Ultracab India - Ultracab India

📊 BSE: 538706 🏢 Cables - Electricals 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew by 93% YoY, reaching INR 239.43 Cr (Rs. 23,943.38 Lakhs) in FY25 compared to INR 124.06 Cr in FY24. Segment-specific percentage splits were not disclosed, but growth was driven by infrastructure and industrial demand.

Geographic Revenue Split

The company operates in India and exports to developing countries in Africa and South East Asia. Specific percentage splits per region are not disclosed in the available documents.

Profitability Margins

Operating Profit Margin improved from 2.01% to 3.04% (a 51.2% relative increase). Net Profit Margin was reported at 4.06% (0.04 in ratio terms) for FY25, a slight decrease from 5% (0.05) in FY24 due to lower margins on large-scale orders.

EBITDA Margin

EBITDA stood at INR 19.44 Cr in FY25, representing an 8.12% margin. This reflects a 48.68% YoY increase in absolute EBITDA from INR 13.08 Cr in FY24, driven by operational efficiencies and higher scale.

Capital Expenditure

The company has doubled its production capacities for power and control cables. Specific INR values for planned future CAPEX were not disclosed, though strategic investments are cited as a growth driver.

Credit Rating & Borrowing

Ratings were downgraded in December 2025 to 'IVR BB+/Negative; ISSUER NOT COOPERATING' for long-term facilities (INR 22.49 Cr) and 'IVR A4+; ISSUER NOT COOPERATING' for short-term facilities (INR 21.80 Cr). The downgrade from BBB- was due to non-cooperation and lack of information.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include PVC (polyvinyl chloride), copper, and aluminum, which are standard for the wire and cable industry. Specific cost percentages for each were not disclosed.

Import Sources

Not specifically disclosed, though the company notes it is evaluating global supply chains and maintains a background of upgrading technology to international standards.

Capacity Expansion

The company has enhanced production capacities for power and control cables by 2x (twice the previous capacity) to meet increasing demand from the infrastructure and power sectors.

Raw Material Costs

Raw material costs are a significant portion of the cost of goods sold; however, the specific percentage of revenue was not disclosed. The company uses a 'backtracking' system from finished products to raw materials to manage costs.

Manufacturing Efficiency

The company focuses on 'lean and symmetric inventories' and has upgraded technology to maintain parity with international players, aiming to avoid obsolescence.

Logistics & Distribution

The company utilizes an extensive distribution network to drive product reach, though specific logistics costs as a percentage of revenue were not disclosed.

📈 Strategic Growth

Expected Growth Rate

93%

Growth Strategy

Growth will be achieved through a 2x expansion in power/control cable capacity, targeting 1300+ product variants, and expanding the export footprint in Africa and South East Asia. The company is also leveraging government infrastructure projects like Smart Cities and Railway developments.

Products & Services

Manufacturing and export of 1300+ types of wires and cables, including PVC cables, power cables, control cables, mechanical cables, auto cables, and special cables.

Brand Portfolio

Ultracab

New Products/Services

The company continues to expand its range of 'Special cables' and 'Auto cables' to diversify beyond traditional power cables, though specific revenue contribution percentages for new launches were not disclosed.

Market Expansion

Targeting untapped developing countries in Africa and South East Asia to capture export demand as global markets seek alternatives to other Asian manufacturing hubs.

Strategic Alliances

The company is an approved vendor for various large public and private sector industries and government authorities, though specific JV partner names were not listed.

🌍 External Factors

Industry Trends

The industry is shifting toward smart cities and energy-efficient 'smart' solutions. The Indian market is currently growing due to steady GDP and a focus on becoming a global manufacturing hub.

Competitive Landscape

Competes with domestic and international wire and cable manufacturers. The company positions itself by upgrading technology to remain 'ahead of its peers in the home-turf.'

Competitive Moat

The moat is based on a wide product range (1300+ items), state-of-the-art manufacturing facilities, and established approvals from government and large private sector entities.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth and government infrastructure spending (roads, railways, ports). Inflation is a noted concern as it affects disposable income and consumer sentiment.

Consumer Behavior

Shift toward demand for electrical wires in housing and smart city applications, influenced by government incentives and urbanization.

Geopolitical Risks

Global economic slowdowns and trade tariffs are cited as complexities that could reduce growth opportunities in the export market.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI (LODR) Regulations 2015 and Companies Act 2013. The company must adhere to manufacturing standards for electrical safety and quality.

Taxation Policy Impact

The company's PBT was INR 13.71 Cr and PAT was INR 9.72 Cr, implying an effective tax rate of approximately 29.1%.

Legal Contingencies

The company failed to deposit INR 640 required for the Investor Education and Protection Fund (IEPF) by the audit date. No other major pending court cases were disclosed in the snippets.

⚠️ Risk Analysis

Key Uncertainties

The 'Issuer Not Cooperating' status from credit agencies (Infomerics) creates significant uncertainty regarding credit risk and future borrowing costs, potentially impacting liquidity.