The ₹56.02 crore issue is priced at ₹190–₹200 per share. The Gujarat-based cable manufacturer plans to expand its factory infrastructure and production capacity.
Johnsoncab Electricals Ltd. is raising ₹56.02 crore through an initial public offering of 28,00,800 equity shares. The issue opened on October 30, 2026, and closes on November 3, 2026.
The company manufactures low-voltage wires and cables used in power distribution, renewable energy projects, railways, buildings and industrial applications. Its shares are proposed to list on the BSE SME platform.
At the upper price band of ₹200, the minimum application of 1,200 shares requires an investment of ₹2,40,000.
IPO Details
| Particulars | Details |
|---|---|
| Company | Johnsoncab Electricals Ltd. |
| IPO size | ₹56.02 crore |
| Issue type | Book-built fresh issue |
| Shares offered | 28,00,800 |
| Face value | ₹10 |
| Price band | ₹190–₹200 |
| Lot size | 600 shares |
| Minimum application | 1,200 shares |
| Minimum investment | ₹2,40,000 |
| Opening date | October 30, 2026 |
| Closing date | November 3, 2026 |
| Listing platform | BSE SME |
| Post-issue market capitalisation | ₹211.42 crore |
| Lead manager | ISK Advisors Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market makers | ISK Equities Pvt. Ltd. and Sunflower Broking Pvt. Ltd. |
The offering represents 26.50% of the company’s post-issue equity capital.
GMP
The grey market is not quoted.
The grey market is unofficial and unregulated. GMP may change during the day and does not guarantee the listing price.
About Company
Johnsoncab Electricals manufactures low-voltage wires and cables rated up to 1.1 kV. Its products are sold under the JOHNSON CABLES brand.
The portfolio includes power cables, control cables, industrial single-core and multicore cables, housing wires, welding cables, solar photovoltaic cables and submersible flat cables.
These products are used in electricity distribution networks, renewable energy installations, industrial projects, railways and building infrastructure.
The company operates two manufacturing units in Mehsana, Gujarat. Their combined installed manufacturing capacity was 79,950 kilometres annually as of FY26, according to an independent engineering certification dated September 15, 2026.
Its production processes include wire drawing, annealing, bunching, insulation, extrusion, testing and packaging. The company has been upgrading its facilities with automatic and semi-automatic machinery.
Johnsoncab supplies both private customers and government entities, including through tenders and vendor approval processes.
As of September 30, 2026, the company had 193 employees, including 114 contract workers.
Financials
Johnsoncab has reported substantial growth in revenue and net profit over the last three financial years.
| Particulars (₹ crore) | FY24 | FY25 | FY26 | 5M FY27 |
|---|---|---|---|---|
| Total income | 88.95 | 140.00 | 211.34 | 113.33 |
| Net profit | 2.52 | 5.46 | 13.42 | 8.63 |
| PAT margin | 2.86% | 3.91% | 6.38% | 7.64% |
| RoCE | 19.89% | 32.56% | 39.68% | 21.55% |
5M FY27 refers to the five months ended August 31, 2026. Margins are as reported in the supplied IPO analysis.
Total income increased from ₹88.95 crore in FY24 to ₹211.34 crore in FY26, while net profit rose from ₹2.52 crore to ₹13.42 crore.
For the five months ended August 31, 2026, the company reported income of ₹113.33 crore and net profit of ₹8.63 crore.
Profit margins have also expanded, with the reported PAT margin increasing from 2.86% in FY24 to 7.64% in the latest five-month period.
This improvement is significant because wire and cable manufacturing is a competitive industry where raw material costs, pricing and production efficiency can influence profitability.
Debt and Receivables
As of August 31, 2026, Johnsoncab reported trade receivables of ₹26.81 crore and contingent liabilities of ₹7.31 crore.
Its debt-to-equity ratio stood at 1.94.
The company’s borrowings, working capital requirements and collection cycle are relevant to understanding its cash flow position, particularly as it undertakes further capacity expansion.
Valuation
At the upper issue price of ₹200, Johnsoncab Electricals is seeking a post-issue market capitalisation of approximately ₹211.42 crore.
| Valuation metric | Value |
|---|---|
| Three-year average EPS | ₹11.11 |
| Average RoNW | 38.87% |
| NAV per share, August 31, 2026 | ₹51.58 |
| Price-to-book value | 3.88 times |
| P/E based on FY26 earnings | 15.76 times |
| P/E based on annualised 5M FY27 earnings | 10.20 times |
The lower P/E multiple based on annualised FY27 earnings reflects the stronger profit reported during the first five months. It assumes that this earnings pace continues over a full year.
The offer document identifies Prime Cable, JD Cables and Susan Electricals as listed peers. Their reported P/E multiples as of October 28, 2026, were 24.4, 12.4 and 18.4, respectively.
Differences in company size, product mix, margins and operating structure can affect the usefulness of these comparisons.
Use of Proceeds
Johnsoncab intends to use the IPO proceeds primarily for manufacturing expansion and working capital.
| Proposed use | Amount |
|---|---|
| Factory expansion, construction, machinery and rooftop solar plant | ₹28.40 crore |
| Working capital | ₹14.00 crore |
| General corporate purposes | Balance |
The expansion expenditure covers factory shed development, civil construction, additional plant and machinery, and the purchase of a rooftop solar power plant.
The working capital allocation is intended to support the company’s operating requirements.
Capital History
Before the IPO, Johnsoncab had 77,70,000 equity shares outstanding. Following the fresh issue, the number will rise to 1,05,70,800 shares.
The company issued equity shares at ₹140 apiece between January and March 2026. It also issued bonus shares in the ratio of 150 for every 100 shares in December 2025.
Johnsoncab has not paid dividends during the periods covered by the offer document.
IPO Timetable
| Event | Date |
|---|---|
| IPO opens | Friday, October 30, 2026 |
| IPO closes | Tuesday, November 3, 2026 |
| Basis of allotment | Wednesday, November 4, 2026 |
| Refunds / ASBA unblocking | Thursday, November 5, 2026 |
| Demat credit | Thursday, November 5, 2026 |
| Expected BSE SME listing | Friday, November 6, 2026 |
The post-closure dates are indicative and subject to the final registrar and exchange schedule.
