JD Cables Ltd Q1 FY27 Earnings Analysis

- JD Cables is targeting a 50% to 60% revenue growth for FY27 and the next financial year. - The EPC segment revenue is expected to increase significantly from around INR 30 crores in FY26 to at least INR 200 crores in FY27. - Cable and conductor businesses are expected to grow 30% to 40% in revenue. - Capacity expansion plans include doubling current capacity (~28,000 kilometers) by September 2026, with potential to 3x or 4x capacity within two years depending on order book. - Order book target for FY27 is conservatively INR 700-800 crores, up from INR 515 crores as of March 2026. - New product lines (MVCC, AL-59, HTLS, HT cables) and EPC infrastructure projects are key growth drivers. - Expansion supported by industrial facility acquisition, ongoing capex (INR 20-30 crores), and strategic presence in EPC segment.

- JD Cables Limited targets a revenue growth of 50% to 60% for FY27 and the following financial year. - Expansion efforts include doubling current manufacturing capacity by September 2026, with potential to increase 3x to 4x in two years. - The new product lines (premium and high voltage cables) are expected to contribute better margins than existing products, likely in double digits once commercialized. - EPC segment revenue grew from approx. INR 30 crores in FY26 to an expected INR 200 crores+ in FY27, with EBITDA margins around 8%. - Overall EBITDA margins are expected to remain stable around 12%-13%, with EPC and newer product margins supporting a double-digit combined margin. - Conservative order book growth target is INR 700-800 crores by March 2027 from current INR 515 crores. - The company expects improved profitability over time due to EPC forward integration and higher-margin product sales.

- JD Cables Limited is planning capex of around INR 20 to 30 crores, depending on order inflow. - They have already procured land and made advance payments for additional land adjacent to their new factory. - A new industrial facility at Jamshedpur (~1.18 lakh sq. ft) supports future capacity expansion. - The new conductor and cable division facilities are coming up, with the conductor division awaiting power connection expected within the month. - Capacity is expected to double initially, with potential to expand 3x to 4x within two years depending on orders. - New product lines like MVCC, AL-59, HTLS, and HT cables will be manufactured, requiring approvals such as BIS licenses. - Strategic investments include expansion into the EPC segment, leveraging their cable manufacturing for integrated electrical infrastructure projects.

- JD Cables Limited currently has a comfortable cash position and around INR 55 crores of existing debt. - For FY27, the company does not anticipate immediate equity or additional debt funding needs for current order execution. - However, as they are actively participating in tenders worth over INR 1,000 crores, if they secure more orders, additional funding might be required. - The company is already in touch with banks, which are willing to provide debt funding when needed. - Working capital requirements due to growth and EPC business will likely lead to bank debt financing rather than equity dilution in the near term. - No specific plans for equity fundraising were mentioned during the call.

- Current order book as of June 2026: Approximately INR 500-515 crores. - Order book timeline: Normally around one and a half years for execution. - Order book composition: Around INR 300 crores from EPC segment and INR 200 crores from cables and conductors. - Pending tenders participation: Company has participated in tenders worth over INR 1,000 crores, awaiting results. - Expected order book by March 31, 2027: Targeting INR 700-800 crores conservatively. - Revenue from non-order book (regular/repetitive customers) exists but exact breakup for FY26 not yet segregated.