Cords Cable Industries Limited

Industrials — Electrical Equipment & Parts · NSE

₹308.70+₹1.55 (+0.50%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Cords Cable Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Cords Cable Industries Limited engages in the manufacturing and sale of control and instrumentation cables in India.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees243

Annual revenue₹954 Cr

How does it make money?

Turns over ₹954 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 243 employees supports ₹3.93 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin6.5%

Net margin2.2%

Revenue / employee₹3.93 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 10.2% against a peer median of 17.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE21.6%

ROE10.2%

Peer median ROE17.1%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +81% while net margin moved +58% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+81%

Margin effect+58%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.80 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

65/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

16.3x

3Y Median

20.8x

40 monthly readings · mean 22.6x · range 11.4x–42.6x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 22% below its 3y median of 20.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 82% below the peer median of 88.8x.

vs. its own history

Cheap

20.8x median over 40 months · -22%

vs. sector peers

Cheap

88.8x median of 3 peers · -82%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

16.3x

P/B

1.98x

EV/EBITDA

8.2x

PEG

0.39

Dividend Yield

0.39%

What's Good / What's Bad

🟢 What's Going Well5

Return on equity is rising
ROE has improved from 4.5% to 10.2%.
Return on capital is rising
ROCE has improved from 16.2% to 21.6%.
High return on capital employed
ROCE of 21.6% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 16.3x the stock trades 22% below its own median of 20.8x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Debt is rising
Total debt is up 33% over 3 years — worth checking what it funded.

Red Flags

1 item require attention · 1 watch

🟡Debt is increasingFinancial
Total debt is up 33% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 22% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 82% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.9% CAGR
Latest reported year was 9.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 6.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹33 Cr
Profit that never becomes cash eventually stops being profit.
5Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹399 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.3x

Fair

Fairly valued against the generic band

P/B Ratio

1.98x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹18.92

Profitable

Profitable on a per-share basis

ROE

10.2%

Moderate

Moderate capital efficiency

ROCE

21.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.55x

Low

Conservative leverage

Revenue Growth (YoY)

9.5%

Modest

Modest growth

Profit Growth (YoY)

102.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.39%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹33 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹308.7

Operating Margin

5.3%

Average

Average margins

Net Margin

2.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.51

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.80

Defensive

Steadier than the market

52W Range Position

65%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

326.8 / 297.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹526 Cr	₹628 Cr	₹795 Cr	₹954 Cr	+21.9%
EBITDA	₹38 Cr	₹46 Cr	₹52 Cr	₹62 Cr	+17.8%
EBITDA Margin	7.2%	7.4%	6.5%	6.5%	—
PAT (Net Profit)	₹7 Cr	₹10 Cr	₹15 Cr	₹21 Cr	+41.9%
EPS	₹5.58	₹7.79	₹11.35	₹15.97	+41.9%
ROE	4.5%	6.0%	8.0%	10.2%	—
ROCE	16.2%	18.5%	19.6%	21.6%	—
Total Debt	₹83 Cr	₹85 Cr	₹116 Cr	₹111 Cr	+10.1%
Free Cash Flow	₹29 Cr	₹24 Cr	-₹6 Cr	₹33 Cr	+4.2%

🟢 Revenue has grown at 21.9% a year over 3 years.

🟢 EBITDA has grown at 17.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 6.5% over 3 years.

🟢 PAT (Net Profit) has grown at 41.9% a year over 3 years.

🟢 EPS has grown at 41.9% a year over 3 years.

🟢 ROE has risen from 4.5% to 10.2% over 3 years (+5.7 pts).

🟢 ROCE has risen from 16.2% to 21.6% over 3 years (+5.5 pts).

🔴 Total Debt has grown at 10.1% a year over 3 years.

🟢 Free Cash Flow has grown at 4.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹490 Cr

Total Liabilities

₹288 Cr

Total Debt

₹111 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹43 Cr

Capex

-₹10 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.8%

Corporate Actions

Dividend Rate

₹1.2

Ex-Dividend Date

21 Sept 2026

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive5 general

Here's Why Cords Cable Industries (NSE:CORDSCABLE) Has Caught The Eye Of Investors

Simply Wall Street, 22 Aug

Cords Cable Industries Shares Customer-Centric Approach in Specialty Cable

Wire & Cable India, 04 Aug

Cords Cable Industries Ltd. Lower Circuit Streak: Day 2 Price and Data

Univest, 28 Sept

Cords Cable Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 03 Sept

Cords Cable Q1 Results: Net profit up 102% YoY to ₹7.8 crore

scanx.trade, 13 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Best Cable Stocks To Buy In India 2026 - Top 24 Picks For Long-Term Growth

Samco, 27 Feb

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟢Financial HealthStrong13/20

🟢GrowthStrong14.9/20

🟡ProfitabilityModerate8.5/15

🟢ValuationAttractive10.7/15

🟡RiskModerate5.2/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓Revenue growth stays above 16% a year21.9% CAGR
✓EBITDA margin holds above 5%6.5%
✗Interest cover stays above 3x2.2x
✓Free cash flow remains positive₹33 Cr
✓Debt / EBITDA stays below 2x1.8x