Relicab Cable Manufacturing Ltd (539760)
🎯 Key Takeaways
- Relicab Cable Manufacturing Ltd appears to be in a fragile growth phase, with declining revenue trends and volatile profitability despite a strong balance sheet. The company maintains healthy leverage metrics and consistent promoter holding, but recent operational performance shows signs of stress in the capital goods sector.
- Revenue declined 33.8% QoQ to ₹17 in Q1FY27.
- ⚠️ 1) Persistent revenue decline across four consecutive quarters with no clear demand recovery signal. 2) Heavy reliance on project-based orders in cycl
- Market Cap
- ₹36
- P/E Ratio
- 20.3
- P/B Ratio
- 2.33
- ROE
- 11.5%
- ROCE
- 16.4%
- Debt/Equity
- 0.96
- Promoter
- 27.9%
📖 The Story
Relicab Cable Manufacturing Ltd appears to be in a fragile growth phase, with declining revenue trends and volatile profitability despite a strong balance sheet. The company maintains healthy leverage metrics and consistent promoter holding, but recent operational performance shows signs of stress in the capital goods sector. Management has not provided clear forward guidance, and the business remains sensitive to macroeconomic cycles in infrastructure and power sectors.
📰 What's Happening
The company reported a sharp revenue decline to ₹17 crore in June 2026 quarter from ₹26 crore in March 2026, with operating profit margin compressing to 6.8% from 4.7% previously. Management has not announced any new capacity expansions or order wins in recent filings, though a small uptick in orders was noted in the September 2025 quarter (₹14 crore revenue with 7.1% OPM). There have been no material changes in management or strategic direction disclosed in the latest regulatory filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 11 | 14 | 14 | 26 | 17 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 |
| OPM % | 9.3% | 7.1% | 4.8% | 4.7% | 6.8% |
| Net Profit | 1 | 0 | 0 | 1 | 0 |
| EPS | ₹0.53 | ₹0.30 | ₹0.31 | ₹0.72 | ₹0.42 |
Revenue has declined sequentially for three consecutive quarters, falling from ₹11 crore in June 2025 to ₹14 crore in September 2025 and further to ₹17 crore in June 2026, despite modest improvements in operating margins in select quarters. The consistent ₹1 crore operating profit across quarters suggests fixed cost structure pressure amid weak demand. Margins have fluctuated between 4.7% and 9.3%, indicating operational volatility rather than sustainable improvement.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance or revenue targets in the latest filings. The absence of strategic commentary on demand recovery or new verticals suggests caution in outlook. Historical disclosures indicate reliance on project-based orders in power and infrastructure sectors, which remain muted. No capital restructuring or new business diversification plans were disclosed in the recent quarterly filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 |
| Reserves | 3 | 3 | 5 | 4 |
| Borrowings | 11 | 10 | 15 | 11 |
| Total Liabilities | 37 | 34 | 51 | 43 |
| Fixed Assets | 1 | 1 | 3 | 2 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 37 | 34 | 51 | 43 |
The balance sheet shows a stable capital structure with equity remaining constant at ₹10 crore and reserves gradually increasing from ₹3 to ₹5 crore. Borrowings have risen from ₹11 crore to ₹15 crore over the past two years, indicating modest capital expenditure or working capital financing. Despite asset growth from ₹37 crore to ₹51 crore, the leverage ratio of 0.78 suggests manageable debt levels, though asset growth has not translated into proportional revenue expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 | Mar 2026 |
|---|---|---|
| Operating | +2 | +0 |
| Investing | -0 | -2 |
| Financing | -2 | +2 |
| Net Cash Flow | -1 | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 27.9% | 27.9% | 27.9% | 27.9% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 31.0% | 31.1% | 31.4% | 30.7% |
| # Shareholders | 2,591 | 2,794 | 2,842 | 3,034 |
Promoter holding remains stable at 27.95% with no signs of dilution, but institutional interest is negligible — FII holdings are consistently at 0% and DII at 0% or near-zero levels. The number of public shareholders has slowly increased from 2,591 to 3,034, suggesting retail participation but no significant institutional accumulation. The lack of foreign or domestic institutional interest raises concerns about liquidity and perceived growth credibility.
⚖️ Peer Comparison — Cables
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| POLYCAB | 1.23 L Cr | 42.9 | 34.1% | — | 0.01 |
| KEI | 43,196 | 43.3 | 23.6% | — | 0.03 |
| STLTECH | 42,368 | 165.9 | 14.6% | — | 0.85 |
| RRKABEL | 27,832 | 45.8 | 32.1% | — | 0.09 |
| FINCABLES | 21,545 | 26.9 | 19.0% | — | 0.00 |
| DIACABS | 17,854 | 90.8 | -58.8% | — | -0.52 |
| UNIVCABLES | 4,950 | 24.8 | 12.5% | — | 0.62 |
| LASERPOWER | 3,684 | — | — | — | 1.14 |
| QUADFUTURE | 2,134 | — | -12.3% | — | 0.29 |
| DYCL | 2,109 | 23.1 | 26.9% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent revenue decline across four consecutive quarters with no clear demand recovery signal. 2) Heavy reliance on project-based orders in cyclical sectors with no visible order backlog or new vertical diversification. 3) Low institutional ownership and zero FII holding may limit recovery potential. 4) Margin volatility despite stable operating profit suggests vulnerability to input cost pressures or pricing erosion.
📋 Recent Filings
- 🔴 Insider Trading2026-09-29Aryaman Capital Markets disclosed an open market purchase of 203,700 shares in Relicab Cable Manufacturing Ltd on September 25, 2026, increasing its s…
- Announcement2026-09-25Relicab Cable Manufacturing Ltd announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the unaudited quar…
- 🔴 Insider Trading2026-09-23Aryaman Capital Markets Limited acquired 6,435 shares of Relicab Cable Manufacturing Ltd via open market purchase on September 21, 2026, increasing it…
- 🔴 Announcement2026-09-18Relicab Cable Manufacturing Ltd announced receipt of a domestic purchase order for copper conductors valued at approximately ₹95.33 lakhs, to be deliv…
- Announcement2026-09-16Relicab Cable Manufacturing disclosed a burglary at its Daman factory causing estimated INR 44 lakhs plus GST loss, with insurance coverage confirmed …
- 🔴 Announcement2026-09-11Relicab Cable Manufacturing Ltd announced receipt of a domestic purchase order worth approximately **₹2.60 crores** (excluding GST) for supply of cont…
- 🔴 annual report2026-09-07Relicab Cable Manufacturing disclosed that its FY2025-26 Annual Report is accessible via the company website at https://relicab.com/investors/1, and r…
- 🟡 Board Meeting2026-09-04Relicab Cable Manufacturing held its 17th AGM on September 30, 2026 via video conference, approving key resolutions including Suhir Shah's appointment…
- 🔴 annual report2026-09-04Relicab Cable Manufacturing Limited reported FY 2025-26 revenue of **₹6420.59 lakhs**, up from ₹3983.33 lakhs, with profit after tax of **₹190.13 lakh…
- 🟡 Board Meeting2026-09-02Relicab Cable Manufacturing Ltd announced its 17th Annual General Meeting will be held on Wednesday, September 30, 2026 at 12:00 P.M. IST via video co…
🧠 Analyst's Read
The company's trajectory remains uncertain, with execution risks outweighing any signs of operational stabilization. Investors should monitor quarterly order inflows and management's ability to stabilize revenue momentum before assigning confidence in a turnaround.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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