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1. At a Glance
A company incorporated in 1988 spent thirty-eight years making cable in West Bengal, and then had the busiest twelve months of its corporate life: an 8-for-1 bonus issue, a face-value split from ₹100 to ₹5, a conversion from private to public limited, a ₹742 crore IPO, and a listing on 16 July 2026. Q1 FY27 is the first quarter it has ever had to explain to strangers.
Revenue from operations came in at ₹522 Cr, up 14.8% against ₹454 Cr in the June 2025 quarter. Operating Profit was ₹66 Cr against ₹52 Cr. Net Profit was ₹21 Cr against ₹49 Cr — a comparison the company itself has asked everyone to handle with tongs, since management stated the prior-year consolidated figure carried a one-time extraordinary profit of about ₹32 Cr. The consolidated filing shows that exceptional item at ₹32.79 Cr, sitting in the June 2025 column like a guest who wandered in and stayed for the annual report.
Finance costs for the quarter were ₹36 Cr. Management noted these consumed roughly 55% of quarterly EBITDA, and that the quarter closed on 30 June while the IPO completed in July — meaning the money raised to repay debt arrived after the scoreboard had already been photographed.
The order book stood at ₹2,788 Cr as of June 2026, split ₹1,433 Cr manufacturing and ₹1,356 Cr EPC. FY26 full-year revenue was ₹2,326 Cr, against ₹2,570 Cr in FY25, with Operating Profit rising from ₹250 Cr to ₹301 Cr — a year in which the top line went down and the profit line went up, which the rating agency has an explanation for.
2. Introduction
The company was incorporated in 1988 and is headquartered in Kolkata, with registered offices on Pollock Street and a corporate office nineteen floors up in Salt Lake. Its business is power cables, conductors and specialty products for the transmission and distribution industry — the physical wire that carries electricity from where it is made to where someone wants to boil water with it.
The milestone timeline reads like a company that adds one thing per era and refuses to throw anything out. Manufacturing Unit I at Dhulagarh in 2006. Unit II in 2009. An aluminium rod rolling mill inside Unit II. A CCV line capable of manufacturing up to 66 kV. In 2010, a first international order for AAAC conductors, to the Ethiopian Electric Power Corporation. In 2015, entry into EPC. In 2018, a first international EPC project — electricity distribution across six cities in the Republic of Togo. In 2021, an undertaking of Bhuvee Stenovate Pvt Ltd merged in via NCLT orders and became Unit III at Kharagpur. In 2025, a licensed stranding partnership with the US-based TS Conductor Corp.
Then FY26 and FY27 happened at once. In September 2025 the constitution changed from private limited to public limited. A DRHP went to SEBI; final approval came on 2 February 2026. Acuité’s May 2026 report noted the issue had not yet launched owing to prevailing market conditions — the corporate-filing way of saying the room was cold. It launched anyway: 3,46,72,895 equity shares at ₹214, comprising a fresh issue of 2,53,27,102 shares raising ₹542 Cr and an offer for sale of 93,45,793 shares raising ₹200 Cr. Listing followed on 16 July 2026.
Between board resolution and listing, the share count travelled from 6,39,118 shares of ₹100 face value to 14,03,68,342 shares of ₹5. Anyone comparing per-share figures across that line without adjusting is comparing two different companies wearing the same name.
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3. Business Model: WTF Do They Even Do?
They make the wire, and then they also install the wire, and the wire they install is frequently their own wire.
The manufacturing half runs three integrated units in West Bengal — two at Dhulagarh, one at Kharagpur — across 40.39 acres, with combined installed capacity of 85,448 MT as of March 2026. Units I and II hold 50,380 MT; Unit III holds 35,068 MT. Installed capacity rose approximately 37.8% from FY24 to FY26. Actual production in FY26 was 52,629 MT against 55,724 MT in FY25, with utilisation reported at 61.6%.
The product list is where a cable company reveals its true personality, and this one is a maximalist. Low Voltage, Medium Voltage and High Tension power cables. Aerial Bunched Cables, with bare or insulated messenger, in both LT and HT flavours. Control cables. Quad cables. Railway signalling cables. Concentric communication cables. Then the conductors: ACSR, AAC, AAAC, AL-59, ACSS, Eco Conductors, MV Covered Conductors, Gap-type GTACSR and GZTACSR, and AECC conductors through the TS partnership. Somewhere in the middle of that alphabet is a marketing department that gave up and let engineering name things.
Backward integration means aluminium wire rods, aluminium alloy rods, PVC compounds and XLPE compounds are made in-house — the company mixes its own plastic before it wraps its own metal. Scrap PVC and XLPE are recycled and reprocessed. In-house NABL-accredited testing labs check the result.
The EPC half entered in 2015 and has completed 43+ projects with 34 ongoing, installing over 85,191 circuit km of distribution lines and commissioning 113+ substations, under schemes with names like RDSS, DDUGJY, IPDS and Saubhagya. Management stated EPC is effectively 100% government and utility-led, that the company does not subcontract, and that manufacturing runs roughly 50/50 government versus private.
FY26 revenue split: Manufacturing 72.7%, EPC 27.3%. Geographically, India 97.8% and international 2.2%, with manufacturing revenue concentrated in East India at 53.9%. The company operates across 26 Indian states and 4 Union Territories, and exports to 10 countries including Bangladesh, Nepal, UAE, Kuwait and various
