Jigar Cables Limited

Industrials — Electrical Equipment & Parts · BSE

₹64.99₹0.00 (0.00%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Jigar Cables Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jigar Cables Limited engages in the manufacture and sale of electric wires and cables under the SIGMA brand name in India.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees22

Annual revenue₹58 Cr

How does it make money?

Turns over ₹58 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 22 employees supports ₹2.63 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.63 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 7.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE17.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +104% while net margin moved -14% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+104%

Margin effect-14%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 7.5% is below 10% — capital is not working hard
✗ ROCE has fallen by 3.7 points — returns are eroding
✗ EBITDA margin of 6.0% is thin — little cushion if costs rise
✗ Net margin of 3.1% is slim
• Revenue has compounded at 26.8% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

49/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

63/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

29.9x

3Y Median

30.8x

39 monthly readings · mean 41.1x · range 24.2x–77.6x

Sector Median

88.8x

median of 3 sector peers

🟡Currently trading close to its 3y median of 30.8x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 66% below the peer median of 88.8x.

vs. its own history

Fair

30.8x median over 39 months · -3%

vs. sector peers

Cheap

88.8x median of 3 peers · -66%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.9x

PEG

1.45

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 7.9% to 6.0% over 3 years.
Return on capital is falling
ROCE has declined from 11.2% to 7.5% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 111% over 3 years, from ₹6 Cr to ₹12 Cr.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹16 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 28% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 66% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 7.9% to 6.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 20% a year✓ 26.8% CAGR
Latest reported year was -26.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 6.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹16 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 7.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 5 neutral · 4 weak

Market Cap

₹59 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

29.9x

Fair

Fairly valued against the generic band

P/B Ratio

1.93x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.17

Profitable

Profitable on a per-share basis

ROE

7.0%

Weak

Weak capital efficiency

ROCE

7.5%

Weak

Low return on total capital employed

Debt/Equity

0.39x

Low

Conservative leverage

Revenue Growth (YoY)

-26.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

0.2%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹17 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

4.6%

Average

Average asset productivity

Operating Margin

5.4%

Average

Average margins

Net Margin

3.1%

Average

Average bottom-line conversion

Current Ratio

2.86

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.00

Defensive

Steadier than the market

52W Range Position

58%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

63.2 / 61.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹28 Cr	₹43 Cr	₹105 Cr	₹58 Cr	+26.8%
EBITDA	₹2 Cr	₹2 Cr	₹4 Cr	₹3 Cr	+15.6%
EBITDA Margin	7.9%	4.5%	4.3%	6.0%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+20.6%
EPS	₹1.46	₹1.16	₹2.39	—	—
ROE	6.6%	5.4%	8.7%	5.9%	—
ROCE	11.2%	7.8%	18.2%	7.5%	—
Total Debt	₹6 Cr	₹5 Cr	₹3 Cr	₹12 Cr	+28.3%
Free Cash Flow	-₹0 Cr	-₹1 Cr	₹5 Cr	-₹16 Cr	—

🟢 Revenue has grown at 26.8% a year over 3 years.

🟢 EBITDA has grown at 15.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 7.9% to 6.0% over 3 years (-1.9 pts).

🟢 PAT (Net Profit) has grown at 20.6% a year over 3 years.

🟡 ROE has held roughly flat at 5.9% over 3 years.

🔴 ROCE has fallen from 11.2% to 7.5% over 3 years (-3.7 pts).

🔴 Total Debt has grown at 28.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹46 Cr

Total Liabilities

₹15 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹15 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.0%

Corporate Actions

Ex-Dividend Date

19 Sept 2019

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 mixed1 negative4 general

Jigar Cables 10th AGM resolutions pass with 100% shareholder approval

scanx.trade, 26 Sept

Jigar Cables Limited Share Price

Upstox, 05 Apr

Jigar Cables revenue falls 45% in FY26 as profit holds steady

scanx.trade, 01 SeptResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Q4 results: ITC, Nykaa, LIC, MTNL, Aurobindo Pharma, and 181 more on May 21

Business Standard, 21 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Jigar Cables Limited Confirms Non-Applicability of Large Corporate Disclosure Requirements

scanx.trade, 10 Apr

Jigar Cables Commences Commercial Production of Conductors at New Manufacturing Facility

scanx.trade, 30 Mar

Watch Items

Revenue growth is negative (-26.9%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingGrowth · Valuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