From ₹41 Cr to ₹251 Cr in 2 years — 150% CAGR cable manufacturer now pivoting to ₹407 Cr EPC infrastructure
₹251 Cr revenue, ₹294 Cr order book, 13.6% EBITDA margins — and a ₹407 Cr highway contract that could transform or sink this micro-cap.
1Executive Summary & Investment Thesis
Aggressive Growth — High Execution Risk
Exceptional top-line trajectory and clear industry tailwinds, but the EPC pivot, negative operating cash flows, razor-thin cash position, and single-person dependency create significant execution risk. The ₹407 Cr KEL contract could be transformational or a cash-flow trap. Suitable for high-risk investors with 2-3 year horizon. The thesis breaks if EPC shows cost overruns or operating cash flow doesn't turn positive post-IPO.
Bull Case
- +Explosive revenue growth — ~150% CAGR over FY23-FY25, from ₹41 Cr to ₹251 Cr. Q3 FY26 alone at ₹120 Cr (+94% YoY) shows acceleration continuing
- +₹700+ Cr combined order visibility — ₹294 Cr pre-IPO work orders + ₹407 Cr KEL EPC contract + ₹28 Cr post-listing cable supply orders
- +EBITDA margin expansion from 2% to 13.6% demonstrates operating leverage — materials cost ratio declined from 96.2% to 86%
- +India wires & cables market growing at 7.94% CAGR (USD 10B to 17B by 2032) + massive government infrastructure spending
- +Strategic EPC pivot — ₹407 Cr highway project transforms from cable supplier to infrastructure player with potentially higher margins
- +Capacity expansion underway — Dankuni land (₹10.45 Cr), ₹5.72 Cr machinery for AL-59/MVCC/HTLS/HT cables, ₹28.5 Cr capex over FY26-27
- +Approved vendor for 12+ State Electricity Boards — stable government demand pipeline with geographic expansion into 10+ new states
- +D/E ratio improving from 3.25x to 1.53x — will improve further to ~0.7x with ₹26 Cr debt repayment from IPO proceeds
Bear Case
- −Negative operating cash flow despite profits — -₹18.21 Cr (FY25) despite ₹22.15 Cr PAT. Cash at ₹2.42 Lakhs. Growth funded by short-term borrowings
- −EPC diversification is major execution risk — ₹407 Cr highway contract with zero demonstrated prior EPC experience
- −Current ratio below 1.0 across all years — technically negative working capital territory
- −Single promoter (Piyush Garodia, 35) controls 97.16% with just 32 permanent employees — existential key person risk
- −Customer concentration — Top 5 = 64% of FY25 revenue. No formal long-term contracts
- −Competes against Polycab, KEI, Havells, Finolex with vastly larger scale and brand equity
- −Manufacturing concentrated in West Bengal — Unit I is leased until Oct 2027
- −Promoter avg acquisition cost ₹1.26/share vs IPO pricing — massive founder premium. Past ROC filing delays and CSR non-compliance
2Business & Management Architecture
The Journey
Revenue Segments
Aerial Bunched Cables
LV XLPE/PVC AB cables for overhead electricity distribution. FY25: ₹193.76 Cr. Dominant product driving growth, supplied to EPC contractors and State Electricity Boards across Bihar, Jharkhand, Assam, Tripura, West Bengal.
ACSR Conductors
Aluminium Conductor Steel Reinforced for overhead high-tension transmission. FY25: ₹46.28 Cr. Launched FY2024. Fastest growing segment leveraging Unit II capacity.
Single-core Service Wire
Connecting utility distribution to buildings. FY25: ₹3.66 Cr (down from ₹14.16 Cr FY24). Declining share as higher-value products take over.
Power Cables
LV XLPE/PVC insulated cables for T&D. FY25: ₹2.88 Cr. Small but steady.
Control Cables & AAC/AAAC
Control cables for automation/PLCs/renewables (₹1.83 Cr) + AAC/AAAC conductors (₹2.39 Cr). Niche segments.
EPC Infrastructure (New)
₹407 Cr EPC contract from KEL for NH-2 highway six-laning (Bihar-Jharkhand border). ₹244 Cr first order (Dec 2025) + ₹163 Cr follow-on (Jan 2026). Ground breaking Jan 2026. Transformational pivot from cable supplier to infrastructure executor.
Key Management
Piyush Garodia · Chairman & Managing Director (Promoter)
Age 35, B.Com. Founder, ~10 years experience. Holds 97.16% pre-IPO. Salary ₹21.60 Lakhs. Avg acquisition cost ₹1.26/share. Responsible for all strategic decisions.
Rajesh Jhunjhunwala · Whole Time Director
Age 54. 27 years in cables — ex-CFO at PCI Cables Industries, VP at Lumino Industries. Handles marketing. Salary ₹3L. Unable to trace degree certificate.
