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JD Cables coming with IPO to raise Rs 96 crore
Sep-17-2025

JD Cables

  • JD Cables is coming out with an initial public offering (IPO) of 63,15,200 equity shares in a price band of Rs 144-152 per equity share.
  • The issue will open on September 18, 2025 and will close on September 22, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The face value of the share is Rs 10 and is priced 14.40 times of its face value on the lower side and 15.20 times on the higher side.
  • Book running lead manager to the issue is GYR Capital Advisors.
  • Compliance Officer for the issue is Swati Mittal.

Profile of the company

JD Cables is engaged in manufacturing of Cables and Conductors which widely include manufacturing of Power Cables, Control Cables, Aerial Bunched Cables, Single-core service wire and All Aluminium Conductor (A.A.C.), All Aluminium Alloy Conductor (A.A.A.C.), Aluminium conductor steel reinforced (A.C.S.R.) Conductors used for transmission and distribution of electricity. Its products adhere to national quality standards and are widely used in the electrical industry. The company has obtained ISO 9001:2015, IS 398: PART 2 :1996, IS 694: 2010, IS 1554: PART 1 :1988, IS 7098: PART 1 :1988, IS 14255: 1995, ISO 9001:2015 Certificates for manufacturing of wires, cables & conductors. The company is an approved vendor for various State Electricity Boards. 

Its supply network spans across multiple states, including Assam, Odisha, Jharkhand, Bihar, Manipur, Tripura, Arunachal Pradesh, Madhya Pradesh, Chhattisgarh, Meghalaya, Mizoram and West Bengal. Its manufacturing facility in West Bengal is equipped with modern infrastructure, cutting-edge machinery, and a well-equipped test laboratory, ensuring the production of high-quality products.

The company's growth and success have been driven by the unwavering dedication of its Promoter, Piyush Garodia, who has been a cornerstone of its journey since its inception. As the Managing Director and Promoter, he provides strategic leadership, guiding the management team with a forward-thinking approach and a commitment to innovation. With extensive technical expertise and over 10 Years of experience, Garodia plays a crucial role in overseeing overall operations, daily management, and key strategic decisions. Backed by a team of skilled professionals who continuously analyze market trends and evolving industry needs, it remains focused on sustainable growth and excellence.

Proceed is being used for:

  • Funding working capital requirements of the company
  • Repayment/prepayment of all or certain of its borrowings availed by the company
  • General corporate purposes

Industry Overview

The India wires and cables market size was valued at $9.32 billion in 2024. The market is projected to grow from $10.01 billion in 2025 to $17.08 billion by 2032, exhibiting a CAGR of 7.94% during the forecast period. India has observed a substantial rise in the demand for wires and cables due to the country's ambitious renewable energy goals and the growing awareness of the potential of renewable energy, such as solar and wind power. In solar power plants, photovoltaic (PV) projects require a high-quality cabling system that connects all electrical components with minimal energy loss. The significant growth of solar panels in India is creating a considerable demand for solar cables. According to industry standards, a 1 MW solar project will use about 50 km of solar cable. Considering the Indian government's target of 100 GW of installed solar capacity by 2022, India's solar cable requirement alone is more than 5 million kilometers.

Energy storage is crucial to achieving the country's goal of integrating a large share of renewable energy into the electricity system. Clean, reliable, and sustainable power systems increasingly need smart grids. India views smart grid technology as a strategic infrastructure investment that will fund its long-term economic prosperity and help achieve its carbon reduction goals. In India, the main application areas of the smart grid system are energy arbitrage by storing excess renewable energy to reduce constraints, 24/7 and seasonal storage, smart metering, energy accounting, and renewable energy (RA) outage management. The government launched Revamped Distribution Sector Scheme (RDSS) with an outlay of Rs 3.03 trillion for the next five years from 2021-22 to 2025-26. This scheme aims to provide financial support to Power Distribution Companies (DISCOMs) for the modernization and strengthening of distribution infrastructure, aiming to improve the quality, reliability and affordability of power supply.

The India wires and cables market highly depends on materials such as copper, aluminum, steel, and PVC for the efficient conduction of power. The conductive material, copper/aluminum, makes up about 40-60% of the cable's raw material. Polymers such as PVC, polyethylene, and other engineering plastics contribute significantly to the cost. Metal supplies from Indian copper/ aluminum producers are almost stagnant, which is mainly due to restrictions on mining bauxite used to produce aluminum. Furthermore, the pollution and environmental concerns arising at copper and aluminum refineries are negatively influencing the supply of these metals in India hindering the India wires and cables market growth.

