Johnsoncab Electricals IPO: Price Band, Dates, Financials and Issue Details

Johnsoncab Electricals Limited is seeking to raise ₹56.02 crore through an initial public offering (IPO) priced at ₹190 to ₹200 per share. The small and medium enterprise (SME) issue opens on 30 October 2026 and closes on 3 November 2026, with listing scheduled for 6 November 2026. The IPO is entirely a fresh issue of shares, with no offer for sale (OFS). Fresh issue proceeds will go to the company for its stated purposes; no proceeds will go to selling shareholders.

Business profile and manufacturing operations

Johnsoncab Electricals manufactures low-voltage wires and cables under the Johnson Cables brand. Its products serve power infrastructure, renewable energy, railways, industrial operations, construction and irrigation applications. The range includes building wires, power cables, control cables, submersible cables, solar cables and welding cables.

The company operates two manufacturing units in Mehsana, Gujarat. Its stated manufacturing processes extend from wire drawing through testing, covering stages that support its cable production requirements. The two-unit footprint serves a portfolio spanning several end-use sectors rather than a single application category.

The proposed IPO deployment is linked to expanding manufacturing infrastructure at Unit-II, adding machinery, establishing a rooftop solar power plant and purchasing machinery for paper-insulated copper and aluminium conductors. These are proposed projects and their timing and implementation remain relevant to the company’s subsequent operating progress.

Johnsoncab’s business remains linked to demand across construction, industrial activity, power infrastructure, agriculture, railways and renewable-energy applications. Its product mix includes solar and power cable categories that are relevant to these markets. The company identifies its experienced cable-industry promoters, the Johnson brand, quality systems supported by International Organization for Standardization (ISO) and Bureau of Indian Standards (BIS) standards, and its two Mehsana facilities among its stated strengths.

Milestones from formation to expanded capacity

The business began in 2012 as M/s. Johnson Cables, a partnership firm manufacturing basic low-voltage wires and cables at Unit-I. In 2015, it added flame-retardant (FR), heat-resistant flame-retardant (HRFR), flame-retardant low-smoke halogen (FRLSH) and zero-halogen flame-retardant (ZHFR) house wires, alongside quality-system enhancements.

In 2017, the company expanded its range into polyvinyl chloride (PVC), cross-linked polyethylene (XLPE) and rubber flat submersible cables. The partnership business was converted into Johnsoncab Electricals Private Limited in 2020. In 2023, the company received the Best Product Award from the Government of Gujarat.

The company established Unit-II in Mehsana in 2025 and reported that revenue from operations had crossed ₹1,000 million during that year. It also converted from a private company to Johnsoncab Electricals Limited, a public company, in 2025. In 2026, it reported crossing ₹2,000 million in revenue from operations and established a Karnataka depot for distribution in the southern region.

These milestones show the progression from a single-unit partnership operation to a public company with two manufacturing units and an additional distribution point. The planned factory shed and machinery purchases are intended to form the next phase of that manufacturing expansion.

Financial trajectory and reported performance

Johnsoncab reported total revenue of ₹140.00 crore in FY2024 and FY2025, followed by ₹211.34 crore in FY2026. Profit after tax (PAT) increased from ₹2.52 crore in FY2024 to ₹5.46 crore in FY2025 and ₹13.42 crore in FY2026. Total assets rose over the same period, from ₹48.44 crore in FY2024 to ₹64.28 crore in FY2025 and ₹126.64 crore in FY2026.

The reported PAT margin was 1.80% in FY2024, 3.90% in FY2025 and 6.35% in FY2026. The figures provide the reported revenue, profitability and asset trajectory over the three financial years without attributing the changes to a particular operational or market factor.

The financial record should be assessed alongside the working-capital requirements identified in the IPO objects. Wire and cable manufacturing requires procurement of key inputs, while inventory and customer collections can affect funding needs. The company itself identifies working-capital-intensive operations as a business consideration.

Subsequent financial disclosures will indicate whether revenue continues beyond the FY2026 level, how profit margins evolve, and how asset growth and funding requirements develop as the proposed capacity-related projects are implemented.

Issue structure and planned deployment of proceeds

The ₹56.02 crore issue is a 100% fresh issue, with no OFS component. As a result, the funds raised through the issue are intended for the company rather than shareholders selling existing shares. The issue is being offered at a price band of ₹190 to ₹200 per share, with a lot size of 600 shares. At the upper price band, the minimum application amount is ₹1.20 lakh.

The company proposes to use part of the proceeds to construct an additional factory shed for expansion and to purchase plant and machinery for increasing production capacity. It also proposes to purchase machinery to manufacture paper-insulated copper and aluminium conductors, a product category identified in its expansion plan.

Other stated uses include the purchase and installation of a rooftop solar power plant, additional working-capital requirements and general corporate purposes. The identified allocation for working capital is ₹14.00 crore. General corporate purposes are included among the objects, although no specific allocation is stated for that purpose.

The scheduled allotment date is 4 November 2026, followed by refunds on 5 November 2026 and the proposed listing on 6 November 2026. The timeline remains subject to the applicable IPO process and exchange procedures.

Valuation metrics and market indicators

The reported pre-IPO price-to-earnings (P/E) ratio is 11.58 times and the price-to-book ratio is 4.94 times. Earnings per share (EPS) is reported at ₹17.27. The company reports return on equity (ROE) of 58.75%, return on capital employed (ROCE) of 39.68% and return on net worth (RoNW) of 42.68%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) margin is reported at 11.43%, while the reported PAT margin is 6.38%. The debt-to-equity ratio is reported at 2.54 times. These measures provide context for the issue price alongside the company’s expansion plans, proposed working-capital deployment and reported financial history.

The IPO had not opened for subscription as of 29 October 2026. Therefore, no bidding activity should be treated as a demand indicator before the issue opens on 30 October 2026. Category-wise subscription data is expected to update after the opening of the offer.

The latest available grey market premium (GMP) observations were ₹9 and ₹10 on 28 October 2026 and ₹10 on 29 October 2026, each referenced to an issue price of ₹200. GMP is an unofficial market indicator that can change and is not a forecast of the listing price.

Key risks and monitoring points

Copper, aluminium and PVC are important inputs in the company’s manufacturing process. Johnsoncab states that most of its raw materials are not covered by long-term supply contracts. Changes in copper and aluminium prices could affect margins where increased input costs cannot be passed on to customers.

Customer concentration is another stated risk because a small group of customers contributes a large share of sales. Lower purchases, lost orders or changes in commercial terms from these customers could affect revenue, cash flow and factory utilisation. The company also operates an employee-intensive production process, where attrition, wage pressure or work stoppages could increase costs or delay deliveries.

Competition and pricing pressure, slower construction or industrial activity, and adverse policy or regulatory changes are further relevant factors. The company also faces competition from larger domestic and multinational peers.

Monitoring points include the following statements:

• Execution of the additional factory shed, machinery purchases and rooftop solar project will indicate progress on the stated use of fresh issue proceeds.
• Revenue contribution from Unit-II, paper-insulated conductor manufacturing equipment and the Karnataka depot will indicate the development of the expanded operating footprint.
• Inventory, receivables, working-capital funding and debt-to-equity movements will remain relevant as the company pursues expansion.
• Customer concentration, raw-material costs, supply arrangements and delivery performance will remain material operating factors.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (29 Oct 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.