Prime Cable Industries LimitedQ3 FY25Industrial Products

Prime Cable Industries Limited

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Revenue guidance

Category 2

→Capex of INR150 crores planned by Q2 of next financial year, increasing capacity from INR350 crores to around INR500 crores.
→Current capacity utilization is about 55%, expected to reach 60-65% by March end and over 80% utilization of existing capacity next year.
→New capacity addition expected to reach 30-40% utilization by the end of next year.
→Revenue from current capacity at 80-85% utilization is estimated at around INR300-310 crores.
→Strong demand backed by government and infrastructure projects alongside growing private sector traction.
→Expansion into new product segment (solar cables) and new states, strengthening client base.
→Healthy order book of INR106 crores with additional tenders of INR500-600 crores in pipeline.
→Long-term vision includes further capacity expansions after achieving 60-70% utilization in new plant, potentially adding another INR150-200 crores capex.
→Focus on sustaining double-digit EBITDA margins and improving operational efficiencies to drive revenue growth.

Category 3

→Prime Cable Industries reported strong H1 FY26 performance with a 61.9% YoY revenue increase and 84.4% YoY EBITDA growth.
→Current production capacity stands at INR350 crores; INR150 crores capex is underway, expected to be operational by Q2 FY27, increasing capacity to INR500 crores.
→Capacity utilization is expected to improve from ~55% (H1 FY26) to above 80% by next financial year.
→EBITDA margins targeted to sustain double-digit levels with current product margins between 9-13%.
→Expansion planned in domestic markets with new product additions like solar cables and increased vendor approvals across Indian states.
→Robust order book of INR106 crores expected to be executed within the year, with INR500-600 crores worth of tenders in the pipeline maintaining growth momentum.
→Operational efficiencies and cost control measures likely to improve profitability further.
→Management confident of strong revenue and profit growth supported by growing infrastructure and renewable energy demand.

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→The transcript does not mention any current or planned fundraising through debt or equity.
→The company’s expansion plans, including the INR150 crore capex for medium voltage cables, are expected to be funded using IPO proceeds.
→There is no indication of new debt or equity issuance being planned at this time.
→Management focuses on organic growth through capacity expansion and operational efficiencies with existing financial resources.

Yes

→Current order book size is approximately INR 106 crores.
→Order book split: INR 48 crores from private institutional clients and INR 58 crores from government tenders.
→Expected execution period for the pending order book is around 4-5 months.
→The company bids for tenders with a winning ratio of about 20%.
→For maintaining an order book of INR 150 crores over 5-6 months, the company bids for tenders worth INR 500-600 crores.
→There is a healthy pipeline of tenders currently being pursued.
→Demand remains strong, supported by government and private sector projects.
→Execution delays due to monsoons or festivals are considered minimal and manageable.

Yes

→Prime Cable Industries is planning to add INR 150 crores of capital expenditure (capex) by Q2 of the next financial year to expand medium voltage cable manufacturing capacity.
→Current capacity stands at around INR 350 crores; with this addition, total capacity will be approximately INR 500 crores.
→The new capacity is expected to reach about 30%-40% utilization by the end of next year, with existing capacity utilization targeted above 80%.
→There is free land and scope for an additional INR 150-200 crores capex beyond the current expansion planned for future phases.
→Focus is on domestic demand growth, with plans to add solar cables to the product portfolio by December 2025.
→The company aims for strategic expansion by increasing vendor approvals in remaining Indian states and growing product and client diversification.
→Maintenance capex is minimal, around INR 20 lakhs annually due to new machinery under warranty.

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