Key Metrics of Cords Cable Industries Limited
About Cords Cable Industries Limited
Sectors
Company details
- Registered office
- 94, 1st Floor, Shambhu Dayal Bagh Marg, Near Okhla Industrial Area Phase-iii, Old Ishwar Nagar, New Delhi, In-dl, 110020
- Listed
- NSE: CORDSCABLE · ₹298.65
Operational Areas of Cords Cable Industries Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by CARE on 08 Oct 2026 (from BBB)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Oct 2026 | CARE | Upgraded (from BBB) | BBB+ | A3+ | Stable | ₹304 Cr | View |
| 10 Oct 2025 | CARE | Reaffirmed | BBB | A3 | Stable | ₹291 Cr | View |
| 07 Oct 2024 | CARE | Reaffirmed | BBB | A3 | Stable | ₹266 Cr | View |
| 04 Oct 2023 | CARE | Reaffirmed | BBB | A3 | Stable | ₹272 Cr | View |
| 07 Oct 2022 | CARE | Reaffirmed | BBB | A3 | Stable | ₹531 Cr | View |
| 26 Nov 2021 | CARE | Reaffirmed | BBB | A3 | Stable | ₹531 Cr | View |
| 07 Oct 2020 | CARE | Reaffirmed | BBB | A3 | Stable | ₹253 Cr | View |
| 25 Feb 2020 | CARE | Reaffirmed | BBB | A3 | Stable | ₹243 Cr | View |
| 28 Dec 2018 | CARE | Reaffirmed | BBB | A3 | Stable | ₹487 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Growing scale of operations with moderate profitability margins
CORDS’ total operating income (TOI) has grown at a compounded annual growth rate (CAGR) of ~23% for three fiscals ending FY26. The company reported TOI of ₹955.36 crore and gross cash accruals (GCA) of ₹30.03 crore, respectively, in FY26 (FY refe rs to April 01 to March 31) against ₹794.56 crore and ₹22.94 crore, respectively, in FY25. This growth has bee n primarily driven by higher sales volumes across product categories, primarily control and power cables, supported by improved capacity utili
+ Moderate financial risk profile with a positive improvement trajectory
The company’s capital structure stood moderate considering satisfactory net worth base of ₹201.73 crore as on March 31, 2026, as reflected by overall gearing ratio, which stood at 1.10x as on March 31, 2026, supported by accretion of profits to its net worth, resulting in a stronger capital structure. The company availed emergency credit line guarantee scheme (ECLGS) of ₹14.92 crore to support its working capital requirement and a term debt of ₹10.00 crore, which will be used for upgradation of
+ Experienced promoters with long track record of operations
Naveen Sawhney, promoter, Chairman and Managing Director of CORDS, has been associated with the cable industry for over five decades with extensive experience in manufacturing cables. He is a mechanical engineer and holds a post graduate diploma in management. CORDS has been engaged in manufacturing cables since 1991 and over the years expanded capacities and increased their product portfolio. This long-standing experience and expertise in industry enabled them to establish healthy
+ Established relationship with reputed and diversified client base
CORDS is an approved supplier for several public sector undertakings (PSUs) from the oil sector and is also an approved vendo r for the supply of cables to hydrocarbon refineries. With the grant of Bureau of Indian Standards (BIS) licence for 1.9/3.3 kV Power cables and National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation for its test laboratory, the company strengthened its position in solar power, hydrocarbon, and power and renewable energy industries. COR
+ Diversified range of products
The company offers a diversified range of products, including instrumentation cables, control cables and power cables having varied industry uses. In FY26, power cables accounted for the largest share of revenue at 51%, followed by instrumentation cables at 22%, with the remainder coming from control cables.
