CORDSCABLE - Cords Cable
📢 Recent Corporate Announcements
Cords Cable Industries Limited has received a GST demand order from the CGST authority in Bhiwadi, Rajasthan, for the financial year 2019-20. The order includes a tax demand of ₹14.04 lakh and an equivalent penalty of ₹14.04 lakh, totaling approximately ₹28.08 lakh plus applicable interest. The company has stated it intends to appeal the order before the Appellate Authorities and does not expect any material impact on its financial or operational activities.
- Received GST demand of ₹14,03,919 for alleged short payment on outward supplies during FY 2019-20.
- Equivalent penalty of ₹14,03,919 imposed under Section 74 and 122(2)(b) of the CGST Act.
- The tax demand comprises IGST of ₹8.86 lakh, CGST of ₹2.59 lakh, and SGST of ₹2.59 lakh.
- Company plans to file an appeal against the order with the Appellate Authorities.
Cords Cable Industries reported a steady performance for Q3 FY26, with revenue from operations growing 14.7% YoY to ₹235.61 crore. Net profit for the quarter stood at ₹4.82 crore, reflecting a 5.3% increase compared to ₹4.57 crore in the same period last year. On a sequential basis, the company showed significant improvement, with net profit rising 35.8% from ₹3.55 crore in Q2 FY26. For the nine-month period ending December 2025, revenue surged 22.4% to ₹687 crore, indicating robust demand in the industrial cable segment.
- Revenue from operations increased 14.7% YoY to ₹235.61 crore in Q3 FY26.
- Net profit grew 5.3% YoY to ₹4.82 crore, with a sharp 35.8% jump on a QoQ basis.
- 9-month revenue for FY26 reached ₹687 crore, up significantly from ₹561.32 crore in the previous year.
- Earnings Per Share (EPS) improved to ₹3.73 for the quarter, up from ₹3.54 in the year-ago period.
- Finance costs for the quarter were contained at ₹6.81 crore compared to ₹7.04 crore in the preceding quarter.
Cords Cable Industries reported a steady performance for Q3 FY26, with revenue from operations growing 14.7% year-on-year to ₹235.6 crore. Net profit for the quarter saw a modest increase of 3.1% to ₹4.82 crore compared to ₹4.67 crore in the same period last year. For the nine-month period ended December 2025, the company's revenue reached ₹687 crore, a significant jump from ₹561.3 crore in the previous year. While the top line showed robust growth, profitability was slightly constrained by a rise in finance costs and material expenses.
- Revenue from operations increased by 14.7% YoY to ₹235.61 crore in Q3 FY26.
- Net Profit for the quarter grew to ₹4.82 crore from ₹4.67 crore in Q3 FY25.
- 9-month revenue showed strong growth of 22.4%, reaching ₹687 crore compared to ₹561.3 crore YoY.
- Finance costs for the quarter rose to ₹6.81 crore from ₹5.20 crore YoY, impacting net margins.
- Earnings Per Share (EPS) for Q3 FY26 improved to ₹3.73 from ₹3.61 in the previous year's quarter.
Cords Cable Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, pertains to the quarter ended December 31, 2025. This filing confirms that the company has processed dematerialization requests and updated its records accordingly. This is a standard procedural disclosure required for all listed entities in India.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirmation received from Registrar & Share Transfer Agent MUFG Intime India Private Limited
- Ensures that security certificates for dematerialization were processed and cancelled as per norms
Cords Cable Industries Limited has received a GST demand order from the Joint Commissioner State Tax, Bhiwadi, Rajasthan, for the financial year 2018-19. The order involves a total financial implication of approximately Rs 41.75 lakhs, comprising an IGST demand, an equivalent penalty, and accrued interest. The demand arises from the alleged incorrect availment of input tax credit. The company has stated its intention to file an appeal against this order and maintains that it will not have a material impact on its operations.
- Total demand including tax, penalty, and interest amounts to Rs 41,75,480
- Specific components include IGST of Rs 12,46,412 and an equivalent penalty of Rs 12,46,412
- Interest of Rs 16,82,656 has been levied under Section 50(3) of the GST Act
- The dispute pertains to the disallowance of Input Tax Credit (ITC) for FY 2018-19
- Company intends to contest the order by filing an appeal with the Appellate Authorities
Cords Cable Industries Limited has officially launched its new corporate website effective December 22, 2025. The update includes a specific section for disclosures under Regulation 46 of SEBI (LODR) Regulations, 2015, ensuring better transparency for investors. This is a routine administrative update to improve information accessibility for stakeholders. Investors should note that all previous website links are now defunct and should use the new portal for official communications.
- New official website launched at https://cordscable.com effective December 22, 2025
- Dedicated disclosure link established for SEBI Regulation 46 compliance tracking
- All previous website links have been decommissioned and are no longer in use
- Company maintains compliance with SEBI Listing Obligations and Disclosure Requirements
Cords Cable Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the un-audited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all directors, designated employees, and insiders of the company. The trading window will remain closed until 48 hours after the financial results are officially made public.
- Trading window closure begins on January 1, 2026
- Closure is related to the Q3 and 9-month financial results ending December 31, 2025
- Applies to Directors, Designated Employees, and their immediate relatives
- Window will reopen 48 hours after the official announcement of results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Cords Cable Industries Limited has received a demand order from the Assistant Commissioner of CGST, Rajasthan, regarding the incorrect availment of Input Tax Credit (ITC). The order demands an ITC amount of ₹35.59 lakhs for the period spanning FY 2018-19 to 2022-23. Additionally, an equivalent penalty of ₹35.59 lakhs has been imposed, bringing the total potential liability to approximately ₹71.19 lakhs. The company intends to file a rectification application against this order and maintains that there is no material impact on its operations.
