1. At a Glance – The Quiet Cable Operator
Market Cap: ₹219 Cr
Current Price: ₹170
Stock P/E: 13
Book Value: ₹147
ROCE: 16.2%
ROE: 8.31%
Debt to Equity: 0.53
Q3 FY26 Revenue: ₹235.61 Cr
Q3 FY26 PAT: ₹4.92 Cr
Q3 FY26 EPS: ₹3.81
While everyone is busy chasing ₹40,000 crore cable giants, this ₹219 crore company is quietly laying wires across refineries, metros, solar plants and desalination projects. Revenue has climbed to ₹235.61 crore in Q3 FY26, PAT stands at ₹4.92 crore, and annualised EPS (Q3 × 4) comes to ₹15.24.
But here’s the twist — margins are thin (OPM ~6%), interest coverage is modest (1.83), and GST departments seem unusually fond of sending them letters.
Is this a disciplined industrial supplier… or a working-capital marathon runner trying to catch its breath?
Let’s open the junction box.
2. Introduction – Welcome to the Cable Jungle
The Indian cable industry is not for the faint-hearted.
It is competitive. It is fragmented. It is brutally price-sensitive. And raw materials like copper and aluminium behave like Bollywood celebrities — extremely volatile.
In this chaos, Cords Cable Industries Ltd has been operating since 1991. That’s over three decades of making sure your refinery doesn’t explode due to faulty wiring.
They don’t sell fancy consumer wires. They sell:
- Instrumentation cables
- Control cables
- Power cables up to 3.3 kV
- Fire survival cables
- Solar cables
- Oil & gas specialty cables
Their clientele includes serious names: IOCL, HPCL, BPCL, L&T, Tata Projects. These are not customers who tolerate nonsense.
But here’s the thing.
Being a supplier to large PSUs means:
- You get orders.
- You get delayed payments.
- You get squeezed on pricing.
The result?
Revenue growth looks healthy.
Margins look modest.
Working capital looks hungry.
And debt quietly creeps up.
Is this smart scaling… or dangerous stretching?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine a refinery.
Now imagine thousands of sensors measuring temperature, pressure, flow rates, gas concentration.
Each sensor needs reliable signal transmission.
Each panel needs control wiring.
Each turbine needs power cables.
Each solar farm needs PV cables.
Each metro rail project needs fire-survival cables.
That’s where Cords comes in.
They operate two plants in Rajasthan:
- Chopanki – ~30,000 km capacity
- Kahrani – ~35,000 km
