BSE: 540651
Jigar Cables Limited
Manufactures electrical cables — Medium Voltage Control Cables (MVCC), High Tension (HT) cables, Power Control Cables (PCC), and aluminium/copper conductors — at facilities in Gujarat, including a new unit at Gomta, Gondal that commenced commercial production on May 23, 2026 with an installed monthly capacity of 500 KM to 1000 KM. Conductor production at this new unit began on March 30, 2026 as a precursor to full MVCC and HT cable output. The company sells these cables using the 'ULTRACAB' brand, trademark and trade name under a non-exclusive, non-transferable Brand Usage Agreement signed on January 5, 2026 with Ultracab (India) Limited, running for five years and carrying a 2% per year royalty on basic sales of branded products (related-party transactions capped at Rs 200 crore per year). Through wholly owned subsidiary Jigar Polymers Limited, the company is diversifying into manufacturing wooden and plywood cable drums for the electric wires and cable industry as a forward-integration move. Revenue for FY26 was Rs 57.95 crore (consolidated), with materials accounting for 96.2% of revenue and capex running at 25.6% of revenue, reflecting both the commodity-intensive nature of cable-making and a heavy ongoing investment cycle (Rs 1,473.95 lakhs on property, plant and equipment in FY26). Long-term borrowings rose from Rs 49.98 lakhs to Rs 609.44 lakhs during FY26 to part-fund this expansion, and shareholders approved raising the overall borrowing limit to Rs 100 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of cables and conductors, Polymer and allied products (via Jigar Polymers WOS). Small-cap, asset-heavy cable manufacturer in a capacity-build phase, with very high raw-material intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 28 | 43 | 105 | 58 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.48 | 1.46 | 1.48 | 2.59 | 2.20 |
| ROE % · ROCE % | — · 5.6 | — · 11.2 | — · 9.3 | — · 18.6 | — · 7.8 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | 2 | (1) | 7 | (1) |
| Capex | — | — | — | (2) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 16 | 16 | 26 | 62 | 43 | 26 | 32 |
| Profit before tax | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 2 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.47 | 0.99 | 0.52 | 97.00 | 1.27 | 1.33 | 0.79 | 1.35 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APAR INDUSTRIES LTD. | 71,483 | 60.5 | 13.25 | 37.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| WAAREE ENERGIES LIMITED | 66,649 | 17.4 | 4.44 | 10.8 | 25.9 | 29.0 | — | 20.3 |
| PREMIER ENERGIES LIMITED | 40,159 | 23.8 | 9.32 | 16.4 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 24,146 | 180.9 | 29.35 | 128.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 20,798 | 15.6 | 5.63 | 11.6 | 29.3 | 31.2 | — | 36.3 |
| DIAMOND POWER INFRA LTD | 19,761 | 100.5 | — | 96.1 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,353 | 114.8 | 21.27 | 76.5 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,790 | 12.3 | 3.96 | 11.0 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 24.6 | 15 of 52 | 73% |
| ROCE | 6.5 | 12.4 | 40 of 55 | 28% |
| Revenue growth | 20.9 | 20.7 | 23 of 46 | 51% |
| Market cap | 59 | 611 | 43 of 56 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine compliance filing: SEBI Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · All 7 resolutions passed at 10th AGM; RPT with Ultracab up to Rs 200 Cr approved | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 10th AGM proceedings of Jigar Cables Limited held on Sep 26, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from October 1 Ahead of Half-Yearly Results | compliance | minimal | — | — |
| 1 Sept 2026 · Jigar Cables FY26 annual report filed; revenue drops 45%, PAT steady | results | medium | — | — |
| 1 Sept 2026 · 10th AGM Notice: Director Reappointments and Ultracab Related Party Deal | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Jigar Cables: Director remuneration approved for 3 years, continuation at age 78 | management changes | medium | — | — |
| 24 Aug 2026 · Jigar Cables board re-appoints Chairperson-MD and Whole-Time Director for 3 years | management changes | medium | — | — |
| 24 Aug 2026 · Board approves leadership reappointments and related-party proposals | management changes | high | — | — |
| 4 Aug 2026 · Notice published for IEPF transfer of unclaimed dividends and shares | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.