- Demand order received for ₹35,59,462 due to disallowed Input Tax Credit (ITC).
- Equivalent penalty of ₹35,59,462 imposed under Section 122(2)(b) of the CGST Act.
- The tax dispute pertains to purchases made during the financial years 2018-19 to 2022-23.
- Company plans to file a rectification application with the tax authorities to contest the order.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew by 26.5% YoY to reach INR 794.56 Cr in FY25, up from INR 627.99 Cr in FY24. The growth is driven by a 3-year CAGR of ~23%. Segmental contribution consists of Solar Cables (35%), Low Tension (LT) Power Cables (35%), and Instrumentation & Control Cables (30%).
Geographic Revenue Split
Not specifically disclosed by percentage, but the company is expanding into new domestic markets and segments, with a focus on Indian PSUs in the oil and hydrocarbon sectors.
Profitability Margins
Net Profit Margin improved to 1.85% in FY25 from 1.60% in FY24. However, PBILDT margins declined to 6.22% in FY25 from 6.62% in FY24 due to a shift in product mix toward lower-margin Power Cables, which now account for ~50% of revenue over the last three years.
EBITDA Margin
PBILDT margin stood at 6.22% in FY25, a decrease of 40 basis points from 6.62% in FY24. This compression is attributed to limited bargaining power with large clients and competitive pricing strategies to gain market share.
Capital Expenditure
The company has no significant capital expenditure plans envisaged for the near term as of late 2024; however, it maintains a gearing headroom with a current ratio of 1.53x to support future debt-funded expansion if required.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE BBB; Stable and short-term facilities at CARE A3 (reaffirmed Oct 2025). Interest coverage ratio stood at 1.96x in FY25, improving from 1.69x in FY24.
Operational Drivers
Raw Materials
Primary raw materials include copper, aluminum, and various polymers/PVC (implied by cable manufacturing). Specific percentage of total cost for each is not disclosed, but they are subject to high price volatility.
Key Suppliers
Not specifically named, though the company is an approved vendor for major clients like IOCL, HPCL, and BPCL who influence the supply chain ecosystem.
Capacity Expansion
Current installed capacity is approximately 65,000 core-cable-kilometres annually across manufacturing facilities in Chopanki and Kaharani, Rajasthan.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; volatility in these prices directly strains the PBILDT margin, which fell to 6.22% in FY25 due to rising input costs and competitive pricing.
Manufacturing Efficiency
Inventory turnover ratio improved by 17.73% to 11.22x in FY25 from 9.53x in FY24, indicating better asset utilization and operational efficiency.
Strategic Growth
Expected Growth Rate
23%
Growth Strategy
Growth is targeted through an order book of ~INR 260.00 Cr to be executed in FY26. Strategy involves increasing revenue from LT cables, expanding the customer base in the renewable energy and solar sectors, and leveraging long-standing relationships with PSUs and large private players like L&T and TATA Projects.
Products & Services
Control cables, Instrumentation cables, Low Tension (LT) Power cables, and Solar cables.
Brand Portfolio
CORDS®
New Products/Services
Increased focus on 1.9/3.3 kV Power Cables following the grant of BIS license and NABL accreditation for its test laboratory to serve the solar and hydrocarbon industries.
Market Expansion
Targeting new markets in the renewable energy, solar power, and hydrocarbon refinery segments to scale operations.
External Factors
Industry Trends
The cable industry is shifting from unorganized to organized sectors but remains highly fragmented. Demand is growing in the renewable and infrastructure segments, where CORDSCABLE is positioning itself with specialized products.
Competitive Landscape
Highly competitive and fragmented with many small and medium enterprises and several large players, restricting pricing flexibility.
Competitive Moat
Moat is built on a 50-year track record of the promoter, established relationships with PSUs, and specialized certifications (BIS, NABL) which act as entry barriers for high-spec industrial contracts.
Macro Economic Sensitivity
Highly sensitive to government policies and economic conditions affecting infrastructure and power sectors.
Consumer Behavior
Shift toward renewable energy and solar power is driving demand for specialized solar and LT power cables.
Geopolitical Risks
Volatility in global raw material costs and supply chain disruptions are noted as key external threats.
Regulatory & Governance
Industry Regulations
Operations must comply with BIS standards for power cables and NABL accreditation for testing laboratories. Changes in environmental or safety standards pose regulatory risks.
Taxation Policy Impact
The company is subject to standard Indian corporate tax laws; however, it recently faced a GST dispute regarding input tax credit.
Legal Contingencies
Received a GST 'Order in Original' (No. 36/GST/BHD-TIJARA/25-26) on November 28, 2025, disallowing input tax credit for FY 2018-19 and 2019-20. Management states there is no material impact on financial or operational activities.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and intense industry competition are the primary uncertainties, potentially impacting margins by more than 0.5% as seen in the FY24-FY25 transition.
Geographic Concentration Risk
Manufacturing is concentrated in Rajasthan (Chopanki and Kaharani), making it sensitive to regional industrial policies.
Third Party Dependencies
High dependency on large PSU clients for repeat orders; however, the client base is diversified across oil, power, and infrastructure sectors.
Technology Obsolescence Risk
The company mitigates technology risks by equipping facilities with modern technology and maintaining stringent quality processes.
Credit & Counterparty Risk
Receivables management is critical; debtor turnover was 5.01x in FY25. The company deals with reputed PSUs and large corporates, which generally mitigates credit risk.