Jigar Cables reported a significant contraction in top-line growth for FY26, with consolidated revenue from operations declining 44.7% year-on-year to ₹579.5 crore. Despite the sharp revenue drop, the company maintained operational efficiency, keeping consolidated profit after tax (PAT) broadly stable at ₹18.0 crore.

The company has scheduled its 10th Annual General Meeting (AGM) for September 26, 2026, to adopt these financial statements and address key governance matters, including director re-appointments and related-party transaction limits.

Financial Performance

On a consolidated basis, total revenue fell to ₹581.9 crore in FY26 from ₹1,052.2 crore in FY25. Standalone revenue from operations also declined 44.9% to ₹566.6 crore. However, net profit margins expanded significantly, rising from 1.70% in FY25 to 3.08% in FY26, driven by disciplined cost control and lower finance costs relative to revenue.

Capital Expenditure & Expansion

The company undertook substantial capital investments during the year, with capital work-in-progress standing at ₹144.3 crore as of March 31, 2026, compared to nil in the previous year. This investment supports the commencement of production for Medium Voltage Covered Conductors (MVCC) and High Tension (HT) cables, marking a strategic expansion into higher-value infrastructure products.

Total borrowings increased significantly, with long-term borrowings rising to ₹60.9 crore from ₹5.0 crore, and short-term borrowings increasing to ₹58.3 crore from ₹18.4 crore. Consequently, the debt-equity ratio rose to 0.40 from 0.11.

Governance & Related Party Transactions

Shareholders will vote on the re-appointment of Smt. Sangita NiteshKumar Vaghasiya as Chairperson-cum-Managing Director and Shri Ramnik Parshottambhai Vaghasiya as Whole-Time Director for three-year terms commencing January 2, 2027. Both appointments require special resolutions due to remuneration structures exceeding standard statutory limits.

A material related-party transaction with Ultracab (India) Limited (UIL) will be renewed, capping aggregate transactions at ₹200 crore. This includes non-exclusive brand usage rights for Jigar Cables to manufacture and sell under the UIL trademark, subject to a 2% royalty on basic sales.

What the Numbers Show

The divergence between the sharp revenue decline and stable profitability highlights improved cost discipline. While revenue halved, operating expenses contracted more sharply, leading to an expansion in net profit margins from 1.70% to 3.08%. This suggests that despite lower volume or pricing pressure, the company successfully managed its cost base to protect bottom-line earnings.

Jigar Cables approved the continuation of Parshotambhai Laljibhai Vaghasiya as a director and fixed his remuneration at up to ₹12,00,000 per annum for three years. The decision requires shareholder approval at the upcoming annual general meeting.

The board meeting held on September 1, 2026, followed a recommendation from the Nomination and Remuneration Committee. The remuneration package includes variable pay, perquisites, and other allowances or benefits. It covers the period from September 29, 2026, to September 28, 2029.

Director Profile and Relationships

Parshotambhai Laljibhai Vaghasiya has served as a director since the company's incorporation. He holds a diploma in mechanical engineering and manages operational affairs. He is 78 years old.

The disclosure highlights family ties within the management structure:

• Father-in-law of Sangita Niteshbhai Vaghasiya, Managing Director
• Father of Ramnik P. Vaghasiya, Whole-time Director

Regulatory Compliance

The company filed the intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This aligns with SEBI Master Circular SEBI HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The filing details the reason for change, term of appointment, and relationship disclosures.