Key Metrics of Birla Cable Limited
About Birla Cable Limited
Sectors
Company details
- Registered office
- Udyog Vihar, P.o. Chorhata, Rewa, In-mp, 486006
- Listed
- NSE: BIRLACABLE · ₹326.45
Operational Areas of Birla Cable Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
WatchDowngraded by CARE on 01 Apr 2026 (from A+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Apr 2026 | CARE | Downgraded (from A+) | BBB+ | A1 | Positive | ₹351 Cr | View |
| 09 Jul 2025 | CARE | Reaffirmed | BBB+ | A1+ | Stable | ₹351 Cr | View |
| 07 Nov 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹376 Cr | View |
| 07 Sep 2023 | CARE | Reaffirmed | A+(CE) | A1+ | Stable | ₹336 Cr | View |
| 03 Jan 2023 | CARE | Reaffirmed | A+(CE) | A1+ | Stable | ₹188 Cr | View |
| 03 Dec 2021 | CARE | Reaffirmed | A+(CE) | A1+ | Stable | ₹376 Cr | View |
| 11 Feb 2021 | CARE | Reaffirmed | A+(CE) | A1+ | Stable | ₹188 Cr | View |
| 29 Sep 2020 | CARE | Other | — | — | — | — | View |
| 06 Jan 2020 | CARE | Reaffirmed | — | A1+ | Stable | ₹218 Cr | View |
| 14 Sep 2019 | CARE | Other | — | — | — | — | View |
| 02 Apr 2019 | CARE | Reaffirmed | AA-(SO) | A1+ | Stable | ₹294 Cr | View |
| 04 Dec 2018 | CARE | Reaffirmed | AA-(SO) | A1+ | Stable | ₹351 Cr | View |
| 10 Oct 2018 | CARE | Reaffirmed | AA-(SO) | A1+ | Stable | ₹294 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Resourceful and experienced promoters with demonstrated financial support
VTL benefits from being part of the well-established and diversified MP Birla Group, which has long-standing interests across cement, jute, carbide, power cables, OFC, guar gum, and power capacitors. The group operates through reputed entities such as Birla Corporation Limited (CARE AA; Stable/CARE A1+), BCL, and Universal Cables Limited (UCL; rated: ‘CARE A; Stable/ CARE A1’). MP Birla group also own 50% ownership in Hindustan Gums & Chemicals Limited (rated: ‘CARE A+; Stable/ CARE A1+’),
+ Strong and diversified business profile with a wide product portfolio and robust presence in EPC segment
VTL benefits from a well-diversified business model comprising two key segments—cable manufacturing and EPC services. The EPC division remains the dominant contributor, accounting for ~80% of the company’s revenue in FY25 (76% in 9MFY26) and has consistently contributed over 75% of total revenue in the last three fiscals, underscoring the company's execution capabilities and strong positioning in large-scale Government of India funded infrastructure projects. The cable division manufactures a br
+ Healthy and diversified order book providing medium-term revenue visibility
As of March 31, 2025, VTL reported a strong unexecuted order book of ₹6,784 crore, representing ~1.67x its FY25 operating income. Order book reduced from ₹6,167 crore (1.51x of FY24 revenue) from December 31, 2025, unexecuted order book stands at ₹5,812 crore despite of slow execution with new upcoming projects at slow pace, the company’s exposure to the JJM remains a key driver. Going forward, VTL’s ability to rebuild and expand its order book, particularly through fresh project wins under JJM
Credit challenges
− Moderation in operational and financial risk profile in FY25 and 9MFY26
On the financial side, VTL’s capital structure moderated over time. Overall gearing increased to 0.26x as on March 31, 2025 (PY: 0.15x), primarily due to higher utilisation of working capital borrowings driven by elevated receivables and inventory levels, while adjusted gearing (including corporate guarantees) rose to 0.33x from 0.22x. In FY26, the company availed an additional ₹200 crore loan to support its working capital requirements, reflecting continued pressure on liquidity and total debt
− Inherent risk associated with execution of large orders in the EPC segment and stretch in its working capital cycle
VTL derives ~80% of its revenue from the EPC segment, which also accounts for ~97% of the outstanding order book as on March 31, 2025. Execution of large and complex projects, such as the SWSM water project in Uttar Pradesh, carries risks associated with procedural delays, weather disruptions, or site-level challenges. Around 58% of the current order book pertains to energy sector projects backed by central utilities, which mitigates credit risk to some extent. However, ~32% orders relate to
− Susceptibility to raw material price volatility
The company’s main raw materials in the cable segments include copper, aluminium, compounds, and optical fibre. The company procures copper mainly from Hindalco and partially imports it. These purchases are mostly on credit basis or backed by letters of credit (LCs). The other important raw material is optical fibre, which is procured from a group company, Birla Furukawa Fibre Optics Private Limited (rated: ‘CARE BBB+; Stable/ CARE A2’). For EPC orders, the company mostly has price escalation cl
− Industry headwinds in OFC segment and competitive business environment
The OFC segment has been facing prolonged demand pressure due to global oversupply, reduced telecom investments, and macroeconomic uncertainties. Prices of bare optical fibre dropped by ~50% since early 2023, materially affecting segment profitability. Consequently, VTL’s high-margin OFC segment underperformed in FY25. While the management expects a revival in OFC demand from FY27, driven by 5G rollout, data centre expansion, BharatNet Phase III, and FTTH growth, the near-term
Could lead to an upgrade
• Significant improvement in operating performance including PBILDT margin of over 10% on a sustained basis and maintenance of scale of operations. • Significant and sustainable improvement in operating cycle to less than 120 days.