Hemant Kumar Choradia · CFO
Age 41. Master in Business Management. Joined Oct 2024. Manages finance and accounts.
Swati Mittal · Company Secretary
Age 32. CS from ICSI. 8 years experience. Joined Nov 2024.
Promoter
97.35%
Public
2.65%
3Industry & Market Dynamics
Industry Overview
Competitive Landscape
Peer Context
4IPO & Capital Structure
IPO Details
Issue Size
Up to 63,15,200 shares (55,53,600 fresh + 7,61,600 OFS) at FV ₹10 each
Price Band
To be determined
Platform
BSE SME
Listing Date
September 25, 2025
Subscription
To be updated
Objects of Issue
1.Working capital funding — ₹45 Cr (₹20 Cr FY26, ₹25 Cr FY27)
2.Repayment of borrowings — ₹26 Cr (FY26)
3.General corporate purposes — up to 15% of issue or ₹10 Cr
Capital Structure
IPO Promise Tracker
Has management delivered on IPO promises?
Fund working capital — ₹45 Cr
₹20 Cr in FY26 + ₹25 Cr in FY27. Covers ~32% of projected WC need — balance from internal accruals and borrowings.
Repay borrowings — ₹26 Cr
Would reduce short-term borrowings by ~58%. D/E should drop from 1.53x to ~0.7x.
General corporate purposes
Capped at 15% of issue or ₹10 Cr. At management discretion.
5Operational Performance & Growth
Operations & Capacity
Order Book & Pipeline
Key Milestones
2015-06-12
Incorporated as JD Cables Private Limited in Kolkata
2021-02
Purchased land at Dankuni for Unit II
FY2024
Unit II operational. Conductor segment launched. Revenue crosses ₹100 Cr
2024-10
Converted from private to public limited company
2025-04
Private placement at ₹38,545/share (37x previous round)
2025-06
330:1 bonus issue — 1,69,46,160 new shares
2025-09-25
Listed on BSE SME Platform
2025-10
Dankuni land (₹10.45 Cr) + ₹5.72 Cr machinery for new product lines
2025-12
Won ₹244 Cr EPC from KEL. Dankuni land deed registered. ₹8.81 Cr cable order
2026-01
Won ₹163 Cr additional EPC from KEL (total ₹407 Cr). Ground breaking ceremony. ₹19.55 Cr power cable order. Q3 FY26: ₹119.84 Cr revenue (+94% YoY)
FY27
New product lines (AL-59, MVCC, HTLS, HT cables) expected from expanded Dankuni facility
Management Commentary
“Revenue growth of 150% sustained over two consecutive years — we have scaled from ₹41 Cr to ₹251 Cr”
Management highlighting explosive growth trajectory
H1 FY26 Earnings Call, Nov 2025
“EPC infrastructure is a strategic diversification to capture larger project value chains beyond cable supply”
Rationale for the ₹407 Cr KEL contract
H1 FY26 Earnings Call, Nov 2025
“Gross margin target of 16-17% with lean manufacturing, 5S and Kaizen initiatives”
Cost improvement roadmap to reduce scrap by >1% and energy costs by 5-7%
H1 FY26 Earnings Call, Nov 2025
“Geographic expansion into 10+ new states by FY27”
Breaking out of eastern India into HP, Goa, Maharashtra, MP, Rajasthan, Punjab, Haryana, J&K, UP, Ladakh
H1 FY26 Earnings Call, Nov 2025
6Financial Health Deep-Dive
P&L Snapshot
| Metric | FY23 | FY24 | FY25 | Q3 FY26 |
|---|---|---|---|---|
| Revenue | ₹40.86 Cr | ₹100.83 Cr | ₹250.53 Cr | ₹119.84 Cr (qtr) |
| EBITDA | ₹0.81 Cr | ₹7.22 Cr | ₹34.14 Cr | N/A |
| EBITDA Margin | 1.97% | 7.16% | 13.62% | N/A |
| PAT | ₹0.32 Cr | ₹4.58 Cr | ₹22.15 Cr | N/A |
| PAT Margin | 0.78% | 4.54% | 8.84% | N/A |
| EPS (post-bonus) | ₹0.32 | ₹4.60 | ₹13.39 | N/A |
| Net Worth | ₹1.18 Cr | ₹7.83 Cr | ₹29.98 Cr | N/A |
| Debt | ₹3.84 Cr | ₹17.77 Cr | ₹45.91 Cr | N/A |
| D/E | 3.25x | 2.27x | 1.53x | N/A |
| ROCE | 15.40% | 27.85% | 43.64% | N/A |
| Order Book | - | - | ₹294 Cr | ₹700+ Cr |
Financial Commentary
Cash Flow vs PAT
Operating cash flow deeply negative: -₹12.75 Cr (FY24) and -₹18.21 Cr (FY25) despite positive PAT. Gap driven by massive WC build: trade receivables grew from ₹9.91 Cr to ₹60.85 Cr, inventories from ₹5.50 Cr to ₹36.05 Cr. Cash at ₹2.42 Lakhs FY25 end. Growth funded entirely by short-term borrowings. The EPC pivot will likely worsen cash cycles before improving them. Key monitorable: OCF must turn positive within 2 quarters post-IPO.
