JD CablesShare price, financial results, shareholding and management
- Market cap
- ₹385 cr
- Stock P/E
- 12.1peers 14.7
- Book value
- ₹65.2
- Price to book
- 2.62
- EV / operating profit
- -
- Market cap to sales
- 1.06
- ROCE · FY26
- 33.5%
- ROE · FY26
- 35.8%
- ROE, 3-year average
- 87.1%
- Operating margin · FY26
- 13.0%peers 9.1%
- Sales growth, 3 years
- 107.2%
- Profit growth, 3 years
- +44.2%
- Debt to equity
- 0.39peers 0.82
- Borrowings
- ₹57 cr
- Interest cover
- 10.7×
- Cash from business / op. profit
- -156%
- Debtor days
- 96
- Pledged
- 0.00%
- Promoter holding
- 70.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,067
- 52-week high / low
- ₹254 / ₹130
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
JD Cables share price chart
Close on 6 Nov 2026 · +0.53% on the day · Vol 42,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -7.2%
- 3 months
- -18.1%
- 6 months
- -21.6%
- 1 year
- +30.4%
- Traded a day, 20 days
- ₹0.56 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +45% | +44% |
| 3 years, a year | +107% | - |
| Latest half, H2 FY26 | +70% | +65% |
About JD Cables: business, products and customers
JD Cables makes electric cables and bare aluminium wires for power lines, and sells them mostly to state electricity boards and power contractors in eastern and north eastern India. It has also started building highway and power projects, and its shares trade on BSE SME.
The company makes low tension power and control cables, aerial bunched cables, service wires and aluminium conductors (AAC, AAAC and ACSR) at two plants in Belgachia and Dankuni in West Bengal, with a combined capacity of 28,000 km a year. Cables and wires gave about three quarters of FY26 product revenue and conductors the rest. It is an approved vendor for several state electricity boards and supplies more than fifteen states, mostly in the east and north east, and also sells to EPC contractors and industrial users.
Aluminium, copper and insulation make up most of the cost, so revenue moves with metal prices as well as kilometres sold, and margins are thin and exposed to price swings between bid and delivery; Infomerics noted that price escalation clauses in most contracts give some protection. Most work is won by tender, where Infomerics described a crowded field with sharp price cutting. Selling more on credit to government buyers and holding more metal and cable stock means growth uses cash, and the company's cash from operations was negative in FY26.
Read more about the business
Since December 2025 the company has also taken on EPC work, starting with civil and electrical works on a six laning stretch of NH-2 on the Bihar and Jharkhand border, worth about ₹407 cr; the company describes EPC as a lower margin, forward integration that will use its own cables. A third plant in a new 1.18 lakh sq ft facility at Dankuni is being readied for conductors first and then cables, including new products such as AL-59 and HTLS conductors and MVCC cables. The offer document named Dynamic Cables as its listed industry peer.
From the offer document (prospectus, September 2025), the Infomerics rating notes of June 2025 and June 2026, the Annual Report 2025-26, the June 2026 investor presentation and earnings call, and the exchange announcement of 8 October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 107% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- The promoters own a large part of the company: 70.00%.
To watch
- Start of the third unit at Dankuni, conductors first and cables about two months later, and the approvals for its new products (Earnings call, June 2026, p.5 and p.7).
- Progress on the NH-2 highway project, about 10% complete in June 2026 (Earnings call, June 2026, p.6).
- Results of the more than ₹1,000 cr of tenders bid (Earnings call, June 2026, p.6).
