An extensive breakdown of Johnsoncab Electricals Limited's ₹56.02 Crore initial public offering, examining market valuation, balance sheet health, growth strategy, and key operational metrics.
Johnsoncab Electricals Limited is entering the primary market with a fresh capital issue of ₹56.02 Crores. Operating out of Gujarat, the manufacturer produces low-voltage cables up to 1.1 kV under the brand name "JOHNSON CABLES". The public offering is slated to open for bidding from October 30, 2026, through November 3, 2026, priced between ₹190 and ₹200 per equity share.
| Parameter | Offer Specifications |
|---|---|
| Issue Type | Book Built SME Initial Public Offer |
| Face Value | ₹10 per Equity Share |
| Price Band Range | ₹190 to ₹200 per share |
| Application Lot Size | 600 Shares |
| Total Issue Size | 28,00,800 Equity Shares (Aggregating up to ₹56.02 Cr) |
| Fresh Capital Portion | 28,00,800 Equity Shares (Entire Issue) |
| Market Maker Reservation | 1,41,600 Equity Shares (Aggregating up to ₹2.83 Cr) |
| Net Public Offer | 26,59,200 Shares (Aggregating up to ₹53.18 Cr) |
| Estimated Market Cap | ₹211.42 Crores (at Upper Band) |
| Listing Exchange | BSE SME Platform |
Incorporated in November 2020, Johnsoncab Electricals Limited has rapidly established itself as a key manufacturer of low-voltage wires and cables rated up to 1.1 kV. Operating under the flagship brand name “JOHNSON CABLES”, the company addresses the demanding infrastructural requirements of power transmission, distribution networks, renewable energy developments, railway electrification, and general industrial sectors.
The business operates two manufacturing plants situated in Mehsana, Gujarat. Together, these facilities command an aggregate production capacity of 79,950 kilometers per annum as of Fiscal 2026. Their operational setup covers the full manufacturing spectrum—including rod drawing, annealing, wire bunching, insulation extrusion, quality testing, and automated packaging.
Retail investors are required to apply for a minimum of 2 lots (1,200 equity shares), while Non-Institutional/HNI categories are split into High-Net-Worth tiers as detailed below:
| Investor Category | Minimum Lots | Total Shares | Minimum Investment (at Cut-off) |
|---|---|---|---|
| Retail Individual (Min) | 2 Lots | 1,200 Shares | ₹2,40,000 |
| Retail Individual (Max) | 2 Lots | 1,200 Shares | ₹2,40,000 |
| Small HNI (S-HNI Min) | 3 Lots | 1,800 Shares | ₹3,60,000 |
| Small HNI (S-HNI Max) | 8 Lots | 4,800 Shares | ₹9,60,000 |
| Big HNI (B-HNI Min) | 9 Lots | 5,400 Shares | ₹10,80,000 |
Johnsoncab Electricals Limited has logged robust operational growth over the past three fiscal cycles. Total revenues scaled from ₹88.95 Cr in FY24 to ₹211.34 Cr in FY26, representing a 2-year growth trajectory driven by capacity expansion and market reach.
| Financial Metrics (₹ in Crores) | FY 2023-24 | FY 2024-25 | FY 2025-26 |
|---|---|---|---|
| Total Gross Revenue | ₹88.95 | ₹140.00 | ₹211.34 |
| EBITDA | ₹5.42 | ₹12.14 | ₹24.06 |
| Profit After Tax (PAT) | ₹2.52 | ₹5.46 | ₹13.42 |
| Total Asset Base | ₹48.44 | ₹64.28 | ₹126.64 |
| Net Worth | ₹8.88 | ₹14.24 | ₹31.44 |
| Reserves & Surplus | ₹5.88 | ₹11.24 | ₹23.67 |
| Total Borrowings | ₹32.81 | ₹41.79 | ₹79.88 |
| Key Ratio / Valuation Metric | Value / Multiple |
|---|---|
| Pre-Issue Earnings Per Share (EPS) | ₹17.27 |
| Post-Issue Diluted EPS | ₹12.69 |
| Net Asset Value (NAV) per Share | ₹40.47 |
| Price to Book Value (P/B Multiple) | 4.94x |
| PAT Margin (%) | 6.38% |
| EBITDA Margin (%) | 11.43% |
The net proceeds from the fresh capital issue (estimated around ₹41.91 Crores after market-making allocations and issue expenses) are proposed to be deployed towards specific expansion goals:
| # | Capital Deployment Head | Allocated Amount (₹ Cr) |
|---|---|---|
| 1 | Construction of new Factory Shed for operational expansion | ₹7.89 |
| 2 | Procurement of additional machinery for core production lines | ₹9.90 |
| 3 | Machinery setup for Paper Insulated Copper/Aluminium Conductors | ₹6.89 |
| 4 | Installation of captive Rooftop Solar Power Plant | ₹3.23 |
| 5 | Funding incremental Working Capital Requirements | ₹14.00 |
| 6 | General Corporate Requirements & Issue Expenses | Balance Amount |
The Promoters of Johnsoncab Electricals Limited are Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel, and Bhavanaben Chandreshkumar Patel.
| Shareholding Category | Pre-Issue Holding (%) | Post-Issue Holding (%) |
|---|---|---|
| Promoter & Promoter Group | 100.00% | 73.50% |
| Public Shares | 0.00% | 26.50% |
ISK Advisors Private Limited
Responsible for managing book building and capital structure execution for the offering.
Maashitla Securities Private Limited
Phone: 011-45121795
Email: contact@maashitla.com
Johnsoncab Electricals Limited
Survey No. 930, Jagudan Char Rasta, Mehsana-Ahmedabad Highway, At Linch, Jagudan, Mehsana, Gujarat - 382710, India.
Contact Phone: +91 96387 54022
Email Support: office@johnsoncables.com
The public issue opens for bidding on Friday, October 30, 2026, and closes on Tuesday, November 3, 2026.
The minimum lot size is set at 2 lots (1,200 shares). At the top end of the price band (₹200), retail investors require ₹2,40,000 to apply.
Applications can be submitted via ASBA through your internet banking portal or by utilizing UPI payment links offered by registered stockbrokers.
The equity shares are proposed to list on the BSE SME exchange platform on the tentative listing date of Friday, November 6, 2026.
Johnsoncab Electricals has demonstrated substantial top-line and bottom-line expansion, backed by return ratios such as an ROE of 58.75%. The fresh issue proceeds aim directly at capacity expansion and vertical integration. However, prospective investors should weigh these operational positives against the company's notable financial leverage (Debt-to-Equity ratio of 2.54) and working capital demands before bidding.
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