JD Cables is a manufacturer that turns copper, aluminium and plastic into the cables and overhead wires that carry electricity across India - from power plants to streetlights. It was built from scratch by a first-generation entrepreneur and has spent more than a decade quietly becoming an approved supplier to state electricity boards in over 15 states, while recently stepping into full-scale infrastructure construction. The recurring pattern is simple: it makes the core electrical components itself, then uses that product expertise to win contracts for the projects that install them. # Business segments Two engines at different stages - a manufacturing core that supplies the country's power grid, and an infrastructure-construction arm that is learning to build the roads and substations those cables connect. ## 1. Cables and conductors: the products that wire India's power grid **The company makes the two things every electricity network needs - insulated cables for local distribution and bare aluminium conductors for long-distance transmission - and sells them mainly to government utilities that must keep the lights on.** - **Sells to the state, not the high street** - roughly three-quarters of revenue comes from cables and a quarter from conductors, with the bulk going to state electricity boards and government utilities across more than 15 states, from Punjab to Manipur. That means demand is tied to public electrification budgets, not consumer whims. - **Cables that handle every voltage** - the cable range spans low-tension power cables insulated with PVC or XLPE (a tougher, heat-resistant plastic), multi-core control cables for factory automation and substations, and aerial bunch cables that bundle overhead wires to reduce theft and storm damage in rural electrification. It is also developing halogen-free, recyclable cables and exploring smart cables with built-in monitoring sensors. - **Conductors that span the distance** - the conductor line covers ACSR (aluminium strands wrapped around a steel core for strength on long spans), AAAC (a corrosion-resistant alloy for coastal areas), and AAC (pure aluminium for short urban lines), plus newer products like high-temperature low-sag conductors that can carry more current without drooping. A dedicated conductor factory with 28,000 kilometres of annual capacity started production in July 2026, roughly doubling the company's total installed capacity to 56,000 kilometres. - **Quality as the entry ticket** - the company holds five BIS (Bureau of Indian Standards) certificates and ISO 9001 certification, and its products comply with national standards that are mandatory for selling to government utilities. Without those stamps, it cannot even bid. - **Raw materials, not magic** - the key inputs are copper, aluminium, PVC and XLPE, sourced from a diversified supplier base to avoid being held hostage by any single vendor. The business is essentially about buying metals and plastics at one price, shaping them into certified products, and selling them at a margin that covers the transformation. ## 2. EPC and infrastructure: building the projects that use its own products **The company has begun executing turnkey construction contracts - roads, substations, transmission lines - where it can specify its own cables and conductors, turning a product supplier into a project builder.** - **A highway as the proving ground** - the flagship EPC project is a roughly ₹407 crore contract to complete the six-laning of a stretch of National Highway 2 on the Bihar-Jharkhand border, including bridges and electrical works. It is a civil-engineering job with an electrical spine, exactly the kind of project where in-house cable supply is an advantage. - **Wired for power projects too** - the EPC division also bids for transmission and distribution work: substations, 11kV to 33kV lines, and underground cable laying. These are the same customers - state electricity boards - that already buy its products. - **A legal mandate to build almost anything** - in February 2026, Kratos Energy & Infrastructure Ltd. proposed amending its constitutional documents to permit constructing roads, bridges, expressways, ports, water-supply systems, sewerage networks, and solid-waste plants, on any contractual model including BOT (build-operate-transfer) and public-private partnerships. The permission is broad; the actual project pipeline is still being built. - **Led by the cable veteran** - the EPC division is headed by the Whole-Time Director, who brings nearly thirty years in the cable industry, not a career construction executive. That suggests the strategy is to lead with electrical know-how rather than compete head-on with pure-play civil contractors. # Group structure and partners **A tightly held, founder-led company with no subsidiaries or joint ventures - every operation sits on one balance sheet.** - The promoter and promoter group own 70% of the shares, with the public holding the remaining 30% as of March 2026. - The Managing Director is the first-generation entrepreneur who founded the business and handles financing, marketing and administration; the Whole-Time Director drives marketing and the EPC division. - The company has no subsidiaries, joint ventures or associate stakes disclosed in its filings (D1 all pages). Its only major external transaction was buying an industrial facility from Star Battery Ltd in late 2025 to house the new conductor division.