Prime Cable Industries Ltd. (PRIMECAB)
SME CapIndustrials stocks · SME cap · NSE
Prime Cable Industries Ltd. is an integrated cables and wires manufacturer catering to India's infrastructure and industrial ecosystem. It serves institutional clients like electricity boards, EPC players, and PSUs with a diversified portfolio including power, control, and aerial bunch cables. The company operates two units with a third planned, emphasizing quality and compliance.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹144 Cr | NDF | +58.2% |
| EBITDA | ₹14 Cr | +55.6% | +40.0% |
| Operating margin | 10.0% | -100 bps | -100 bps |
| PAT | ₹7 Cr | NDF | +40.0% |
| PAT margin | 4.9% | -102 bps | -63 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 67% YoY to INR 234.9 Cr, with EBITDA up 61% to INR 23.5 Cr. PAT increased 67% to INR 12.3 Cr. Unexecuted order book stands at INR 191.0 Cr (as of May 15), to be executed in 4-6 months. Debtor days increased to 85 days, and CCC to 81 days.
While revenue and profit growth are strong, the significant deterioration in debtor days and cash conversion cycle raises concerns about working capital management and the quality of growth. The large order book provides near-term visibility, but execution and cash generation from these orders need close monitoring.
Revenue split by products - FY26
Latest issuer-disclosed distribution across 4 reported categories.
Geographic Expansion
Current revenues concentrated in 5–6 key states; significant headroom to expand into underpenetrated and new states across India.
Product Portfolio Diversification
Planned expansion into medium voltage (MV) cables (1.1 kV - 33 kV) to participate in higher-value power transmission projects.
Capacity Expansion
Increased capacity from 15,000 KMs (FY22) to 34,000 KMs (FY26), with new unit adding 5,000 kms/annum by H1 FY27.
Deepening Institutional Client Relationships
Leverage long-standing relationships with electricity boards, EPC players, and PSUs to increase wallet share and cross-sell.
New Ghiloth Facility (Unit 3)
New Ghiloth facility (Unit 3) on track for commissioning by end of H1 FY27.
MV Cable Capacity Addition
Installed capacity: 5,000 kms per annum by the end of H1 FY27 and 8000+ kms per annum by Q1 FY28 at the new unit.
Targeted Utilization Ramp-up
Targeted Capacity Utilization for new unit: 28% in FY27, 45% in FY28, and 85% at peak.
Power Infrastructure Transformation
Ongoing grid modernization, smart metering, and loss reduction initiatives are driving demand for cables.
Renewable Energy and Grid Integration
Large-scale solar and wind capacity additions and dedicated transmission infrastructure are increasing cable demand.
Infrastructure and Real Estate Expansion
Continued build-out across roads, railways, ports, and urban infrastructure, alongside strong growth in residential and commercial real estate.
Industrialization and Automation
Growth in manufacturing and industrial capex, with rising adoption of automation systems requiring precision cabling.
Working Capital Management
Significant increase in debtor days (85 days) and cash conversion cycle (81 days) in FY26, indicating potential strain on liquidity.
Execution Risk for New Capacity
Ramp-up of new Ghiloth facility (Unit 3) to 85% peak utilization by FY28 is ambitious, requiring sustained demand and efficient project execution.
Competition in Fragmented Market
Indian cables and wires market is highly fragmented with 100+ manufacturers, posing competitive pressures despite B2B focus.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily provides annual (FY24, FY25, FY26) and half-yearly (H2 FY25, H2 FY26) comparisons, with a clear emphasis on year-over-year growth rates for key financial metrics. This indicates that annual performance trends are more relevant for assessing the company's trajectory.
Unexecuted Order Book
Unexecuted order book as of 15 May: 191.0 crores, to be executed over the next 4-6 months.
Revenue Cover
Unexecuted order book of INR 191.0 Cr to be executed over the next 4-6 months, providing short-term revenue visibility.
Capacity Utilization
Narela (Unit 1) and Ghiloth (Unit 2) facilities almost achieved peak utilization in Mar ’26. FY26 annualized capacity utilization was 55%.
EBITDA Margin
FY26 EBITDA margin was 10.0%, a 38 bps decline YoY from 10.4% in FY25.
Revenue Growth Outlook
Revenue expected to grow at 45% CAGR over next 2 years, driven by strong demand tailwinds, peak utilization, and new capacity ramp-up.
Strategic Product Shift
Transitioning towards higher-margin products, with planned entry into the medium voltage (MV) segment.
Explore Export Opportunities
Strategic focus on expanding into select international markets to leverage product quality and certifications.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Debtor Days | 85 days (FY26) | Stabilization or reduction in debtor days to improve cash flow and working capital efficiency. |
| Cash Conversion Cycle (CCC) | 81 days (FY26) | Improvement in CCC, indicating better working capital management and liquidity. |
| New Unit Utilization (Ghiloth Unit 3) | 28% (FY27 target) | Track ramp-up of Ghiloth Unit 3 utilization against targeted 45% in FY28 and 85% at peak. |
| Order Book Execution | INR 191.0 Cr (as of May 15) | Timely execution of the unexecuted order book within the stated 4-6 month timeframe. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +6.6% / mo · MACD − · near 52W high
Technical chart
PRIMECABdaily · 1Y · AUTO+155.8%Daily history is available from 2025-09-29; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.2% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 181% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 25.3%.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 68.5%. Key concern: Operating cash flow is negative at ₹-13 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 56th pctile, median 68 · SME: 77th pctile, median 64
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.5%.
- ▸Promoter pledge is zero.
- ▸ROCE is 27.8%.
- ▸OPM spread across recent quarters is 1%.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 25.40
- P/B
- 5.72
- EV/EBITDA
- 16.67
- Market Cap
- 348.00Cr
Profitability
- ROE
- 36.40%
- ROCE
- 27.80%
- ROA
- 7.27%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 57.00%
- EPS 5Y
- 119.00%
- Revenue 3Y
- 47.00%
- EPS 3Y
- 297.50%
Balance Sheet
- Debt/Equity
- 0.85
- Interest Coverage
- 5.75×
- Altman Z
- 4.47
- Book Value
- 33.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -13.00 Cr
- EPS TTM
- 6.68
Shareholding
- Promoter Hold
- 68.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.