About Bhadora Industries Limited

BUSINESS OVERVIEW

Bhadora Industries Limited, operating under the brand name "Vidhut Cables", is engaged in the manufacturing of industrial cables that facilitate efficient electricity transmission and distribution. The company primarily serves government DISCOMs and EPC companies, addressing the electrical connectivity needs across diverse industrial sectors.

With over three decades of industry experience, the business began with the production of Polyvinyl Chloride (PVC) cables and later expanded its portfolio to include Low Voltage (LV) cables, LT Aerial Bunched Cables, and Cross-Linked Polyethylene (XLPE) cables. These products are engineered for specific roles in power distribution, ranging from low-voltage applications to overhead transmission lines, and conform to industry safety and performance standards.

Initially established as a Partnership Firm in 1986 in Tikamgarh, Madhya Pradesh, the entity was converted into a Private Limited Company in 2013 as Bhadora Industries Private Limited. Following board and shareholder approvals in May 2024, it transitioned into a Public Limited Company, with a fresh incorporation certificate issued on August 7, 2024, under the name Bhadora Industries Limited. The company’s Corporate Identity Number (CIN) is U31300MP2013PLC030767.

The manufacturing facility is certified with BIS, ISO 9001:2015 (Quality Management Systems), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health & Safety) standards. It is equipped with a dedicated in-house testing laboratory and advanced machinery including RBD, Skip Stranding cum Armouring Machines, and Laying cum 48 Bobbin Armouring Machine to ensure stringent quality control and process efficiency.

The order book, as of the date of RHP, stands at approximately ₹8,504.00 lakhs. Financial performance has shown strong growth, with total revenue increasing from ₹1,844.03 lakhs in FY 2023 to ₹11,011.18 lakhs in FY 2025, reflecting a CAGR of 144.36%, along with a consistent rise in net profits.

As of June 30, 2025, the company have 88 labours/workman. The Banker to the company is ICICI Bank Limited.

INDUSTRY ANALYSIS

Overview of the Wire and Cable Industry

The wire and cable industry is a critical component of the global infrastructure landscape, serving as the backbone of the electrical and electronics sectors. Wires are typically uninsulated single conductors, often made from copper or aluminum, while cables are assemblies of two or more insulated conductors, often enclosed in a single protective jacket. These are essential for transmitting power and data, with power cables managing high-voltage energy distribution and communication cables handling data and low-voltage transmission.

Just as blood vessels circulate vital nutrients throughout the body, wires and cables carry electricity and data across nations, powering homes, industries, and communication networks. The sector's importance has surged with global infrastructure development, digital transformation, and renewable energy adoption.

---

Strategic Importance and Infrastructure Push

In India, the industry plays a pivotal role in fulfilling the country's ambitious plans, such as the expansion of renewable energy capacities, development of smart cities, and growth in transportation infrastructure—including roads, metros, railways, and airports. Recent government schemes like the Revamped Distribution Sector Scheme (RDSS) and the Smart Grid Mission are focused on modernizing power distribution, driving strong demand for wires and cables.

Furthermore, India's goals to achieve 100 GW of solar power capacity have resulted in a booming demand for solar cables, with each 1 MW solar project requiring approximately 50 km of cabling. This alone translates into more than 5 million kilometers of required solar cable, reflecting the scale of opportunity.

---

Current Market Scenario in India

The Indian wires and cables market was valued at USD 9.32 billion in 2024 and is forecast to reach USD 17.08 billion by 2032, registering a CAGR of 7.94%. This growth is fueled by the rise in renewable energy installations, construction activity, and infrastructure modernization. Though the COVID-19 pandemic temporarily hampered demand across several end-user industries, the recovery phase has brought in fresh momentum, especially with investments in 5G networks and data centers.

---

Product Categories and Segments

The industry encompasses a variety of product types including power cables, communication cables, fiber optic cables, coaxial cables, and hybrid cables. Fiber optic cables, which consist of glass fiber strands in insulated casings, are gaining prominence due to their high-speed data transmission capabilities, superior bandwidth, and long-distance communication potential. This segment is projected to grow at 8% CAGR between 2024-2029, spurred by data center expansion, 5G rollouts, and government-backed broadband infrastructure projects.

The power cable segment continues to be dominant in traditional high-voltage applications, while signal and control cables are vital for industrial automation and process control. Specialty cables, including coaxial and telecom-specific varieties, serve niche but essential roles in telecommunications and broadcasting.

---

Key End-User Sectors

Among all end-users, the construction sector emerged as the largest consumer of wires and cables in India in 2023. Rapid urbanization and the growth of residential and commercial real estate have created vast demand for robust power distribution and internal wiring systems. Other significant consumers include IT and telecom, automotive, power transmission, oil & gas, and industrial manufacturing.

The automotive industry—particularly the electric vehicle (EV) segment—is increasingly reliant on advanced cabling systems. The shift towards electric mobility is accelerating the need for high-capacity, durable, and heat-resistant cables that support EV charging infrastructure.

---

Evolving Industry Trends

The wire and cable industry is witnessing a surge in technological advancements. There is growing adoption of hybrid cables, high-voltage cables, and smart cables with embedded sensors for real-time performance monitoring. These innovations cater to the requirements of modern industrial automation, green energy systems, and smart city developments.

A significant trend is the shift from copper to fiber optic and Cat.7 Ethernet cables, enabling faster and more secure data transmission. Additionally, connectors and modular systems are becoming more compact and efficient, reflecting the miniaturization of technology across sectors.

---

Sustainability and Renewable Energy Integration

The global push for decarbonization and climate action is reshaping the wire and cable landscape. Wind farms, solar parks, and energy storage systems require specialized cables for efficient energy transmission. The European Union’s 50 GW renewable energy capacity addition in 2022, a 45% increase from the previous year, signals how such transitions are driving demand for robust, high-capacity cables.

