JD Cables IPO Overview
JD Cables Ltd is launching its SME IPO from 18 September 2025 to 22 September 2025, offering 6,315,200 shares at a price band of ₹144-152 per share, raising about ₹95.99 crore. The issue is a mix of fresh issue and offer for sale, with proceeds to be used for debt repayment, working capital requirements, and general corporate purposes. Listing is proposed on the BSE SME platform. Expand your portfolio with this power-cables sector opportunity.
JD Cables GMP Status
| GMP (₹) (grey market premium) | IPO Price (₹) |
| 48 | 144-152 |
| Last Updated: 22 Sep 2025 | |
| 📌 Note: The above GMP data is unofficial and has been collected from multiple sources including grey market dealers and market observers. It is provided purely for informational and educational purposes. Please consult your financial advisor before making any investment decisions. | |
IPO Key Detail
JD Cables Core Business & Overview
Incorporation and Base: JD Cables Ltd was incorporated on June 12, 2015.
What they make: The company manufactures a range of wires, cables, and conductors. Their product portfolio includes:
- Power cables (LT XLPE, etc.)
- Control cables, service wires
- Aerial Bunched Cables (AB cables)
- Conductors such as All Aluminium Conductor (AAC), All Aluminium Alloy Conductor (AAAC), Aluminium Conductor Steel Reinforced (ACSR)
Facilities & Capacity:
They have two operational manufacturing units in West Bengal (Howrah & Hooghly) with combined capacity of ~28,000 kms of cables annually.
There is a third unit under development aiming for further expansion.
Strengths
Here are some of the key strengths of JD Cables, drawn from their filings and analyst commentary:
- Strong growth & improving profitability
- The company has shown very high growth in revenue from FY 23 → FY 25, with profit margins improving.
- ROE of 117.17% and ROCE ~43.64% in FY 25 are notably high.
- Order book visibility
Having an order backlog of ₹294.09 crore provides some assurance of future revenue.
- Quality credentials & regulatory approvals
Certifications (ISO 9001:2015, IS/BIS standards), vendor approvals with State Electricity Boards. These allow the company to bid for government contracts and ensure compliance.
- Geographic spread and expanding capacity
The supply network covers multiple states in Eastern & Northeastern India (Assam, Odisha, Jharkhand, Bihar, Manipur, Tripura, Arunachal Pradesh, West Bengal, etc.) which reduces dependency on a single state.
Expansion with new manufacturing units under construction / development which could help economies of scale.
Risks
Here are risks or limiting factors to keep in mind:
- Raw material price volatility
- Copper, aluminium, steel are major inputs in cables & conductors; fluctuations in their prices can squeeze margins.
- Working capital intensity and leverage
- The business requires substantial working capital (inventory, receivables). If not managed well, this could lead to cash‐flow issues.
- Also, borrowings have increased; debt/equity ratio is relatively high.
- Geographic concentration
- Though they operate in multiple states, much of the business is focused in Eastern & Northeastern India. Less presence elsewhere creates exposure to regional demand fluctuations or regulatory/policy risks in those states.
- Dependence on State Electricity Boards / Government contracts
- Many of their clients are State Electricity Boards or reliant on government infrastructure projects. Delays in payments, policy changes, budget constraints can negatively impact business.
- Competition
- The cables & wires market is competitive, with both organized large players and many smaller / unorganized firms. Price competition can pressure margins.
- Cyclical nature of demand
- Demand for cables is tied to infrastructure spend, electrification, governmental capital expenditure, which can vary with macroeconomic cycles, regulatory priorities, and investment flows. Slowdowns can hurt revenue.
Financial Performance Overview (₹ in Crore)
| Year | Revenue | Profit | Assets |
| FY 2023 | 40.85 | 0.32 | 17.89 |
| FY 2024 | 100.83 | 4.58 | 45.08 |
| FY 2025 | 250.52 | 22.15 | 115.23 |
Revenue
- FY 2023: ₹40.85 crore
- FY 2024: ₹100.83 crore
- FY 2025: ₹250.52 crore
Revenue has grown more than 6x in just two years, showing rapid scale-up. The surge indicates strong demand, capacity utilization, and better order book execution.
Profit
- FY 2023: ₹0.32 crore
- FY 2024: ₹4.58 crore
- FY 2025: ₹22.15 crore
Profitability has improved significantly, moving from near break-even to double-digit crores. Net margins are expanding, suggesting better cost control, higher efficiency, and operating leverage.
Total Assets
- FY 2023: ₹17.89 crore
- FY 2024: ₹45.08 crore
- FY 2025: ₹115.23 crore
Assets have grown steadily, aligning with capacity expansion and increased business scale. This also reflects higher investments in manufacturing facilities and working capital.
Disclaimer:
The above IPO analysis and financial data are based on information provided by the company in its official documents. For complete details, please refer to the Red Herring Prospectus (RHP) linked above. Investors are strongly advised to consult their financial advisor before making any investment decisions.
