JD Cables LtdQ3 FY25Industrial Products

JD Cables Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Revenue guidance

Category 2

→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.

Category 3

→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.

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Yes

→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.

Yes

→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.

Yes

→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.

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