Johnsoncab Electricals Ltd IPO
Cables
Price Band
₹190 – ₹200
Lot Size
600
Minimum Bid Quantity
1200
Minimum Investment
₹240000
Issue Size
₹56.02Cr
Opens
2026-10-30
Closes
2026-11-03
Listing
06-11-2026
Subscription Status
Qualified Institutional Buyers
20.19 x
Non-Institutional Investor
31.46 x
Retail Individual Investor
17.53 x
Total
21.99 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1ZSR01011
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Johnsoncab Electricals Limited is engaged in the manufacturing of low-voltage wires and cables with voltage ratings of up to 1.1 kV. The company was originally established as a partnership firm in 2012 and manufactures and sells its products under the brand name ‘Johnson Cables.' Its product portfolio includes power cables, housing and building wires, industrial single-core and multicore control cables, submersible flat cables, solar and photovoltaic cables, and welding cables. These products are used across sectors such as power generation, transmission and distribution, renewable energy, railways, construction, manufacturing, agriculture and industrial operations. The company operates two manufacturing units in Mehsana, Gujarat, with a combined annual installed capacity of 79,950 kilometres as of FY26. Its manufacturing processes include wire drawing, annealing, bunching, insulation, extrusion, testing, and packaging. The company serves private sector customers and government entities through direct orders, tenders, and vendor approval processes. Use of proceeds: The IPO is a fresh issue of shares. The proceeds from the issue will be utilised for the following purposes: Funding the capital expenditure requirements of the company towards Construction of additional factory shed for expansion - Rs 7.89 crore Purchase of additional plant & machinery for increasing the production capacity - Rs 9.38 crore Purchase of new machinery to manufacture paper-insulated copper/aluminium conductors - Rs 5.72 crore Purchase and set up a rooftop solar power plant - Rs 3.23 crore Additional working capital requirement - Rs 14 crore General corporate purposes
Pros
- • Johnsoncab Electricals has reported consistent growth in revenue from operations, increasing from Rs 88.34 crore in FY24 to Rs 139.79 crore in FY25 and Rs 210.47 crore in FY26. Its profit after tax (PAT) also increased from Rs 2.52 crore in FY24 to Rs 5.46 crore in FY25 and Rs 13.42 crore in FY26.
- • The company invested Rs 9.84 crore in FY24, Rs 1.65 crore in FY25, and Rs 16.90 crore in FY26 in plant, machinery, equipment, factory buildings, and sheds. As of March 31, 2026, its two manufacturing units had a combined annual installed capacity of 79,950 kilometres of wires and cables. These investments support increased production capacity and the manufacture of different cable specifications.
- • The company generates revenue from both private entities and government customers. Revenue from public sector units and state government agencies increased from Rs 4.92 crore (5.57%) in FY24 to Rs 25.98 crore (18.58%) in FY25 and Rs 39.75 crore (18.89%) in FY26. Revenue from private entities stood at Rs 83.41 crore, Rs 113.81 crore, and Rs 170.72 crore, respectively. This provides the company with access to business opportunities across both customer segments.
Cons
- • The company does not have long-term agreements with most of its raw material suppliers. Purchases from its top 10 suppliers amounted to Rs 30.00 crore (36.38%) in FY24, Rs 76.54 crore (64.05%) in FY25 and Rs 97.48 crore (49.30%) in FY26. The company also does not hedge against fluctuations in copper, aluminum, and other raw material prices. Any supply disruption or increase in raw material costs that cannot be passed on to customers could affect production, profitability, and cash flows.
- • The company generates a significant portion of its revenue from a limited number of customers. Its top 10 customers contributed Rs 24.89 crore (28.18%) in FY24, Rs 72.50 crore (51.87%) in FY25 and Rs 139.41 crore (66.24%) in FY26. The company does not have long-term or exclusive arrangements with these customers. The loss of major customers or a reduction in their orders could significantly affect revenue, profitability, and cash flows.
- • The company generates a substantial portion of its revenue from Gujarat. Revenue from the state amounted to Rs 68.40 crore (77.43%) in FY24, Rs 98.55 crore (70.50%) in FY25, and Rs 149.24 crore (70.91%) in FY26. Any adverse changes in regional demand, infrastructure spending, government policies, or economic conditions could affect the company's sales and profitability.
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