Credit challenges
− Working capital intensive nature of operations
The company majorly depends on working capital borrowings to meet its short-term requirements and has highly working capital intensive operations. This is primarily because the company has to offer a liberal credit period of ~90-120 days to customers, as majority are reputed large-size players possessing high bargaining power. However, the company’s working capital cycle improved to 76 days in FY26 (PY: 77 days) considering faster realisation from customers and limiting the sale to small buyers
− Margins susceptibility to raw material price volatility
CORDS operate in an industry, where raw material cost is one of the major cost drivers, which constitutes ~90% of total cost of sales. Hence, sharp raw material price increase may negatively impact the company’s profitability. The company’s basic raw materials, such as copper, aluminium, steel, and polymer among others experience immense volatility in their prices due to 2 CARE Ratings Ltd. Press Release geopolitical situations, cyclicity, intermittent supply chain disruptions, among others, whi
− Highly competitive and fragmented cable industry
Wires and cables market in world including India is highly fragmented, with presence of many small and medium enterprises. Over a period, the industry moved from unorganised to organised sector. However, significant portion of this industry is stil l in unorganised sector. The wire and cable industry is highly competitive with large and several small players operating in the industry with lower entry barriers. A competitive market restricts the company’s pricing flexibility and puts a strain on
Could lead to an upgrade
• Improvement in Profit before interest, lease rentals, depreciation and taxes (PBILDT) margin beyond 8% on a sustained basis along with consistent growth in the scale of operations. • Improvement in the capital structure as marked by overall gearing ratio of below 0.70x on a sustained basis .
Could lead to a downgrade
• Increase in total debt/PBILDT above 6.00x leading to weaking
Agency-reported financials (CARE, 08 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹795 Cr | ₹955 Cr | ₹247 Cr |
| PBILDT* | ₹49.43 Cr | ₹60.13 Cr | ₹19.17 Cr |
| Profit after tax (PAT) | ₹14.67 Cr | ₹20.64 Cr | ₹7.80 Cr |
| Overall gearing (times) | 1.23× | 1.10× | — |
| Interest coverage (times) | 1.96× | 2.33× | — |
| Revenue growth (YoY) | — | 20.2% | — |
| PAT margin | 1.8% | 2.2% | 3.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Long-term Short-term bank | Working capital & bank lines | — | ₹167 Cr | — | BBB+ (Stable) | Upgraded | CARE |
| facilities 84.10) | Other | — | ₹97.3 Cr | — | A3+ | Other | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹40.0 Cr | — | BBB+ / A3+ (Stable) | Upgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹167 Cr | CARE BBB+; Stable / CARE A3+ |
| Factoring/ Forfeiting | ₹40.0 Cr | CARE A3+ |
| Long Term | ₹43.5 Cr | CARE BBB+; Stable |
| Term Loan | ₹53.8 Cr | CARE BBB+; Stable |
Lenders
| Fund-based | Long Term | Bandhan Bank Ltd. |
| Fund-based | Long Term | Canara Bank |
| Fund-based | Long Term | HDFC Bank Ltd. |
| Fund-based | Long Term | ICICI Bank Ltd. |
| Fund-based | Long Term | IndusInd Bank Ltd. |
| Fund-based | Long Term | Karnataka Bank Ltd. |
| Fund-based | Long Term | Proposed |
| Fund-based | Long Term | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Bandhan Bank Ltd. |
| Fund-based - LT | Term Loan | Canara Bank |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT | Term Loan | Karnataka Bank Ltd. |
| Fund-based - LT | Term Loan | Rajasthan State Industrial Development & Investment Corp. |
| Fund-based - LT | Term Loan | Yes Bank Ltd. |
| Fund-based - ST | Factoring/ Forfeiting | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bandhan Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Canara Bank |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Karnataka Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Yes Bank Ltd. |
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 | None – standalone rating |
| Next action stable or better (model) | 18% |
| 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: 47% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 2.33×
- Working-capital limits 79% utilised on average
Rated limits by facility
Timeline
From the report
The company reported TOI of ₹955.36 crore and gross cash accruals (GCA) of ₹30.03 crore, respectively, in FY26 (FY refe rs to April 01 to March 31) against ₹794.56 crore and ₹22.94 crore, respectively, in FY25.
