JD Cables Q4 FY26 Earnings Call — Analysis (NSE: JDCABLES)
JD Cables guides 50-60% FY27 revenue growth, backed by capacity doubling, EPC scale-up to ₹200 Cr, and a ₹515 Cr order book.
The take
FY26 Total Income ₹365 Cr ( +45.67% YoY ) , H2FY26 +70% . New guidance — FY27 consolidated revenue 50% to 60% . New story: Capacity doubling at Jamshedpur .
Results
H2 FY26 revenue ₹243 Cr (+70% YoY), full-year ₹365 Cr (+45.7%); PAT ₹19 Cr (H2) +69%; EBITDA margin compressed to ~11.5% in H2 from ~15% in H1 due to EPC ramp-up and higher expenses.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Total Income | ₹365 Cr | +45.67% | yoy · FY26 · vs FY25 |
| EBITDA | ₹48.11 Cr | +40% | yoy · FY26 · vs FY25 |
| PAT | ₹31.72 Cr | +44% | yoy · FY26 · vs FY25 |
| Total Income (H2) | ₹243 Cr | +70% | yoy · H2FY26 · vs H2FY25 |
| EBITDA (H2) | ₹28 Cr | +52% | yoy · H2FY26 · vs H2FY25 |
| PAT (H2) | ₹19 Cr | +69% | yoy · H2FY26 · vs H2FY25 |
| Order Book | ₹515 Cr | point_in_time · Q4FY26 · as of 31-Mar-26 |
Guidance
FY27 revenue growth 50-60%, EPC revenue minimum ₹200 Cr, order book target ₹700-800 Cr by Mar-27, and similar overall EBITDA margins (12-13%).
What management committed to
- JD Cables expects 50% to 60% revenue growth in FY27 and also in FY28. — 50% to 60%, FY27
- EPC revenue in FY27 will be minimum ₹200 crores, on a conservative basis. — minimum ₹200 crores, FY27
- Order book as of 31 March 2027 is expected to be ₹700 crores to ₹800 crores. — ₹700 crores to ₹800 crores, Q4FY27
- The new conductor division [at the Jamshedpur facility] is already installed and will start after receiving the electricity connection, which is expected within this month (June 2026). The cable division will start in the next two months. — Q2FY27
- The new Jamshedpur facility will operate at 70% to 80% capacity utilization in FY27. — 70% to 80%, FY27
- Overall EBITDA margins in FY27 will remain similar to FY26 (implying ~12-13% EBITDA margin). — similar margins (12% to 13%), FY27
- New product lines (MVCC, AL-59 conductors, HTLS conductors, HE cables) will deliver better margins than the existing product portfolio.
- Capex in FY27 will be approximately ₹20 crores to ₹30 crores, including land acquisition adjacent to the new factory. — ₹20 crores to ₹30 crores, FY27
- No equity dilution will be undertaken to fund working capital; debt funding from banks is sufficient and already secured. — FY27
Key themes
Capacity doubling, EPC forward integration, robust order book
How the narrative shifted
- Capacity doubling at Jamshedpur: Management positions the new plant as a transformative capacity leap, enabling entry into higher-value conductors and cables with abundant land for rapid future expansion.
- EPC forward integration scaling rapidly: EPC is pitched as a recurring, margin-accretive extension that leverages in-house cable production and opens large tenders, with a dedicated experienced team.
- Order book and tender pipeline strength: A ₹515 Cr order book plus >₹1,000 Cr of pending tenders provide high revenue visibility and underpin the ambitious growth guidance.
- Cash flow strain from high growth: Management acknowledges negative operating cash flow (₹70+ Cr deficit) due to inventory build, EPC execution, and stretched receivables, but frames it as normal for a 50-60% growth phase.
- Margin mix shift from EPC: H2 EBITDA margin compression to ~11.5% attributed to bulk supplies, EPC ramp-up, and one-off expenses; forward guidance of 12-13% implies a managed decline as lower-margin EPC becomes a larger share.
- New product approvals as a catalyst: Introduction of MVCC, HTLS, HE cables is positioned as a margin-enhancing growth vector, but timelines are contingent on external approvals from state electricity boards.
- West Bengal political catalyst: The recent government change in West Bengal is seen as unlocking infrastructure investment and demand, with sanctioning already visible.
Operational commentary
- Acquired a new industrial facility at Jamshedpur (~1.18 lakh sq ft) for capacity expansion; conductor division installed and awaiting power connection, cable division to start within two months.
- Order book of ~₹515 Cr as of Mar-26 comprises EPC ~₹300 Cr and cables/conductors ~₹200 Cr; provides ~1.5-year revenue visibility.
- Entered EPC segment with a National Highway Development Project (civil and electrical works); completed ~10% execution, FY27 expected to see significant completion.
- New product lines added: MVCC, AL-59 conductors, HTLS conductors, HE cables – pending BIS/SEB approvals before commercial scaling.
- Participated in >₹1,000 Cr of additional tenders (both EPC and transmission/distribution cables), results awaited.
- Procuring additional land adjacent to the new Jamshedpur plant to enable further capacity expansion (3x-4x within two years).
- West Bengal political change seen as a demand catalyst; portfolio allocation to Power Minister expected next week, projects already sanctioned.
Analyst Q&A
Q. Why did H2 EBITDA margin decline from 15% to 12%?
There were lots of expenses and we supplied in bulk quantities, so a marginal decline; going forward similar margins of 12-13% are expected.
Q. How will you fund the rising working capital and EPC cash needs in FY27?
The negative cash flow is due to growth and EPC execution; we are already in touch with banks and they are ready to provide debt funding; no equity dilution is planned.
Q. What is the EPC EBITDA margin, and will overall margins stay in double digits?
Initially said 8% margin, then clarified that 8% is PAT margin and EPC EBITDA margins are similar to existing (~12-13%); overall EBITDA should remain double-digit.
Q. Breakdown of the ₹515 Cr order book by segment
Approximately ₹300 Cr from EPC and ₹200 Cr from cables and conductors.
Q. Revenue split between order-book and non-order-book in FY26 and FY27
Segregation not yet done; team will work on it. There are many regular running orders besides the formal order book.
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