Indore-based cable maker Bhadora Industries Limited has won a ₹38.64 crore purchase order to supply power cable to an Indian energy infrastructure and transmission company. It told the National Stock Exchange of India (NSE) about the order on 30 October 2026. Deliveries run until 31 March 2027, and the company did not name the customer. The order equals about 31% of revenue from operations in financial year 2025-26 (FY26), and deliveries run beyond the October 2026 start that management forecast for a larger plant.
Key Details
The disclosure, filed under the listing rules of the Securities and Exchange Board of India, sets out the following terms:
- Value: ₹38,63,85,000
- Nature: purchase order for the supply of power cable
- Customer: a “reputed energy infrastructure and transmission company” based in India, withheld under a non-disclosure clause
- Received: 29 October 2026 at 7:39 PM
- Delivery period: 29 October 2026 to 31 March 2027
- Related parties: the company said promoters have no interest in the customer and the order is not a related party transaction
The filing does not state the cable type, voltage class, quantity or project. It also does not say whether the value includes taxes, or whether price variation terms apply. Managing Director Shashank Bhadora said on the earnings call of 6 June 2026 that 98% of orders were then on a price variation basis, with raw material price increases passed on to customers.
Plant Capacity
The delivery window spans the planned start of a new plant. Shashank Bhadora said on the call that the current unit, rated at around 200 tons of aluminium and 25 metric tons of copper consumption a month, was booked through October 2026. The company was not then taking orders that needed immediate delivery.
The new plant is the first of three phases. On about 15 acres, against less than 1 acre at the current site, it would add 600 tons of aluminium and 200 tons of copper consumption a month, or 800 tons in all. He said it was approximately 80% complete, with commercial production expected by October 2026. Phase 1 would take the company from 1.1 kV to 33 kV cables, with 66 kV planned in Phase 2 and 220 kV in Phase 3, under a five-year plan.
Management Comment
The order filing carries no management statement. In the press release of 6 July 2026, Shashank Bhadora said the company was expanding its range across low-tension, medium-voltage, high-tension, instrumentation and control cables. He added that it was increasing copper cable capacity and exploring exports.
On the call he said most of the company’s engineering, procurement and construction (EPC) customers work in distribution and transmission, and that it is also focusing on renewable EPC companies. Citing unnamed reports, he put the domestic market for its products at US$10 billion to US$12 billion, growing to US$17 billion by 2032.
Policy Backdrop
Shashank Bhadora tied demand to government distribution spending and named the Revamped Distribution Sector Scheme (RDSS) on the call. The Press Information Bureau release of 30 June 2021 gives the scheme an outlay of ₹3,03,758 crore, including estimated central support of ₹97,631 crore. It offered non-private distribution companies conditional, results-linked financial help to strengthen supply infrastructure, and was to be available until 2025-26.
He also pointed to state plans. Gujarat’s distribution companies, he said, have projected their requirements up to 2035, while Uttar Pradesh and Madhya Pradesh have three to four-year plans.
About the Company
Bhadora Industries sells under the Vidhut Cables brand and supplies government distribution companies, EPC companies and industrial customers. The press release says the business was established in 1988 and started with polyvinyl chloride (PVC) cables, later adding low-voltage, aerial bunched and cross-linked polyethylene (XLPE) cables. Its Managing Director said in June that it holds over 40 approvals.
The public issue ran from 4 to 6 August 2025 and raised ₹55.62 crore, and the shares trade on NSE Emerge, the exchange’s small and medium enterprise platform. Acuité Ratings and Research Limited, the monitoring agency, reported no deviation for the June 2026 quarter and showed the ₹22.32 crore earmarked for the new plant as fully used. It said it had not independently verified utilisation because the company submitted documents late, and gave its comments on a best-effort basis.
The Company’s Recent Pipeline
- April 2026: Order worth ₹2.01 crore from a Madhya Pradesh construction and infrastructure company for 1,100 V XLPE cable.
- May 2026: FY26 revenue from operations of ₹124.93 crore, against ₹110.11 crore in FY25, with profit after tax of ₹9.96 crore, against ₹10.15 crore in FY25.
- June 2026: Order book above ₹100 crore. The company also announced what it called its largest single order, valued at over ₹100 crore, from a multinational customer. Tenders of close to ₹500 crore had been filed.
- July 2026: Net sales value of ₹45.32 crore in the June 2026 quarter, up 226% from ₹13.92 crore in the June 2025 quarter, according to a business update.
- July–August 2026: The board approved credit facilities and a working capital loan on 7 July, and credit facilities and a term loan on 19 August. Amounts were not stated.
Outlook
The company targets revenue of ₹200 crore to ₹225 crore in the current financial year, a figure its Managing Director gave in June. He expected first-half revenue in the ₹70 crore range, against ₹46.93 crore in the first half of FY26. Results for the half ended 30 September 2026, not yet filed, will show progress against that target. The next items to watch are a filing on the start of commercial production at the new plant, which NSE records do not yet show, and the order’s delivery end date of 31 March 2027.
Official Sources
- Bhadora Industries Limited – Disclosure under Regulation 30: New Order (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/BHADORA_30102026010409_Intimation_29-10-2026.pdf
- Bhadora Industries Limited – H2 FY26 and FY26 Earnings Call Transcript (NSE, 8 June 2026): https://nsearchives.nseindia.com/corporate/BHADORA_08062026222638_transcript_Signed.pdf
- Bhadora Industries Limited – Press Release on Q1 FY27 Net Sales (NSE, 6 July 2026): https://nsearchives.nseindia.com/corporate/BHADORA_06072026140555_cover_merged.pdf
- Bhadora Industries Limited – Audited Financial Results for FY26 (NSE, 29 May 2026): https://nsearchives.nseindia.com/corporate/BHADORA_29052026191708_outcome_final_submission_bhadora__1_.pdf
- Bhadora Industries Limited – Monitoring Agency Report, Quarter Ended 30 June 2026 (NSE, 14 August 2026): https://nsearchives.nseindia.com/corporate/BHADORA_14082026233544_finalcopymonitoringcertificate.pdf
- Press Information Bureau – Cabinet Approves Revamped Distribution Sector Scheme (30 June 2021): https://www.pib.gov.in/Pressreleaseshare.aspx?PRID=1731474®=3&lang=2
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