Could lead to a downgrade
• Significant decline in PBILDT margins leading to (TD)/PBILDT above 4.5 x on a sustained basis. • Delay in securing new orders, leading to significant decline in the orderbook position and revenue visibility on a sustained basis. • Inability to improve its PBILDT margins above 6% on a sustained basis. Rating sensitivities: Factors likely to lead to rating actions- BCL
Agency-reported financials (CARE, 01 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹4,089 Cr | ₹4,052 Cr | ₹2,584 Cr |
| PBILDT | ₹297 Cr | ₹267 Cr | ₹151 Cr |
| Profit after tax (PAT) | ₹283 Cr | ₹203 Cr | ₹117 Cr |
| Overall gearing (x) | 0.15× | 0.26× | — |
| Interest coverage (x) | 3.38× | 2.65× | 1.37× |
| Revenue growth (YoY) | — | −0.9% | — |
| EBITDA margin | 7.3% | 6.6% | 5.8% |
| Implied interest cost (EBITDA ÷ coverage) | ₹87.92 Cr | ₹101 Cr | ₹110 Cr |
| PAT margin | 6.9% | 5.0% | 4.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Long-term bank facilities | Working capital & bank lines | — | ₹55.0 Cr | — | BBB+ | Watch | CARE |
| (RWP) Long-term bank facilities (RWD) | Working capital & bank lines | — | ₹120 Cr | — | A(CE) (Negative) | Downgraded | CARE |
| Short-term bank facilities Watch (RWD) with | Working capital & bank lines | — | ₹176 Cr | — | A1 | Downgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹170 Cr | CARE A1 (CE) (Rating Watch with Developing Implications) |
| Cash Credit | ₹120 Cr | CARE A (CE) (Rating Watch with Developing Implications) |
| Loan Equivalent Risk | — | Withdrawn |
| Loan Equivalent Risk | ₹6.00 Cr | CARE A1 (CE) (Rating Watch with Developing Implications) |
| Long Term | — | Withdrawn |
| Term Loan | ₹55.0 Cr | CARE BBB+ (Rating Watch with Positive Implications) |
| Un Supported Rating (LT/ST) | — | CARE BBB+ / CARE A2 (Rating Watch with Positive Implications) |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Term Loan | Axis Finance Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - ST | BG/LC | RBL Bank Limited |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | Loan Equivalent Risk | IDBI Bank Ltd. |
| Non-fund-based - ST | Loan Equivalent Risk | RBL Bank Limited |
| Non-fund-based - ST | Loan Equivalent Risk | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | BBB+ · Credit enhancement (external support) (CARE, Apr 2026) |
| Next action stable or better (model) | 78% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 94% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 1.37×
- Working-capital limits 71% utilised on average
What happened, step by step
- Dec 2021 — ₹250 cr raised through unsecured loans
- Jan 2023 — Full repayment of term debt
“Moreover, the group has supported the company through infusion of funds in the form of ICDs which stood at Rs.250 crore as on March 31, 2021.”
- Feb 2021 — ₹15 cr raised through unsecured loans from VTL
- Dec 2021 — Full repayment of NCDs
“Support extended by VTL as well as operational synergies: During FY20, subsidiaries of VTL as well as other group companies have infused Rs.15 crore in the form of unsecured loans to support the operations of the company.”
Rated limits by facility
Timeline
From the report
The group has demonstrated financial support through infusion of ₹250 crore in the form of inter-corporate deposits and unsecured loans as on March 31, 2025 (PY: ₹250 crore).
From the report
In FY26, the company availed an additional ₹200 crore loan to support its working capital requirements, reflecting continued pressure on liquidity and total debt was ~₹1,066.91 crore as on December 31, 2025.
From the report
Liquidity (VTL): Adequate VTL’s liquidity profile remains adequate, supported by projected cash accruals of ~₹150 crore in FY26, against scheduled debt repayments of ~₹77 crore.
