Jigar Cables Limited is a prominent Indian manufacturer of electric wires and cables, operating under the **"SIGMA"** brand for over **20 years**. Headquartered in Gujarat, the company has evolved from a regional wire manufacturer into a high-capacity producer of specialized industrial cables. The company is currently executing a strategic transition to capture high-growth demand in the infrastructure, renewable energy, and telecommunications sectors. --- ### **Integrated Manufacturing & Product Ecosystem** The company operates a specialized manufacturing facility in **Gondal, Gujarat**, and maintains an **ISO 9001:2015** certification. Its operational model is built on **backward integration** and a diverse product portfolio designed for industrial, residential, and infrastructure applications. #### **Core Product Portfolio** * **Industrial & Power:** Single Core & Multi Core Flexible Cables, Industrial Power & Control Cables. * **Infrastructure & Housing:** House Wires, Aerial Bunched Cables. * **Specialized Applications:** Submersible Flat Cables, Poly Insulated Submersible Connection Cables. * **Trading Activity:** Solar Panels & Equipment (introduced as a non-strategic business line). #### **Operational Structure & Subsidiary Integration** The company pursues operational efficiency through its **Wholly Owned Subsidiary (WOS)**, **Jigar Polymers Limited**, which ensures a steady in-house supply of critical raw materials. | Entity | Relationship | Strategic Activity | Investment Details | | :--- | :--- | :--- | :--- | | **Jigar Polymers Limited** | Wholly Owned Subsidiary | PVC & XLPE Compounding | **10,50,000** Equity Shares held | | **Ultracab (India) Limited** | Related Party | Brand Licensing & Supply | Transactions up to **₹200 Cr** limit | * **Backward Integration:** Jigar Polymers Limited specializes in manufacturing **PVC and XLPE compounds**. As of **March 2026**, the Board approved its conversion from a **Public Limited Company** to a **Private Limited Company**. * **Infrastructure Assets:** The parent company owns **1,500 Sq. Mtr.** of land in **GIDC-II, Gondal**, and leases a **649.671 Sq. Mtr.** godown to its subsidiary at a revised rent of **₹1,20,000 per annum** (effective May 2022). --- ### **Strategic Expansion: The "Unit 2" Growth Engine** The company is currently scaling its operations through the commissioning of **Unit 2**, a major manufacturing hub located at **Gomta, Gondal (Rajkot)**. This facility was established following the **September 2022** acquisition of an industrial property for **₹5.81 Crores**. #### **New Facility Specifications (Gomta Unit)** * **Total Land Area:** **17,705 sq. meters**. * **Installed Capacity:** **500 KM per month** for new product lines. * **Operational Timeline:** Commercial production of conductors has commenced; full-scale cable production is expected by **June 2026**. * **Target Segments:** The facility focuses on high-value segments including **Medium Voltage Control Cables (MVCC)**, **High Tension (HT) Cables**, and **Power and Control Cables (PCC)** to serve **FMEG**, **Data Centres**, and **Renewable Power** industries. --- ### **Market Presence & Sectoral Reach** Jigar Cables integrates advanced research into its manufacturing to ensure product reliability. While it does not maintain a separate R&D department, it utilizes **ultra-modern type testing equipment** and a dedicated laboratory for multi-level quality checks. The company serves a diverse range of high-stakes sectors: * **Industrial:** Chemical, Pharmaceutical, Steel Plants, Mining, Petrochemical, and Refineries. * **Infrastructure:** Building & Construction, Real Estate, Hospitals, and Hotels. * **Government & Transport:** Railways, Thermal Power Generation, Port Trust of India, and Shipping/Marine. --- ### **Financial Performance & Capital Restructuring** The company has experienced a period of rapid revenue growth, with **Consolidated Revenue** increasing by approximately **49%** year-on-year in **FY 2023-24**, although **Profit After Tax (PAT)** remained relatively flat during the same period. #### **Consolidated Financial Highlights** | Metric | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **₹42.64 Crore** | **₹28.58 Crore** | **₹11.49 Crore** | | **Profit After Tax (PAT)** | **₹1.04 Crore** | **₹1.03 Crore** | **₹0.34 Crore** | | **PAT Growth (YoY)** | **0.97%** | **202.95%** | - | #### **Capital Raising & Debt Management** To fund the **Unit 2** expansion and manage working capital, the company has restructured its capital base: * **Authorized Capital:** Increased from **₹8.00 Crore** to **₹12.00 Crore** in **February 2024**. * **Equity Infusion:** Raised funds via **19,80,000 Fully Convertible Warrants** at **₹50.35 per share**. The final conversion in **August 2025** brought in a tranche of **₹7.48 Crores**. * **Borrowing Limits:** Increased the overall borrowing limit to **₹100 Crores** (approved **Jan 2026**). * **Debt Profile:** Primary facilities are held with **ICICI Bank** at interest rates ranging from **8.25% to 8.35%**, secured by an equitable mortgage on property valued at **₹6.91 Crore**. --- ### **Strategic Partnerships & Brand Licensing** A critical component of the company’s market strategy is its relationship with **Ultracab (India) Limited (UIL)**. * **Brand Usage:** Jigar Cables holds non-exclusive rights to use the **"Ultracab"** brand/trademark. * **Royalty Structure:** The company pays a **2% commission/royalty** on basic sales made under the licensed brand. * **Support Services:** UIL provides marketing, promotional, and brand-building support. * **Transaction Volume:** The Board has approved material related party transactions with UIL up to an aggregate value of **₹200 Crores** per year. --- ### **Risk Profile & Governance** The company’s risk landscape is defined by its expansion-related leverage and its reliance on related-party ecosystems. * **Concentration Risk:** Significant business volume is tied to **Ultracab (India) Limited**. While currently listed on the **SME Platform**, the company must strictly adhere to **Section 188** of the Companies Act for these transactions. * **Financial Leverage:** The move to increase borrowing limits to **₹100 Crores** and the potential securitization of assets increases interest obligations. * **Liquidity:** While no material uncertainty exists regarding liabilities due within **one year**, long-term viability is dependent on the successful stabilization of the **Gomta** unit. * **Governance:** The company maintains **zero pending litigations**. It underwent a statutory auditor rotation in **2023** and is currently compliant with **Cost Audit** and **IEPF** transfer mandates for **FY 2026**. * **Internal Controls:** Systems are reported as adequate for the company's size, focusing on safeguarding assets against unauthorized use and ensuring accurate transaction reporting.