Prime Cable Industries IPO

About Prime Cable Industries IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 39,77,600 shares (aggregating up to ₹33.01 crore). The offer for sale portion includes 6,01,600 shares of ₹5 (aggregating up to ₹4.99 crore). The total number of shares is 48,20,800 shares and the aggregate amount is ₹40.01 crore.

For the past 17 years, Prime Cable Industries Limited has been involved in the manufacturing and sale of cables and wires. The company operates through a well-established infrastructure that supports their manufacturing demands. Both of their manufacturing units are well-equipped with modern machinery to manufacture quality products. They maintain high standards of quality and environmental responsibility and offer products as per different Indian and world standards. The high quality and consistency of their products has won the confidence of their customers.

Objectives of Prime Cable Industries IPO

• Setting up a new factory to manufacture Medium Voltage (up to 33 kV) Cables and Covered Conductors (“Project”).
  
• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Funding working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

In the Indian cable industry, housing/building wires and power cables hold the largest market share, driven by growing demand for residential, commercial and smart city developments. Control cables follow, with strong demand in sectors such as power generation, distribution and industrial applications. By voltage, low voltage (LV) cables dominate the market due to their extensive use in residential, commercial and small-scale industries. Medium voltage (MV) and high voltage (HV) cables are experiencing increased demand, particularly in power plants, refineries and large industrial plants. The cable types include AB cables, power cables, control cables and housing/building wires, etc., contributing notably to market dynamics.

By CY30, the low voltage segment is expected to hold a 67.7% market share, growing at a CAGR of 14.7%. The medium voltage segment is projected to increase to 22.7% by CY30, with a CAGR of 15.4%. This growth is driven by the government's renewable energy targets, such as achieving 500 GW by 2030, and continued electrification initiatives for rural areas and urbanisation, which in turn is driving MV cable demand across newer substation interconnections. With grid modernisation efforts under the National Smart Grid Mission (NSGM) and private-sector investments in ultra-high voltage transmission systems, high voltage cables will see increased demand, projected to reach 9.6% by CY30, with a CAGR of 16.7%.

Company Information

Prime Cable Industries Limited has been engaged in the manufacturing and sale of cables and wires for the past 17 years. They manufacture low voltage (up to 1.1 kV) control cables, power cables, aerial bunch cables, instrumentation cables, housing/building wires and conductors, catering to several institutions which include EPC players, electricity boards, public sector undertakings responsible for generation, transmission and distribution of power (transmission, distribution and generation), oil & gas, mining, steel, real estate, electric panel builders, etc. They generally procure orders directly from non-government clients, government entities through the vendor approval process and also on open or limited tender basis. They are an ISO and BIS certified company which manufactures and sells cables primarily under their brand, i.e. "PRIMECAB" and "RENUFO".

The company manufactures control cables, power cables, aerial bunch cables, instrumentation cables, housing/building wires and conductors at their manufacturing units located at Narela, Delhi and Ghiloth, Rajasthan. They have an internally approved vendor list of suppliers which their quality team approves.

Their customers primarily include leading EPC players, electricity boards, public sector undertakings responsible for generation, transmission and distribution of power. They also supply products to other industries, viz. oil & gas, mining, steel, real estate and electric panel builders, etc.

Strengths of Prime Cable Industries IPO

• Long-standing relationships with distinguished clientele leading to recurring business.
  
• Vendor approvals across multiple states and established bid-qualification requirements (BQR) for government tenders.
  
• Stringent quality measures and adherence to quality standards.
  
• Experienced and committed management team.
  
• Unique positioning in the cables & wires market.
  

Risks of Prime Cable Industries IPO

• Any increase or fluctuations in raw material prices.
  
• Any disruption, breakdown or shutdown of their manufacturing units.
  
• Dependence on the performance of the cables market.
  
• Any increase in interest rates or tariff rates could impact the business.
  
• Changes in technology, evolving customer requirements and emerging industry trends.
  

Notes:

1. The figures for the company are based on Restated Financial Statements for the year ended March 31, 2025.
   

2. The figures for the Peer Group are based on / computed based on the Financial Information present in the Annual report/Financial Results for the year ended March 31, 2025.
   

