Johnsoncab Electricals IPO
Johnsoncab Electricals shares listed on BSE SME on 6 November 2026 after an IPO priced at ₹190 to ₹200, an issue of ₹56.02 crore.
- Minimum investment
- ₹2,40,0002 lots of 600 shares, at the upper price
- Price band
- ₹190 to ₹200
- Lot size
- 600 sharesApply for 2 lots minimum
- Issue size
- ₹56.02 croreFresh issue only
- Bidding
- 30 Oct to 3 Nov
- Listing
- 6 NovBSE SME
Dates
Johnsoncab Electricals IPO dates
RHP cover page and Terms of the Issue (p. 411)- 29 OctAnchor bidding
- 30 OctBidding opens
- 3 NovBidding closes, UPI by 5 pm
- 4 NovAllotment
- 5 NovRefunds and demat credit
- 6 NovListing
Read before you apply
Johnsoncab Electricals IPO review: read before you apply
Worth checking
- SeriousHigh debt
Borrowings were ₹77.57 crore in August 2026 against net worth of ₹40.08 crore. Debt to equity was 2.54 in FY26 and 1.94 in August 2026 (Risk factor 6, RHP Basis for Issue Price).
- SeriousCash flow was negative
Operating cash flow was negative in FY24, FY25 and FY26, at -₹19.70 crore in FY26, as stock and receivables grew. It was ₹7.65 crore in April to August 2026 (Risk factor 12).
- Mostly one state
Gujarat gave 70.91% of FY26 revenue and 76.37% in April to August 2026 (Risk factor 5).
- Power sector dependence
The power industry gave 42.12% of FY26 revenue (Risk factor 10).
- Rights issue at ₹140
Shares were issued at ₹140 in a rights issue in January and March 2026, and a bonus issue followed (RHP, Basis for Issue Price and Capital Structure).
Strengths
- Fast growth
Revenue grew 54.4% a year from FY24 to FY26 to ₹210.47 crore (our calculation from the restated financial statements).
- Margins improving
EBITDA margin rose from 6.14% in FY24 to 11.43% in FY26 and 13.55% in April to August 2026 (RHP, Basis for Issue Price, KPIs).
- High returns
Return on equity was 58.75% and return on capital employed 39.68% in FY26 (RHP, Basis for Issue Price, KPIs).
- No litigation
No outstanding cases or tax proceedings are shown against the company, promoters, directors or group companies (Risk factor 17).
What Johnsoncab Electricals does
Johnsoncab Electricals makes low voltage (up to 1.1 kV) wires and cables: control and power cables, house wires, welding, solar and submersible cables. It sells under the Johnson Cables name to private firms and government bodies, often through tenders.
It began as the partnership firm Johnson Cables in 2012 and became a company in 2020. It has two plants in Mehsana, Gujarat. Its promoters are Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel and Bhavanaben Chandreshkumar Patel.
Listing and subscription
Johnsoncab Electricals IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹200
- Listing price
- ₹238.5
- Gain at open
- +19.3%
- Day close
- ₹237.7
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Johnsoncab Electricals IPO price band, lot size and issue size
RHP cover page and The Issue (p. 74 to 75). Up to 1,41,600 shares are reserved for the market maker. Issue size in rupees is our calculation at the upper price of ₹200.| Price band | ₹190 to ₹200 |
| Lot size | 600 shares, minimum 2 lots (1,200 shares) |
| Issue size | ₹56.02 crore at the upper price, 28,00,800 shares |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 127 to 128)| Object of the issue | ₹ crore |
|---|---|
| Construct an additional factory | 8.46 |
| Additional plant and machinery | 9.38 |
| New machinery for new products | 7.33 |
| Rooftop solar plant | 3.23 |
| Additional working capital | 14.00 |
| General corporate purposes (amount set after pricing, capped at 15% of the issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹200 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 1,200 | ₹2,40,000 |
| Small NII (min) | 3 | 1,800 | ₹3,60,000 |
| Small NII (max) | 8 | 4,800 | ₹9,60,000 |
| Big NII (min) | 9 | 5,400 | ₹10,80,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Issue Price (p. 167 to 170)Set to the upper end of the band, ₹200. Change it to see what you would be paying for.
