JD Cables Limited: Powering Up for a Connected Future

JD Cables Limited, a prominent manufacturer of wires, cables, and conductors, has reported a robust performance for the first half of Financial Year 2026 (H1 FY26), signaling a strong trajectory following its successful IPO. The company, which recently listed on the BSE SME platform, demonstrated significant growth across key financial metrics, underpinned by strategic expansions and an expanding market presence. This period marks a pivotal moment for JD Cables as it leverages healthy demand and government initiatives to solidify its position in India's power infrastructure landscape.

For H1 FY26, JD Cables reported a total income of ₹121.44 crore, marking a 13% year-on-year increase. This growth was driven by strong demand for its diverse product portfolio, which includes power cables, control cables, aerial bunched cables, single-core service wires, and various aluminum conductors. The company's EBITDA surged by 25% year-on-year to ₹19.24 crore, with margins expanding to an impressive 15.85%. Net profit also saw a healthy rise of 16% year-on-year, reaching ₹11.92 crore, reflecting a strong profitability margin of 9.82%. These figures highlight the company's operational efficiency and effective cost management in a dynamic market environment.

Strategic Expansion and Capacity Building

A major highlight of the period is JD Cables' strategic expansion, marked by the acquisition of a new industrial facility at Dankuni, Hooghly, spanning 1,18,000 sq. ft. This expansion is crucial for significantly scaling manufacturing capacity, improving delivery timelines, and positioning the company to meet rising market demand more efficiently. Management has already placed a ₹5.72 crore machinery order for the Conductor Division, with installation expected by December 2025 and operations commencing by January 2026. The company aims to double its current capacity by March 2026 and target a 4x to 5x expansion within the next 2-3 years, with an expected 80% utilization of the new capacity by September 2026.

In tandem with capacity expansion, JD Cables is broadening its geographic footprint. The company has secured new vendor approvals in key states like Himachal Pradesh and Punjab, strengthening its reach in Northern India. Efforts are also underway to obtain approvals in Rajasthan, with files already submitted to three discoms in the region. This pan-India presence is vital for securing new orders and capitalizing on diverse regional demands.

Diversification into EPC and New Product Lines

JD Cables is aggressively expanding its presence in Engineering, Procurement, and Construction (EPC) projects, having established a dedicated EPC division led by Mr. Rajesh Jhunjhunwala, the Whole-Time Director. This move provides a strong forward integration advantage, allowing the company to participate in comprehensive tenders for wires, cables, substations, and distribution lines. The company has already participated in tenders worth approximately ₹60 crore in this new vertical and is targeting a significant revenue contribution of ₹400-500 crore from the EPC division in the upcoming years.

Furthermore, the company is committed to diversifying its product portfolio. Plans include introducing new products such as HTLS conductor, MVCC, AL-59 conductors, and 11kV HT cables. Looking ahead, JD Cables is also exploring entry into the copper cables segment for data centers and the house wire segment, leveraging its manufacturing capabilities and qualifications. These initiatives are aimed at tapping into emerging market trends and expanding revenue streams beyond traditional power transmission and distribution.

Market Outlook and Future Guidance

The Indian wires and cables market is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.14% between 2025 and 2030, reaching USD 32.85 billion. This growth is primarily fueled by economic expansion and government initiatives supporting infrastructure development and sustainability. JD Cables is well-positioned to capitalize on this trend, particularly with government targets for ₹11.21 lakh crore investment in the infra sector by 2025 and significant spending in power distribution and transmission.

Management has provided optimistic guidance for the coming years. The company is targeting an order book of ₹1,000 crore by FY26-27. Revenue is projected to reach ₹500-600 crore in FY27 and ₹1,000 crore in FY28, with PAT margins expected to remain consistent. For the current financial year (FY26), revenue is targeted at ₹350-360 crore, with EBITDA margins anticipated to stay around 15-16%.

Conclusion: Connecting Growth and Value

JD Cables Limited is clearly in a phase of accelerated growth and strategic transformation. The successful IPO has provided strengthened financial flexibility, enabling ambitious expansion plans. With expanding capacity, widening State Electricity Board (SEB) approvals, growing geographic reach, and diversification into EPC and new product lines, the company is confident in accelerating scale and delivering long-term value to its stakeholders. The focus on operational efficiency, technological innovation, and supply chain resilience further underpins its commitment to sustained growth and market leadership.