- Whether cash from operations improves as the EPC bills are collected (Earnings call, June 2026, p.8; Annual Report 2025-26, p.62).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
JD Cables revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
JD Cables half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 107 | 143 | 121.25 | 243.34 |
| Expenses | 92 | 124 | 102.19 | 214.89 |
| Operating profit | 15 | 19 | 19.06 | 28.45 |
| OPM | 14.0% | 13.0% | 15.7% | 11.7% |
| Interest | 1 | 2 | 2.56 | 1.83 |
| Depreciation | 0 | 1 | 0.62 | 0.64 |
| Profit before tax | 14 | 16 | 16.07 | 26.40 |
| Net profit | 10 | 12 | 11.93 | 19.80 |
JD Cables profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 20 | 55 | 41 | 101 | 251 | 364.59 |
| Expenses | 19 | 53 | 40 | 94 | 216 | 317.08 |
| Operating profit | 1 | 1 | 1 | 7 | 34 | 47.51 |
| OPM | 3.0% | 2.0% | 2.1% | 7.0% | 14.0% | 13.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.60 |
| Interest | 0 | 1 | 0 | 1 | 4 | 4.39 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1.25 |
| Exceptional and other items | -1 | 1 | -1 | · | 1 | · |
| Profit before tax | 0 | 1 | 0 | 6 | 30 | 42.47 |
| Tax rate | 27.0% | 100.0% | 28.0% | 16.7% | 26.7% | 25.3% |
| Net profit | 0 | 0 | 0 | 5 | 22 | 31.73 |
| EPS ₹ | 73.33 | 146.67 | 106.67 | 916 | 4,406 | 14.07 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
JD Cables profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 3.0% | 2.0% | 2.1% | 7.0% | 14.0% | 13.0% |
| Tax rate | 27.0% | 100.0% | 28.0% | 16.7% | 26.7% | 25.3% |
| ROCE | · | 36.2% | 0.0% | 45.0% | 66.6% | 33.5% |
| ROE | · | 0.0% | 0.0% | 110.1% | 115.5% | 35.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
JD Cables debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
JD Cables balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 23 |
| Reserves | 0 | 1 | 1 | 8 | 30 | 124 |
| Net worth | 0.03 | 1.03 | 1.03 | 8.05 | 30.05 | 147 |
| Borrowings | 5 | 5 | 4 | 18 | 46 | 57 |
| Other liabilities | 9.97 | 9.97 | 12.97 | 18.95 | 38.95 | 33 |
| Total liabilities | 15 | 16 | 18 | 45 | 115 | 237 |
| Fixed assets | 2 | 2 | 2 | 3 | 10 | 21 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 13 | 14 | 16 | 42 | 105 | 210 |
JD Cables cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 1 | -13 | -18 | -74 |
| Cash from investing | -2 | 0 | 0 | -2 | -7 | -17 |
| Cash from financing | 2 | 0 | -1 | 15 | 25 | 91 |
| Net cash flow | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 168 | 66 | 89 | 92 | 89 | 96 |
| Inventory days | 53 | 26 | 52 | 50 | 63 | 101 |
| Days payable | 120 | 24 | 102 | 61 | 56 | 29 |
| Cash conversion cycle | 101 | 69 | 39 | 80 | 96 | 168 |
| Working capital days | -32 | -8 | -9 | 11 | 25 | 112 |
JD Cables peers and competitors
Listed SME companies in the same industryBy sales, JD Cables is number 21 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mangalam Alloys | 92 | 6.3 | 438 | 14.7 | 12.5% | 1.87 |
| Aditya Ultra Steel | 59 | 14.7 | 406 | 4 | 2.7% | 0.77 |
| Swastik Pipe | 39 | - | 386 | -57.6 | -17.4% | 1.02 |
| Injecto Polymers | 197 | 12.3 | 376 | 16 | 10.0% | 2.62 |
| JD Cables | 385 | 12.1 | 365 | 31.7 | 13.0% | 0.39 |
| Siyaram Recycling Industries | 74 | 18.5 | 362 | 4 | 4.7% | 0.88 |
| Megatherm Induction | 481 | 20.3 | 346 | 23.7 | 9.6% | 0.30 |
| Creative Graphics Solutions India | 376 | 20.1 | 346 | 18.8 | 9.7% | 0.73 |
| Newmalayalam Steel | 40 | 5.7 | 320 | 7 | 3.6% | 0.19 |
| Ecoline Exim | 368 | 18.2 | 278 | 20.2 | 8.7% | 0.36 |
| Sharp Chucks and Machines | 115 | 12.5 | 274 | 9.2 | 12.1% | 1.13 |
| Median of the 10 others | 104 | 14.7 | 354 | 11.9 | 9.1% | 0.82 |
JD Cables shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
JD Cables shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|
