Bhadora Industries is a family-run Indian cable maker that has spent nearly four decades turning a single leased factory in Madhya Pradesh into a publicly listed supplier for the country’s electricity grid. What began in 1986 as a small partnership making PVC cables has grown into a specialised industrial cable business that sells almost entirely to government power distributors and large engineering contractors under the “Vidhut Cables” brand. The recurring approach is simple: win orders through competitive bidding, protect margins by passing raw-material costs straight through to customers, and then use the cash from those orders to fund the next plant expansion - a cycle it is running again right now with a new facility that will nearly triple its sales potential. # Business segments A single engine - industrial cable manufacturing - run from one operating plant and one under construction, selling to the same customer base through the same order-book model. ## 1. Power and industrial cables: a bid-and-build workshop for the grid **The company makes aluminium and copper cables for electricity transmission, wins nearly all its work through government tenders, and is currently building a larger plant to move into higher-voltage products.** - **Paid by the order, not the contract** - almost every sale comes from a one-off tender won from a state electricity board (DISCOM) or an EPC contractor, with no long-term purchase agreements in place; the company’s current factory is fully booked through October 2026 on an order book of more than INR100 crores. - **Raw-material risk sits with the customer** - 98% of orders include a price-variation clause, so when aluminium or copper prices rise, the company can pass the increase straight through to the buyer, insulating its own margin. - **The moat is approvals and relationships** - it holds over 40 regulatory approvals that take three to five years to secure, and its ties with large EPC contractors have been built over five to six years, making it hard for a newcomer to displace. - **A bigger factory unlocks higher voltages** - the existing leased plant in Tikamgarh makes mostly aluminium power cables and aerial bunched cables, but a new Phase I facility, roughly 80% complete and set to start production by October 2026, will add medium-voltage (MVCC) and high-tension cables up to 33kV, instrumentation and control cables, and a much larger share of copper production. - **Central location cuts freight cost** - the Madhya Pradesh base gives the company a transport advantage when shipping to customers across southern, northern, central and Uttar Pradesh states, which matters in a business where cables are heavy and margins are thin. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures, just a handful of related family concerns outside the cable business.** - Bhadora Industries has no subsidiary, joint venture or associate companies. - Related parties include Frutx Industries, Anadata Frutx Farmers Producer Company Limited and Ahinsa Floor Mill Pvt Ltd, all separate from the cable operations.