and 1,327 contract workers in June 2026.

The fresh issue funds ₹155.5 crore of debt repayment and ₹91.5 crore of new machinery and civil works. The ₹232 crore OFS goes to the promoters.

The numbers behind the business

Here are the three full years from the offer documents, in ₹ crore. For the June 2026 quarter alone, revenue was ₹490.94 crore and profit ₹32.78 crore.

What these numbers tell us, in plain language:

• Revenue is surging. Revenue rose from ₹665 crore in FY24 to ₹832 crore in FY25 and ₹1,182 crore in FY26. The June 2026 quarter alone brought in ₹491 crore.
• FY26 profit did not keep up. Net profit was flat at about ₹53.5 crore in both FY25 and FY26, so net margin fell to about 4.5%. The June 2026 quarter, though, delivered ₹32.8 crore of profit, more than half of all of FY26.
• The valuation depends on which profit you use. At the issue price the company is valued at about ₹3,095 crore. That is about 58 times FY26 profit. The offer documents quote a post-issue P/E of 23.6x, which is based on annualising the strong June quarter. Investors are paying for that quarter to be the new normal.
• Debt doubled. Borrowings rose from ₹113 crore to ₹234 crore in FY26 and to ₹258 crore by June 2026, as working capital grew with sales. The ₹155.5 crore repayment from the IPO will bring this down sharply.

How the subscription ended

Demand was exceptional. Anchors put in ₹165.60 crore on 24 September. By the close on 29 September the QIB portion was subscribed 192.68 times, big HNIs 129.86 times, small HNIs 105.99 times and retail 32.21 times, for 97.28 times overall. Brokerage reviews were overwhelmingly positive, with six subscribe calls and none saying avoid.

The GMP story so far

The grey market premium was about ₹123 on 4 October, roughly 45% over the ₹272 issue price. That points to a listing price near ₹395. With demand this strong, a premium listing looks very likely, though the exact opening price can differ from the GMP.

How to check Orient Cables (India) IPO allotment status

1. Go to the KFin Technologies IPO allotment page, or the BSE or NSE allotment status page.
2. Select Orient Cables (India) from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

The basis of allotment was finalised on 30 September 2026. Refunds for unsuccessful applicants and share credits to demat accounts were processed on 1 October. If shares were allotted, they should already show in your demat account and will be tradable from the listing on 5 October on BSE and NSE.

The listing outlook

Listing is on Monday 5 October. Strong institutional demand, a 45% GMP and anchor lock-ins (half until 30 October, half until 29 December) all point to a strong debut. The real test comes later: whether the September and December quarters confirm that the June quarter’s profit jump was not a one-off.

What to weigh before you apply

Paying for one great quarter

The bull case rests on the June 2026 quarter, when profit was more than half of FY26’s total. If cable demand and margins hold, the stock is reasonably priced on annualised earnings. If they slip back, it is expensive at nearly 58 times FY26 profit.

Working capital and copper

Cable makers carry large inventories of copper and other materials and give credit to distributors. That is why debt doubled even as sales grew. Copper price swings can also squeeze margins quickly.

Strengths and risks

Strengths

• One of the top four networking cable makers in India, with about 22.9% share
• Subscribed 97.28 times, with QIBs at 192.68 times and ₹165.60 crore from anchors
• Revenue up 78% in two years and a very strong June 2026 quarter
• ₹155.5 crore of the fresh issue goes to debt repayment
• Diversified into EV charging, solar and harness products

Risks

• About 58 times FY26 earnings at the issue price
• FY26 profit was flat despite 42% revenue growth
• Borrowings doubled in FY26
• Promoters selling ₹232 crore through the OFS
• Copper price swings and working-capital needs
• Expectations are very high after a 97x subscription

Your chances of getting an allotment

• Retail investors bid for 32.21 times their quota across 38.45 lakh applications overall. Under SEBI’s lottery system each successful retail applicant gets one lot of 55 shares, so roughly one in thirty retail applicants or fewer will have received shares.
• Applying through multiple family PANs improves your odds; applying for more lots under one PAN does not.

What to watch from here

• Listing price on 5 October against the ₹272 issue price
• How the stock holds after the opening rush
• September quarter results and whether margins hold near June levels
• Debt after the ₹155.5 crore repayment
• Anchor lock-in expiry on 30 October

Orient Cables (India) IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.