Johnsoncab Electricals IPO Analysis: GMP, Financials, Valuation & Risks

Summary

Johnsoncab Electricals is an upcoming BSE SME IPO with a price band of ₹190 to ₹200 per share. The issue is scheduled to open on October 30, 2026, and close on November 3, 2026.

The company’s revenue and profit increased from FY2024 to FY2026. Its financial profile also includes borrowings of ₹7,987.70 lakh and negative operating cash flow of ₹1,970.06 lakh in FY2025–26, which weigh on the growth picture.

IPO snapshot

The issue information lists the retail minimum and maximum as 2 lots and 1,200 shares. S-HNI minimum is 3 lots or 1,800 shares, S-HNI maximum is 8 lots or 4,800 shares, and B-HNI minimum is 9 lots or 5,400 shares.

Business

Incorporated in November 2020, Johnsoncab Electricals manufactures low-voltage wires and cables up to 1.1 kV under the JOHNSON CABLES brand. Its products include control cables, power cables, building wires, welding cables, solar cables and submersible flat cables for infrastructure, renewable energy, railways and industrial applications.

The company operates two manufacturing facilities in Mehsana, Gujarat. Their combined installed capacity was 79,950 KMS per annum in FY2026. It sells to private-sector customers and government entities through direct orders, tenders and vendor approval processes. Its products have ISO and BIS certifications.

Financials

The financial figures below are reported as published. The unit isn't stated in the figures provided here.

Revenue, EBITDA and profit after tax increased across the reported periods. Borrowings also rose over that span. The FY2025–26 disclosures report negative operating cash flow of ₹1,970.06 lakh.

Valuation

The published valuation figures include a basic EPS of 17.81 and NAV of 40.47. The price-to-book value is 4.94. The reported ROE is 58.75%, ROCE is 39.68%, and return on net worth is 42.68%.

The reported PAT margin is 6.38%, EBITDA margin is 11.43%, and debt-to-equity ratio is 2.54. The price-to-earnings ratio isn't stated as a figure.

GMP

The unofficial grey market premium (GMP) was ₹0 on October 28, 2026, at 9:05 am IST. GMP is an unofficial grey market quote, not an exchange figure. It can change, and listing outcomes often differ from grey market quotes.

Strengths

• The company expanded to two Mehsana manufacturing units, with combined installed capacity of 79,950 KMS in FY2026, compared with 34,500 KMS in FY2024.
• Actual production increased from 25,250 KMS in FY2024 to 63,659 KMS in FY2026. Capacity utilisation rose from 73.19% to 79.62% over the same periods.
• FY2026 EBITDA margin was 11.43% and PAT margin was 6.38%.
• The company has vendor approvals including Western Railway, UGVCL, JVVNL and Gujarat State Road Transport Corporation, and holds ISO and BIS certifications.
• It holds a patent, granted in 2023, for an improved three-core, double-insulated flat cable for submersible pumps.

Risks

• Borrowings of ₹7,987.70 lakh, a debt-to-equity ratio of 2.54 and working capital of ₹7,773.81 lakh accompany negative operating cash flow of ₹1,970.06 lakh in FY2025–26.
• Raw-material supply is uncontracted and input prices are volatile. Cost of goods sold was 85.12% of revenue in FY2025–26.
• The top 10 customers contributed 66.24% of revenue, while Gujarat contributed 70.91%, creating customer and geographic concentration.
• Operations depend heavily on Unit-I, leased premises and third-party transport. Production disruption and labour attrition are also disclosed risks.
• The ₹2,621.33 lakh expansion depends solely on IPO proceeds. Management estimates have not been appraised by an external agency, and machinery orders for up to ₹937.75 lakh had not been placed.
• New Paper Covered Copper and Aluminium Conductors may not gain market acceptance. Changes in cable markets, end industries, the economy or geopolitics could affect demand.
• The company also discloses risks relating to promoter control, historical statutory filing delays, share-price and trading restrictions, tax exposure, and limits on bid withdrawal or resale.

Important dates

Promoters

The promoters are Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel and Bhavanaben Chandreshkumar Patel.

FAQs

What is the Johnsoncab Electricals IPO price band?

The price band is ₹190 to ₹200 per share.

When does the IPO open and close?

It opens on October 30, 2026, and closes on November 3, 2026.

What is the retail application size?

The listed retail minimum and maximum are both 2 lots, or 1,200 shares, for ₹2,40,000.

What was the latest GMP quote?

The unofficial grey market premium was ₹0, recorded on October 28, 2026, at 9:05 am IST.

What does Johnsoncab Electricals make?

It manufactures low-voltage wires and cables for infrastructure, renewable energy, railways, construction and industrial applications.

Sources

• Draft Red Herring Prospectus (DRHP)
• BSE: public issues
• ipowatch: IPO details and unofficial GMP
• ipowatch: IPO GMP table (unofficial)

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