Jigar Cables Ltd. (JIGAR) — Tipsheet

Jigar Cables revenue drops 45% as expansion project starts

Tipsheet Editorial — Thu, 21 May 2026 19:30:22 GMT

The nano-cap firm held profits steady at ₹1.75 crore despite a sharp revenue contraction, while pumping ₹14.43 crore into new capacity.

What’s new

Revenue dropped to ₹56.66 cr from ₹103.15 cr in FY25.
Capital work-in-progress jumped to ₹14.43 cr, indicating a factory expansion.
Warrant conversions brought in ₹7.48 cr in equity capital.

Why it matters

Holding net profit flat while losing nearly half of top-line revenue suggests Jigar Cables aggressively cut costs or shifted its sales mix. The firm is now betting its future on a major factory expansion, using capital raised through share conversions to fund the effort.

What we’re watching

Whether the factory expansion can return the company to top-line growth.
The sustainability of margins given the sharp revenue decline.
Utilization rates at the new facility once it comes online.

The full read

Jigar Cables faced a brutal FY26. Revenue cratered 45% to ₹56.66 crore from ₹103.15 crore in the previous year. Despite the top-line collapse, the company maintained a near-identical net profit of ₹1.75 crore, which suggests a significant pivot in strategy toward higher-margin products or severe expense reduction. The company is now pouring cash into growth, reporting ₹14.43 crore in capital work-in-progress—a massive jump from the nil balance carried previously. This expansion effort was supported by the conversion of share warrants into 19.80 lakh equity shares, which added ₹7.48 crore to the corporate coffers. With a market cap of only ₹59 crore, the scale of this investment is incredibly aggressive. Auditors gave the books a clean pass with an unmodified opinion. The next test is whether the new facility can actually recover the lost volume.

Primary source: BSE · NSE

Jigar Cables revenue drops 45% while profits stay flat

Tipsheet Editorial — Thu, 21 May 2026 19:21:26 GMT

The nano-cap cable maker reported revenue of ₹56.66 crore for FY26 as it funnels ₹14.43 crore into new factory capacity.

What’s new

Revenue fell to ₹56.66 cr from ₹103.15 cr in the prior year.
Net profit held steady at ₹1.75 cr despite the top-line contraction.
Capital work-in-progress reached ₹14.43 cr, signaling a major factory expansion.

Why it matters

Jigar Cables maintained bottom-line stability despite a nearly halved top line, pointing to improved margins or aggressive cost cutting. The jump in capital work-in-progress to ₹14.43 crore is a large bet for a company with a market cap of ₹59 crore.

What we’re watching

The operational timeline for the new manufacturing capacity.
Whether margins can sustain this level as revenue continues to shrink.
Execution risk on a major capex project relative to the current equity base.

The full read

Jigar Cables faced a difficult FY26, with revenue tumbling 45% to ₹56.66 crore from ₹103.15 crore a year earlier. Yet, the company avoided a profit collapse, keeping net earnings flat at ₹1.75 crore. This divergence suggests the firm is either shedding low-margin volume or has tightened its belt significantly. Management is betting the future on capacity, parking ₹14.43 crore into capital work-in-progress—a substantial sum for a business with a market capitalization of only ₹59 crore. Funding this expansion, the company converted share warrants into 1.98 million equity shares at ₹50.35 apiece, pulling in ₹7.48 crore. With auditors signing off on an unmodified opinion, the accounting is clean. The challenge now is whether this ₹14.43 crore factory build can arrest the revenue decline or if the company is simply building capacity for a market that is leaving it behind.

Primary source: BSE · NSE