Oswal Cables IPO

The Oswal Cables IPO is a book-built issue comprising a fresh issue of ₹300 crore and an offer for sale (OFS) of up to 2.22 crore equity shares. The company filed its DRHP with SEBI on Sep 30, 2025. The price band and official dates of listing and subscription will be finalized and announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book running lead manager (BRLM) of this issue is Pantomath Capital Advisors Private Ltd. and the registrar to the issue is MUFG Intime India Private Ltd.

Company Background

Oswal Cables Ltd. was founded in 1971 and is headquartered in Jaipur, Rajasthan. It is a leading Indian manufacturer and exporter of power transmission products. The company specializes in aluminum conductors (AAC, ACSR), aerial bunched cables and transformers for critical energy infrastructure. Oswal Cables has established a strong global footprint across 28 countries and serves as a major supplier to power utilities and renewable energy developers. Now, the company aims to expand manufacturing capacity, reflecting its transition into a high-growth, technology-driven player in the electrical engineering sector via its public debut.

Operations & Product Range

Oswal Cables Ltd.'s core business is the design and manufacture of a variety of conductors and cables with a voltage range of up to 765 kV. Its products are used in various critical sectors, such as the transmission and distribution of power, integration of renewable energy, railways and industrial sectors.

The product range includes different varieties of conductors, such as All Aluminium Conductor (AAC), All Aluminium Alloy Conductor (AAAC), Aluminium Conductor Steel Reinforced (ACSR) and High Temperature Low Sag (HTLS) conductors. It also manufactures cables such as aerial bunched cables, energy cables and railway signaling cables, with sizes from 1.5 sq. mm to 1,000 sq. mm.

Facilities & Capacity

Oswal Cables operates two primary manufacturing units: the Jaipur Unit in Rajasthan and the Medak Unit in Telangana. A significant portion of the IPO proceeds is earmarked for setting up a new project at Mahindra World City, Jaipur. This expansion aims to enhance existing manufacturing capacities and introduce new product lines such as medium-voltage underground cables, building wires and solar DC cables. The commercial production from this new facility is currently estimated to commence in the financial year 2027.

Brands & Market Presence

While the DRHP does not highlight specific consumer-facing brand names, the company and its products have been approved and enlisted by over 50 customers, including state utilities and large engineering firms. It has a pan-India presence, supplying to customers in 22 states and union territories. The company also has a notable export presence, with markets in regions like Africa, South America, North America and the Middle East.

Revenue Streams & Business Model

Oswal Cables Ltd. mainly generates revenue from conductors and cables, with more than 83% of revenue from the energy sector in the last three years. The company’s business activities involve competitive tenders from the government and private organizations, accounting for 39% and 59% of revenue, respectively, in FY25. Moreover, they also deal in trading raw materials, with exports accounting for 34.45% of revenue in FY25.

Management & Shareholding

The promoters of Oswal Cables Ltd. are Puneet Talera (Chairman) and Gaurav Talera (Managing Director). Before the IPO, the promoter group collectively hold 100% of the company's equity share capital, but after the IPO, the promoters' shareholding will be diluted, but they will retain significant control over the company.

Board & Key Management

The Board of Directors of Oswal Cables Ltd. comprises 6 members, including Puneet Talera (Chairman & Whole-time Director), Gaurav Talera (Managing Director), Ashok Kumar Kothari (Whole-time Director) and 3 Independent Directors. Now, the key managerial personnel (KMP) include CFO Nakul Chaskar and CS Prachi Saxena.