The Indian IPO market is buzzing with activity, and Bhadora Industries Ltd., operating under the brand name “Vidhut Cables”, is an exciting new entrant to watch. The company is set to launch a book-building IPO to raise ₹55.62 crores, with the subscription window opening on August 4, 2025. This fresh issue provides investors with the opportunity to participate in the growth of a company in the industrial cables and conductors sector, which plays a crucial role in India’s infrastructure development. Bhadora Industries IPO details present a unique chance to invest in a company poised for growth in this essential industry.
About Bhadora Industries Ltd.
Established in 1986, Bhadora Industries Ltd. is a manufacturer of industrial cables with a long-standing presence in the market.
The company’s product portfolio, marketed under the “Vidhut Cables” brand, includes a range of products such as Polyvinyl Chloride (PVC) cables, Low Voltage (LV) cables, LT Aerial Bunched Cables, and Cross-Linked Polyethylene (XLPE) cables. These products are crucial for electricity transmission and distribution, serving a diverse clientele that includes State Electricity Boards, EPC contractors, and various industrial clients across India.
With its manufacturing facility located in Tikamgarh, Madhya Pradesh, the company holds certifications from the Bureau of Indian Standards (BIS) and has implemented ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 for its quality and management systems.
Bhadora Industries Ltd. IPO Details
The Bhadora Industries IPO is a book-building issue of up to 54 lakh fresh shares, aiming to raise ₹55.62 crores. The price band for the IPO has been set at ₹97 to ₹103 per share, with a face value of ₹10 per share. The shares will be listed on the NSE SME platform.
Important IPO Timeline:
| Event | Date |
| IPO Open Date | Mon, Aug 4, 2025 |
| IPO Close Date | Wed, Aug 6, 2025 |
| Tentative Allotment | Thu, Aug 7, 2025 |
| Initiation of Refunds | Fri, Aug 8, 2025 |
| Credit of Shares to Demat | Fri, Aug 8, 2025 |
| Tentative Listing Date | Mon, Aug 11, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Aug 6, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹97 to ₹103 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 54,00,000 shares (aggregating up to ₹55.62 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,32,00,000 shares |
| Share Holding Post Issue | 1,86,00,000 shares |
Lot Size of Bhadora Industries Ltd. IPO
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,47,200 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,70,800 |
| S-HNI (Max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (Min) | 9 | 10,800 | ₹11,12,400 |
Bhadora Industries Financial Performance
Bhadora Industries has demonstrated a strong growth trajectory. The company’s revenue from operations saw a significant jump from ₹18.81 crores in FY23 to ₹110.69 crores in FY25. During the same period, its Profit After Tax (PAT) also saw a substantial increase, rising from ₹0.18 crores to ₹10.79 crores. This growth reflects the company’s expanding market presence and operational efficiency.
Key Performance Indicators (as of March 31, 2025)
- ROE: 51.51%
- ROCE: 42.41%
- Debt/Equity: 0.94
- RoNW: 51.51%
- PAT Margin: 9.80%
- EBITDA Margin: 15.42%
- Price to Book Value: 6.49
Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 48.76 | 26 | 20.13 |
| Revenue (₹ Cr) | 110.69 | 83 | 18.81 |
| Profit After Tax (₹ Cr) | 10.79 | 5 | 0.18 |
| EBITDA (₹ Cr) | 16.98 | 7 | 1.04 |
| Net Worth (₹ Cr) | 20.94 | 10 | 5.20 |
| Reserves and Surplus (₹ Cr) | 7.74 | 8.5 | 3.55 |
| Total Borrowing (₹ Cr) | 19.67 | 9.47 | 10.13 |
Bhadora Industries Ltd.: Industry Outlook
- The Indian wires and cables market is experiencing robust growth, projected to reach a value of $17.08 billion by 2032, driven by continuous infrastructure development.
- Government initiatives like the “Smart Cities Mission,” “Power for All,” and the expansion of railways are key drivers increasing the demand for industrial cables and conductors.
- The renewable energy sector, especially solar and wind projects, is creating significant demand for specialised, high-quality cables.
- Rapid urbanisation and the booming real estate sector, particularly in residential and commercial construction, are fueling the need for low-voltage cables and wires.
- Technological advancements and a growing emphasis on safety and quality are leading to a shift from unorganised to organised players, benefiting established manufacturers like Bhadora Industries.
Use of IPO Proceeds
The funds raised through this Bhadora Industries IPO will be primarily used for the following purposes:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Part finance the cost of establishing new manufacturing facility to expand our production capabilities of cables at Plot Nos. 188/1, Village Panwa Tehsil Kasrawad, District Khargone, Madhya Pradesh, India (“Proposed new facility”) | 22 |
| 2 | Funding working capital requirements of the company | 20 |
| 3 | General Corporate Purposes |
Bhadora Industries Ltd. IPO Peer Comparison
Bhadora Industries operates in the manufacturing sector, with relevant peers including Dynamic Cables Limited and DCG Cables & Wires Limited. These companies, like Bhadora Industries, specialise in the production and supply of cables and wires, offering similar products and services in the industrial and infrastructure sectors. They are suitable for comparison in terms of their market presence, product range, and operational strategies within the cables and wiring industry.
Conclusion
Bhadora Industries IPO presents an interesting investment prospect in the industrial cables and wires sector. The company has a well-established brand, a strong manufacturing base, and a track record of impressive financial growth. The IPO proceeds are strategically allocated to capacity expansion, which signals a clear plan for future growth. Investors interested in the infrastructure and industrial manufacturing segments may find this IPO worth considering. However, as with any investment, it is crucial to conduct thorough due diligence and consult with a financial advisor.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
