This comprehensive investor profile synthesizes the operational, strategic, and financial standing of **Relicab Cable Manufacturing Ltd.**, an **ISO 9001:2015** certified manufacturer specializing in electrical connectivity solutions and PVC compounds. ### Industrial Footprint and Manufacturing Infrastructure Relicab operates a centralized, high-tech manufacturing hub in **Daman (U.T.)**, which serves as the core of its production and quality assurance operations. * **Facility Scale:** The plant spans over **20,000 sq. ft.** of floor space. * **Production Capacity:** The facility is rated for an annual output of approximately **7,510 Km** of wires and cables and **1,500 tons** of **PVC Compound**. * **Revenue Potential:** Current infrastructure is capable of supporting an annual turnover exceeding **₹110 crore**. * **Technological Upgrades:** The company recently installed **dual extruder lines** and advanced dyes to facilitate the production of high-margin **ZHFR (Zero Halogen Flame Retardant) cables** and **skinning wires**. * **Quality Control:** A newly developed **High Voltage Testing Area** has been established at an adjacent facility in Daman to ensure compliance with rigorous industrial standards. ### Diversified Product Portfolio and Brand Equity Operating under the **"Relicab"** brand, the company holds critical licenses including **IS:694**, **IS:7098**, and **IS:1554 (Part 1)**. The portfolio is categorized into three primary streams: **1. Wires and Flexible Cables** * **Standard Range:** Single and multi-core flexible cables, including **IS:694:2010** compliant sheathed and unsheathed cords for voltages up to **1100V**. * **Specialized Variants:** Heat Resistant (**HR**), Flame Retardant (**FR**), Flame Retardant Low Smoke (**FRLS**), and Zero Halogen Flame Retardant (**ZHFR**). **2. Power, Control, and Specialized Cables** * **Heavy Duty:** Armored and unarmored variants, including **XLPE Insulated Cables** for voltages up to **1100V/3.3KV**. * **Niche Applications:** Instrumentation shielded cables, **Solar Cables**, **Uninyvin**, **EV Cables**, Elastomeric cables, Polyurethane cables, and **Moulded Wire Harnesses**. **3. Backward Integration: PVC Compounds** Relicab is strategically integrated through its in-house **PVC Compound** facility. * **Internal Utility:** Supplies insulation, sheathing, and master batches for captive cable production. * **External Revenue:** Direct sales of industrial-grade compounds to third-party manufacturers. ### Strategic Market Positioning and Client Ecosystem Relicab has transitioned from the **BSE SME Platform** to the **BSE Main Board** (August 2023), signaling its evolution into a mid-market industrial player. **Domestic Client Base and Approvals** The company maintains deep-rooted relationships with blue-chip industrial giants and utilities: * **Key Clients:** **ABB India**, **Schneider Electric**, **Crompton Greaves**, **Bharat Bijlee**, **Siemens**, and **Maktel Control & Systems**. * **Critical Approvals:** Secured vendor registration with **Tata Power** and manufacturer approval from **CG Power** for **POWERGRID** projects up to **765kV**. * **Public Sector:** In **April 2025**, the brand received a two-year approval for use in **MHADA (Maharashtra Housing and Area Development Authority)** projects. **Global Footprint** Relicab is aggressively pursuing an export-led growth strategy: * **Established Markets:** Russia, Uganda, Indonesia, Nigeria, Singapore, and UAE. * **New Frontiers:** Recent expansion into **Ghana** (supplying the Ghana Electricity Board) and inaugural commercial dispatches to **Malawi** and **Mozambique** (valued at **US$ 1,17,596**). * **Recent Wins:** Secured a **₹2.3 Crore** export order from the **Gulf Region** in February 2025. ### Financial Performance and Capital Structure The company has demonstrated a trend of financial stabilization and improved solvency, moving from historical losses toward consistent profitability. **Comparative Financial Metrics** | Metric | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Sales Turnover** | **₹38.02 Crore** | **₹34.56 Crore** | | **Profit After Tax (PAT)** | **₹1.54 Crore** | **₹1.50 Crore** | | **ROCE (Annualized Q2 FY25)** | **26.19%** | - | **Solvency and Debt Profile (as of March 31, 2025)** | Particulars | Value (INR Lakhs) | | :--- | :--- | | **Total Equity** | **1,356.74** | | **Net Debt** | **971.00** | | **Net Debt Equity Ratio** | **0.72** (Improved from **0.92** in 2024) | | **Cash & Cash Equivalents** | **82.18** | **Credit Rating (India Ratings - Oct 2025)** * **Long-Term Issuer Rating:** **IND BB/Stable** * **Short-Term Rating:** **IND A4+** * **Debt Security:** Facilities are secured by assets in Daman and a **30% share pledge** (**1,620,549 shares**) by promoter **Mr. Suhir H. Shah**. ### Macro-Economic Growth Drivers and Future Roadmap Relicab’s growth is indexed to several high-momentum sectors within the Indian economy: * **Renewable Energy:** Targeting India’s **500 GW** non-fossil capacity goal by **2030** and the **PM Surya Ghar** solar rooftop incentives. * **Real Estate & Infrastructure:** Benefiting from a **66%** increase in **PMAY** allocation (**₹79,000 crore**) and the demand for premium **FR-LSH** wires. * **Telecom & Data Centers:** Capitalizing on **5G fiberization** (currently only **35%** of towers) and the expansion of hyperscale data centers. * **Public Works:** Modernization of **29 airports** and **₹19,518 crore** allocated to Metro projects. **Future Product Focus:** The company is developing **Extra-High-Voltage (EHV)** cables for underwater/underground transmission and **Aluminum-alloy solutions** to balance conductivity and cost in rural electrification projects. ### Risk Assessment and Mitigation Framework Management employs a structured approach to address operational and regulatory challenges: **1. Operational and Financial Risks** * **Working Capital:** Historically, growth was constrained by limited working capital. The company is now focusing on debt reduction and prudent resource planning. * **Commodity Volatility:** Exposure to **Copper** (65% market share) and **Aluminum** price swings is mitigated through **MOUs** with suppliers and **price escalation clauses** in contracts. **2. Governance and Regulatory Risks** * **Audit Qualifications:** Auditors have noted the lack of an actuarial valuation for new **Labour Code** obligations and a reduction in the **PVC compound** segment's external sales. * **Management Structure:** The **Managing Director** currently holds the **CFO** position. While management deems this compliant with the **Companies Act**, it remains a point of governance monitoring. * **Litigation:** Active disputes exist with **PM Copper Wire & Cable SDN** and **Desh Wire Products Private Limited** regarding operational debts and cheque issues. **3. Market Risks** * **Competition:** The shift toward copper for efficiency vs. aluminum for price-sensitive rural lines requires a balanced production strategy. Relicab mitigates this by maintaining a versatile manufacturing setup capable of handling both materials.