Jigar Cables revenue drops 45% as expansion project starts

What's new with Jigar Cables Ltd.

• 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 this matters for Jigar Cables Ltd.

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.