| Promoters | 70.00% | 70.00% | 70.00% | 70.00% |
| Foreign investors (FIIs) | 4.55% | 0.59% | - | - |
| Indian institutions (DIIs) | 9.89% | 4.99% | - | - |
| Number of shareholders | 1,243 | 1,659 | 1,882 | 2,067 |
JD Cables study: the business from its own documents
Read from 10 of the company's own documentsJD Cables so far
From the company's own record
- 8 Oct 2026Order worth ₹30.43 cr
- 30 Sept 2026Promoters at 70.00%
- 10 July 2026Highest close since listing, ₹249.65
JD Cables key facts from the filings
Each figure with the document it comes from
- Installed capacity
- 28,000 km a year
- 6,000 km at Unit I and 22,000 km at Unit II; a third unit of 28,000 km is being set up.Investor presentation, June 2026, p.7 and p.20
- Capacity use
- 82.4% and 84.6%
- FY26 use at Unit I and Unit II, up from 79.2% and 81.2% in FY25 after Unit II grew from 9,000 km.Investor presentation, June 2026, p.20
- Order book
- ₹515 cr
- Work in hand at March 2026, about ₹300 cr of it EPC and ₹200 cr cables and conductors, to be executed in about eighteen months.Earnings call, June 2026, p.4, p.6 and p.12
- Highway project
- About ₹407 cr
- NH-2 six laning work under NHDP Phase V, about 10% complete at the June 2026 call.Investor presentation, June 2026, p.10; Earnings call, June 2026, p.6
- Product mix
- 76% cables
- Cables and wires gave ₹252.6 cr of FY26 revenue and aluminium conductors ₹81.5 cr.Investor presentation, June 2026, p.16 to p.18
Show 5 more facts
- Customer concentration
- 64%
- Share of FY25 revenue from the top five customers, against 73.14% in FY24.Offer document, p.31
- Cash from operations
- Minus ₹73.5 cr
- FY26 operating cash flow as stock and money owed by customers grew with sales and the EPC work.Annual Report 2025-26, p.62
- Tenders pending
- ₹1,000 cr+
- Cable and EPC tenders bid with results awaited at the June 2026 call.Earnings call, June 2026, p.6
- Credit rating
- Withdrawn
- Infomerics withdrew its IVR BBB-/Stable rating in June 2026 at the company's request after the lender issued a no dues certificate.Infomerics rating note, 23 June 2026, p.1
- Latest order
- ₹30.4 cr
- Supply order for cables and conductors including GST, to be delivered within three months.Exchange announcement, 8 October 2026, p.1 and p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the June 2026 call the company said it expects revenue to grow 50% to 60% in FY27 and again in FY28, with EPC revenue rising from about ₹30 cr in FY26 to at least ₹200 cr in FY27 and cables and conductors growing 30% to 40%. It expects similar EBITDA margins of about 12% to 13%, plans ₹20 cr to ₹30 cr of capex, and said the new unit's conductor line would start once power was connected, with cables about two months later. It aims for an order book of ₹700 cr to ₹800 cr by March 2027 and would fund new orders with bank debt.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
JD Cables earns a thin margin turning aluminium and copper into cables and conductors for power boards, and profit depends on keeping its plants full.
Its weak spots are tender pricing against many rivals, a few large customers, and growth that uses a lot of cash, now with a new lower margin highway business on top.
WatchCan it set its own prices?No. Work is won on tender price, and metal costs move margins, though escalation clauses help.
AverageHow strong is it against rivals?Its approvals with several state boards and in house conductor making help, but the field is crowded.
WatchWho are its customers?State boards, contractors and industry, with a few large buyers giving most of the sales and one highway project dominating EPC.
WatchDoes it need a lot of money?Yes. Stock, credit to customers and the new EPC work have absorbed cash as sales grew.
