💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY24 was INR 26.73 Cr, representing a 13.55% decline from INR 30.92 Cr in FY23. Segment-specific growth percentages for EPC, Solar Park, Rooftop, and O&M are not disclosed in available documents.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered in Indore, Madhya Pradesh.

Profitability Margins

Net Profit Margin (NPM) improved significantly to 108.34% in FY24 from -56.58% in FY23, likely due to exceptional items under the NCLT resolution. Operating Profit Margin (OPM) was -0.23% in FY24 compared to 14.95% in FY23.

EBITDA Margin

Operating Profit Margin (OPM) was -0.23% in FY24, a sharp decline from 14.95% in FY23. For the 9 months ending December 31, 2024, OPM recovered to 19.77%.

Credit Rating & Borrowing

The company carries a 'CRISIL D' (Default) rating for both long-term and short-term bank loan facilities totaling INR 437 Crore. The rating is classified as 'Issuer Not Cooperating' due to a lack of management engagement.

⚙️ Operational Drivers

Raw Materials

Solar modules, electronic components for electric vehicles, steel structures, and copper wiring. Specific cost percentages for each are not disclosed.

Capacity Expansion

Current installed solar power capacity is 14 MW, with a historical track record of setting up over 235 MW of solar projects. Planned expansion capacity is not disclosed.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is focusing on implementing the NCLT-approved resolution plan (approved October 13, 2023) and diversifying into the electric two-wheeler market through its 'E-Spa' brand to capture the growing EV demand in India.

Products & Services

Solar power generation, Engineering Procurement and Construction (EPC) for solar projects, Solar Park development, Rooftop solar installations, O&M services, and E-Spa electric scooters.

Brand Portfolio

Ujaas, E-Spa.

New Products/Services

Recently launched 'E-Spa' electric two-wheelers. Expected revenue contribution percentage is not disclosed.

Strategic Alliances

Efficient Tie-Up Pvt. Ltd. (majority held by Jyot International Marketing Limited) is a significant stakeholder involved in recent general meeting resolutions.

🌍 External Factors

Industry Trends

The industry is shifting toward decentralized solar (rooftop) and rapid EV adoption. UEL is positioning itself by maintaining its 14 MW solar portfolio and launching the E-Spa EV brand.

Competitive Landscape

Competes with large-scale renewable energy firms and emerging EV manufacturers in a highly fragmented market.

Competitive Moat

The company's moat is based on its early-mover advantage in the Indian solar park model and a track record of installing over 235 MW of capacity, though this is currently weakened by financial default.

Macro Economic Sensitivity

Highly sensitive to interest rates and government renewable energy subsidies; default status makes the company particularly vulnerable to credit market tightening.

Consumer Behavior

Increasing consumer preference for green energy and electric mobility is driving demand for the company's rooftop solar and E-Spa products.

Geopolitical Risks

Potential exposure to trade barriers or supply chain disruptions related to solar module imports, which are largely sourced from China industry-wide.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Electricity Act, MNRE guidelines for solar projects, and FAME-II/EV manufacturing standards for the E-Spa division.

Environmental Compliance

Maintains a Corporate Social Responsibility (CSR) Committee in compliance with Section 135 of the Companies Act, 2013.

Legal Contingencies

The company was under a Corporate Insolvency Resolution Process; the Hon’ble NCLT, Indore Bench approved a resolution plan on October 13, 2023.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to regain creditworthiness and cooperate with rating agencies to exit the 'Default' category, which currently restricts operational scaling.

Geographic Concentration Risk

Operations appear concentrated in India, specifically around its headquarters in Madhya Pradesh.

Third Party Dependencies

High dependency on external suppliers for solar cells and EV battery components.

Technology Obsolescence Risk

Risk of solar cell efficiency improvements rendering older 14 MW assets less competitive; EV battery technology is also rapidly evolving.

Credit & Counterparty Risk

Exposure to state DISCOMs for solar power sale receivables, which often face payment delays in the Indian power sector.