Synopsis: Backed by a Rs.515 crore order book as of March 2026 and operating both its existing plants at over 82 percent utilisation, BSE SME-listed JD Cables is setting up a third manufacturing unit at Dankuni that will add 28,000 km of installed capacity nearly matching the combined output of its two current facilities while simultaneously expanding into high-margin product lines and infrastructure project execution.
Shares of a West Bengal-based cables and conductors manufacturer came into focus after the company published an investor presentation detailing its operational and strategic roadmap for the near term. The disclosure covered capacity expansion plans, an updated order book, product portfolio additions, and the company’s entry into civil infrastructure contracts offering a broader picture of where this BSE SME-listed name is headed.
With a market capitalisation of Rs. 460.04 crore, the shares of JD Cables were last recorded at Rs. 204 per share, up 1.37 percent from its previous closing price of Rs. 201.25 apiece. It is trading at a P/E of 14.50.
Capacity Expansion
JD Cables currently operates two manufacturing facilities, both located in West Bengal. Unit I at Belgachia, Howrah, carries an installed capacity of 6,000 km and ran at 82.43 percent utilisation for FY26. Unit II at Chakundi, Dankuni, is substantially larger at 22,000 km of installed capacity and operated at 84.56 percent utilisation over the same period. Combined, the two units represent 28,000 km of production capacity.
The third unit, also at Dankuni, changes the scale of the business in one move. The company has acquired a 1.18 lakh square foot industrial facility adjacent to its existing Dankuni operations, which will house an additional 28,000 km of installed capacity effectively doubling the company’s total manufacturing footprint. Unit III is slated to become operational within CY2026.
The rationale is straightforward: both existing plants are running at utilisation levels where bulk order execution becomes constrained, and the Rs.515 crore order book as of March 2026 provides the demand pull for the capacity addition. Whether the unit comes online on schedule and ramps up quickly enough to absorb that order book without extending debtor cycles is the execution question worth tracking.
The company’s revenue currently splits between two segments Cables and Wires accounting for approximately 76 percent and Aluminium Conductors contributing the remaining 24 percent. Within these, the current product range covers power cables, control cables, LT Aerial Bunched Cables, single-core service wires, and standard conductors including AAC, AAAC, and ACSR variants.
The presentation flags four product categories being added to the portfolio: Medium Voltage Covered Conductors (MVCC), high-strength Aluminium Alloy Conductors of the AL-59 grade, High Temperature Low Sag (HTLS) cables, and High Tension cables. The significance of this shift is margin-related. Standard power cables and conductors sold to State Electricity Boards are volume products with thin spreads. HTLS and HT cables, in particular, carry higher realisations and attract demand from transmission utilities undertaking grid upgradation, a segment that has seen elevated tendering activity in recent years alongside the central government’s transmission capacity expansion push.
Beyond product additions, the company is executing a civil and electrical contract under NHDP Phase V specifically the six-laning of the Chordaha to Gohar section of NH-2 along the Bihar-Jharkhand border. This is a meaningful strategic departure from pure cable manufacturing. Infrastructure EPC execution brings different working capital dynamics, milestone-based revenue recognition, and different counterparty risk (NHAI-linked) compared to SEB supply contracts. The company has not disclosed the contract value in the available material.
Market Presence and Approvals
JD Cables holds five Bureau of Indian Standards certifications alongside ISO 9001:2015 registration and operates as an approved vendor for multiple State Electricity Boards. Its geographic footprint covers 15-plus states, with supply presence spanning West Bengal, Bihar, Jharkhand, Odisha, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Rajasthan, Punjab, Himachal Pradesh, and several northeastern states. SEB approval status is commercially material in this business; it determines which tenders a company can legally bid on, and the breadth of approvals across 15 states gives JD Cables a wider bidding perimeter than most companies at this scale.
The company employs around 70 qualified professionals and engineers, supported by over 200 workers across its plants. As capacity scales toward 56,000 km post-Unit III commissioning, workforce additions will be necessary, and the cost trajectory of that expansion deserves attention.
Business & Financials Overview
Incorporated in 2015, JD Cables manufactures cables and conductors for the power transmission and distribution sector. For FY26, the company reported standalone revenue of Rs. 365 crore and net profit of Rs. 32 crore against Rs. 251 crore in revenue and Rs.22 crore in net profit for FY25 representing year-on-year growth of 56 percent and 43 percent respectively. For the half year ended March 2026, revenue stood at Rs. 243 crore and net profit at Rs. 20 crore. Operating margins have expanded meaningfully, from 7 percent in FY24 to 13 percent in FY26 and 12 percent in the March 2026 half year.
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