From the report
The company also had a free cash and bank balance of ₹96.17 crore as on March 31, 2025, and ₹14.18 crore as on December 31, 2025, providing a liquidity cushion.
From the report
Operating cycle moderated to 143 days in FY25 from 111 days in FY24, primarily due to higher receivables.With delay in receivables, it is expected to increase in FY26.Average utilisation of fund-based working capital limits remained at ~71% for 12-months ending April 2025, and ~71.67% in December 2025.
From the report
Despite this, the company’s reliance on working capital borrowings remained moderate, with average utilisation of fund-based limits at ~40% for 12-months ended May 2025 and around 43.89% as on December 31, 2025.
From the report
Average utilisation of fund -based working capital limits remained moderate at ~40% for 12 -months ended May 2025 , and around 43.89% as on December 31, 2025 , offering sufficient liquidity and headroom.
From the report
Lodha, Managing Director and CEO, who has over three decades of experience in the cable industry.Moreover, the group has demonstrated financial support through infusion of ₹286 crore in the form of inter-corporate deposits and unsecured loans as on March 31, 2025 (PY: ₹250 crore).
From the report
Consequently, the average fund-based working capital utilisation stood at ~71% over the trailing 12-month period ended April 2025.
From the report
The company also relies heavily on non-fund-based limits for procurement and performance guarantees in EPC contracts, with average utilisation at ~46%.
From the report
Liquidity: Adequate VTL’s liquidity profile remains adequate, supported by projected cash accruals of ~₹200 crore in FY26, against scheduled debt repayments of ~₹70 crore.
From the report
The company also had a free cash and bank balance of ₹96.17 crore as on March 31, 2025, providing a liquidity cushion.
From the report
Average utilisation of fund-based working capital limits remained at ~71% for 12-months ending April 2025.
From the report
Average utilisation of fund -based working capital limits remained moderate at ~40% for 12 -months ended May 2025, offering sufficient liquidity headroom.
From the report
The average working capital utilisation for the 12 months ended September 2024 stood at a comfortable level of ~46.07%.
From the report
Liquidity: Adequate The adequate liquidity is marked by projected cash accruals of ~₹240 crore in FY25 against scheduled debt repayments of ~₹67.63 crore.
From the report
The company has free cash and bank balance of ₹24.76 crore as on September 30, 2024.
From the report
The average utilisation of working capital limits stood at a comfortable level of ~46.07% for trailing months period ended September 2024.
From the report
Average utilisation of fund-based working capital limits stood at a satisfactory level of ~53% for the last 12-month period ended September 2024.
From the report
The company’s gross cash accrual (GCA) is envisaged to be adequate at ₹~27 crore against scheduled repayment obligations of ₹12.86 crore for FY25.
From the report
Average utilisation of sanction working capital limits remained moderated at 52.83% for the last 12 months ended September 2024.
From the report
The company has availed fresh term loans to modernise the manufacturing facilities.
From the report
The average utilisation of the fund-based working capital limits stood at a comfortable level of around 40% for the period from June 2022 to July 2023.
From the report
Press Release Besides, the average utilisation of the fund -based working capital limits stood at a satisfactory level of around 40% for the past 12-month period ended July 2023.
From the report
The moderation was on account of increase in long term debt availed by the company which has increased to support the growth in scale of operations.
From the report
The average utilisation of the fund-based working capital limits stood at a comfortable level of around 65% for the period from June 2022 to July 2023.
From the report
Besides, the average utilisation of the fund-based working capital limits stood at a satisfactory level of around 65% for the past 12-month period ended July 2023.
From the report
Satisfactory, albeit moderating financial risk profile: On the back of repayment of the term debt and debentures and lower working capital borrowings at the end of the year, the overall gearing ratio of the company improved considerably from 0.89x as on March 31, 2021, to 0.58x as on March 31, 2022.
From the report
Fresh term loans have been availed to modernise the manufacturing facilities, repay the ICDs and USLs, and augment the working capital to fund the increasing scale of operations.
From the report
The average utilisation of the fund-based working capital limits stood at a comfortable level of around 52% for the period from October 2021 to September 2022.
From the report
Also, the three wholly- owned subsidiaries of the company have unencumbered investments (in liquid assets) amounting to ₹45 crore as on September 30, 2022, which can be accessed by VTL in case need arises.
From the report
Besides, the average utilisation of the fund-based working capital limits stood at a satisfactory level of around 52% for the 12 month period up to September 2022.
From the report
Moreover, the group has supported the company through infusion of funds in the form of ICDs which stood at Rs.250 crore as on March 31, 2021.
