Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹234Cr
Rev Gr TTM
Revenue Growth TTM
24.27%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

CORDSCABLE
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 6.8 | 9.8 | 10.3 | 29.8 | 26.2 | 27.9 | 25.9 | 22.3 | 30.1 | 30.5 | 23.4 | 14.7 |
| 131 | 125 | 136 | 158 | 167 | 163 | 172 | 193 | 219 | 212 | 212 | 221 |
Operating Profit Operating ProfitCr |
| 7.8 | 7.3 | 6.1 | 6.2 | 6.8 | 6.0 | 6.2 | 6.3 | 6.3 | 6.0 | 6.2 | 6.2 |
Other Income Other IncomeCr | 0 | 1 | 3 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
Interest Expense Interest ExpenseCr | 7 | 6 | 7 | 5 | 7 | 6 | 6 | 5 | 7 | 7 | 7 | 6 |
Depreciation DepreciationCr | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| 3 | 2 | 3 | 4 | 5 | 4 | 4 | 6 | 6 | 5 | 5 | 7 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 |
|
Growth YoY PAT Growth YoY% | 14.0 | 6.3 | 18.6 | 79.9 | 52.4 | 55.7 | 28.9 | 58.6 | 39.0 | 34.4 | 36.1 | 5.1 |
| 1.5 | 1.4 | 1.4 | 1.8 | 1.8 | 1.7 | 1.4 | 2.3 | 1.9 | 1.7 | 1.6 | 2.1 |
| 1.6 | 1.4 | 1.6 | 2.3 | 2.5 | 2.2 | 2.0 | 3.6 | 3.4 | 3.0 | 2.7 | 3.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 0.8 | 6.9 | 14.2 | 13.0 | 14.1 | 1.0 | -23.2 | 35.5 | 20.1 | 19.3 | 26.6 | 15.8 |
| 238 | 254 | 290 | 330 | 378 | 379 | 289 | 400 | 487 | 586 | 745 | 863 |
Operating Profit Operating ProfitCr |
| 10.3 | 10.3 | 10.2 | 9.7 | 9.4 | 9.9 | 10.7 | 8.7 | 7.5 | 6.6 | 6.2 | 6.2 |
Other Income Other IncomeCr | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 5 | | 3 |
Interest Expense Interest ExpenseCr | 20 | 21 | 22 | 23 | 24 | 26 | 23 | 24 | 23 | 25 | 25 | 27 |
Depreciation DepreciationCr | 5 | 5 | 5 | 5 | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 10 |
| 4 | 5 | 8 | 9 | 11 | 11 | 6 | 9 | 10 | 14 | 20 | 23 |
| 1 | 2 | 3 | 3 | 4 | 0 | 2 | 2 | 3 | 4 | 5 | 6 |
|
| 32.8 | 14.9 | 66.5 | 21.1 | 17.4 | 45.0 | -59.2 | 46.2 | 13.4 | 39.5 | 45.7 | 14.9 |
| 1.0 | 1.1 | 1.6 | 1.7 | 1.8 | 2.5 | 1.4 | 1.4 | 1.4 | 1.6 | 1.9 | 1.8 |
| 2.2 | 2.5 | 4.0 | 4.8 | 5.7 | 8.2 | 3.4 | 4.9 | 5.5 | 7.8 | 11.3 | 12.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 11 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 96 | 104 | 108 | 114 | 122 | 128 | 133 | 139 | 146 | 156 | 170 | 177 |
Current Liabilities Current LiabilitiesCr | 156 | 151 | 135 | 135 | 148 | 155 | 119 | 148 | 151 | 169 | 206 | 211 |
Non Current Liabilities Non Current LiabilitiesCr | 19 | 14 | 23 | 24 | 27 | 19 | 29 | 24 | 26 | 23 | 32 | 34 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 181 | 185 | 186 | 192 | 211 | 218 | 199 | 227 | 242 | 269 | 316 | 330 |
Non Current Assets Non Current AssetsCr | 103 | 98 | 93 | 94 | 98 | 98 | 94 | 96 | 95 | 92 | 104 | 104 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 23 | 23 | 19 | 20 | 18 | 42 | 18 | 30 | 35 | 30 | 14 |