AverageCan it keep finding new work?Power grid spending gives steady tenders, and new products and EPC widen the field, but conversion is untested.
AverageDo good and bad years swing a lot?Sales follow tender wins and metal prices, and margins moved between halves of the latest year.
Who runs JD Cables?
Promoters, directors and officers; tap a name for the background
PGPiyush GarodiaPromoter, Chairman and Managing Director · holds 69.86%
A commerce graduate from the University of Calcutta who founded the company and has led it since inception, with about 10 years in the business at the time of the offer; responsible for financing, marketing, management and administration. The only individual promoter named in the offer document.
Offer document, p.133 and p.144; Annual Report 2025-26, p.66RJRajesh JhunjhunwalaWhole Time Director
A commerce graduate from the University of Calcutta with around 27 years of experience, earlier CFO of PCI Cables Industries (2018 to 2023), Vice President of Projects at Lumino Industries (2010 to 2018) and Assistant Vice President at Laser Filament; with the company since 2023 and leads the EPC team.
Offer document, p.133; Earnings call, June 2026, p.13PKPratik Kumar GaneriwalaNon Executive, Non Independent Director
A BBA from Punjab Technical University with long experience in the electrical business; on the board since 2025.
Offer document, p.133 and p.134HKHemant Kr. ChoradiaChief Financial Officer
A master's in business management from ICFAI University, Tripura, with over 15 years in accounts, audit and financial management; joined the company in 2021.
Investor presentation, June 2026, p.14GSGanga Sharan PandeyIndependent Director
A chartered accountant with around 29 years of experience, on the board since October 2024 and chair of the audit committee; also an executive director of JRD Finance Limited.
Offer document, p.134 and p.136TPTwinkle PandeyIndependent Director
A practising company secretary with nine years in accounting and secretarial compliance, earlier with Gontermann-Peipers (India), Balasore Alloys and Mallcom India; on the board since November 2024.
Offer document, p.133 and p.134JD Cables latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹243 cr (+70%), net profit ₹19.8 cr (+65%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 70.00%.
- 8 Oct 2026: order worth ₹30.43 cr announced.
JD Cables announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateBSE Intimation pursuant to Regulation 74(5) of SEBI (LODR Regulations) 2015 regarding the RTA Certificate for the half year ended as on 30th September 2026PDF ↗
- Company UpdateBSE Intimation persuant to Regulation 30 of SEBI (LODR Regulations) 2015, regarding the receipt of order from reputed government and private entitiesPDF ↗
- AGM/EGMBSE Intimation for Consolidated Scrutinizer Report with Voting Results for AGM 30.09.2026PDF ↗
- Company UpdateBSE Intimation regarding the attendance of AGMPDF ↗
- AGM/EGMBSE Intimation for the outcome of the AGMPDF ↗
- Company UpdateBSE Intimation for Outcome of Investors meet held on 25.09.2026 at 02:00 pmPDF ↗
- Company UpdateIntimation to BSE under Regulation 30 of SEBI LODR 2015, regarding the start of production of CablesPDF ↗
JD Cables annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 Nov 2025 ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
- 30 Nov 2025 ↗read
JD Cables share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on JD Cables' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,25,51,112 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY25 (₹4,406.00) and FY26 (₹14.07) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about JD Cables
What does JD Cables do?
JD Cables makes electric cables and bare aluminium wires for power lines, and sells them mostly to state electricity boards and power contractors in eastern and north eastern India. It has also started building highway and power projects, and its shares trade on BSE SME.
What is the share price of JD Cables?
₹171 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of JD Cables?
₹385 cr at the close on 6 Nov 2026, on 2,25,51,112 shares.
What is the P/E of JD Cables?
12.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are JD Cables' revenue and profit?
Revenue ₹365 cr and profit after tax ₹32 cr in FY26.
Who are the promoters of JD Cables?
Piyush Garodia; promoters held 70.00% at 30 Sept 2026.
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Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
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Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 2 credit rating notes, 1 offer document, 7 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.