JD Cables Stock: Can Its ₹515 Cr Order Book and Entry Into EPC Projects Power Its Next Growth Phase?

Synopsis: JD Cables is strengthening its growth through capacity expansion, product additions, EPC diversification, and a strong order book, while benefiting from rising industry demand, improving profitability, and a stronger balance sheet. 

The shares of this micro cap company majorly engaged in manufacturing of cables and conductors that cater to the power transmission and distribution sector were in focus after the company is backed by strong order book of Rs. 515 Crores 

With the market capitalization of Rs. 528 Crores, the shares of JD Cables Ltd were trading at around Rs. 234 per share which is 6 percent discount from its 52 week high of Rs. 249 per share and is trading at a P/E of 16.6 whereas industry P/E stands at 27.1

Business Overview

JD Cables manufactures power cables, control cables, aerial bunched cables, single-core service wires, and aluminium conductors used in electricity transmission and distribution. The company serves customers across 15+ states, operates 2 product segments, 3 manufacturing units with a third unit under development, holds 5 BIS certifications, and is certified under ISO 9001:2015 standards. It is also an approved vendor for several State Electricity Boards and has built a strong presence in both government and private sectors.

Strong Operational Base

The company currently has an installed manufacturing capacity of 6,000 kms in Unit I and 22,000 kms in Unit II, while Unit III with 28,000 kms capacity is expected to further strengthen production capabilities. Capacity utilization remained healthy at 82.43% in Unit I and 84.56% in Unit II during FY26, indicating strong demand and efficient utilization of existing facilities.

Entry into EPC and Infrastructure Projects

JD Cables has expanded beyond cables and conductors by entering the Engineering, Procurement and Construction (EPC) business. The company now targets opportunities in transmission and distribution lines, substations, solar projects, and road infrastructure. Its ongoing NH-2 six-laning highway project in the Bihar–Jharkhand section carries a project value of around ₹407 crore, providing exposure to a new growth segment and helping diversify revenue streams.

Order Book and Expansion Plans

As of March 2026, the company maintained a healthy order book of approximately ₹515 crore, offering visibility for future revenue growth. To support rising demand, JD Cables has acquired a new industrial facility at Dankuni measuring around 1.18 lakh square feet. It is also expanding its product portfolio by adding MVCC, AL-59, HTLS and HT cables, allowing it to participate in a wider range of power sector projects.

Product Mix

The cables and wires segment remains the largest contributor to business, generating ₹25,256.32 lakh in FY26 compared with ₹20,213.27 lakh in FY25. Aluminium conductors contributed ₹8,152.35 lakh in FY26, up from ₹4,839.31 lakh in FY25. Cables and wires accounted for around 76% of revenue, while aluminium conductors contributed roughly 24%, reflecting a diversified product mix within the power infrastructure value chain.

Financial Performance

JD Cables reported strong growth during FY26. Revenue increased to ₹36,459.15 lakh from ₹25,052.58 lakh in FY25, representing growth of about 45.5%. EBITDA rose to ₹4,811.01 lakh from ₹3,429.44 lakh, an increase of about 40.3%. PAT reached ₹3,172.46 lakh, compared with ₹2,202.50 lakh in FY25, reflecting growth of approximately 44%. Total income expanded from ₹10,085.44 lakh in FY24 to ₹36,519.36 lakh in FY26, highlighting the scale-up achieved over the last two years.

Balance Sheet Strength

The company’s net worth increased significantly to ₹146.17Crores in FY26 from ₹29.98 Crores in FY25. Fixed assets grew to ₹26.39 Crores, inventories rose to ₹78.86 Crores, and trade receivables stood at ₹95.56 Crore, reflecting expansion in business activity. At the same time, the debt-to-equity ratio improved sharply from 1.53 times in FY25 to 0.39 times in FY26, strengthening the company’s financial position.

Profitability and Returns

The company delivered ROE of 21.70% and ROCE of 23.11% in FY26. EBITDA margin remained strong at 13.17%, while PAT margin stood at 8.69%. Earnings per share improved to ₹14.07, compared with ₹13.31 in FY25 and ₹4.60 in FY24, reflecting steady growth in profitability and shareholder value creation.

Industry Outlook

The Indian wires and cables market was valued at USD 9.32 billion in 2024 and is expected to reach USD 17.08 billion by 2032, supported by a projected CAGR of around 7.94%. Demand is being driven by investments in transmission and distribution networks, renewable energy projects, rural electrification, urban development, construction activity, data centres, and telecom infrastructure. This creates a favourable environment for companies like JD Cables.

Conclusion

JD Cables is entering a new phase of growth supported by a ₹515 crore order book, a ₹407 crore EPC project, expanding manufacturing capacity from 28,000 kms to 56,000 kms including the upcoming unit, new product launches, and improving financial performance. Combined with strong industry demand and a healthier balance sheet, the company is positioning itself to capture larger opportunities in both the cables and infrastructure segments.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post JD Cables Stock: Can Its ₹515 Cr Order Book and Entry Into EPC Projects Power Its Next Growth Phase? appeared first on Trade Brains.