Finolex J-Power Systems Ltd (FJPS), the joint venture of Finolex Cables Ltd for extra high voltage (EHV) cables turned profitable in FY26.
In a recent investor conference, the senior management of Finolex Cables said that FJPS generated profit of about Rs.21 crore on a revenue of Rs.458 crore. As of March 31, 2026, the order book of FJPS was Rs.350 crore, as against Rs.200 crore in the previous year.
The management also indicated that during FY26, on the EHV cable side, the company received a blend of pure supply and turnkey solutions. This led to improvement in operations. In pure supply orders, cash turnaround times are much lower than those in turnkey projects. In the latter case, as the management pointed out, getting clearances and right-of-way becomes challenging and time-consuming, thereby stretching the completion schedule, the management observed.
On the EHV cable side, capacity utilization in FY26 was over 80 per cent – an improvement over FY25, the management said.
Finolex has estimated that the market for EHV cables is today in the range of $500 million and $750 million per year. This is expected to grow significantly to $4-5 billion per year, in the next 3-4 years.
The company management also indicated that competition in the EHV cable market has increased and several companies are now adopting the same vertical continuous vulcanization (VCV) technology being used by FJPS.
Finolex Cables Ltd holds 49 per cent equity in Finolex J-Power Systems Ltd with Sumitomo Group of Japan holding 51 per cent. Incorporated in 2008, FJPS not only supply EHV cables but also undertakes project execution. Its manufacturing facility is located at Shirwal in Pune, Maharashtra.
While FJPS is equipped to produce EHV cables of rating up to 500kV, the demand is mostly concentrated in the 66kV and 110kV range. However, FJPS is beginning to witness growing interest in 220kV cables, Finolex Cables had indicated in its FY25 Annual Report.
Featured photograph (source X.com) shows the EHV cable manufacturing facility of FJPS at Shirwal in Satara district, Maharashtra.