JD Cables Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript JD Cables Ltd filed with BSE on 06 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
JD Cables reported FY26 total income of Rs 365 crore, up 45.67% year-on-year, with EBITDA of Rs 48.11 crore and PAT of Rs 31.72 crore. Management said the order book stood at approximately Rs 515 crore as of March 31, 2026, and discussed a new industrial facility at Jamshedpur along with entry into EPC execution via a National Highway project. Management fielded questions on margin decline in H2, working capital and cash flow trends, and growth expectations for FY27.
Numbers mentioned
Total income: INR365 crores (FY26)
p. 4
“For FY26, the total income stood at INR365 crores, registering a growth of 45.67% year-on-year.”
Abhishek Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR48.11 crores (FY26)
p. 4
“Our EBITDA increased to INR48.11 crores, reflecting a growth of 40%, while profit after tax grew to INR31.72 crores, registering a strong growth of 44% over FY25.”
Abhishek Gupta, page 4 of the filed PDF · View the filing
Total income: INR243 crores (H2 FY26)
p. 4
“Total income for the half-year stood at INR243 crores against INR143 crores turnover in half-year FY25, registering a strong growth of 70%.”
Abhishek Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR28 crores (H2 FY26)
p. 4
“Our EBITDA increased to INR28 crores, reflecting a strong growth of 52%, while our PAT stood at INR19 crores, registering a robust growth of 69%.”
Abhishek Gupta, page 4 of the filed PDF · View the filing
Order book: approximately INR515 crores (as of March 31, 2026)
p. 4
“We also maintained a robust order book of approximately INR515 crores as of March 31, 2026, providing strong revenue visibility and supporting our growth outlook for the coming years.”
Piyush Garodia, page 4 of the filed PDF · View the filing
Combined installed capacity: approximately 28,000 kilometers per annum (FY26)
p. 4
“Our manufacturing operations are supported by two production facilities with a combined installed capacity of approximately 28,000 kilometers per annum, comprising 6,000 kilometers at Unit I and 22,000 kilometers at Unit II.”
Piyush Garodia, page 4 of the filed PDF · View the filing
Capacity utilization: approximately 82.4% at Unit I and 84.6% at Unit II (FY26)
p. 4
“During FY26, we achieved healthy capacity utilization levels of approximately 82.4% at Unit I and 84.6% at Unit II, reflecting strong demand across power transmission, distribution, infrastructure, and industrial sectors.”
Piyush Garodia, page 4 of the filed PDF · View the filing
EPC revenue: around INR30 crores (FY26)
p. 9
“In '26, we have booked around INR30 crores and for '27, we are expecting minimum INR200 crores to [inaudible 0:22:34] on the minimum side.”
Piyush Garodia, page 9 of the filed PDF · View the filing
Jamshedpur facility size: approximately 1.18 lakh square feet
p. 4
“we acquired a new industrial facility at Jamshedpur, spanning approximately 1.18 lakh square feet.”
Piyush Garodia, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 50% to 60% · FY27
stated firmly by Piyush Garodia
p. 6
“We are expecting 50% to 60% revenue growth in this financial year and even in the next financial year.”
Piyush Garodia, page 6 of the filed PDF · View the filing
EBITDA margin — 12% to 13% · FY27
stated as an aspiration by Piyush Garodia
p. 5
“Like, same margin, we are expecting the same margin.”
Piyush Garodia, page 5 of the filed PDF · View the filing
EPC revenue — minimum INR200 crores · FY27
stated conditionally by Piyush Garodia
p. 9
“In '26, we have booked around INR30 crores and for '27, we are expecting minimum INR200 crores to [inaudible 0:22:34] on the minimum side.”
Piyush Garodia, page 9 of the filed PDF · View the filing
Capex — approx INR20 crores to INR30 crores · FY27
stated conditionally by Piyush Garodia
p. 7
“Ma'am capex, we are planning around INR20 crores, approx INR20 crores to INR30 crores.”
Piyush Garodia, page 7 of the filed PDF · View the filing
Order book — INR700 crores or INR800 crores · end of FY27
stated as an aspiration by Piyush Garodia
p. 12
“Sir, definitely we will be targeting much more, but still, we are expecting INR700 crores or INR800 crores at least our order book to be implemented.”
Piyush Garodia, page 12 of the filed PDF · View the filing
New capacity utilization — 70% to 80% capacity · next year
stated firmly by Piyush Garodia
p. 5
“For the next year, I can tell that it will be utilized fully. It will be running at full capacity, like 70% to 80% capacity at least.”
Piyush Garodia, page 5 of the filed PDF · View the filing
Capacity expansion — 3x to 4x · within next two years
stated as an aspiration by Piyush Garodia
p. 7
“So our capacity can be expanded to 3x, 4x within next two years, say.”
Piyush Garodia, page 7 of the filed PDF · View the filing
EPC margin — around 8% · FY27
stated conditionally by Piyush Garodia
p. 11
“We are operating at around say around 8% margin we are operating at in EPC.”