- Market cap
- ₹211 cr
- P/E (FY26, basic and diluted)
- 11.2x
- Price to book
- 5.3x
- Market cap to sales
- 1.0x
- Peer average P/E
- 18.38x
Based on FY26, basic and diluted EPS of ₹17.81, 1.06 crore shares, net worth of ₹40.08 crore (August 2026) and revenue of ₹210.47 crore. Shares is the post-issue count from the RHP. The industry average P/E of 18.38x is from the RHP (p. 168), across Prime Cable Industries, JD Cables and Susan Electricals India.
Financials
Johnsoncab Electricals financials
RHP, Summary of Financial Information and KPIs (p. 77 to 79, 171), ₹ croreRevenue and EBITDA
Revenue grew 54.4% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | 5M FY27 |
|---|---|---|---|---|
| Revenue from operations | 88.34 | 139.79+58.2% | 210.47+50.6% | 113.04−46.3% |
| EBITDA | 5.42 | 12.14 | 24.06 | 15.32 |
| EBITDA margin | 6.14% | 8.68% | 11.43% | 13.55% |
| Profit after tax | 2.52 | 5.46+116.7% | 13.42+145.8% | 8.63−35.7% |
| Diluted EPS (₹) | 3.36 | 7.29 | 17.81 | 11.11 |
| Total equity | 8.88 | 14.24 | 31.44 | 40.08 |
| Cash from operations | -4.27 | -1.73 | -19.70 | 7.65 |
5M FY27 is April to August 2026 and is not annualised. EPS is adjusted for the bonus issue.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 168 and 170)| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Johnsoncab Electricals | 210.47 | 17.81 | 11.23x at ₹200 (ours) | 42.68% |
| Prime Cable Industries | 234.88 | 6.68 | 25.45x | 20.14% |
| JD Cables | 364.59 | 14.07 | 11.56x | 21.70% |
| Susan Electricals India | 269.36 | 11.96 | 18.14x | 47.42% |
The peer average P/E of 18.38x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | 5M FY27 |
|---|---|---|---|---|
| PAT margin | 2.86% | 3.91% | 6.38% | 7.64% |
| Return on equity | 32.93% | 47.27% | 58.75% | 24.14% |
| Return on capital employed | 19.89% | 32.56% | 39.68% | 21.55% |
| Debt to equity | 3.70 | 2.93 | 2.54 | 1.94 |
5M FY27 returns are for five months and are not annualised.
RHP, Basis for Issue Price, KPIs (p. 171)
Company
About Johnsoncab Electricals
Business
RHP, Our Business and Risk Factors 5 and 10Installed capacity was 79,950 km a year in FY26, with 79.62% used. The top 10 customers gave 66.24% of FY26 revenue.
- Installed capacity, FY26
- 79,950 km
- Capacity used, FY26
- 79.62%
- Revenue from Gujarat, FY26
- 70.91%
- Top 10 customers, FY26
- 66.24%
Key risks
RHP, Risk Factors- Regional concentrationMost sales come from Gujarat.
- High debtLarge borrowings are secured on its assets.
- SeasonalityCustomer industries have seasonal demand.
- Power sector dependenceOver 40% of revenue comes from the power industry.
- Working capitalStock and receivables need large working capital.
- Negative cash flowOperating cash flow was negative in recent years.
- Plant concentrationIt depends heavily on one of its two units.
- Currency riskSome inputs are imported, so currency moves affect costs.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,05,70,800 shares.
