₹235 Cr revenue, ₹217 Cr order book — riding India's power infra boom
Delhi-based cable maker grew revenue 4.4x in 4 years. Now building a ₹150 Cr medium voltage cable plant. Order book doubled in 6 months.
The business
Prime Cable manufactures control cables, power cables, ABC cables, and wires under the 'Primecab' and 'Renufo' brands. Two plants — Narela (Delhi) and Ghiloth (Rajasthan) — with 34,000 KM annual capacity. Vendor approvals across 15 states for SEB tenders. Moving into medium voltage (11-33 KV) cables with ₹150 Cr capex.
Why this business matters
India's power distribution capex at all-time high — RDSS allocates ₹3.03 lakh Cr for grid upgrades. Every SEB is spending on cables
Revenue 4.4x in 4 years, order book doubled in 6 months — from ₹53.6 Cr to ₹234.6 Cr. Order book surged to ₹217 Cr including record ₹37.85 Cr order
MV cable plant takes capacity to ₹500 Cr — ₹150 Cr capex for 11-33 KV cables. Higher margins, thinner competition. Q2 FY27 commissioning
The moat
Reality check
Raw material costs 84-90% of revenue — copper/aluminium prices directly impact margins. No hedging. 5% commodity spike can wipe EBITDA
Tender-dependent with 20% win rate — 53.5% revenue from government. No long-term contracts. Revenue inherently lumpy
All facilities on lease, no owned property — both factories, offices, warehouse leased from promoter family
MV capex will re-lever balance sheet — ₹150 Cr capex with pre-IPO D/E at 3.78x. Significant additional debt required
Exit Trigger
Exit if MV plant delays beyond FY27, if EBITDA margins fall below 8%, or if order book drops below ₹150 Cr
The verdict
Well-positioned beneficiary of India's power infrastructure boom — 66% revenue growth, doubling order book, and smart MV cable expansion. But 84-90% raw material costs leave razor-thin margins and the tender-based model creates lumpiness.
Watch For
MV cable plant commissioning by Q2 FY27, order book sustaining above ₹200 Cr, EBITDA margins holding 10-12%, and state vendor approval expansion.
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Read Full Deep Dive₹235 Cr revenue with ₹217 Cr order book and a ₹150 Cr MV plant coming online — India's next cables growth story or a commodity margin trap?
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Disclaimer: For educational purposes only. Not SEBI-registered. Author may hold positions in stocks discussed. Not a buy/sell/hold recommendation. Do your own due diligence.
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