3. Current Market Price (CMP) is the closing price as on September 8, 2025 and is sourced from www.bseindia.com/www.nseindia.com. For the company, CMP = Offer Price.
   

4. P/E Ratio has been computed based on the CMP as divided by the Basic EPS as on March 31, 2025 which is the last audited annual statements available.
   

5. RoNW has been computed by dividing restated net profit after tax with the average restated Net worth of beginning and the end of the year / period.
   

6. The Offer Price determined by the Company in consultation with the BRLM is justified by the Company in consultation with the BRLM on the basis of the above parameters.
   

7. The face value of the equity shares is ₹5 per share and the Offer Price is of ₹ [●] per share is [●] times of the face value.
   

8. Listed peers are as identified by the company on the basis of similar industry / sector as the Company, however the peers may not be comparable with size of the Company. Few of the products as well as the product split will vary peer to peer.
   

9. The EPS for Dynamic cables has been calculated giving impact to the Bonus issue of 1:1 done by the Company in May 2025.
   

*Financial Information for Prime Cable Industries Limited is taken from Restated Financial Statements. **Financial information for listed industry peers mentioned above is on a consolidated basis calculated on the same basis as Prime Cable’s KPIs and is sourced from the Industry Report issued by Ken Research Private Limited dated April 17, 2025 & Annual Reports of the Respective Companies published on NSE/BSE

Anchor Investor Bidding Date: Friday, 19 September 2025

*The Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date.

Registrar: Skyline Financial Services Private Limited
Book Running Lead Managers: Indorient Financial Services Limited

Business Model

The company earns its revenue through the following: Manufacturing and selling cables and wires.

Company Growth Trajectory

The company’s revenue from operations increased by 70.82% from ₹82.53 crore in fiscal 2024 to ₹140.98 crore in fiscal 2025, primarily due to the commercialisation of Manufacturing Unit-II located at C-60, Central Zone Industrial Area, Ghiloth Tehsil Neemrana, Alwar, Rajasthan – 301705, India and an increasing customer base of the company. Three new key customers contributed ₹27.20 crore of revenue for the year ended 31 March 2025.

The profit after tax increased by 319.01% from ₹1.79 crore in fiscal 2024 to ₹7.50 crore in fiscal 2025, which is largely due to the following reasons:

(i) Reduction in cost of goods sold as a % of revenue from operations from 86.82% in fiscal 2024 to 83.35% in fiscal 2025. With their growing revenue and long-standing presence, they have built credibility and met key pre-qualification requirements, opening doors to government tenders of higher values as well as fewer competitors complying with these requirements. The limited competition allows them to bid strategically, increasing profit margins while securing contracts. This is in line with historical trends of reduction in COGS as a % of revenue.

(ii) Reduction in the fixed expenses like employee benefit expenses as a % of revenue, which is due to the economies of scale being achieved by the company year-on-year due to increasing revenues.

Company Market Position

Prime Cable Industries Limited has built partnerships with major electricity boards, EPC players, and PSUs engaged in the power sector who rely on their products for critical applications. This network not only reflects their technical expertise but also underscores their competitive strength, as they continue to meet the evolving needs of a demanding and dynamic market.

For the fiscal year 2025, 93.52% of their revenue was derived from tenders and EPC contractors, which are largely appointed by the government. They have vendor approvals across multiple states for the supply of cables and wires, which gives them an advantage for securing future projects.

They currently supply to various electricity boards all over India.. They plan to continue to focus on customers with whom they have long-standing relationships to develop and supply higher voltage and higher margin products.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹141.105 crores, ₹7.504 crores, and ₹14.709 crores, respectively.

How to check the allotment status of Prime Cable Industries IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Prime Cable Industries Limited IPO, visit the official website of Skyline Financial Services Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Prime Cable Industries Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Prime Cable Industries Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Prime Cable Industries Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Prime Cable Industries Limited IPO bid and allotment details will be displayed.

How to apply for Prime Cable Industries Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.