Johnsoncab Electricals has launched its book-built initial public offering to raise ₹56.02 crores entirely through a fresh issue of equity shares with a face value of ₹10 each. The bidding window opened on October 30, 2026, and is scheduled to close on November 3, 2026. Operating from Mehsana, Gujarat, the company manufactures low-voltage wires and cables up to 1.1 kV and distributes them under the brand name “JOHNSON CABLES” to diverse industrial, governmental, and private clients.
Issue Structure and Timeline
The price band for the offering is fixed between ₹190 and ₹200 per share. Investors must apply for a minimum market lot of 1,200 shares, requiring an upfront application amount of ₹2,40,000 for retail investors. The reservation structure allocates 50% of the net issue to Qualified Institutional Buyers (QIBs), 35% to retail investors, and 15% to Non-Institutional Investors (NIIs).
Following the close of bidding, the basis of allotment will be finalized on November 4, 2026, with refunds and credit of shares to demat accounts occurring on November 5, 2026. The equity shares are slated to list on the BSE SME platform on November 6, 2026.
Company Overview and Manufacturing Capacities
Founded in November 2020, Johnsoncab Electricals produces a broad spectrum of electrical transmission products, including control cables, power cables, industrial single- and multicore control cables, housing and building wires, welding cables, solar or photovoltaic cables, and submersible flat cables. These products cater to power infrastructure, transmission and distribution, renewable energy installations, railways, and other industrial applications.
The company houses its manufacturing operations across two facilities located in Mehsana, Gujarat. These plants are outfitted with dedicated machinery for wire drawing, annealing, bunching, insulation, extrusion, testing, and packaging.
Objects of the Issue
Johnsoncab Electricals intends to deploy the net proceeds from the fresh issue toward specific capital expenditure requirements and working capital expansion:
- ₹7.89 crores allocated for constructing an additional factory shed for expansion.
- ₹9.90 crores designated for purchasing additional plant and machinery to increase overall production capacity.
- ₹6.89 crores earmarked for acquiring new machinery dedicated to manufacturing paper-insulated copper and aluminium conductors.
- ₹3.23 crores assigned to purchase and set up a rooftop solar power plant.
- ₹14.00 crores directed toward incremental working capital requirements.
Financial Performance
The company has demonstrated rapid revenue and profit scaling over recent fiscal reporting periods, according to the available financial statements.
| Period Ended | Revenue (₹ Crores) | Expenses (₹ Crores) | PAT (₹ Crores) | Total Assets (₹ Crores) |
|---|---|---|---|---|
| FY 2024 | ₹88.95 | ₹85.65 | ₹2.52 | ₹48.44 |
| FY 2025 | ₹140.00 | ₹132.63 | ₹5.46 | ₹64.28 |
| FY 2026 | ₹211.34 | ₹193.40 | ₹13.42 | ₹126.64 |
| August 2026 | ₹113.33 | ₹101.77 | ₹8.63 | ₹132.07 |
Market and Business Analysis
Market Impact and Investor Sentiment
The offering arrives amid strong demand for specialized manufacturing and electrical infrastructure components on SME exchanges. The structuring of the issue, which features a substantial QIB allocation alongside anchor participation of 7,95,000 shares, reflects institutional engagement. The minimum application requirement of ₹2,40,000 naturally filters participation toward high-net-worth retail participants and seasoned SME investors.
Financial and Valuation Analysis
A review of the financials reveals substantial top-line and bottom-line expansion. Revenue surged from ₹88.95 crores in FY 2024 to ₹211.34 crores in FY 2026, marking an aggressive growth trajectory. Profit after tax (PAT) followed a similar upward curve, moving from ₹2.52 crores to ₹13.42 crores over the same period. For the stub period ending August 2026, the company recorded revenue of ₹113.33 crores and a PAT of ₹8.63 crores.
| Financial Metric | Reported Value | Analysis |
|---|---|---|
| Return on Equity (ROE) | 58.75% | Indicates strong capital efficiency in generating returns for shareholders. |
| Return on Capital Employed (ROCE) | 39.68% | Reflects effective utilization of total capital across operations. |
| EBITDA Margin | 11.43% | Demonstrates operational profitability relative to total operating revenue. |
| PAT Margin | 6.38% | Shows net conversion of revenue into bottom-line profit after expenses. |
| Debt-to-Equity Ratio | 2.54 | Points to a leveraged balance sheet that requires ongoing debt servicing management. |
| Basic EPS (FY 2026) | ₹17.81 | Provides the per-share earnings baseline for valuation comparisons. |
Company and Business Impact
Johnsoncab Electricals operates within a capital-intensive manufacturing segment tied closely to national power transmission, renewable energy buildouts, and railway infrastructure. The deployment of IPO proceeds into factory sheds, plant machinery, and a rooftop solar installation aims to debottleneck production and improve operational margins through captive green energy generation. However, the reported debt-to-equity ratio of 2.54 highlights that the company relies significantly on debt financing alongside internal accruals, making successful execution of capacity expansion critical for maintaining debt-servicing capabilities.
Key Takeaways
- Johnsoncab Electricals is raising ₹56.02 crores via a fresh issue on the BSE SME platform.
- The IPO price band is set at ₹190 to ₹200 per share with a lot size of 1,200 shares.
- Bidding runs from October 30, 2026 to November 3, 2026, with listing anticipated on November 6, 2026.
- Revenue grew to ₹211.34 crores in FY 2026 from ₹88.95 crores in FY 2024, while PAT expanded to ₹13.42 crores.
- Proceeds will fund facility construction, specialized machinery purchases, a solar power plant, and working capital.
- Key return metrics include an ROE of 58.75% and ROCE of 39.68%, alongside a debt-to-equity ratio of 2.54.
Frequently Asked Questions
Johnsoncab Electricals IPO is looking to raise ₹56.02 crores via a fresh issue of equity shares.
The IPO opens on October 30, 2026, and closes on November 3, 2026.
The price band is set between ₹190 and ₹200 per share, with a minimum market lot of 1,200 shares requiring an investment of ₹2,40,000.
The IPO is scheduled to list on the BSE SME platform on November 6, 2026.
For FY 2026, the company reported revenue of ₹211.34 crores and a profit after tax of ₹13.42 crores.
The retail quota is 35%, QIB is 50%, and HNI/NII is 15%.
The proceeds will be used for constructing an additional factory shed, purchasing plant and machinery for general and specialized conductor manufacturing, setting up a rooftop solar power plant, and funding working capital requirements.
The promoters of the company are Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel, and Bhavanaben Chandreshkumar Patel.