The Patel family promoters own 98.60% before the IPO and sell no shares. After-IPO figures are our calculation on 1,05,70,800 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Chandreshkumar Shankerlal Patel (promoter) | 39.56% | Nil | 29.08% |
| Anjal Chandreshkumar Patel (promoter) | 29.52% | Nil | 21.70% |
| Bhavanaben Chandreshkumar Patel (promoter) | 29.52% | Nil | 21.70% |
| Anjali Chandreshkumar Patel | 1.29% | Nil | 0.95% |
RHP, Capital Structure (p. 110)
IndustryIndia wires and cables market 2024: USD 9.32 billion
- India wires and cables market 2024
- USD 9.32 billion
- 2025
- USD 10.01 billion
- Expected by 2032
- USD 17.08 billion (7.94% a year)
The figures come from a market study quoted in the RHP, not from a report commissioned for the IPO.
RHP, Industry overview (p. 194), citing a published wires and cables market study
LitigationAgainst or by the company, promoters, directors and group companies: 0
| Type | Cases | Amount |
|---|---|---|
| Against or by the company, promoters, directors and group companies | 0 | Nil |
RHP, Outstanding Litigations and Material Developments (p. 372 to 377) and Risk factor 17
Company detailsLegal name, registered office, CIN and website
| Legal name | Johnsoncab Electricals Limited |
| Founded | 2012, as partnership firm Johnson Cables; company since 2020 |
| Promoters | Chandreshkumar Shankerlal Patel, Anjal Chandreshkumar Patel, Bhavanaben Chandreshkumar Patel |
| Main products | Control and power cables |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Johnsoncab Electricals IPO allotment status
Out from 4 Nov 2026- Open the registrar's pageMaashitla Securities Private Limited is the registrar. Open its allotment page.
- Select Johnsoncab Electricals LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Johnsoncab Electricals IPO FAQs
When does the Johnsoncab Electricals IPO open and close?
The Johnsoncab Electricals IPO opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026. Anchor bidding is on 29 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Johnsoncab Electricals IPO price band and lot size?
The price band is ₹190 to ₹200 per share. The lot size is 600 shares, so the minimum application is 1,200 shares, or ₹2,40,000 at the upper price.
What is the Johnsoncab Electricals IPO size?
The Johnsoncab Electricals IPO is of ₹56.02 crore at the upper end of the price band. It is a fresh issue only by None. This is a fresh issue only.
What is the Johnsoncab Electricals IPO allotment date?
Allotment is on Wednesday, 4 November 2026. Refunds and demat credit are expected on 5 November 2026.
What is the Johnsoncab Electricals IPO listing date?
Johnsoncab Electricals shares are due to list on BSE SME on Friday, 6 November 2026.
Who is the registrar of the Johnsoncab Electricals IPO?
Maashitla Securities Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Johnsoncab Electricals do?
Johnsoncab Electricals is a Mehsana-based maker of low voltage wires and cables, sold as Johnson Cables to power, railway and industrial customers.
When does the Johnsoncab Electricals IPO open and close?
It opens on 30 October 2026 and closes on 3 November 2026. Listing on BSE SME is expected on 6 November 2026.
Does Johnsoncab Electricals get money from the IPO?
Yes. It is a fresh issue only, so all the money goes to the company.
What will Johnsoncab Electricals use the IPO money for?
₹28.40 crore for a new factory, machinery and a solar plant, ₹14.00 crore for working capital, and the rest for general corporate purposes.
What does Johnsoncab Electricals make?
Low voltage wires and cables, including control, power, solar, welding and submersible cables, sold as Johnson Cables.
What is the price band and lot size of the Johnsoncab Electricals IPO?
The price band is ₹190 to ₹200 a share and the market lot is 600 shares, as per BSE. The minimum bid is 1,200 shares (2 lots), which costs ₹2,40,000 at ₹200. At ₹200 the P/E on FY26 diluted EPS of ₹17.81 is about 11.23 times (our calculations), against an industry average of 18.38 times in the RHP.
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