September 14, 2025
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JD Cables IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 18 Sept. 2025 |
| IPO Closes on | 22 Sept. 2025 |
| Allotment on | 23 Sept, 2025 |
| Credit of shares on | 24 Sept. 2025 |
| Tentative Listing on | 25 Sept. 2025 |
JD Cables IPO Concise Verdict
JD Cables Limited, incorporated in 2015, manufactures power cables, control cables, aerial bunched cables, service wires and aluminium-based conductors. The company has grown aggressively in the last three years, with revenue rising from Rs. 40.86 crore in FY23 to Rs. 250.70 crore in FY25, and profit after tax expanding from Rs. 0.32 crore to Rs. 22.15 crore during the same period.
EBITDA margin has improved with material cost ratio falling from 93.83% in FY23 to 83.03% in FY25, showing efficiency gains. However, borrowings have risen to Rs. 45.91 crore and working capital stress is visible with trade receivables of Rs. 60.85 crore (about 3 months of sales) and inventory of Rs. 36.04 crore (1.7 months of sales).
Valuation will depend on final pricing, but investors must balance strong growth with high working capital intensity.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About JD Cables
Incorporated in 2015, JD Cables Limited is engaged in manufacturing a wide range of cables and conductors for the power transmission and distribution sector. Its product portfolio covers Power Cables, Control Cables, Aerial Bunched Cables, Single-core Service Wires, and conductors such as AAC (All Aluminium Conductor), AAAC (All Aluminium Alloy Conductor) and ACSR (Aluminium Conductor Steel Reinforced). These products are widely used to ensure efficient and reliable flow of electricity across networks.
The company operates through two manufacturing facilities – one at Belgachia, Howrah (Unit I) and the other at Dankuni, Hooghly (Unit II). As of May 31, 2025, JD Cables had 28 permanent employees on its payroll.
JD Cables IPO Details
|
Sector: Cyber Security |
|
| IPO opens on | 18 September 2025 |
| IPO closes on | 22 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 63,15,200 Shares / Rs 95.99 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 316,000 Shares |
| Net offer to Public | 59,99,200 Shares Rs. 28,51 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 144-152 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 800 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,16,000 (5.00%) |
| QIB Shares Offered | 29,77,600 (47.15%) |
| NII (HNI) Shares Offered | 9,10,400 (14.42%) |
| Retail Shares Offered | 21,11,200 (33.43%) |
| Total Shares Offered | 63,15,200 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 1,600 | 2,43,200 |
| Retail (Max) | 2 | 1,600 | 2,43,200 |
| S-HNI (Min) | 3 | 2,400 | 3,64,800 |
| S-HNI (Max) | 8 | 6,400 | 9,72,800 |
| B-HNI (Min) | 9 | 7,200 | 10,94,400 |
Who are the Promoters of JD Cables IPO?
The promoters hold 97,35% of the pre-IPO capital
What are the Objects of JD Cables IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding working capital requirements of our company;-Rs.45.00 Crore
+Repayment/prepayment of all or certain of our borrowings availed of by our Company-Rs.26 Crore
+General Corporate purposes
| Registered Office of the Company |
| JD Cables Ltd. Arch Square X2, 14th Floor, 1401, Salt Lake Sector V, Near College More, Sech Bhawan, North 24 Parganas, Salt Lake, North 24 Parganas district, West Bengal, 700091 |
| Email: compliance@jdcables.in |
| Lead Manager of the IPO |
| GYR Capital Advisors Pvt ltd |
| Who is the Registrar to the IPO?
Mufg Intime India ltd |
JD Cables Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 115.23 | 45.08 | 17.89 |
| Total Income | 250.7 | 100.85 | 40.86 |
| Profit After Tax | 22.15 | 4.58 | 0.32 |
| EBITDA | 34.14 | 7.22 | 0.81 |
| NET Worth | 29.98 | 7.83 | 1.18 |
| Reserves and Surplus | 29.93 | 7.78 | 1.15 |
| Total Borrowing | 45.91 | 17.77 | 3.84 |
| Amount in Rs. Crore | |||
Key Financial Indicators
| KPI | Values |
| ROE | 117.17% |
| ROCE | 43.64% |
| Debt/Equity | 1.53 |
| RoNW | 73.89% |
| PAT Margin | 8.84% |
| EBITDA Margin | 13.62% |
| Price to Book Value | 8.39 |
| EPS | 13.03 |
| PERatio | 11.66 |
How JD Cables IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| JD Cables Limited | 73.89 | |
| Dynamic Cables Limited | 31.69 | 17.34 |
JD Cables IPO Review
by Paresh Gordhandas, Chartered Accountant & Research Analyst
Business Overview:
JD Cables Limited is engaged in manufacturing of high-quality cables and conductors, supplying to power transmission and distribution projects. Its product range includes power cables, control cables, aerial bunched cables, service wires, and conductors like AAC, AAAC, and ACSR. The company operates from two plants in West Bengal — Belgachia (Howrah) and Dankuni (Hooghly).
Financials:
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Revenue has grown 6x in two years: Rs. 40.86 crore (FY23) → Rs. 100.85 crore (FY24) → Rs. 250.70 crore (FY25).
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Profit after tax increased sharply to Rs. 22.15 crore in FY25 vs Rs. 0.32 crore in FY23.
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EBITDA rose from Rs. 0.81 crore in FY23 to Rs. 34.14 crore in FY25.
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Net worth improved to Rs. 29.98 crore (FY25) from just Rs. 1.18 crore (FY23).
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Borrowings climbed to Rs. 45.91 crore (FY25) to support expansion.
Efficiency Trends:
Material cost to sales ratio improved from 93.83% (FY23) to 83.03% (FY25), indicating better cost control. Margins are gradually improving as scale increases.
Concerns:
As of March 31, 2025, the company had:
-
Trade receivables of Rs. 60.85 crore (~3 months of sales)
-
Inventory of Rs. 36.04 crore (~1.7 months of sales)
This high working capital requirement is a major risk area, as it can strain liquidity and profitability.
Verdict:
JD Cables shows strong growth and improving profitability, but its heavy reliance on borrowings and stretched working capital cycle are red flags. Investors with a higher risk appetite may consider applying for listing gains, while conservative investors may wait and watch post-listing performance.
The IPO opens on September 18, 2025, and closes on September 22, 2025. Allotment is expected on September 23, and listing is scheduled for September 25, 2025, on BSE SME
The price band is fixed at Rs. 144–152 per share. The minimum lot size is 800 shares. Retail investors must invest a minimum of Rs. 2,43,200 (1,600 shares), while HNIs need to apply for at least 3 lots (2,400 shares), amounting to Rs. 3,64,800.
The company has recorded rapid growth in revenue and profits, improved cost efficiency, and operates in the essential power transmission and distribution sector.
The company’s high trade receivables and inventory compared to sales highlight working capital stress. Borrowings have also risen sharply, which could pressure cash flows if margins contract.
Investors with appetite for higher risk may consider applying for listing gains, but long-term investors should be cautious due to working capital challenges.
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