From the report
Moderate financial risk profile: The capital structure of the company registered improvement in FY21 owing to the reduction in overall debt on account of reduced working capital borrowings and repayment of NCDs and term loans.
From the report
Besides, FB limits the average utilization of which remained moderate at 77% for trailing 12 months ended August 2021, VTL has substantially high reliance on NFB limits for procurement of materials and bank guarantee requirements in EPC segment.
From the report
The average utilization of working capital limits stood at around 77% for the last 12 months ended August 31, 2021.
From the report
Support extended by VTL as well as operational synergies: During FY20, subsidiaries of VTL as well as other group companies have infused Rs.15 crore in the form of unsecured loans to support the operations of the company.
From the report
Working capital int ensive operations: The company’s average utilisation of fund based working capital remained modera te at 41% for 12 months ended November 30, 2020 .
From the report
Moreover, the group has supported the company through infusion of funds in the form of unsecured loans in FY19 as well as FY20.During FY20, to support the working capital, the group companies have infused unsecured loans of Rs.100 crore in the company.
From the report
The average maximum working capital utilization for twelve months ended November 2020 stood high at 84%.
From the report
On a consolidated basis, VTL has liquid investments of Rs.42.86 crore invested in mutual funds.
From the report
The company has a strong current ratio of 1.56 times as on March 31, 2020 and average fund based utilization at around 76% for 12 month ended November 2020.
From the report
Support extended by VTL as well as operational synergies: During H1FY20, subsidiaries of VTL have infused Rs.10 crore in the form of unsecured loans to support the operations of the company.
From the report
Working capital intensive operations: The company’s average utilisation of fund based working capital remained moderate at 69% for 12 months ended September 30, 3019.
From the report
Lodha (Managing Director) who has over three decades of experience in the cables industry. 2 CARE Ratings Limited Press Release Moreover, the group has supported the company through infusion of funds in the form of unsecured loans in FY19 as well as H1FY20.During FY19, to support the working capital, the group companies have infused unsecured loans of Rs.150 crore in the company which further increased to Rs.250crore as on September 30, 2019.
From the report
The average maximum working capital utilization for 12 months ended September 2019 stood high at 95%.
From the report
Liquidity: Adequate (VTL) As on September 30, 2019, the company had free cash balances to the extent of Rs.85.05 crore.
From the report
On a consolidated basis, VTL has liquid investments of Rs.55.14 crore invested in mutual funds.
From the report
The company has an average fund based utilization of around 87% for 12 months ended September 30, 2019.
From the report
Despite increase in Gross cash accurals from Rs. 74.59 crore in FY17 to Rs. 98.50 crore in FY18, Total Debt to GCA increased from 4.19 times in FY17 to 5.19 times in FY18.
From the report
The average maximum working capital utilization for eleven months ended May, 2018 stood at 80%.
From the report
Despite increase in Gross cash accurals from Rs. 74.59 crore in FY17 to Rs. 98.50 crore in FY18, Total Debt to GCA increased from 4.19 times in FY17 to 5.19 times in FY18.
From the report
The average maximum working capital utilization for eleven months ended May, 2018 stood at 80%.
From the report
The company has unutilized fund based limits of around 20% of sanctioned fund based limits which provides additional liquidity comfort.
From the report
Despite increase in Gross cash accurals from Rs. 74.59 crore in FY17 to Rs. 98.50 crore in FY18, Total Debt to GCA increased from 4.19 times in FY17 to 5.19 times in FY18.
From the report
The average maximum working capital utilization for eleven months ended May, 2018 stood at 80%.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Birla Cable Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 POLYCAB INDIA LIMITED |
Wires & Cables · Electrical Equipment & Appliances | polycab.com | — | Halol, Gujarat, India |
 Apar Industries |
Wires & Cables · Electrical Equipment & Appliances | apar.com | — | Vadodara, India |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | kei-ind.com | — | New Delhi, India | |
 RR Kabel |
Wires & Cables · Electrical Equipment & Appliances | rrkabel.com | — | India |
 STERLITE TECHNOLOGIES LIMITED |
Wires & Cables · Electrical Equipment & Appliances | stl.tech | — | Pune, Maharashtra, India |
 Finolex Cables |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | finolex.com | — | Pune, India |
| Wires & Cables · Electrical Equipment & Appliances | vguard.in | 1977 | India | |
| Ram Ratna Wires Limited | Wires & Cables · Electrical Equipment & Appliances | — | — | Mumbai, Maharashtra, India |
| Bansal Wire Industries Limited | Wires & Cables · Electrical Equipment & Appliances | — | — | North Delhi, Delhi, India |
| Universal Cables | Wires & Cables · Electrical Equipment & Appliances | — | — | Satna, India |
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Charges (secured borrowings)
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Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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