Cords Cable is not a general-purpose wire maker - it is a specialist that designs and manufactures control and instrumentation cables for factories, refineries, power plants and railways, where a failed signal can halt an entire operation. Founded in 1991 by Naveen Sawhney, who had already been marketing cables under the ‘Cords’ name since 1985, the company has spent over three decades building a reputation as the supplier engineers call when an off-the-shelf cable will not do. The recurring approach that explains everything else is this: get approved as a qualified vendor by demanding industrial customers, then make almost every order to their exact specification - close to 95% of orders are customised - so that replacing Cords becomes a hassle the customer would rather avoid. # Business segments A single focused business - custom-engineered control and instrumentation cables sold project-by-project to industrial buyers, with a small power-cable tail that rides the same factories and customer relationships. ## 1. Control and instrumentation cables: the wiring that keeps industrial plants running **Cords makes the specialised cables that connect sensors, control panels and safety systems inside refineries, power stations and metro-rail networks - a project-driven B2B business where the sale begins with a technical approval, not a price quote.** - **Customised to the customer’s drawing** - close to 95% of orders are manufactured to the buyer’s own specifications rather than from a standard catalogue, which means the company competes on engineering fit rather than on price alone. - **The approval is the entry ticket** - before it can bid for work, Cords must first be vetted and listed as a qualified supplier by each customer, a process that creates a short, sticky panel of vendors for every large industrial project. - **Raw material is most of the cost, so the order book is deliberately short** - copper, aluminium, steel and PVC account for roughly 90% of the cost of sales, so the company keeps its order backlog to three or four months and fixes supplier prices with firms like Vendata Limited for about a quarter at a time, passing raw-material swings through to the customer via price-escalation clauses. - **Two plants, one product family** - the Kaharani and Chopanki units in Rajasthan together can produce about 65,000 core-cable-kilometres a year, and the company says it has the capability to double that output from the existing footprint when demand requires it. - **Exports are a small but proven leg** - cables have been shipped to the Middle East, Australia, Europe and Africa, with foreign-exchange earnings of roughly ₹20 crore in FY25, and the company holds pre-qualification with buyers such as ADNOC and Samsung Engineering for international projects. ## 2. Power cables: a smaller companion that shares the factory floor **Low-voltage power cables - the kind that feed electricity to machines and buildings - make up the balance of production and are sold to the same industrial customers through the same direct-sales channel.** - **A minority of the mix, but a natural add-on** - power cables (up to 3.3 kV) represented 24% of the cable mix in FY23 and 14% in FY20, giving project buyers a single source for both signal and power wiring. - **Same plants, same approvals** - the company holds BIS certification for power cables up to 1.9/3.3 kV and is pre-qualified with customers such as the Airports Authority of India for power cables up to 1.1 kV alongside its instrumentation range, so the cross-sell requires no new factory or fresh accreditation. # Group structure and partners **Cords Cable is a standalone, promoter-led company with no subsidiaries or joint ventures - it sells directly to project owners and, through a related firm, reaches electrical dealers for the retail segment.** - **A single entity, listed on both major exchanges** - the company has no subsidiaries, joint ventures or associate companies, and its shares trade on the NSE and BSE. - **Promoter-led with deep industry tenure** - founder Naveen Sawhney holds just over 47% of the equity and has spent more than 45 years in the cable industry; his sons Varun and Gaurav run marketing and finance respectively, creating a management team built around the family’s domain knowledge. - **A related-party route to the retail shelf** - the company sells to electrical dealers through Stem Factory Solutions Private Limited, where VP Marketing Varun Sawhney is a director, giving it a recurring, pre-approved channel into the retail segment without building its own dealer network. - **Banking relationships are broad and ratings are moderate** - the company works with a panel of lenders including Canara Bank, ICICI Bank, HDFC Bank and others, and its long-term credit facilities carry a CARE BBB (Stable) rating.