India is also leveraging smart grids to integrate intermittent renewable energy sources more effectively. Projects funded under schemes like RDSS and the National Smart Grid Mission are improving the resilience and intelligence of the grid, further fueling demand for next-generation cables.

---

Future Outlook and Global Trends

Globally, the wire and cable market is projected to grow from USD 193.7 billion in 2024 to USD 321.5 billion by 2034, at a CAGR of 5.2%. Growth is expected across regions and sectors, with rising investments in underground cabling, smart grid systems, 5G infrastructure, and energy-efficient buildings.

Smart cities, electrification, and digital connectivity are converging to redefine how wires and cables are manufactured, deployed, and maintained. The demand for flexible, fire-resistant, and eco-friendly cables is pushing manufacturers to innovate rapidly. With modernization and replacement of aging electrical infrastructure underway worldwide, the market outlook remains positive.

---

Conclusion

The wire and cable industry stands at the confluence of some of the most transformative trends of our time—digitalization, electrification, and sustainability. Whether it’s powering smart homes, connecting continents with data, or facilitating green mobility, wires and cables are indispensable to modern life. Backed by strong policy support, technological progress, and rising infrastructure investments, the sector is poised for sustained global growth in the coming decade.

BUSINESS STRENGTHS

Visionary Leadership and Industry Expertise

Bhadora Industries Limited is led by an experienced management team with deep roots in the cable industry. Shashank Bhadora, Promoter, Chairman, and Managing Director, holds an M.Sc. in Finance from BITS Pilani and oversees both strategic and day-to-day operations. Promoters Anil Bhadora and Pradeep Bhadora bring over three decades of industry expertise, strengthening decision-making capabilities and supporting consistent growth through evolving market conditions.

Approved Vendor for Government Projects

With over 30 years of industry experience, the company meets the stringent eligibility norms of State Electricity Boards, enabling participation in government tenders for cable supply. This standing reflects deep domain knowledge and a credible track record.

Robust Quality Assurance Systems

Bhadora Industries maintains ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, ensuring rigorous quality, environmental, and safety standards across all operations. A dedicated Quality Division, led by experienced professionals, oversees inspections at every stage of production. The facility includes an in-house testing laboratory for evaluating both raw materials and finished products, enabling consistent delivery of high-performance cables.

Sustainable and Compliant Operations

Since its inception in 1986, the company has expanded its product line from PVC cables to include XLPE and Aerial Bunched (AB) cables, with full compliance to statutory and regulatory norms. Continued focus on quality and adaptability has supported long-term business stability. Strategic expansion plans include entry into high-value segments such as HT Cables and Medium Voltage Covered Conductors (MVCC) up to 33 KV, positioning the company for future-ready growth.

BUSINESS STRATEGIES

Establishment of New Manufacturing Facility

Bhadora Industries is setting up a new manufacturing plant spread over 5.298 hectares at Survey No. 188/1, Village Panwa, Tehsil-Kasrawad, District Khargone, Madhya Pradesh. This facility is part of the company’s strategic capacity expansion and product diversification initiative. While the existing unit focuses on Low Voltage (LV) cables up to 1.1KV, including LT Aerial Bunched and XLPE cables, the new unit will enable production of high-value HT cables, including Medium Voltage Covered Conductors (MVCC) and HT Power Cables up to 33 KV. This expansion targets infrastructure EPC players, electricity utilities, and government sector projects, addressing the rising demand for high-voltage, long-distance transmission solutions.

Geographical Expansion into International Markets

Currently serving State Electricity Boards and EPC companies across India, the company is exploring international opportunities with a focus on the Middle East market. As part of this strategy, Bhadora Industries participated in the Middle East Energy Exhibition 2025, held from April 7 to April 9, 2025, to engage with potential global customers and partners.

Diversification in the EPC Segment

To reduce dependency on government tenders and broaden revenue streams, the company is actively expanding its customer base in the Engineering, Procurement, and Construction (EPC) segment. The EPC market provides opportunities for long-term, high-value contracts requiring advanced cable solutions like MVCC and power cables. Revenue from EPC customers increased from ₹6,031.31 lakhs in FY 2024 to ₹9,922.76 lakhs, highlighting the segment’s growing contribution to overall business growth.

BUSINESS RISK FACTORS & CONCERNS

1. Raw Material Price and Supplier Dependency
Raw material costs form a substantial part of total expenses. Volatility in prices, availability, or quality—particularly of aluminium wire rods, PVC, and XLPE—can adversely affect business performance. Dependence on a limited number of qualified suppliers heightens this risk.

2. Revenue Dependence on EPC Contractors
A significant portion of revenue is derived from EPC contractors. Any decline in demand or payment delays from this segment could negatively impact operations and profitability. While government contracts offer predictable payments, EPC projects may involve financial uncertainty.

3. Product Concentration Risk
Revenue is significantly dependent on specific products like LT Aerial Bunched Cables and LT XLPE Power Cables. A drop in demand, price, or inability to sell these products could adversely affect financial results and cash flows.

4. Single Manufacturing Facility Risk
Operations currently rely on a single manufacturing unit in Tikamgarh, Madhya Pradesh. Any disruption due to unforeseen events such as equipment failure, natural disasters, or regulatory issues could severely impair production and supply capabilities.

Summary:
Bhadora Industries faces key business risks including raw material price volatility, supplier dependence, concentration of revenue in specific products and customer segments, reliance on a single manufacturing unit, and potential unpredictability in payments from EPC contractors. These factors may significantly impact operational stability, profitability, and financial health.