JD Cables Ltd Q3 FY26 Earnings Analysis

- JD Cables targets doubling revenue from cable and conductor division to Rs. 600-700 Cr. by FY'27. - The EPC division aims to generate Rs. 150-200 Cr. revenue in FY'27, with a two-year order book target of Rs. 1,000 Cr. - Overall, the company targets Rs. 1,000 Cr. revenue within the next two years (FY'27-FY'28). - Capacity expansion includes a new Dankuni facility to double current manufacturing capacity by March 2026, with 80% utilization expected by September 2026. - Long-term plans include a 4x to 5x capacity expansion over the next 2-3 years. - New vendor approvals in Himachal Pradesh, Punjab, Rajasthan, and other states will support pan-India growth. - The company anticipates maintaining EBITDA margins around 15%-16%, and EPC margins around 7%-9%, supporting profitable growth. - Focus areas include transmission, distribution, data center, and solar cable segments to drive volume and market share expansion.

- FY'26 revenue target: Rs. 350-360 Cr., with EBITDA margins around 15-16% and PAT margins near 9.8%. - Expect doubling of cable and conductor division revenue to Rs. 600-700 Cr. by next financial year (FY'27). - EPC division targeting Rs. 150-200 Cr. revenue in FY'27 with margins of 7-9%, aiming for Rs. 1,000 Cr. order book by FY'27-end. - Capacity doubling by March 2026 at Dankuni facility; utilization expected to reach ~80% by Sept 2026. - Long term: Target Rs. 1,000 Cr. revenue in 2 years (FY'27/FY'28) with sustained EBITDA and PAT margins. - Positive EPS trend implied by growing revenue, stable margins, and expansion into EPC segment. - Geographical and product expansion across states and new cable types to drive growth and profits.

- Completed CAPEX of Rs. 16.45 Cr. on existing facility, including land, building, and plant & machinery. - Additional planned CAPEX of Rs. 6-7 Cr. expected in the near term for cables division expansion. - Acquisition of a new industrial facility in Dankuni, Hooghly (1,18,000 sq. ft) to double production capacity by March 2026. - Machinery orders already placed for Conductor Division; phased commissioning starting December 2025/January 2026. - Target to double cable and conductor division revenue to Rs. 600-700 Cr. post expansion. - Planning further capacity expansion to 4x-5x of current levels within next 2-3 years. - Total capital requirement estimated at Rs. 160-170 Cr. to achieve Rs. 1,000 Cr. revenue target in 2 years. - Equity infusion likely needed within 6-12 months to support EPC segment expansion and large order execution.

- JD Cables Limited currently has sufficient internal accruals for ongoing operations. - However, the company anticipates a need for equity infusion within the next six months to one year. - This is due to planned expansion into the EPC (Engineering, Procurement, and Construction) segment, which will require significant funding if sizable orders are secured. - No specific plans for new debt fundraising were mentioned during the call. - The company is actively expanding capacity and order book, which may drive future funding needs.

- As of September 30, 2025, JD Cables' order book stands at Rs. 286.21 crores. - The order book includes contracts with varying timelines: some 12 months, others 18 to 36 months. - Expected to convert revenue within 12 to 18 months, providing strong visibility for coming quarters. - Company is targeting an EPC order book of Rs. 1,000 crores in the next two years (FY26-27). - Participated in tenders aggregating approximately Rs. 60 crores for EPC projects, awaiting results and bidding for more. - New vendor approvals in Himachal Pradesh, Punjab, Rajasthan expected to boost order inflow in the next 1-2 months. - Order inflows are expected to ramp up significantly over the next 12 to 14 months due to expanded geographic reach and EPC focus.