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BSE SME Cables - Electricals
Johnsoncab Electricals IPO
₹56.02 Cr · Fresh Issue · Cables - Electricals
Price Band
₹190
Lot: 600 shares (₹114,000)
GMP (Grey Market)
₹10 (+5%)
Est. listing ₹200
Issue Size
₹56.02 Cr
Fresh Issue
Market Cap
₹211.42 Cr
At upper band
P/E Ratio
11.58x
Listing Date
6th Nov 2026
BSE & NSE
IPO Timeline
✓
Opens
30th Oct 2026
✓
Closes
3 Nov 2026
📋
Allotment
4 Nov 2026
₹
Refund
5 Nov 2026
📈
Listing
6th Nov 2026
📄 Official Docs
DRHP ↗
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.5× sector midpoint with exceptional 130.8% PAT CAGR and 39.68% ROCE, signaling strong operational execution. High debt-to-equity of 2.54× and thin 6.3% net margins are material risks that warrant post-listing monitoring of deleveraging progress.
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹2.5 Cr (FY-2) to ₹13.4 Cr (FY0), a 130.8% two-year CAGR that far exceeds revenue growth of 54.1%. This indicates improving operational leverage and cost discipline in a scaling business.
✓ Strength
Compelling valuation relative to peers
At 11.58× P/E, the company trades at just 0.5× the niche/unlisted sector midpoint of 23×, offering a 50% discount despite strong fundamentals. Market cap of ₹211.42 Cr reflects conservative pricing for a business with ₹211.3 Cr revenue and 39.68% ROCE.
⚠ Risk
Elevated leverage limits financial flexibility
Debt-to-equity of 2.54× is materially above the 1.5× comfort threshold and constrains the company's ability to fund growth or weather downturns. With ₹56 Cr fresh capital, debt servicing and deleveraging timelines must be tracked closely.
⚠ Risk
Thin profit margins mask operational pressure
Net profit margin of 6.3% is well below the 15% threshold for margin-justified premium valuations, and EBITDA margin of 11.43% suggests limited pricing power. Any raw material cost spike or competitive pressure could compress profitability sharply.
₹ Valuation
Deep discount to sector midpoint justified
At 11.58× P/E versus a 18–28× niche sector range (midpoint 23×), the company is valued at 0.5× midpoint. This steep discount reflects the low NPM (6.3%) and high leverage, but is offset by exceptional 130.8% PAT CAGR and 39.68% ROCE.
👁 Watch
Monitor debt reduction and margin expansion
Post-listing, track quarterly debt paydown from IPO proceeds and whether net margins expand toward 8–10% as scale increases. Failure to deleverage or margin compression would signal execution risk.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Johnsoncab Electricals" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹211.34 Cr
Net Profit
₹13.42 Cr
Industry
Cables - Electricals
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.5× sector midpoint with exceptional 130.8% PAT CAGR and 39.68% ROCE, signaling strong operational execution. High debt-to-equity of 2.54× and thin 6.3% net margins are material risks that warrant post-listing monitoring of deleveraging progress.
The current grey market premium (GMP) is ₹10, which is 5% above the upper band price of ₹190. This implies an estimated listing price of around ₹200. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 600 shares. At the upper band price of ₹190, the minimum investment per retail application is ₹114,000. You can apply for up to 13 lots (₹1,482,000) under the retail category (up to ₹2 lakh).
The IPO opens on 30th Oct 2026. It closes on 3 Nov 2026. Allotment is expected on 4 Nov 2026. Refunds initiate on 5 Nov 2026. Listing on BSE and NSE is on 6th Nov 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 3 Nov 2026. The minimum investment is ₹114,000 for one lot (600 shares). The company trades at 0.5× sector midpoint with exceptional 130.8% PAT CAGR and 39.68% ROCE, signaling strong operational execution. High debt-to-equity of 2.54× and thin 6.3% net margins are material risks that warrant post-listing monitoring of deleveraging progress.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 3 Nov 2026. The IPO is priced at a P/E of 11.58x. Market cap at issue price is ₹211.42 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 600 shares at ₹190 each, costing ₹114,000 per application. The issue closes on 3 Nov 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Johnsoncab Electricals'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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