Balance Sheet Flags
Current ratio below 1.0 across all years (0.91 FY25). Short-term borrowings at ₹44.60 Cr dominate liabilities. Trade receivables 63 days. Insurance coverage gaps. Unit I leased (expiry Oct 2027). Contingent liabilities: nil (positive). Net worth grew 25x in 2 years from retained earnings.
Period-wise Analysis
Key Developments
→Revenue ₹119.84 Cr — +94% YoY (vs ₹61.77 Cr Q3 FY25)
→9M FY26 revenue ₹241.10 Cr — 42.44% YoY growth
→Won ₹244 Cr EPC contract from KEL for NH-2 highway
→Dankuni land deed registered (₹10.45 Cr)
→Won ₹8.81 Cr cable supply order
→Electrical Contractor License from West Bengal government
→Ground breaking ceremony for NH-2 EPC project (Jan 5, 2026)
7Governance, Risks & Monitoring Checklist
Governance & Compliance
Key Risks
₹407 Cr highway contract far outside core cable manufacturing. No prior EPC experience. Timeline pressure: 9-12 months completion.
-₹18.21 Cr (FY25) despite ₹22.15 Cr PAT. Cash at ₹2.42 Lakhs. Growth funded by short-term borrowings.
Piyush Garodia (35) controls 97.16%. Only 32 employees. No succession plan. Loss would be existential.
Top 5 = 64% of FY25 revenue. No long-term contracts. Order-by-order basis.
Aluminium/copper = 40-60% of cost. No supply contracts. Spot market purchasing.
Polycab, KEI, Havells vastly larger in scale, brand equity, and distribution.
Both facilities in West Bengal. Unit I leased. Bihar+WB+Jharkhand = 70% of revenue.
Past ROC delays, CSR gaps, WTD credential issue. Immature compliance infrastructure.
Exit Trigger
Exit if EPC project shows cost overruns or billing delays beyond 2 quarters, or if operating cash flow remains negative post-IPO fund infusion, or if D/E ratio rises above 2.0x
Quarterly Monitoring Checklist
Check these items every quarter to track this stock
Q4 FY26 results — can 9M ₹241 Cr cross ₹350+ Cr for full year?
EPC project milestone billing — KEL contract progress and cost tracking
Operating cash flow — must turn positive within 2 quarters post-IPO
D/E ratio — should drop below 1.0x with ₹26 Cr repayment. Above 2.0x is exit signal
New product line revenue — AL-59, MVCC, HTLS, HT cables from new machinery
Geographic diversification — non-eastern state revenue share should increase
Customer concentration — Top 5 share should decrease below 50%
Capacity utilization — should cross 85%. Currently 79-81%
Promoter shareholding post lock-in — monitor for sales beyond OFS
Sources
1. RHP — JD Cables Limited (September 2025)
2. Restated Financial Statements FY23, FY24, FY25 (RHP)
3. BSE — EPC Contract ₹244 Cr from KEL (December 2025)
4. BSE — Follow-on EPC ₹163 Cr from KEL (January 2026)
5. BSE — Cable Supply Order ₹8.81 Cr (December 2025)
6. BSE — Power Cable Order ₹19.55 Cr (January 2026)
7. BSE — Land + Machinery ₹16.17 Cr (October 2025)
8. BSE — Q3 FY26 Business Update (January 2026)
9. BSE — H1 FY26 Investor Presentation (November 2025)
10. BSE — H1 FY26 Earnings Conference Call (November 2025)
The Verdict
Explosive growth trajectory with 150% revenue CAGR and strong order book visibility, but the EPC pivot, negative operating cash flows, and single-person dependency create significant execution risk. The ₹407 Cr KEL contract is the swing factor.
Watch For
Q4 FY26 results (can 9M ₹241 Cr cross ₹350+ Cr?), EPC project milestone billing, operating cash flow turning positive post-IPO, new product line revenue, and geographic expansion beyond eastern India.
From ₹41 Cr to ₹251 Cr in 2 years — and now a ₹407 Cr EPC pivot. Growth masterstroke or overreach? Tell us below 👇
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View SME in 6 CardsDisclaimer: For educational purposes only. Not SEBI-registered. Author may hold positions in stocks discussed. Not a buy/sell/hold recommendation. Do your own due diligence.
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