Piyush Garodia, page 11 of the filed PDF · View the filing
Electricity connection for new capacity — within this month
stated firmly by Piyush Garodia
p. 5
“It is already under process and we are expecting our electricity connection within this month only.”
Piyush Garodia, page 5 of the filed PDF · View the filing
Cable and conductor segment growth — 30% to 40% · FY27
stated conditionally by Piyush Garodia
p. 11
“as I said, like in cables and conductor also, we are expecting good increment, say 30% to 40% we are expecting increment”
Piyush Garodia, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the decline to higher expenses and bulk supply, and guided to similar margins going forward.
Answered by Piyush Garodia
Asked by Vishvender Singh: Why did margins decline from H1 to H2, and what margin range is expected going forward?
p. 5
“It is because there were lots of expenses and if you will see, like, we have supplied in bulk quantities and so there is a marginal decline, if I am not wrong.”
Piyush Garodia, page 5 of the filed PDF · View the filing
Management said the order book is around INR500 crores with a roughly 18-month timeline and the company has bid on over INR1,000 crores of additional tenders.
Answered by Piyush Garodia
Asked by Deeya: What is the current order pipeline and tender participation?
p. 6
“Yes ma'am, we have already participated in around INR1,000 crores tenders, more than in fact INR1,000 crores tenders comprising of both EPC and cable tenders and the tender outcome or the results are due.”
Piyush Garodia, page 6 of the filed PDF · View the filing
Management said it would rely on bank debt funding as needed and currently has sufficient cash and bank balance.
Answered by Piyush Garodia
Asked by Abhi Jain: Given negative operating cash flow and rising inventory days, will FY27 growth require debt or equity funding?
p. 8
“Right now, if we will need any working capital, we are looking for like debt funding from banks only and we have already applied to banks and like they are ready to do that.”
Piyush Garodia, page 8 of the filed PDF · View the filing
Management acknowledged that growth of 50-60% would raise debtor and inventory days and negatively affect cash flow.
Answered by Piyush Garodia
Asked by Achyuth Reddy: Will increased EPC business further hurt cash flows in FY27?
p. 9
“So it will definitely affect the cash flow. So we believe we are in a growing phase and like obviously in a growth phase, there will be a cash flow, some of the cash flow will be negative.”
Piyush Garodia, page 9 of the filed PDF · View the filing
Management attributed the rise to expenditure incurred for the new EPC business with invoices pending.
Answered by Piyush Garodia
Asked by Meet Mehta: Why did other expenses rise sharply from INR4 crores to INR24 crores?
p. 13
“Actually, as we started our newer segment, EPC business, and we have incurred lots of expenditure in that and the bills are pending for that invoice.”
Piyush Garodia, page 13 of the filed PDF · View the filing
Management said it expects good business and investment in West Bengal with projects in the pipeline, pending cabinet portfolio allocation.
Answered by Piyush Garodia
Asked by Meet Mehta: How is demand from West Bengal after the government change?
p. 13
“Actually, the cabinet expansion is currently underway. From next week, the portfolios will be allocated, and the Power Minister will be expected to join next week.”
Piyush Garodia, page 13 of the filed PDF · View the filing
Management said the EPC segment is led by an experienced director and represents forward integration benefiting from in-house cable manufacturing.
Answered by Piyush Garodia
Asked by Rohan Soni: What prompted the strategic shift into EPC/infrastructure work?
p. 13
“We have a dedicated EPC team which is being led by Mr. Rajesh Jhunjhunwala and he has a vast experience in this EPC segment, and he is guiding us in that business and like EPC is a forward integration for us and it will be quite beneficial in the longer term because all the electrical works require electrification works require cables and conductors.”
Piyush Garodia, page 13 of the filed PDF · View the filing
Management said around INR300 crores of the order book is from EPC and INR200 crores from cables and conductors.
Answered by Piyush Garodia
Asked by Shivam: Can you break down the current order book by segment?
p. 12
“It's mixed. Still, I can tell you, in this -- it's around INR300 crores is from say around EPC and INR200 crores is from cables and conductor.”
Piyush Garodia, page 12 of the filed PDF · View the filing
Risks flagged
Growth phase leading to negative cash flow due to rising debtor and inventory days
p. 9
“So it will definitely affect the cash flow. So we believe we are in a growing phase and like obviously in a growth phase, there will be a cash flow, some of the cash flow will be negative.”
Piyush Garodia, page 9 of the filed PDF · View the filing
Working capital cycle elongation due to EPC project execution and bill deductions
p. 8
“Working capital cycle has gone up due to execution of EPC projects. As you can see, in the last 2-3 months, there has been a lot of funding in EPC projects.”
Piyush Garodia, page 8 of the filed PDF · View the filing
Regulatory approval and licensing delays for new product lines
p. 7
“So, it may take some time, like, to get the approval to get the BIS license.”
Piyush Garodia, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.