Investing Cash Flow Investing Cash FlowCr | 1 | 0 | -2 | -7 | -3 | -12 | 4 | -10 | -6 | -7 | -16 |
Financing Cash Flow Financing Cash FlowCr | -25 | -21 | -17 | -13 | -15 | -30 | -21 | -17 | -33 | -23 | 2 |
|
Free Cash Flow Free Cash FlowCr | 21 | 23 | 19 | 12 | 8 | 33 | 14 | 20 | 29 | 24 | -6 |
| 833.4 | 739.4 | 364.5 | 318.0 | 240.0 | 394.7 | 415.1 | 470.1 | 484.8 | 296.2 | 96.6 |
CFO To EBITDA CFO To EBITDA% | 82.5 | 78.5 | 57.0 | 56.2 | 45.0 | 101.3 | 52.0 | 78.3 | 88.5 | 72.2 | 28.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 29 | 58 | 99 | 104 | 85 | 32 | 51 | 65 | 81 | 225 | 203 |
Price To Earnings Price To Earnings | 11.4 | 20.0 | 19.1 | 16.7 | 11.5 | 3.0 | 11.7 | 10.2 | 11.2 | 22.3 | 13.8 |
Price To Sales Price To Sales | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | 0.4 | 0.3 |
Price To Book Price To Book | 0.3 | 0.5 | 0.8 | 0.8 | 0.6 | 0.2 | 0.3 | 0.4 | 0.5 | 1.3 | 1.1 |
| 2.7 | 3.2 | 4.2 | 4.3 | 3.7 | 2.1 | 3.2 | 3.3 | 3.5 | 6.7 | 5.7 |
Profitability Ratios Profitability Ratios |
| 23.0 | 23.0 | 21.2 | 20.1 | 19.7 | 22.4 | 25.3 | 21.6 | 20.0 | 19.3 | 18.9 |
| 10.3 | 10.3 | 10.2 | 9.7 | 9.4 | 9.9 | 10.7 | 8.7 | 7.5 | 6.6 | 6.2 |
| 1.0 | 1.1 | 1.6 | 1.7 | 1.8 | 2.5 | 1.4 | 1.4 | 1.4 | 1.6 | 1.9 |
| 14.1 | 15.0 | 16.1 | 15.8 | 16.3 | 16.6 | 12.9 | 13.6 | 14.1 | 15.5 | 15.7 |
| 2.5 | 2.7 | 4.3 | 4.9 | 5.5 | 7.5 | 3.0 | 4.2 | 4.5 | 6.0 | 8.0 |
| 0.9 | 1.1 | 1.9 | 2.2 | 2.4 | 3.4 | 1.5 | 2.0 | 2.1 | 2.8 | 3.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Cords Cable Industries Limited (CORDS) is a specialized manufacturer of **Control & Instrumentation cables** with over **30 years of experience** in serving mission-critical industries. The company operates in the **B2B segment**, maintaining a strong brand reputation and offering a comprehensive range of high-quality, customized cable solutions for demanding industrial environments.
---
### **Core Business & Product Portfolio**
CORDS designs, develops, and manufactures a wide array of cables, including:
- **Instrumentation Cables**
- **Control Cables**
- **Power Cables (LV and up to 1.9/3.3 kV)**
- **Thermocouple Extension & Compensating Cables**
- **Communication & Data Cables**
- **Specialty Cables**: Fire Survival, Low Smoke Halogen Free (LSHF), Solar PV, Railway Jelly Filled Quad, Eurobalise Railway Safety, Fieldbus, EPR, Silicon Rubber, and Low-Temperature Cables
Approximately **95% of orders are customized** based on specific customer requirements, reinforcing CORDS’ positioning as a leader in tailored cable solutions.
---
### **Product Mix and Specialization**
- **~74% Instrumentation & Control Cables** (down from ~86% in earlier years – indicating strategic diversification)
- **~26% Power Cables**
The shift reflects CORDS’ growing focus on power applications in solar, green hydrogen, and infrastructure sectors.
