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.
The business
JD Cables manufactures Aerial Bunched Cables, Power Cables, Control Cables & ACSR/AAAC/AAC Conductors under the JAYDEE brand. Approved vendor for 12+ State Electricity Boards across Eastern & Central India. Post-IPO pivot: won a ₹407 Cr EPC infrastructure contract for NH-2 highway six-laning.
Why this business matters
India's power infrastructure boom — ₹40 lakh crore investment planned. Wires & cables market growing at 7.94% CAGR from USD 10B to USD 17B by 2032
EPC transformation play — ₹407 Cr highway contract from KEL moves company from cable supplier to infrastructure player
Capacity expansion — ₹10.45 Cr land, ₹5.72 Cr machinery for new product lines (AL-59, MVCC, HTLS, HT cables, solar, EV charging cables)
The moat
Reality check
Negative operating cash flow — -₹18.21 Cr (FY25) despite ₹22.15 Cr PAT. Cash at ₹2.42 Lakhs
EPC execution risk — ₹407 Cr highway contract with no prior EPC experience
Single promoter dependency — 97.16% holding, 32 employees, ₹1.26 avg cost vs IPO price
Competes with giants — Polycab, KEI, Havells have vastly larger scale and brand equity
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
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.
Want the full story?
Read our comprehensive 7-chapter Deep Dive with financials, management analysis, IPO tracker, and more.
Read Full Deep DiveFrom ₹41 Cr to ₹251 Cr in 2 years — and now a ₹407 Cr EPC pivot. Growth masterstroke or overreach? Tell us below 👇
Share your view in the comments below
Disclaimer: 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.
More SME in 6 Cards
Anlon Technology Solutions Ltd
India's only Make in India fire truck manufacturer with 7 exclusive global OEM partnerships
Sunita Tools Ltd
From mould bases to 155mm artillery shells — India's boldest SME defence pivot
Apsis Aerocom Ltd
This Bangalore micro-cap makes precision parts for global aerospace & defence OEMs
Shree Refrigerations Limited
India's only naval HVAC company with all 3 defence registrations — now entering data centre cooling
GSM Foils Ltd
₹258 Cr revenue in just 2 years — but where's the cash?
Prime Cable Industries Ltd
₹235 Cr revenue, ₹217 Cr order book — riding India's power infra boom
Supreme Power Equipment Ltd
₹578 Cr order book, 20% EBITDA margins — this transformer maker is scaling 8x
Invicta Diagnostic Ltd
MMR's hub-and-spoke PET-CT diagnostic chain — 90% revenue growth with 32% EBITDA margins
Digilogic Systems Limited
India's defence ATE specialist with AS9100D certification — EBITDA margins doubled to 18.6% in FY25
Kalyani Cast Tech Limited
IIT Madras founder builds India's import-substituting container maker — now eyeing ₹200 Cr wagon manufacturing bet
Nephro Care India Ltd
Nephrologist-founder builds East India's kidney care chain — now launching transplants and eyeing 300-clinic national footprint
Positron Energy Ltd
Three oil & gas veterans build India's asset-light gas aggregation platform — 39x revenue in 3 years with zero capex
S J Logistics (India) Ltd
From freight broker to vessel operator — 3.4x revenue in 2 years with expanding margins
TechEra Engineering (India) Ltd
Building the tools that build India's fighter jets — from Tejas to C-295 to Rafale
Telge Projects Limited
India's asset-light BIM engineering powerhouse with 33% EBITDA margins and 3.4x revenue growth in 2 years
Vigor Plast India Limited
The fittings-first PVC pipe brand earning 30% EBITDA margins where peers earn 12-15%
TBI Corn Limited
India's largest dry corn miller supplying ITC, Prataap Snacks & Balaji Wafers
MRP Agro Limited
Tikamgarh's dal mill story — ₹44 Cr → ₹104 Cr in one year, completely debt-free