About 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.
Oswal Cables IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 /- per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue and Offer for Sale |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 300.00 Cr (aggregating up to 3,000.00 million) |
| Offer for Sale | Up to 2,22,00,000 Equity Shares |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 18,90,00,000 shares |
| Share Holding Post Issue | - |
Oswal Cables IPO Financial Information
Latest Revenue
638.90
₹ Crore
Profit After Tax
29.77
₹ Crore
Net Worth
108.58
₹ Crore
Total Borrowing
118.43
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| Fiscal 2025 | 342.50 | 638.90 | 29.77 | 108.58 | 90.58 | 118.43 | |||
| Fiscal 2024 | 304.73 | 504.46 | 26.74 | 78.95 | 60.95 | 104.34 | |||
| Fiscal 2023 | 213.74 | 338.28 | 11.20 | 52.11 | 34.11 | 69.55 | |||
| Amount in ₹ Crore | |||||||||
Oswal Cables Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 27.42% |
| ROCE | 30.10% |
| Debt/Equity | 1.09 |
| RoNW | 27.42% |
| PAT Margin | 4.66% |
| EBITDA Margin | 9.23% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.92 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company intends to use the net proceeds from the fresh issue of the Oswal Cables IPO for the following purposes:
- • Funding capital expenditure to set up a new manufacturing project in Jaipur for capacity enhancement and new product launch.
- • Repayment of debt (in part or in full)
- • General Corporate Purposes
Conclusion
The Oswal Cables IPO presents an opportunity for investors to participate in a company that is a part of India's growing power transmission and distribution infrastructure sector. With a long operational history, a focus on high-voltage critical products and a strategy for capacity expansion, the company aims to capitalize on sustained investments in energy and infrastructure.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Integrated manufacturing company with the ability to manufacture a wide range of high-voltage conductivity products up to 765 kV.
Posted the highest RoE among its peers in Fiscal 2025 and the second-highest RoCE.
Built strong relationships with customers and derived an 80-90% range of its revenues from its existing customers over the last 3 years.
The products are designed to meet global and local standards (ASTM, BIS, etc.) and some of them are type-tested by recognized testing laboratories such as CPRI and ERDA.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 19/01/2026 | - |
| 2 | Filed with SEBI/Exchange | 30/09/2025 | View DRHP |
Oswal Cables IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 0 | 1400015000 |
| Individual investors (Retail) (Max) | 0 | 0 | 200000 |
| S-HNI (Min) | 0 | 0 | 200000 |
| S-HNI (Max) | 0 | 0 | 1000000 |
| B-HNI (Min) | 0 | 0 | 1000000 |