India’s IPO market continues to show resilience in 2025, with companies across sectors stepping into the public market to raise capital. In this context, JD Cables Limited IPO is set to open on September 18, 2025. The company operates in the power transmission and distribution sector, manufacturing high-quality cables and conductors used extensively in electricity transmission and distribution networks. Here is a detailed look at JD Cables Limited, its IPO, and the industry outlook.
About JD Cables Ltd.
Incorporated in 2015, JD Cables Limited is engaged in manufacturing aluminium and alloy-based cables and conductors. Its product portfolio includes:
- Power Cables
- Control Cables
- Aerial Bunched Cables
- Single-core Service Wires
- All Aluminium Conductor (AAC), All Aluminium Alloy Conductor (AAAC), Aluminium Conductor Steel Reinforced (ACSR)
These products are widely used in the transmission and distribution of electricity, serving utility companies, industrial customers, and infrastructure projects.
JD Cables operates two strategically located manufacturing units in West Bengal:
- Unit I: 26/1, F Road, Belgachia, Howrah – 711101
- Unit II: Ward No.1, Chakundi, Star Battery Gate, Dankuni, Hooghly
As of May 31, 2025, the company employed 28 permanent staff.
JD Cables Ltd. IPO Details
JD Cables IPO is a book-building issue aggregating up to ₹95.99 crore, comprising a fresh issue of 0.56 crore shares (₹84.41 crore) and an offer for sale of 0.08 crore shares (₹11.58 crore).
IPO Timeline (Tentative Schedule)
| Event | Date |
| IPO Open Date | Thu, Sep 18, 2025 |
| IPO Close Date | Mon, Sep 22, 2025 |
| Tentative Allotment Date | Tue, Sep 23, 2025 |
| Initiation of Refunds | Wed, Sep 24, 2025 |
| Credit of Shares to Demat | Wed, Sep 24, 2025 |
| Tentative Listing Date | Thu, Sep 25, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Sep 22, 2025 |
Key IPO Details
| IPO Date | September 18, 2025, to September 22, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹144 to ₹152 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 63,15,200 shares (aggregating up to ₹95.99 Cr) |
| Reserved for Market Maker | 3,16,000 shares (aggregating up to ₹4.80 Cr)Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) |
52,37,600 shares (aggregating up to ₹79.61 Cr) |
| Offer for Sale | 7,61,600 shares of ₹10 (aggregating up to ₹11.58 Cr) |
| Net Offered to Public | 59,99,200 shares (aggregating up to ₹91.19 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,69,97,512 shares |
| Share Holding Post Issue | 2,25,51,112 shares |
JD Cables IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 3,16,000 (5.00%) |
| QIB | 29,77,600 (47.15%) |
| NII (HNI) | 9,10,400 (14.42%) |
| Retail | 21,11,200 (33.43%) |
| Total | 63,15,200 (100%) |
Anchor Investors
- JD Cables IPO raised ₹27.06 crore from anchor investors.
- Anchor bid date: September 17, 2025
- Shares offered to anchor investors: 17,80,000
- Lock-in period: 50% for 30 days (Oct 23, 2025) & remaining 50% for 90 days (Dec 22, 2025)
JD Cables Ltd. IPO Lot Size
Investors can bid for a minimum of 1,600 shares (2 lots) and in multiples of 800 shares.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,600 | ₹2,43,200 |
| Retail (Max) | 2 | 1,600 | ₹2,43,200 |
| S-HNI (Min) | 3 | 2,400 | ₹3,64,800 |
| S-HNI (Max) | 8 | 6,400 | ₹9,72,800 |
| B-HNI (Min) | 9 | 7,200 | ₹10,94,400 |
JD Cables Ltd. Financials
The JD Cables IPO has a market capitalisation of ₹342.78 crore. The company has demonstrated strong growth over the last financial year:
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | ₹115.23 Cr | ₹45.08 Cr | ₹17.89 Cr |
| Total Income | ₹250.70 Cr | ₹100.85 Cr | ₹40.86 Cr |
| Profit After Tax | ₹22.15 Cr | ₹4.58 Cr | ₹0.32 Cr |
| EBITDA | ₹34.14 Cr | ₹7.22 Cr | ₹0.81 Cr |
| Net Worth | ₹29.98 Cr | ₹7.83 Cr | ₹1.18 Cr |
| Reserves & Surplus | ₹29.93 Cr | ₹7.78 Cr | ₹1.15 Cr |
| Total Borrowing | ₹45.91 Cr | ₹17.77 Cr | ₹3.84 Cr |
Key Performance Indicators (FY25)
| KPI | Value |
| ROE | 117.17% |
| ROCE | 43.64% |
| Debt/Equity | 1.53 |
| RoNW | 73.89% |
| PAT Margin | 8.84% |
| EBITDA Margin | 13.62% |
| Price to Book Value | 8.39 |
| EPS (₹) (Pre IPO) | 13.03 |
| EPS (₹) (Post IPO) | 9.82 |
| P/E Ratio (x) (Pre IPO) | 11.66 |
| P/E Ratio (x) (Post IPO) | 15.47 |
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JD Cables Ltd.: Industry Outlook
- The power transmission and distribution sector in India is witnessing strong growth due to increased government and private investment in infrastructure.
- Growing renewable energy integration and urban electrification projects are boosting demand for reliable cables and conductors.
- The Indian government’s push for modernising the grid and electrification of rural areas is expected to sustain robust industry growth.
- Companies offering high-quality, durable, and energy-efficient cables are poised to benefit from the ongoing expansion in power distribution networks.
Objects of the Issue (JD Cables IPO Objectives)
JD Cables proposes to utilise the net proceeds from the IPO towards:
| Objective | Expected Amount (₹ Cr) |
| Funding working capital requirements | 45.00 |
| Repayment/prepayment of borrowings | 26.00 |
| General corporate purposes | Balance |
JD Cables IPO: Peer Comparison
JD Cables Ltd. has shown strong growth in FY25, while peers like Dynamic Cables Ltd have maintained steady performance in the power transmission and distribution segment. Investors can compare these companies to evaluate opportunities in the competitive cable manufacturing industry.
Conclusion
JD Cables Ltd. presents a compelling investment opportunity in the power transmission and distribution segment, backed by strong financial growth and a diversified product portfolio. However, potential investors should weigh the risks, such as a highly competitive market, reliance on key clients, and valuation considerations, given the aggressive pricing of the IPO. Only informed, risk-tolerant investors may consider allocating funds for a medium-term horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