From the report
The company availed emergency credit line guarantee scheme (ECLGS) of ₹14.92 crore to support its working capital requirement and a term debt of ₹10.00 crore, which will be used for upgradation of machinery.
From the report
The company reported GCA of ₹30.03 crore in FY26, ₹9.88 crore in Q1FY27 and is expected to generate GCA of ~₹36.63 crore in FY27 against repayment obligations of ₹8.77 crore in the same year.
From the report
Average utilisation of its working capital limits stood ~79% for 12- months period ending on July 2026, which provides buffer in the company’s liquidity.
From the report
The company reported TOI of ₹794.56 crore and gross cash accruals (GCA) of ₹22.94 crore, respectively, in FY25 (FY refers to April 01 to March 31) against ₹627.99 crore and ₹17.93 crore, respectively, in FY24.
From the report
The company has reported GCA of ₹22.94 crore in FY25, ₹6.20 crore in Q1FY26 and is expected to generate GCA of ~₹24.00 crore in FY26 against repayment obligations of ₹11.93 crore in the same year.
From the report
The average utilisation of its working capital limits stood ~75-80% for 12-months period ending on August 2025, which provides buffer in the company’s liquidity.
From the report
The company has reported total operating income (TOI) of Rs.627.99 crore and gross cash accruals (GCA) of Rs.17.93 crore respectively, during FY24 (FY refers to the period April 1 to March 31; based on audited results) as against Rs.526.26 crore and Rs.14.37 crore, respectively.
From the report
The company has reported net cash accruals (NCA) to the extent of Rs.17.93 crore during FY24, Rs.4.96 crore during Q1FY25 and is expected to generate envisage NCA of Rs.19.29 crore for FY25 against scheduled repayment obligations of ~Rs.7.55 crore in same year.
From the report
Further, the average utilization of its working capital limits stood around 70% for the past 12 month’s period ending July, 2024.
From the report
The faster collection has resulted in improvement in cash flow from operations to Rs. 35.00 Cr in FY23 (PY 29.92 Cr).
From the report
Liquidity: Adequate Company has adequate liquidity driven by expected gross cash accruals of Rs 19.71 crore in FY24 as against repayment of Rs 7.41 crore.
From the report
Addition in term loan pertains to disbursement of term loan availed from RIICO during the year.
From the report
The faster collection has resulted in improvement in cash flow from operations to Rs. 29.57 Cr in FY22 (PY 17.91 Cr).
From the report
Liquidity: Adequate Company has adequate liquidity driven by gross cash accruals of Rs 11.48 crore in FY21 as against repayment of Rs 5.87 crore.
From the report
The improvement is on account of accretion of profits to reserve and scheduled repayment of debt.
From the report
The average fund based limit utilization of the company stood moderate at ~81% for the trailing eleven months ending July, 2020.
From the report
Free cash balance as on March 31, 2020 stood at Rs. 0.17 crore (PY: 0.34 crore).
From the report
CCIL has modest debt repayment of obligation of Rs . 2.12 crore in FY21 against expected cash accruals of ~Rs. 15.30 crore in FY21.
From the report
During the 12-month period ending November, 2019, average utilization of fund-based working capital borrowings stood at around 77.05%.
From the report
Further, maximum utilization of non-fund based working capital borrowings stood at around 85.19% during November, 2019.
From the report
Liquidity: Adequate Adequate liquidity characterized by adequate cushion in accruals vis-à-vis repayment obligations and moderate cash balance of Rs.0.34 Crore as on March 31, 2019.
From the report
During the 12-month period ending October, 2018, average utilization of fund-based working capital borrowings stood at around 92.40%.
From the report
Further, maximum utilization of non-fund based working capital borrowings stood at around 86.30% during October, 2018.
From the report
Cash and bank balance stood at Rs.25.95 cr as on March 31, 2018 of which free cash amounts to Rs.10.45 cr.
From the report
During the 12-month period ending October, 2018, average utilization of fund- based working capital borrowings stood at around 92.40%.
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 Cords Cable Industries 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)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
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
No filings on record yet.