JD Cables Limited IPO

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JD Cables Limited was originally incorporated as JD Cables Private Limited on June 12, 2015, under the Companies Act, 2013, in Kolkata, West Bengal. The company was later converted into a public limited company, and its name was changed to JD Cables Limited following shareholder approval on October 28, 2024, with a fresh certificate of incorporation issued on December 2, 2024.

Business Activities

JD Cables is engaged in the manufacturing of cables and conductors used for electricity transmission and distribution. Its product portfolio includes Power Cables, Control Cables, Aerial Bunched Cables, Single-core Service Wire, All Aluminium Conductor (AAC), All Aluminium Alloy Conductor (AAAC) and Aluminium Conductor Steel Reinforced (ACSR)

The company’s products are widely used in the electrical industry and adhere to national quality standards.

Manufacturing & Infrastructure

– Facilities: Unit I: Belgachia, Howrah, West Bengal and Unit II: Dankuni, Hooghly, West Bengal

– Equipped with modern infrastructure, advanced machinery, and a test laboratory, ensuring high-quality production.

– Strong presence across multiple states, including Assam, Odisha, Jharkhand, Bihar, Manipur, Tripura, Arunachal Pradesh, Madhya Pradesh, Chhattisgarh, Meghalaya, Mizoram, and West Bengal.

Competitive Strengths

i) Strong Industry Demand & Market Presence – Serving power transmission, telecom, construction, and industrial sectors with established market recognition.
ii) Experienced Promoter & Management Team – Led by Mr. Piyush Garodia and a seasoned leadership team with expertise across finance, operations, and technology.
iii) Operational Excellence & Scalability – Modern manufacturing processes with automation, ensuring efficiency and the ability to scale production.
iv) Efficient Raw Material Sourcing – Strong supplier partnerships and in-house manufacturing of conductors ensure cost efficiency and quality control.
v) Sustained Growth & Strong Financial Performance – Consistent growth in revenue, EBITDA, and PAT over the last three years.

Objects of the JD Cables Limited IPO:

Company proposes to utilize the Net Proceeds from the Fresh Offer towards funding the following objects: 1. Funding working capital requirements (₹45 cr) 2. Repayment/prepayment of all or certain borrowings (₹26 cr) 3. General corporate purposes.
DRHP of JD Cables Limited IPO
RHP of JD Cables Limited IPO

JD Cables Limited IPO Details:

Open Date: Sep 18 2025
Close Date: Sep 22 2025
Total Shares: 63,15,200
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 95.99 Cr.
Lot Size: 800 Shares
Issue Price: ₹ 144-152 Per Equity Share
Listing At: BSE SME
Listing Date: Sep 25 2025

Promoters And Management:

1. Mr. Piyush Garodia, aged 35, is the Promoter, Chairman, and Managing Director of the Company. A commerce graduate from the University of Calcutta, he is the founder and has been associated with the Company since its inception. With around 10 years of experience in the business, he oversees financing, marketing, management, and office administration. 2. Mr. Rajesh Jhunjhunwala, aged 54, is the Whole-Time Director of the Company. He holds a bachelor’s degree in commerce from the University of Calcutta and has over 27 years of experience. Before joining the Company as Executive Director in 2023, he held senior roles including CFO at PCI Cables Industries Private Limited (2018–2023), Vice President of Projects at Lumino Industries Limited (2010–2018), and Assistant Vice President at Laser Filament Private Limited (1987–2010). He currently manages the marketing function of the Company’s business. 3. Mr. Ganga Sharan Pandey, aged 56, is a Non-Executive Independent Director of the Company. A Chartered Accountant from the Institute of Chartered Accountants of India, he brings nearly 29 years of experience. Since October 1, 2024, he has been associated with the Company and also serves as Executive Director at JRD Finance Limited (a listed entity), Mangalmay Tie-Up Private Limited, and Vencen Food Products Private Limited.

Financials of JD Cables Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 250.52 10.83 40.85
EBITDA 34.14 7.22 0.8
EBITDA Margins 13.62% 7.16% 1.97%
PAT 22.15 4.57 0.31
PAT Margins 8.84% 4.54 0.78%
ROCE 43.64% 27.85% 15.40%
Debt to Equity Ratio(In Times) 1.53 2.27 3.25
Operating Cash Flows -18.21 -12.74 1.22

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
JD Cables Limited 250.52 13.62% 8.84% 43.64% 1.53 342.77 15.47
Dynamic Cables Limited 1025 10% 6.34% 26.40% 0.16 2,072 29

Lead Manager of JD Cables Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of JD Cables Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on JD Cables Limited IPO:

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