Johnsoncab Electricals Limited IPO

Johnsoncab Electricals Initial Public Offering is a book-built issue of ₹56.02 crore. The issue is entirely a fresh issue of 28.01 lakh shares, aggregating to ₹56.02 crore.

Johnsoncab Electricals Initial Public Offering has a price band of ₹190 to ₹200 per share. The lot size for an application is 600 shares. The minimum investment required by an individual retail investor is ₹2,40,000 for 1,200 shares, based on the upper price band. The minimum investment required for a High Net-worth Individual is ₹3,60,000 for 3 lots, comprising 1,800 shares.

ISK Advisors Private Limited is the book-running lead manager, and Maashitla Securities Private Limited is the registrar of the issue.

About Johnsoncab Electricals Limited

Johnsoncab Electricals Limited was originally established as a partnership firm on February 2, 2012, under the name M/s. Johnson Cables. The partnership firm was subsequently converted into a private limited company on November 12, 2020, and later into a public limited company on December 5, 2025. The company is an India-based manufacturer of low-voltage wires and cables, operating under the brand name “JOHNSON CABLES.” Its products are used in power transmission and distribution infrastructure, renewable energy integration, railways, and allied industrial applications. The company holds ISO and Bureau of Indian Standards certifications for its products.

The company's product portfolio includes power cables, control cables, industrial single-core and multicore cables, housing and building wires, and special-purpose cables. Its specialised products include welding cables, solar and photovoltaic cables, and submersible flat cables. These products are manufactured to serve different electrical and industrial applications, supporting power supply, control systems, renewable energy installations, and infrastructure development. The company manufactures cables with different specifications to address the requirements of its customers across these applications.

Johnsoncab Electricals Limited operates two manufacturing units, Unit I and Unit II, located in Mehsana, Gujarat. As of the financial year ended March 31, 2026, the combined annual installed manufacturing capacity of the two units stood at 79,950 kilometres. The manufacturing facilities are equipped with machinery for wire drawing, annealing, bunching, insulation, extrusion, testing, and packaging. The company has also upgraded its facilities through the installation of automatic and semi-automatic machinery to enhance its manufacturing capabilities. In 2025, it established its second manufacturing facility at Mehsana, Gujarat, and in 2026, it established a depot in Karnataka to support the storage and distribution of its products in southern India.

The company's products cater to private-sector customers and government entities. It secures orders through direct participation in tenders and vendor approval processes. Its end-use markets include power transmission and distribution, renewable energy, railways, and other industrial applications. The company's product range enables it to serve different segments of the electrical infrastructure and industrial markets. Its manufacturing capabilities, product variety, and distribution arrangements support its participation in these sectors.

For the financial year ended March 31, 2026, Johnsoncab Electricals Limited reported revenue from operations of ₹210.47 crore and profit after tax of ₹13.42 crore. For the financial year ended March 31, 2025, the company reported revenue from operations of ₹139.79 crore and profit after tax of ₹5.46 crore. For the financial year ended March 31, 2024, revenue from operations stood at ₹88.34 crore, while profit after tax was ₹2.52 crore. The company's revenue from operations increased by 50.56% in the financial year 2025–26 and 58.24% in the financial year 2024–25, according to the restated financial information disclosed in the Draft Red Herring Prospectus.

The company's business model is based on manufacturing and supplying low-voltage wires and cables for electrical infrastructure, renewable energy, railways, and industrial applications. Its operations are supported by two manufacturing facilities, a range of specialised cable products, quality certifications, and distribution arrangements. By serving multiple end-use segments and offering products across different cable categories, the company aims to address varied customer requirements in the electrical equipment market. Its manufacturing capacity, expanding revenue, and diversified product portfolio form the foundation of its business operations.

Industry Outlook

• The Indian wires and cables market was valued at USD 9.32 billion in 2024 and is projected to grow from USD 10.01 billion in 2025 to USD 17.08 billion by 2032, registering a compound annual growth rate of 7.94% during the forecast period.
• Rising investments in power generation, transmission, and distribution infrastructure are driving demand for wires and cables. Grid expansion, increasing electricity requirements, and the need to connect power generation facilities with end consumers are expected to support market growth.
• The expansion of renewable energy infrastructure, particularly solar and wind power projects, is creating demand for specialised cables. Photovoltaic installations require durable solar cables to connect electrical components, while India's target of achieving 500 gigawatts of non-fossil fuel energy capacity by 2030 is expected to support further demand.
• Railway electrification and infrastructure development represent important growth opportunities for the wires and cables industry. Investments in railway networks, metro projects, and other transportation infrastructure require cables for power distribution, electrical connections, and control systems.
• The construction sector contributes to demand for housing and building wires used in residential, commercial, and industrial properties. Increasing construction activity and infrastructure development are expected to support the requirement for reliable electrical wiring and distribution systems.
• Industrial sectors, including manufacturing, oil and gas, chemicals, and other infrastructure-related industries, require specialised power and control cables for electrical equipment and industrial control systems. Demand from these applications supports the need for cables designed to meet specific operational and environmental requirements.
• The growing scale of renewable energy installations is increasing the requirement for transmission infrastructure to transport electricity from generation centres to consumption centres. The industry overview highlights that India's target of 500 gigawatts of non-fossil energy capacity by 2030 is expected to drive investment in transmission networks and associated electrical equipment.
• The wires and cables industry faces challenges from competition among established domestic and multinational manufacturers, as well as regional producers. Fluctuations in the prices of key raw materials, including copper, aluminium, and polymers, can affect manufacturing costs and profitability. Changes in construction and industrial activity, along with regulatory and policy developments, may also influence market demand and operating performance.

Johnsoncab Electricals IPO Objectives

The company proposes to utilise the net proceeds from the Issue towards the following objectives:

• Funding capital expenditure requirements.
• Towards working capital requirements.
• Towards general corporate purposes.

Financial Performance of Johnsoncab Electricals Limited

Johnsoncab Electricals Limited Peer Details Comparison