Pros and strengths

Strong industry demand & market presence: With a strong industry demand and an established market presence, the company plays a vital role in supporting power transmission, telecommunications, construction, and industrial sectors. The consistent need for high-quality cables and conductors ensures a steady flow of opportunities, allowing it to cater to diverse industry requirements with reliability and efficiency. Its well-established relationships with utilities, telecom operators, and infrastructure companies further reinforce its market position, enabling it to secure long-term partnerships and expand its reach. By continuously delivering superior products and services, it not only meets industry standards but also drives sustained growth, strengthen its leadership position, and maintain a competitive edge in an evolving marketplace.

Operational excellence & scalability: The company’s commitment to operational excellence and scalability is reflected in its efficient manufacturing processes, where automation and continuous process optimization help reduce costs while enhancing overall productivity. By leveraging hi-tech technology and streamlined workflows, it maximizes efficiency without compromising on quality. Additionally, its scalable production capacity enables it to seamlessly accommodate bulk orders and adapt to increasing market demand, ensuring that it meets customer requirements with reliability and speed. This strategic approach not only strengthens its competitive position but also reinforces its ability to support large-scale projects and evolving industry needs.

Raw material sourcing & cost efficiency: The company’s strategic partnerships with trusted raw material suppliers, including those for copper, aluminum, PVC, and XLPE, enable it to ensure cost-effective procurement while maintaining a stable and reliable supply chain. By securing consistent access to high-quality materials at competitive prices, it enhances its production efficiency and cost management. Additionally, its in-house manufacturing of key components, such as conductors, significantly reduces reliance on third-party suppliers, allowing it to maintain greater control over quality, production timelines, and overall supply chain resilience. This integrated approach not only strengthens its operational efficiency but also enhances its ability to meet customer demands with reliability and precision. 

Risks and concerns

Maximum revenue comes from limited customers: The company’s top five customers have contributed 64%, 73.14%, 45.29% of its revenues for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. However, its top customers may vary from period to period depending on the demand and thus the composition and revenue generated from these customers might change as it continues to add new customers in normal course of business. Since its business is concentrated among relatively few significant customers, it could experience a reduction in its results of operations, cash flows and liquidity if it loses one or more of these customers or the amount of business, it obtains from them is reduced for any reason, including but not limited on account of any dispute or disqualification.

Geographical constrain: The company conducts its operations through its manufacturing facilities situated at Howrah District and Dankuni, Hooghly in West Bengal. The concentration of all of its manufacturing operations in Howrah and Hooghly exposes it to adverse developments related to regulation, as well as political or economic, demographic and other changes in West Bengal as well as the occurrence of natural and man-made disasters in West Bengal, which may adversely affect business, financial condition and results of operations.

Stiff competition: India is the company’s primary market and it faces competition in its business from local as well as nationwide manufacturers of cables and conductors. The products that it sells are of industrial nature, i.e. there are a large number of players manufacturing same or similar products. Thus, competition in these markets is based primarily on demand and price. As a result, to remain competitive in its market, it must continuously strive to reduce its procurement, transportation and distribution costs, improve its operating efficiencies and secure its materials requirements. If it fails to do so, other manufacturers and suppliers of similar products may be able to sell their products at prices lower than its prices, which would have an adverse effect on its market share and results of operations.

Outlook

JD Cables is engaged in the manufacturing of high-quality cables and conductors that cater to the power transmission and distribution sector. The company has a strong track record of sustained growth and strong financial performance. On the concern side, the company’s top five customers contribute majority of its revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, the company’s manufacturing activities are labour intensive and depend on availability of labour. In case of unavailability of such labour, the company’s business operations could be affected. 

The company is coming out with a maiden IPO of 63,15,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 144-152 per equity share. The aggregate size of the offer is around Rs 90.94 crore to Rs 95.99 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for Fiscal year 2025 was Rs 25,052.58 lakh against Rs 10,083.33 lakh for Fiscal year 2024, an increase of 148.46% in revenue from operations. Moreover, profit after tax for the Fiscal 2025 was at Rs 2,215.30 lakh against profit after tax of Rs 457.98 lakh in fiscal 2024, an increase of 383.71%.

The company constantly endeavours to improve manufacturing process, and will increase manufacturing activities to optimize the utilization of resources. It has invested significant resources, and intends to further invest in its activities to develop customized systems and processes to ensure effective management control. It regularly analyses its existing policies for providing its products which enables it to identify the bottlenecks and correct the same. This helps the company in improving efficiency and putting resources to optimal use. It also intends to continue to build on its inclusive culture to ensure its employees remain engaged and committed to delivering exceptional service.
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