JD Cables Limited, a Kolkata-based manufacturer of power cables and conductors approved by multiple State Electricity Boards, is set to open its SME IPO in the second half of September 2025. Here’s a concise, reader-friendly breakdown of key dates, the price band, lot size, offer structure, business profile, strengths, risks, and how to apply—so bidding decisions are quick and confident.
Key IPO details
- IPO window: September 18–22, 2025; allotment September 23; refunds/demat September 24; listing September 25 on BSE SME.
- Price band: ₹144–₹152 per share; face value ₹10.
- Issue size/structure: ₹90.94–₹95.99 crore total; Fresh issue ~₹80–₹84.4 crore (55,53,600 shares) + OFS ~₹11–₹11.6 crore (7,61,600 shares).
- Lot size and minimum outlay: 800 shares per lot; many portals indicate retail must apply for 2 lots = 1,600 shares (≈₹2,43,200 at the cap). Confirm final rules with the broker.
- Registrar/BRLM: Universal Capital Securities (Registrar); GYR Capital Advisors (BRLM).
What the company does
Incorporated in 2015, JD Cables manufactures power cables (LT XLPE/PVC), control cables, aerial bunched (AB) cables, and single-core service wires, as well as aluminium-based conductors like AAC, AAAC, and ACSR for power transmission and distribution. Two plants in West Bengal (Howrah and Hooghly) run modern testing setups and achieved FY24 utilization of ~75–80% across units. The company supplies multiple states (Assam, Odisha, Jharkhand, Bihar, West Bengal) and is an approved vendor for several electricity boards.
Financial snapshot and order book
Disclosures compiled by trackers show revenue rising from ₹54.6 crore (FY22) to ₹100.8 crore (FY24), with 9M FY25 at ₹169.3 crore; net income improved from ~₹0.44 crore (FY22) to ₹4.58 crore (FY24) and ₹13.90 crore in 9M FY25, reflecting operating leverage and execution gains. The order book stood at ~₹242 crore as of March 31, 2025, indicating near-term visibility. Always cross-check the RHP for audited numbers.
Use of proceeds
Fresh issue proceeds are earmarked for working capital and growth needs alongside general corporate purposes, while the OFS provides partial liquidity to selling shareholders. This mix supports execution and balance-sheet flexibility ahead of capacity ramp.
Competitive strengths
- Diverse cable and conductor portfolio addressing power T&D needs, backed by ISO and IS certifications.
- Approved vendor status with multiple SEBs and a growing state footprint.
- Two-plant setup with modern testing infrastructure and rising utilization supporting scale benefits.
Key risks
- Working-capital intensity: Cables/SEB orders often involve elongated receivable cycles that can pressure cash flows.
- Input-cost volatility: Aluminium and polymer price swings can compress margins if pass-through lags.
- Customer concentration: High reliance on state utilities or a few large buyers can add revenue volatility.
- SME listing dynamics: Large retail ticket size (1,600 shares indicated by many portals) can amplify listing-day swings; verify final lot rules.
Valuation checks before applying
Benchmark against listed cable peers on revenue growth, EBITDA margin stability, order book-to-sales, working-capital cycle (receivable/inventory days), ROCE/ROE, and post-issue leverage. Compare the implied P/E and EV/EBITDA at the upper band with peer medians and adjust for size and SME liquidity.
How to apply
- Apply via ASBA (net banking) or UPI-enabled broker apps during Sep 18–22; consider bidding at cut-off if unsure.
- Select JD Cables Ltd., choose lots (check if retail minimum is 2 lots), and approve the UPI mandate before the broker cut-off on Sep 22.
- Allotment is likely on Sep 23; check status on the registrar’s portal (Universal Capital Securities) using PAN/Application/DP details; demat credit/refunds on Sep 24; listing September 25 on BSE SME.
Bottom line
JD Cables offers direct exposure to India’s power T&D capex via a growing cables-and-conductors manufacturer with an expanding order book and improving profitability. The case hinges on working-capital discipline, margin resilience versus input costs, and execution on SEB orders. Evaluate valuation versus peers and size bids considering SME liquidity and the higher retail ticket requirement.
The detailed breakdown of the lot size and retail application requirement is really helpful, especially since SME IPOs often have slightly different rules. One thing I find interesting here is the company’s strong presence with multiple state electricity boards—consistent institutional demand could give more stability compared to smaller regional players. It’ll be worth watching how the high minimum outlay impacts retail participation during the subscription window.
The detail about retail investors likely needing to applyBlog comment creation for two lots is really helpful, since that can significantly raise the entry cost compared to many other SME IPOs. The revenue growth from FY22 to FY24 looks impressive, but it would be interesting to see how sustainable that is given the dependence on state electricity board approvals. Do you know if the company has plans to diversify its customer base beyond government contracts?
The IPO details areBlog comment creation clearly laid out here, and what really stands out is the steep minimum investment requirement for retail investors—over ₹2.4 lakh if two lots are indeed mandatory. It’ll be interesting to see how that affects overall subscription levels, especially when compared to other SME IPOs with smaller entry points.