Jd Cables Ltd

BSE: 544524

₹ 162.05-0.34%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 365 crWebsite: www.jdcables.inUpdated: 27 Oct 2026

About

Jd Cables Ltd makes cables and conductors for power transmission and distribution, and it started an EPC division that builds substations, lines and underground cable networks. Since December 2025 it has also taken on infrastructure projects, including civil and electrical works for the NH-2 six-laning under NHDP Phase V. Revenue was 364.59 Cr in FY26. The company listed on the BSE SME platform on 25 September 2025 after an IPO.^[1][2]

Business segments

The EPC division brought in about ₹30 Cr in FY26, its first year. Management expects at least ₹200 Cr from it in FY27.^[3]
The EPC division covers T&D substations, 11kV-33kV lines and underground cables. It is headed by Whole-Time Director Rajesh Jhunjhunwala, who has 30 years' experience.^[4]
Since December 2025 the company has also worked on infrastructure projects, including civil and electrical works for the NH-2 six-laning under NHDP Phase V. The main objects clause of its MOA was altered during FY26.^[2]
Management expects the cable and conductor segment to grow 30-40% in FY27.^[3]

Products

In FY26 the company added MVCC, AL-59 conductors, HTLS conductors and HT cables, made at the new Dankuni facility. As of the Q4 FY26 call, BIS licence approvals were still pending for some of these lines.^[3]
As of Q2 FY26, the company planned to enter data center cables, solar cables and house wire through a distributor network.^[4]

Manufacturing capacity and utilisation

Unit I has an installed capacity of 6,000 km and Unit II has 22,000 km.^[4]
Unit I ran at 82.43% utilisation in FY26, up from 79.17% in FY25. Unit II ran at 84.56% in FY26, up from 81.18% in FY25.^[3]
Unit III at Dankuni has 28,000 km of installed capacity. As of June 2026 it was waiting for its electricity connection.^[3]
The Dankuni industrial facility in Hooghly, acquired in FY26, covers 1,18,000 sq. ft. Conductor machinery for it was ordered at Rs. 5.72 Cr.^[4]

Order book

The order book was about ₹515 crores as of March 31, 2026: around ₹300 Cr from EPC and ₹200 Cr from cables and conductors.^[3]
The order book was Rs. 286.21 Cr as of September 30, 2025, about 2.36x H1 FY26 revenue.^[4]
The NH-2 six-laning EPC project on the Bihar-Jharkhand border (NHDP Phase-V) is worth about ₹407 Cr. Around 10% had been executed as of March 2026.^[3]
Management targets an order book of ₹700-800 Cr by the end of FY27.^[3]

Customers and reach

As of Q4 FY26, the company is an approved vendor in more than 15 states, including Punjab, Himachal Pradesh, Rajasthan and Andhra Pradesh.^[3]
The company won vendor approvals from Himachal Pradesh and Punjab in H1 FY26, widening its reach in Northern India.^[4]
Management expects more infrastructure investment in West Bengal after the change of state government, and says it is in talks with officials.^[3]
In the FY26 annual report, management said power, renewables, EVs, real estate and data centres are all driving cable and wire demand at the same time. It also noted a planned Rs 10,000 crore government scheme for underground power cable manufacturing.^[2]

Expansion and capex

Unit III's conductor division was due to start in June 2026 and its cable division about two months later.^[3]
Capex of about ₹20-30 Cr is planned for FY27, including more land next to the Dankuni factory.^[3]
The company targets 3x-4x its current overall capacity within the next two years.^[3]
Management plans to raise more bank debt as new EPC orders come in and has said no equity dilution is planned.^[3]

Recent developments

In FY26, Infomerics upgraded the company's credit rating from IVR/BBB- (Stable) to IVR/BBB (Stable).^[2]
The IPO was subscribed more than 128 times, drawing over Rs. 8,100 Cr of bids for a Rs. 96 Cr issue. The shares listed on BSE SME on September 25, 2025.^[4]
Besides the IPO, the company made a private placement and a bonus issue in FY26.^[2]

Market Cap

₹365 Cr

High / Low

₹254 / 130

Stock P/E

11.4

Price / Book

0.0

Book Value

₹65

EPS

₹14.1

No. of Shares

2.26 Cr

ROCE

23.1%

ROE

21.7%

OPM

12.8%

Debt / Equity

0.39

Sales

₹365 Cr

Net Profit

₹32 Cr

Promoter holding

70.0%

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