Kolkata: Power transmission cable manufacturer JD Cables Limited has seen a 30% rise in Profit After Tax(PAT) to ₹31.72 crore in FY26 from ₹22.03 Crore a year earlier as the company has witnesses stronger demand for its products. For the year ended March 31, the company has a total order book value of ₹515 Crores from domestic utilities and infrastructure developers as they look to upgrade the national electrical grid.
Capitalizing on the Infrastructure Supercycle
This expansion has come from structural spending shifts within India’s power distribution framework:
- Expanding the Order Book: The company has won repeated orders from multiple State Electricity Boards (SEBs) across Northern and Eastern India.
- Boosting Manufacturing and Portfolio Expansion: To meet demand, it is actively scaling up its manufacturing bases, boosting plant capacity utilizations besides adding a fourth manufacturing unit in Dankuni, West Bengal. This will also cater to high-value product lines like High-Thermal Low-Sag (HTLS) and High-Tension (HT) cables.
Margin Compression Under the Lens
Despite the top-line expansion and the 30% rise in PAT, the company reports a minor contraction in its PAT margins by 0.10% due to increased input costs.
- Higher Input Cost Dynamics: Higher input costs for copper and aluminum have put pressure on the company’s core products and impacted its margins.
- Elevated EPC Integration Costs: With its transition to complex Engineering, Procurement, and Construction (EPC) infrastructure, increased costs of engineering, deployment overheads and initial project mobilization expenses have outpaced its supply margins.
- Optimized Structural Leverage: Despite the minor margin compression, the sheer volume of orders have helped the firm distribute administrative costs effectively, shielding the absolute net profit from a wider commodity-driven squeeze.
“We are pleased to report a strong performance for both H2 FY26 and FY26. Our revenue growth of 70% during the second half of the year and 46% for the full year reflects the strength of our customer relationships, product quality and execution capabilities. The demand environment across infrastructure, industrial and power sectors remain encouraging, supported by increasing investments in economic development and electrification initiatives. During the year, we continued to focus on operational efficiency, customer expansion and strengthening our business fundamentals. With a healthy balance sheet, improved financial ratios and a growing market opportunity, we remain confident of sustaining our growth momentum while creating long-term value for all stakeholders.” Mr. Piyush Garodia, Director, JD Cables, said in a press release.
FY26 Financial Performance Summary
| Parameter | Full Year FY26 (Ended 31/03/2026) | Full Year FY25 (Ended 31/03/2025) | Year-on-Year (YoY) Change (%) | Core Operational Catalysts & Explanatory Variables |
| Total Revenue from Operations | ₹364.59 Crore | ₹250.53 Crore | Up 45.53% | Driven by robust infrastructure demand, higher plant utilization, and rapid execution of major cable and conductor supply orders. |
| Total Operational Expenditures | ₹317.08 Crore | ₹216.40 Crore | Up 31.75% | Reflects expanded manufacturing volumes alongside elevated input spending for raw metals and EPC project setups. |
| Profit After Tax (PAT / Net Profit) | ₹31.72 Crore | ₹22.03 Crore | Up 43.98% | Achieved a strong absolute profit surge on robust demand volumes from state utility boards and EPC contractors. |
| Net PAT Margin (%) | 8.70% | 8.80% | Down 0.10% | Contracted slightly by 10 basis points due to a shifting product mix and temporary commodity raw material cost friction. |
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
