Originally established as a partnership firm under the name "M/s. Johnson Cables" in 2012, the enterprise was converted into a private limited company as "Johnsoncab Electricals Private Limited" in November 2020, and subsequently into a public limited company, Johnsoncab Electricals Limited (JEL), in December 2025.
JEL is engaged in the manufacturing of low-voltage (up to 1.1 kV) wires and cables deployed across power infrastructure, electricity transmission and distribution, renewable energy integration, railways, building construction, and allied industrial applications. Operating under an order-driven B2B business model, JEL manufactures and markets its product portfolio under its registered brand name, "JOHNSON CABLES". Its core value proposition centers on delivering high-conductivity, custom-engineered copper and aluminum cables manufactured in compliance with ISO and Bureau of Indian Standards (BIS) quality benchmarks.
The company caters to a diverse client base across private sector industrial contractors and public sector government entities, securing orders directly through tender participation and vendor approval processes. Its product offerings encompass Power Cables, Control Cables, Industrial Single and Multicore Control Cables, Housing and Building Wires (FR, HRFR, FRLSH, ZHFR), and Special-Purpose Cables such as Welding Cables, Solar/Photovoltaic DC Cables, and Submersible Flat Cables.
Geographically, JEL operates as a domestic pure-play enterprise within India, which accounted for 100.00% of operational revenue in 5M FY27 (99.70% in FY26). To support faster distribution and expand its footprint in Southern India, the company established a leased distribution depot in Devangere, Karnataka, in January 2026.
JEL operates two modern manufacturing facilities situated within 5 kilometers of each other on the Mehsana-Ahmedabad Highway in Linch, Mehsana, Gujarat:
- Unit-I: Operational since 2012; covers a plot area of 5,997 sq. meters with a built-up area of 3,102.38 sq. meters, focusing on house wires, industrial multicore cables, and flat cables.
- Unit-II: Operational since 2024; spans a plot area of 21,796 sq. meters with a built-up area of 6,928.68 sq. meters, dedicated to heavy-duty armored and unarmored LT XLPE power cables, control cables, and solar cables.
Combined, the manufacturing facilities cover an aggregate plot area of 27,793 sq. meters with a total built-up area of 10,031.06 sq. meters, equipped with automated machinery including continuous wire drawing and annealing chambers, multi-core stranding lines, extrusion lines, PVC compound mixing plants, armor braiding machines, and testing laboratories.
As certified by independent chartered engineer Raj Techno Essentials, JEL’s combined annual installed manufacturing capacity as of FY26 stood at 79,950 KMs per annum (70,000 KMs at Unit-I and 9,950 KMs at Unit-II). Historical aggregate capacity utilization rates across both facilities were:
- FY24: Installed capacity of 34,500 KMs; actual production of 25,250 KMs (73.19% utilization rate).
- FY25: Installed capacity of 47,900 KMs; actual production of 36,090 KMs (75.34% utilization rate).
- FY26: Installed capacity of 79,950 KMs; actual production of 63,659 KMs (79.62% utilization rate).
- 5M FY27 (Ended August 31, 2026): Pro-rata installed capacity of 33,400 KMs; actual production of 21,590 KMs (64.64% aggregate utilization rate; comprising 67.77% at Unit-I and 42.86% at Unit-II).
JEL holds a 20-year approved Indian patent (Patent No. 420982, valid through June 30, 2042) for "An improved three core double insulated flat electrical cable for Submersible Pump". Its quality management systems are certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
Out of the total IPO fresh issue proceeds of ₹56.02 Crore (at the cap price of ₹200), the company has earmarked ₹21.94 Crore to fund capital expenditure for constructing a new factory shed at Unit-II, installing additional machinery to expand cable production capacity by 1,67,580 KMs (reaching a total capacity of 177,530 KMs), establishing Paper Insulated Copper/Aluminium Conductors (PICC) lines, and setting up rooftop solar power units to reduce operational power costs.
Financially, JEL has posted total income and net profits of ₹88.95 Cr / ₹2.52 Cr (FY24), ₹140.00 Cr / ₹5.46 Cr (FY25), ₹211.34 Cr / ₹13.42 Cr (FY26), and ₹113.33 Cr / ₹8.63 Cr (5M FY27 ended August 31, 2026). Top-line revenue expanded at a CAGR of 54.08%, while net profit surged at a CAGR of 130.64% over the three-year fiscal period (FY24–FY26). Total debt stood at ₹77.57 Crore as of August 31, 2026, with zero IPO proceeds allocated toward debt reduction.
The company reports a weighted average EPS of ₹11.89 and a weighted average RoNW of 38.87% for the last three fiscals. Based on the pre-issue NAV of ₹51.58 as of August 31, 2026, the pre-issue P/BV stands at 3.88x. Factoring in the fresh issue proceeds, the post-issue P/BV stands at 2.20x (based on a post-issue NAV of ₹90.90 per share). Attributing historical earnings (FY24, FY25, FY26, and annualized TTM) to the expanded post-issue equity base of 1,05,70,800 shares yields post-issue P/E multiples of 83.68x, 38.68x, 15.76x, and 10.20x TTM respectively.
The issue is managed by ISK Advisors Private Limited, which has handled 9 public issues to date. Out of its last 9 managed issues, one listed below the issue price, while the remaining eight listed at or above it. As of October 28, 2026, three of these recent issues are trading below their issue price, while the remaining six are trading at or above it. Maashitla Securities Private Limited is acting as the Registrar to the Offer.
✍️ Post a Comment