Working capital strain from rapid growth
Operating cash flow was negative 74 crore in FY26 due to inventory build-up; further growth may pressure liquidity.
JDCABLES / bear-case history
Track the concerns that keep returning.
JD Cables · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
EPC execution and margin uncertainty
EPC business is new; management expects 8% margins but actual margins may vary, and cash conversion could be slow.
Regulatory approvals for new product lines
New products (MVCC, AL59, etc.) require vendor registration and approvals from state electricity boards, which may delay revenue.
Dependence on government infrastructure spending
Demand is tied to power T&D investments; any slowdown in government capex could impact order inflows.