CORDSCABLE
Cords Cable financials
- Market cap
- ₹467 Cr
- Sector
- Capital Goods
What Cords Cable does
Cords Cable Industries manufactures Control, Instrumentation, LV Power (up to 3.3kV) and specialty cables (fieldbus, EPR, solar PV, fire-survival, railway signalling, thermocouple, water-desalination and low-temperature cables) at two plants in Bhiwadi, Rajasthan. About 95% of orders are built to customer specification for sectors such as oil & gas/hydrocarbons, power, water desalination, metro rail and freight corridors, cement/metals, chemicals and fertilizers, FMCG and airports. The company also exports to customers in the Middle East, Australia, Europe, Italy and Africa.
Segments
- Instrumentation & Control Cables
- Power Cables
- Manufacturing plants
- 2 (Chopanki & Kahrani units, Bhiwadi, Rajasthan)
- Installed capacity
- ~65,000 Kms/yr of cable (Chopanki ~30,000 Kms + Kahrani ~35,000 Kms)
- Capacity utilization
- ~75% (Q3 FY23)
- Permanent employees
- 231 (FY25)
- Product mix
- 74% Instrumentation & Control Cables / 26% Power Cables
- R&D team
- 5 people
Quarterly results
Q1 FY27: revenue up 9.5%, net profit up 101.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 183 | 205 | 233 | 226 | 226 +23% | 236 +15% | 267 +14% | 247 +10% |
| EBITDA | 11 | 13 | 15 | 14 | 14 +22% | 15 +14% | 16 +9% | 15 +11% |
| Net profit | 3 | 5 | 4 | 4 | 4 +36% | 5 +5% | 8 +84% | 8 +102% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +113.1% 1Y
1Y: ₹175.2 on 10 Sept 2025 → ₹373.4. High ₹373.4 (11 Sept 2026), low ₹129.69 (30 Mar 2026).
Financials, as filed
Revenue grew 21.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹526 Cr | ₹628 Cr | ₹795 Cr | ₹954 Cr |
| Operating profit | ₹40 Cr | ₹41 Cr | ₹49 Cr | ₹58 Cr |
| Operating margin | 7.5% | 6.6% | 6.2% | 6.1% |
| Interest | ₹24 Cr | ₹25 Cr | ₹25 Cr | ₹26 Cr |
| Depreciation | ₹8 Cr | ₹8 Cr | ₹9 Cr | ₹10 Cr |
| Net profit | ₹7 Cr | ₹10 Cr | ₹15 Cr | ₹21 Cr |
| Net margin | 1.4% | 1.6% | 1.8% | 2.2% |
| Cash from operations | ₹35 Cr | ₹30 Cr | ₹14 Cr | ₹43 Cr |
| Free cash flow | ₹29 Cr | ₹24 Cr | ₹-6 Cr | ₹33 Cr |
| ROCE | 14.0% | 15.0% | 16.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹133 Cr | ₹139 Cr | ₹146 Cr | ₹156 Cr | ₹177 Cr | ₹189 Cr |
| Borrowings | ₹85 Cr | ₹93 Cr | ₹83 Cr | ₹85 Cr | ₹101 Cr | ₹103 Cr |
| Other liabilities | ₹63 Cr | ₹79 Cr | ₹94 Cr | ₹108 Cr | ₹144 Cr | ₹185 Cr |
| Total liabilities | ₹294 Cr | ₹324 Cr | ₹337 Cr | ₹362 Cr | ₹435 Cr | ₹490 Cr |
| Fixed assets | ₹93 Cr | ₹90 Cr | ₹87 Cr | ₹91 Cr | ₹102 Cr | ₹102 Cr |
| Capital work in progress | ₹0 Cr | ₹6 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Other assets | ₹201 Cr | ₹228 Cr | ₹243 Cr | ₹269 Cr | ₹331 Cr | ₹386 Cr |
| Total assets | ₹294 Cr | ₹324 Cr | ₹337 Cr | ₹362 Cr | ₹435 Cr | ₹490 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.05 pp while DIIs added +0.55 pp. The shareholder count shrank 7% to 18,046.
- Promoters
- 52.5%
- FIIs
- 1.3%
- DIIs
- 0.6%
- Public
- 45.7%
Since Jun 2025
- Public −1.05 pp
- DIIs +0.55 pp
- Promoters +0.53 pp
How it drifted, 12 quarters
Over this window the public fell from 47.3% to 45.7% — −1.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.8%, FIIs 0.9%, Public 47.3%.Dec '23: Promoters 51.8%, FIIs 1.5%, Public 46.7%.Mar '24: Promoters 51.9%, FIIs 1.3%, Public 46.8%.Jun '24: Promoters 51.9%, FIIs 1.4%, Public 46.7%.Sep '24: Promoters 51.9%, FIIs 1.3%, Public 46.8%.Dec '24: Promoters 51.9%, FIIs 1.4%, Public 46.7%.Mar '25: Promoters 51.9%, FIIs 1.3%, DIIs 0.0%, Public 46.8%.Jun '25: Promoters 51.9%, FIIs 1.3%, DIIs 0.0%, Public 46.7%.Sep '25: Promoters 51.9%, FIIs 1.3%, DIIs 0.1%, Public 46.7%.Dec '25: Promoters 52.4%, FIIs 1.5%, DIIs 0.6%, Public 45.6%.Mar '26: Promoters 52.5%, FIIs 1.4%, DIIs 0.6%, Public 45.6%.Jun '26: Promoters 52.5%, FIIs 1.3%, DIIs 0.6%, Public 45.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cords Cable above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Naveen Sawhney | 47.22% | unchanged |
| Varun Sawhney | 1.86% | unchanged |
| Adarsh Sawhney | 1.73% | unchanged |
| Gaurav Sawhney | 1.54% | unchanged |
| Acadian Emerging Markets Micro-Cap Equity Master Fund Global fund house | 1.29% | unchanged |
| Naveen Sawhney HUF | 0.10% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹373, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~37%. At that growth it is worth ₹942 — upside of 152%.
- Growth the price implies
- 18.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 36.8% a year
- net profit, FY23–FY26 · EPS 36.8%
- The gap
- -0.2 pp
- 152% downside if it only repeats history
Learn to analyse Cords Cable
Guides on how to read this kind of business and the numbers that matter.