We develop a representation-theoretic refinement of the Iwasawa theory of finite Cayley graphs. Building on analogies between graph zeta functions and number-theoretic L-functions, we study
$\mathbb {Z}_\ell $-towers of Cayley graphs and the asymptotic growth of their Jacobians. The main result establishes that the Iwasawa polynomial associated to such a tower admits a canonical factorisation indexed by the irreducible representations of the underlying group. This leads to the definition of representation-theoretic Iwasawa polynomials, whose properties are studied.