Johnsoncab Electricals Limited IPO

Incorporated on November 12, 2020, the company originated from the partnership business M/s Johnson Cables, established in 2012. Its product portfolio includes power cables, control cables, building wires, solar cables, welding cables, industrial cables and submersible flat cables, with products designed for applications up to 1.1 kV. The company operates two manufacturing facilities in Mehsana, Gujarat, with combined installed capacity of approximately 79,950 kilometres per annum as of FY26. Its manufacturing processes include wire drawing, annealing, bunching, insulation, extrusion, testing and packaging. It supplies products through direct orders, tenders and vendor approval arrangements to government and private-sector customers serving infrastructure, power, renewable energy, railway and industrial markets. Its manufacturing operations are supported by ISO and BIS certifications, vendor approvals and eligibility for government tenders. The company had 167 employees as of March 31, 2026. Its promoters are Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel and Bhavanaben Chandreshkumar Patel.

IPO_DETAILS_LONG: Johnsoncab Electricals Limited is launching a BSE SME bookbuilding IPO of up to Rs 56.02 crore, comprising 28,00,800 fresh equity shares and no offer-for-sale component. The price band is Rs 190 to Rs 200 per share, with a face value of Rs 10 and a trading lot of 600 shares; retail investors must apply for at least two lots. The issue opened on October 30, 2026 and closes on November 3, 2026, with tentative listing scheduled for November 6, 2026. The company proposes to use the net proceeds for factory expansion, additional production machinery, machinery for paper-insulated copper and aluminium conductors, a rooftop solar power plant, working capital and general corporate purposes. At the upper price band, the post-issue P/E is approximately 10.20 times based on the stated post-issue EPS of Rs 19.60. The indicated peer P/E multiples include approximately 11.56 times for JD Cables, 18.14 times for Susan Electricals India and 25.45 times for Prime Cable Industries, although differences in scale, product mix and operating profile should be considered when comparing valuations. Revenue and profit have grown strongly over FY24 to FY26, while the expansion plan creates opportunities to increase manufacturing capacity and broaden the product range. Key risks include dependence on copper and aluminium raw materials, price volatility, customer concentration, geographical concentration of sales, reliance on leased premises and the company's relatively high debt-to-equity ratio. A fair-value assessment should consider whether earnings growth and the planned capacity expansion can be sustained while taking these execution and working-capital risks into account.