IPO Overview
Johnsoncab Electricals Limited is a Mehsana (Gujarat) based manufacturer of low-voltage wires and cables rated up to 1.1 kV, sold under the “JOHNSON CABLES” brand. The company supplies power infrastructure, renewable energy, railways and industrial customers.
It is now bringing a book-built SME IPO on BSE SME to raise about ₹56.02 crore at a price band of ₹190–₹200 per share. The issue is entirely a fresh issue of 28.01 lakh shares, with no offer for sale. It opens on 30 October 2026, closes on 3 November 2026, and is tentatively set to list on 6 November 2026. The money will go mainly to a new factory shed, additional machinery, a new conductor line, a rooftop solar plant and working capital.
IPO Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 3 November 2026 |
| Allotment Date | 4 November 2026 (Expected) |
| Refund Initiation | 5 November 2026 |
| Credit to Demat | 5 November 2026 |
| Listing Date | 6 November 2026 (Tentative) |
| Price Band | ₹190 – ₹200 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 1,200 shares, at upper band) |
| Minimum Investment (S-HNI) | ₹3,60,000 (3 lots = 1,800 shares) |
| Minimum Investment (B-HNI) | ₹10,80,000 (9 lots = 5,400 shares) |
| Total Issue Size | 28,00,800 shares (₹56.02 crore) |
| Fresh Issue | 28,00,800 shares (₹56.02 crore) |
| Offer For Sale (OFS) | Nil |
| Pre-Issue Shares | 77,70,000 |
| Post-Issue Shares | 1,05,70,800 |
| Market Cap (at upper band, post-issue) | ₹211.42 crore |
Note: The entire IPO is a fresh issue. All proceeds go to the company, and the promoters are not selling any shares.
Issue Break-up
| Category | Shares | % of Total Issue |
| QIB (total) | 13,26,000 | 47.34% |
| NII / HNI (total) | 4,00,200 | 14.29% |
| Retail (RII) | 9,33,000 | 33.31% |
| Market Maker | 1,41,600 | 5.06% |
| Total | 28,00,800 | 100% |
The net offer to the public is 26,59,200 shares. It splits roughly 50% QIB, 15% NII and 35% Retail, after setting aside the market maker’s firm allotment. The market makers are ISK Equities Pvt. Ltd. and Sunflower Broking Pvt. Ltd.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue is fresh capital only. All funds raised go directly to the company, and there is no promoter exit. Promoters will hold about 73.5% after the issue.
Objects of the Issue
| Object | Amount (₹ Cr) |
| Construction of additional factory shed for expansion | 8.46 |
| Purchase of additional plant & machinery to raise production capacity | 9.90 |
| New machinery to make paper-insulated copper/aluminium conductors | 8.50 |
| Purchase and set-up of a rooftop solar power plant | 3.23 |
| Additional working capital requirement | 14.00 |
| General corporate purposes | Balance |
| Total (as listed) | 44.10 |
Lead Managers & Registrar
- Book Running Lead Manager: ISK Advisors Pvt. Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Makers: ISK Equities Pvt. Ltd. and Sunflower Broking Pvt. Ltd.
Promoters & Management
Promoters: Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel and Bhavanaben Chandreshkumar Patel.
| Particular | Pre-IPO | Post-IPO |
| Promoter & Promoter Group | 100% | 73.50% |
| Public | — | 26.50% |
- The promoters hold the entire company before the IPO.
- The business started as a partnership firm, M/s Johnson Cables, in February 2012.
Company Details
Business Model: Johnsoncab makes low-voltage wires and cables up to 1.1 kV. It sells to power infrastructure, renewable energy, railways and industrial applications under the “JOHNSON CABLES” brand. It serves both government entities and private customers through direct orders, tender participation and vendor approvals.
Product Portfolio
- Control cables and power cables
- Industrial single-core and multicore cables
- House and building wires
- Welding cables
- Solar / photovoltaic cables
- Submersible flat cables
Manufacturing Facilities
- Two manufacturing units in Mehsana, Gujarat. Combined installed capacity was 79,950 km a year as of Fiscal 2026.
- The plants have machinery for wire drawing, annealing, bunching, insulation, extrusion, testing and packaging, with a mix of automatic and semi-automatic equipment.
Certifications: ISO and BIS.
Registered Office: Survey No. 930, Jagudan Char Rasta, Linch, Jagudan, Mehsana, Gujarat – 382710.
Scale of Operations
- Revenue from operations rose from ₹88.34 crore in FY24 to ₹210.47 crore in FY26.
- For the five months to 31 August 2026, revenue from operations was ₹113.04 crore, EBITDA ₹15.32 crore and PAT ₹8.63 crore.
Financial Snapshot
Restated standalone figures, ₹ crore. Latest period: five months ended 31 August 2026. Margins are on total income.
| Period | Total Income | EBITDA | PAT |
| FY24 (Mar-24) | 88.95 | 5.42 | 2.52 |
| FY25 (Mar-25) | 140.00 | 12.14 | 5.46 |
| FY26 (Mar-26) | 211.34 | 24.06 | 13.42 |
| 5M FY27 (Aug-26) | 113.33 | 15.32 | 8.63 |
Analysis
- Total income grew 57% in FY25 and 51% in FY26, while PAT rose 117% and then 146%.
- Margins improved in every period. EBITDA margin went from 6.1% to 13.5%, and PAT margin from 2.8% to 7.6%.
- The first five months of FY27 already equal about 54% of FY26 income and 64% of FY26 PAT.
- Growth was debt-funded. Borrowings rose about 91% in FY26 to ₹79.88 crore, and total assets nearly doubled.
- Borrowings eased slightly to ₹77.57 crore by August 2026, and net worth rose to ₹40.08 crore on retained profit.
Company Strengths
- Rapid growth: revenue from operations rose about 2.4 times between FY24 and FY26, with PAT up more than five times.
- Improving profitability: EBITDA margin has doubled since FY24, and ROCE was about 40% in FY26.
- Wide product range: cables for power, solar, welding, building and submersible uses, certified under ISO and BIS.
- Dual customer base: it sells to both government bodies and private buyers, and holds vendor approvals and tender eligibility.
- Capacity expansion: a new shed and machinery will add capacity beyond the current 79,950 km a year.
- New product line: the planned paper-insulated conductor machinery broadens the addressable market.
- Captive solar plant: the rooftop plant may lower power costs, subject to actual generation.
- Pre-IPO valuation: about 11.6x FY26 earnings, below the peers’ range of roughly 15x–27x.
Key Risks & Challenges
- High leverage. Borrowings of ₹79.88 crore were about 2.5 times net worth at March 2026. The review flags that high debt increases sensitivity to interest costs and collections.
- No debt repayment from proceeds. None of the issue money is set aside to repay loans, so interest costs are likely to stay high.
- Working capital intensity. Sales growth is being funded by borrowings, and ₹14 crore of fresh working capital is part of the issue.
- Raw material price risk. Copper and aluminium price swings can affect margins.
- Expansion execution risk. New capacity needs timely commissioning and enough customer demand to be used well.
- Thin net margin. PAT margin was only about 6.4% in FY26, so small cost changes can hurt profits.
- Tender and competition pressure. Tender pricing pressure and competition are cited as concerns for the business.
- Short track record at this scale. The company was set up as a private company in 2020 and became public in December 2025.
- SME liquidity risk. The minimum application is ₹2.40 lakh, and trading volumes after listing may be thin.
- Pace of recent growth. A 51% revenue jump and 146% PAT jump in one year may not repeat.
Disclaimer
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