---
### **Manufacturing & Capacity**
CORDS operates **two advanced manufacturing facilities** in Rajasthan:
1. **Kaharani Plant**: ~35,000 core-cable-km/year
2. **Chopanki Plant**: ~30,000 core-cable-km/year
**Total Annual Capacity**: ~65,000 core-cable-kilometres
Both facilities have been operational at near-full capacity post-pandemic recovery, with a strong emphasis on:
- Operational efficiency
- Cost control
- Preventive maintenance
- Product mix optimization
These initiatives support **economies of scale** and reinforce CORDS’ competitive edge.
---
### **Quality & Compliance**
CORDS ensures strict adherence to international standards, including:
- **IEC**, **EN**, **BS**, **VDE**, and **CE Marking**
- **BIS License** for 1.9/3.3 kV Power Cables (secured FY2025)
- **NABL Accreditation** for its in-house test laboratory (achieved FY2025)
- **ADNOC (UAE) Product Approval** – critical for global hydrocarbon projects
These certifications validate product reliability and open doors to international and regulated markets.
---
### **Key Markets & Applications**
CORDS serves **critical infrastructure sectors**, including:
- **Oil & Gas, Hydrocarbons, Petrochemicals**
- **Power Generation & Transmission**
- **Railways, Metro Rail, and Dedicated Freight Corridors**
- **Airports and Smart Cities**
- **Water & Waste Management**
- **Renewables**: Solar Power, Green Hydrogen
- **Process Industries**: Cement, Steel, Fertilizers, Chemicals, Pharmaceuticals
- **Marine and Low-Temperature Environments** (emerging focus)
---
### **Customers & Approvals**
CORDS has secured approvals and executed large-scale orders from **premier domestic and international clients**, including:
- **L&T Hydrocarbon, HURL, BPCL, HPCL, Nayara Energy, Ultratech Cement**
- **Adani Group (Infra, Ports), SRF, Kutch Copper**
- **NCRTC, Municipal Corporation of Greater Mumbai**
- **Petrofac (UAE), Ashghal (Qatar), Dangote (Nigeria), ADNOC (UAE)**
In recent fiscal years, CORDS has delivered orders valued **between ₹25–50 crore** to blue-chip clients across hydrocarbon, infrastructure, and water sectors.
---
### **Exports & Global Reach**
The company has successfully expanded overseas, with exports to:
- **Middle East (UAE, Qatar)**
- **Africa**
- **Europe (including Italy)**
- **Australia**
These exports include supply to **overseas refineries, petrochemical complexes, and solar projects**, driven by CE certification and ADNOC approval.
---
### **Strategic Initiatives (FY2024–FY2025)**
- **Market Diversification**: Expansion into **solar, green hydrogen, marine, automotive, and pharma** sectors
- **Retail Market Entry**: Strategic partnership with **Stem Factory Solutions Pvt. Ltd.**, allowing CORDS to leverage its brand in the retail electrical market with minimal risk and high-volume potential
- **R&D and Innovation**: Development of **specialized cables** for emerging technologies and extreme environments
- **Brand Visibility**: Active participation in major exhibitions such as:
- **ELECRAMA (India)**
- **ADIPEC (Abu Dhabi)**
- **Nigeria Oil & Gas (Abuja)**
---
### **Leadership**
- **Mr. Naveen Sawhney (MD)**: 73 years old, with **over 53 years of experience** in the wires and cables industry
- Started in quality control at **Delton Cables Ltd (1971)**
- Transitioned to marketing, then joined **Cords India (1985)** for cable branding
- Led the inception of **in-house manufacturing at Cords Cable Industries (1987)**
His long-standing leadership has been instrumental in building CORDS' technical expertise and market credibility.
---
### **Financial & Regulatory Highlights**
- **Authorized Capital**: ₹17.1 crore (equity and cumulative redeemable non-convertible preference shares)
- **Foreign Exchange**: Generated earnings of **₹2,613.62 lakhs** and incurred outgo of **₹2,097.43 lakhs** (FY2020 data), reflecting sustained international engagement
- No new equity or preference shares issued during recent financial years (as of 2020)
---
### **Registered & Operational Address**
- **Registered Office**: New Delhi
- **Manufacturing Plants**: Chopanki & Kaharani, Alwar District, Rajasthan
- Additional unit located at: 94, 1st Floor, Shambhu Dayal Bagh Marg, Bhiwadi, Rajasthan