Relicab Cable Manufacturing Ltd saw a significant increase in institutional interest as Aryaman Capital Markets Limited acquired 2,03,700 shares through open market transactions on September 25, 2026. This acquisition pushed the broker's aggregate shareholding to 10.59% of the company's total share capital.

The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Aryaman Capital Markets Limited, acting as the acquirer and not part of the promoter group, submitted the filing to BSE Limited on September 28, 2026. The move follows a cumulative increase in holdings since the last disclosure in March 2026.

Shareholding details

The disclosure highlights that Aryaman Capital Markets held 8,39,737 shares (8.32%) prior to the recent accumulation period. However, before this specific open market purchase, the holding had already risen to 8,65,335 shares (8.57%). The latest acquisition of 2,03,700 shares brought the total to 10,69,035 shares.

Regulatory trigger for disclosure

The filing was necessitated by the cumulative change in shareholding exceeding the prescribed threshold. According to the note in the disclosure, the last formal report was dated September 22, 2026, when Aryaman held 8.32% of the equity. Since then, the stake increased by a total of 2.02%, crossing the 2% limit mandated for Regulation 29(2) filings. The current specific transaction contributed 2.02% to this total shift, following an interim rise to 8.57%.

What the numbers show

While the immediate transaction size was substantial at 2.02% of the capital, it completed a larger strategic accumulation phase. The jump from 6.28% in March 2026 to 10.59% in September 2026 indicates a steady, non-promoter accumulation strategy rather than a single large block deal. The fact that the acquirer is a stock broker suggests potential proprietary trading or client-driven accumulation, though the filing does not specify the ultimate beneficial owner beyond Aryaman Capital Markets Limited.

Relicab Cable Manufacturing has received an order valued at Rs 95.33 lakh from one of the world's leading cable manufacturing companies operating in India. The scope covers supply of copper conductors, with delivery scheduled on or before September 30, 2026.

ORDER DETAILS

The order was disclosed to the exchange on September 18, 2026. The awarding entity is classified as domestic. The transaction is not a related-party transaction, and promoter interest has not been indicated. The order value is inclusive of tax.

ORDER IN FINANCIAL CONTEXT

The Rs 95.33 lakh order is a firm contract. Given the limited recent revenue data available in the trailing twelve months, this order represents an addition to the current execution pipeline. The company has now received orders from both domestic and international awarding entities across the last three fiscal quarters.

COMPANY ORDER TRACK RECORD

The table below reflects pre-computed quarterly order inflow data. The Q2FY27 figures below reflect orders disclosed prior to the current filing; the new Rs 95.33 lakh order from the global cable manufacturer is captured separately in the order history table.

ORDER HISTORY

EXECUTION AND REVENUE QUALITY

The trailing twelve-month consolidated P&L reports revenue and net profit at Rs 0.0 Cr, which may reflect a reporting lag or specific accounting treatment in the source data. Consequently, OPM is also reported at 0.0%. Upcoming quarterly filings will provide data to assess how these orders translate into recognised revenue and margin quality.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

Relicab Cable Manufacturing's annual standalone revenue has grown at varying rates, from +18.2% YoY in FY21 to +5.8% in FY25. This historical growth trajectory indicates that past order inflows have translated into top-line expansion over the five-year period ending FY25.

WORKING CAPITAL AND EXECUTION CAPACITY

Balance sheet and cashflow details are not available in the provided input to assess liquidity or working capital cycles. As a microcap entity, the ability to fund working capital for the existing backlog should be monitored through subsequent quarterly financial disclosures.

WHAT TO WATCH

• Execution rate: Watch for conversion of the Rs 95.33 lakh, Rs 2.6 crore, and Rs 2.26 crore orders into revenue within their respective delivery windows.
• Product mix: The new order covers copper conductors, consistent with prior major orders; monitor margin implications across product types.
• Client diversity: The company has now received orders from both domestic and international entities, including multiple global energy and cable sector firms.
• Working capital: Track operating cashflow in upcoming filings to ensure execution capacity matches order inflow.

KEY OBSERVATIONS

• Valuation check (as of 18 Sep 2026): P/E of 20.3x against ROCE of 23.06%. P/E is price-derived and will change; ROCE is from audited financials.
• Order consistency: The company has secured six significant orders across the last three fiscal quarters, from both domestic and international awarding entities.
• Entity diversity: Orders have been received from international importers, global energy technology companies, and domestic clients, indicating a varied customer base.