JD Cables Limited submitted the transcript of its H2 FY26 earnings conference call held on June 04, 2026, at 02:00 p.m., in compliance with SEBI Listing Regulations Regulation 30(6).

Financial Performance FY26

For the full financial year ended March 31, 2026, the company reported:

  • Total Income: ₹365 crores, a growth of 45.67% year-on-year (YoY).
  • EBITDA: ₹48.11 crores, reflecting a growth of 40% YoY.
  • Profit After Tax (PAT): ₹31.72 crores, registering a strong growth of 44% YoY.

Financial Performance H2 FY26 (Half-Year Ended March 31, 2026)

  • Total Income: ₹243 crores, compared to ₹143 crores in H2 FY25, registering a growth of 70%.
  • EBITDA: ₹28 crores, reflecting a strong growth of 52%.
  • PAT: ₹19 crores, registering a robust growth of 69%.

Operational and Business Highlights

  • Business Focus: The company manufactures high-quality wires, cables, and conductors, catering primarily to the power transmission and distribution sectors, utilities, infrastructure projects, industrial customers, and state electricity boards across India.
  • Manufacturing Capacity: The company operates two production facilities with a combined installed capacity of approximately 28,000 kilometers per annum.
  • Unit I: 6,000 km capacity, utilized at 82.4% in FY26.
  • Unit II: 22,000 km capacity, utilized at 84.6% in FY26.
  • Product Portfolio: Includes power cables, control cables, instrumentation cables, service cables, and conductors (AAC, AAAC, ACSR). New product lines added include MVCC, AL-59 conductors, HTLS conductors, and HE cables.
  • Capacity Expansion: The company acquired a new industrial facility at Jamshedpur, spanning approximately 1.18 lakh square feet, to support future capacity expansion. The new conductor division is awaiting an electricity connection, expected within June 2026, with the cable division expected to start in the next two months. The company is targeting a 3x to 4x capacity expansion within the next two years.
  • Order Book: The company maintained a robust order book of approximately ₹515 crores as of March 31, 2026, providing strong revenue visibility. The order book has a typical execution timeline of one and a half years. The breakdown is approximately ₹300 crores from EPC and ₹200 crores from cables and conductors.
  • EPC Business: The company has established a strategic presence in the infrastructure and EPC segment. It is currently executing a key National Highway Development Project. In FY26, it booked approximately ₹30 crores in revenue from EPC. For FY27, it expects a minimum of ₹200 crores from this segment, targeting an ~8% PAT margin.
  • Growth Outlook: Management expects 50% to 60% revenue growth for FY27 and even for the next financial year (FY28).
  • Margins: EBITDA margins declined from H1 to H2 FY26 (approx. 15% to 12%). Management attributes this to bulk supply deals and associated expenses. For FY27, similar EBITDA margins of 12-13% are expected. Newer products are expected to have better margins than existing ones.
  • Capex Plans: The company is planning a capex of approximately ₹20-30 crores for FY27, contingent on order inflow. It is also in the process of procuring additional land adjacent to its new factory.
  • Cash Flow & Funding: FY26 saw a negative operating cash flow, which management attributes to the high growth phase and the working capital-intensive nature of the new EPC business. The company has a debt of ~₹55 crores and may seek additional debt funding from banks to fund working capital requirements for new orders, for which it is in touch with lenders. It has also participated in tenders worth over ₹1,000 crores.
  • Market Presence: The company has a strong presence across Northern, Eastern, and North-Eastern India and is an approved vendor for multiple state electricity boards. Management expressed optimism about demand from West Bengal following a recent government change, expecting good infrastructure development investments.

Participants

The conference call was moderated by Dhruvi from EquiBridgeX Advisors. Management participants included Mr. Piyush Garodia (Managing Director), Mr. Rajesh Jhunjhunwala (Whole-Time Director), and Mr. Abhishek Gupta (Manager, Accounts and Finance).