Here are the full details of the JD Cables Ltd IPO (SME segment), as of latest filings:
Contents
Basic Info
| Detail | Information |
|---|---|
| Company | JD Cables Ltd |
| Sector | Cables & Wires / Conductors Manufacturing |
| Incorporated | June 12, 2015 |
| Exchange | BSE SME platform |
IPO Key Data
| Parameter | Value |
|---|---|
| IPO size | ₹95.99 crore |
| Number of shares offered | 63,15,200 equity shares (face value ₹10) |
| Fresh Issue (by the company) | 55,53,600 shares |
| Offer for Sale (by promoter) | 7,61,600 shares by Mr. Piyush Garodia |
| Price band | ₹144 to ₹152 per share |
| Face value | ₹10 per share |
| Lot size (minimum shares per application) | 1,600 shares |
| Minimum investment | ₹121,600 (i.e. 1,600 × ₹76, but since price band is higher—actual would be 1,600 × chosen bid price) |
Timeline
| Event | Date |
|---|---|
| IPO opens for subscription | 18 September 2025 |
| IPO closes | 22 September 2025 |
| Allotment finalisation | 23 September 2025 |
| Refund initiation / Share credit | 24 September 2025 |
| Listing date | 25 September 2025 |
Use of Proceeds
The funds raised (fresh issue portion) will be used for:
- Working capital requirements
- Repayment/prepayment of borrowings/debt
- General corporate purposes
Company Overview
- Incorporation & Location: JD Cables Ltd was incorporated on 12 June 2015 in West Bengal.
- Business: Manufacture of wires, cables and conductors. Its product portfolio includes:
• Power Cables, Control Cables, Aerial Bunched Cables, Single-core Service Wires
• Conductors such as All Aluminium Conductor (AAC), All Aluminium Alloy Conductor (AAAC), Aluminium Conductor Steel Reinforced (ACSR) - Facilities: It has two manufacturing units in West Bengal (Howrah and Hooghly) with capacity to produce large kms of cables.
- Quality / Certifications: ISO 9001:2015, various BIS/India Standards certifications. Approved vendor for several State Electricity Boards.
- Geographical reach: Mainly eastern and northeastern India. States include Assam, Odisha, Jharkhand, Bihar, West Bengal etc.
- Order book (as of ~Aug 2025): ~ ₹294.09 crore outstanding orders.
Financials (FY 2023 to FY 2025)
Here are key financial metrics for the three fiscal years ending March 31, 2023, 2024, and 2025:
| Metric | FY 2022-23 | FY 2023-24 | FY 2024-25 |
|---|---|---|---|
| Revenue (Total Income) | ~ ₹40.86 crore | ~ ₹100.85 crore | ~ ₹250.70 crore |
| Profit After Tax (PAT) | ~ ₹0.32 crore | ~ ₹4.58 crore | ~ ₹22.15 crore |
| EBITDA | ~ ₹0.81 crore | ~ ₹7.22 crore | ~ ₹34.14 crore |
| Assets | ~ ₹17.89 crore | ~ ₹45.08 crore | ~ ₹115.23 crore |
| Total Borrowings (Debt) | ~ ₹3.84 crore | ~ ₹17.77 crore | ~ ₹45.91 crore |
| Net Worth (Equity) | ~ ₹1.18 crore | ~ ₹7.83 crore | ~ ₹29.98 crore |
Key Ratios & Performance Metrics
- Revenue Growth: Very strong growth; revenue rose ~149% from FY 24 to FY 25.
- Profit Growth: PAT surged by ~384% in same period (FY 24 → FY 25).
- Margins:
• EBITDA margin (FY25) ≈ 13.6% approx.
• PAT margin (FY25) ~ 8.8% - Return on Net Worth (RoNW): Very high: ~ 117.17% in FY25.
- Return on Capital Employed (ROCE): ~ 43.64% in FY25.
- Debt / Equity: Borrowings have increased substantially, debt-equity ratio in FY25 ~ 1.5× (i.e. debt higher relative to equity).
Strengths
- Strong growth in revenue and profits
- Revenue increased from ~₹100.8 crore in FY 2023-24 to ~₹250.5 crore in FY 2024-25 — nearly ~148-150% growth.
- PAT jumped from ~₹4.58 crore to ~₹22.15 crore in the same period — very impressive margin improvement.
- Good margins and return ratios
- EBITDA margin in FY25 ~13.6–13.9% and PAT margin ~8.8% or so.
- Return on Equity (RoE) ~ 70-75% (or higher by some sources) in FY25. Return on Capital Employed (RoCE) also strong (~43-44%) in FY25.
- Solid order book & capacity utilisation
- As of August 2025, outstanding work order book ~₹294.09 crore.
- Units (manufacturing) are reasonably well utilised: capacity utilisation ~79-81% in its two plants.
- Vendor approvals and certifications
- ISO 9001:2015, and various Indian Standard certifications for their cables, conductors, wires etc.
- Approved vendor for various State Electricity Boards in eastern and northeastern states.
Weaknesses / Risks
- High dependence on raw material price volatility
- Key inputs include aluminium, copper, PVC, XLPE etc., which are subject to global commodity price fluctuations. Rising raw material cost can squeeze margins, especially if company cannot fully pass on costs.
- Geographic concentration
- Operations concentrated in West Bengal (manufacturing) and heavy reliance on orders from Eastern / Northeastern states. If demand in these regions slows down, or policy / regulatory changes affect them, business could be impacted.
- Working capital intensity and cash flow concerns
- Business is working capital heavy. There are large receivables: for example, in FY25 trade receivables rose significantly (from ~₹25.43 cr in FY24 to ~₹60.85 cr in FY25) meaning tying up more cash.
- Also reports (from Groww) of negative cash flow from operations in FY25 and FY24. If this persists, could strain liquidity.
JD Cables IPO – FAQs with Answers
- What is JD Cables IPO?
JD Cables Ltd is launching an SME IPO to raise ₹95.99 crore through fresh issue and offer for sale. - When does JD Cables IPO open and close?
The IPO opens on 18 September 2025 and closes on 22 September 2025. - What is the JD Cables IPO price band?
The price band is ₹144 to ₹152 per share. - What is the face value of JD Cables shares?
The face value is ₹10 per share. - What is the JD Cables IPO lot size?
The lot size is 1,600 shares. - What is the minimum and maximum investment for retail investors in JD Cables IPO?
Minimum investment is ₹2,43,200 (1 lot × ₹152). Maximum depends on investor category and SEBI rules. - What is the issue size of JD Cables IPO?
The IPO issue size is ₹95.99 crore. - How many shares are being offered in JD Cables IPO?
A total of 63,15,200 equity shares are offered. - What is the fresh issue and offer for sale (OFS) portion in JD Cables IPO?
• Fresh issue: 55,53,600 shares
• OFS: 7,61,600 shares by promoter Piyush Garodia. - Who are the promoters of JD Cables Ltd?
The promoters include Mr. Piyush Garodia and family.
