Cords Cable Industries Ltd Q2 FY26 – Shock-Proof Results with a Shocking GST Twist (Revenue ₹225.7 Cr, PAT ₹3.58 Cr, OPM 6.2%)
1. At a Glance
Cords Cable Industries Ltd’s Q2 FY26 results dropped like a live wire — jhatka included! The company clocked a revenue of ₹225.7 crore, a decent 23.4% YoY jump and steady QoQ performance. Profit after tax stood at ₹3.58 crore, up 36% YoY, proving that the cables may be insulated, but the profits are starting to conduct some real current.
At ₹202 per share and a market cap of ₹261 crore, the company trades at a P/E of 15.7x — cheaper than your neighbourhood electrician’s chai. The Book Value is ₹147, giving a P/B of 1.38x, which means the stock still has some copper left to shine. Debt stands at ₹101 crore, translating into a D/E ratio of 0.53 — manageable, but not featherlight. ROCE is a respectable 16.2%, while ROE lags at 8.31%. Dividend yield is 0.49%, proving that management prefers wiring plants over wiring investors’ wallets.
However, the spark of the quarter wasn’t just from cables — the company also faced a series of GST shockers from Alwar authorities, including a ₹3.78 crore demand and penalties worth ₹1.76 crore (under protest, of course). The MD’s penalty was dramatically reduced from ₹1.05 crore to ₹50,000 — one of those rare cases where bureaucracy remembered how decimals work.
2. Introduction
If you thought cables were boring, wait till you see Cords Cable’s financial wires — they twist, turn, and occasionally shock. Incorporated in 1991, this Delhi-based company has spent three decades supplying cables to everything from refineries to railways, from metros to smart cities. Basically, anywhere there’s voltage, Cords is lurking nearby with a catalog.
While giants like Polycab and KEI are busy wrapping the entire country in copper dreams, Cords quietly operates as the reliable mid-tier player — the one BHEL, L&T, and ONGC call when the big boys are booked. But don’t underestimate it — it’s approved by ADNOC, Honeywell, Siemens, and even the Delhi Metro. That’s basically the industrial version of being verified on Instagram.
This quarter, the company navigated higher raw material costs, interest expenses, and taxation hurdles but still kept the current flowing. With a 6.2% operating margin and 42% TTM profit growth, the company’s wires are humming. The only short circuit seems to be the constant dance with tax authorities.
Let’s unravel the tangled mess — with numbers, sarcasm, and a bit of copper shine.
3. Business Model – WTF Do They Even Do?
Cords Cable doesn’t make the cables you see lying in your kitchen; it makes the industrial veins that keep massive refineries, metros, and power plants alive. The company’s products carry data, power, and control signals across heavy-duty industrial setups where one wrong connection can turn a factory into Diwali fireworks.
They manufacture specialized cables: FireSave (for when things get too hot), XtremeTemp (for when they get too cold), and LowTox (for when your lungs need a break). From instrumentation cables that whisper digital signals to low-voltage cables that scream 440V, Cords has every mood of copper covered.
Two facilities — Chopanki (Rajasthan) and Kahrani — produce ~65,000 km of cables annually. To visualize: that’s enough wire to go around the Earth one and a half times! Their clientele reads like the who’s who of Indian infrastructure — BHEL, L&T, ONGC, IOCL, Delhi Metro, Ultratech Cement, and Cairn Energy. Basically, if it’s big, dusty, and full of machines, Cords is somewhere inside it.
Exports form just 4% of sales, but with global certifications like CE Marking and ADNOC approval, their passport is ready. The domestic 96% chunk, however, remains their bread, butter, and breaker.
