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UNIVCABLES - Universal Cables

📊 NSE: UNIVCABLES 🏢 Cables - Power 📅 Last Updated: 12/14/2025 14:46

📢 Recent Corporate Announcements

Universal Cables Reaffirms 'CARE A; Stable' Rating for Enhanced ₹3,070 Cr Bank Facilities

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 13 Feb 2026, 06:12 PM

CARE Ratings has reaffirmed the credit ratings for Universal Cables Limited's bank facilities totaling ₹3,070 crore. The long-term rating is maintained at 'CARE A; Stable', while the short-term rating remains 'CARE A1'. The company has seen an enhancement in its rated limits, with long-term facilities increasing to ₹1,205 crore and short-term facilities to ₹1,800 crore. This review incorporates the company's operational and financial performance up to 9MFY26.

Long-term rating reaffirmed at 'CARE A; Stable' for ₹1,205 crore bank facilities (enhanced from ₹1,079 crore).
Short-term rating reaffirmed at 'CARE A1' for ₹1,800 crore bank facilities (enhanced from ₹1,726 crore).
Total rated bank facilities significantly increased to ₹3,070 crore across various lenders including SBI and HDFC.
Rating review based on audited FY25 and unaudited 9MFY26 financial performance.
Long-term/Short-term combined facilities increased from ₹16 crore to ₹65 crore.

💡 The stable credit rating reaffirmation confirms the company's steady financial health and ability to meet debt obligations. Investors should view the enhancement of bank limits as a sign of potential business scaling or increased working capital requirements.

Universal Cables Q3 Net Profit Jumps 71.8% YoY; Expansion Outlay Revised Upward to ₹550 Crores

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 09:13 PM

Universal Cables Limited reported a robust performance for Q3 FY26, with consolidated net profit surging 71.8% YoY to ₹27.19 Crores. The company announced a 14% increase in its organic expansion capital outlay, raising it from ₹482 Crores to approximately ₹550 Crores due to technological upgrades and currency fluctuations. Although the project faces minor delays, it is now slated for phased completion by September 2026. The company also reported a significant jump in nine-month standalone profit before tax to ₹100.06 Crores compared to ₹37.38 Crores in the previous year.

Consolidated Net Profit for Q3 FY26 rose to ₹27.19 Crores from ₹15.83 Crores in Q3 FY25.
Revenue from operations grew 26.4% YoY to ₹767.92 Crores for the quarter ended December 2025.
Capital outlay for organic expansion revised from ₹482 Crores to ₹550 Crores citing technical modifications and machinery price revisions.
Expansion project completion timeline shifted to September 2026 in a phased manner.
Company Secretary and Compliance Officer Sudeep Jain resigned, effective February 28, 2026.

💡 Investors should focus on the strong operational growth and significant margin improvement shown in the Q3 results. While the capex increase and slight delay in expansion are minor headwinds, the long-term growth trajectory in the power cable segment remains intact.

Universal Cables Q3 PAT Jumps 93% YoY to ₹18.74 Cr; Expansion Outlay Revised to ₹550 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 09:07 PM

Universal Cables reported a robust performance for Q3 FY26, with standalone PAT rising 93% YoY to ₹18.74 Cr on the back of a 26% revenue growth. For the nine-month period, consolidated PAT saw a massive surge to ₹107.79 Cr from ₹39.69 Cr in the previous year. The company has also increased its organic expansion budget from ₹482 Cr to ₹550 Cr due to technical upgrades and currency fluctuations, with a revised completion target of September 2026. Separately, the Company Secretary has resigned effective February 2026.

Standalone Revenue from Operations grew 26.4% YoY to ₹767.92 Cr in Q3 FY26.
Standalone Net Profit for the quarter increased by 93.1% YoY to ₹18.74 Cr.
Consolidated 9M FY26 PAT surged to ₹107.79 Cr compared to ₹39.69 Cr in 9M FY25.
Organic expansion plan budget revised upward by 14% to ₹550 Cr with phased completion by September 2026.
Company Secretary & Compliance Officer Sudeep Jain to resign effective February 28, 2026.

💡 Investors should view the strong earnings growth and continued commitment to capacity expansion as positive indicators of demand in the cable sector. Monitor the timely execution of the ₹550 Cr capex plan as it is critical for future volume growth.

Universal Cables Q3 Net Profit Jumps 72% YoY; Expansion Outlay Revised to ₹550 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:58 PM

Universal Cables reported a strong performance for Q3 FY26, with consolidated net profit rising 71.8% YoY to ₹27.19 Crores. Revenue from operations grew 26.4% YoY to ₹767.92 Crores, driven by robust demand in the electrical and cables segment. The company also announced an upward revision in its organic expansion capital outlay to ₹550 Crores from the earlier ₹482 Crores due to technical upgrades and currency impacts. While the project faces minor delays, it is now expected to be completed in phases by September 2026.

Consolidated Net Profit for Q3 FY26 surged 71.8% YoY to ₹27.19 Crores.
Revenue from operations increased to ₹767.92 Crores, up from ₹607.54 Crores in the same quarter last year.
Capital outlay for organic expansion revised upwards by 14% to approximately ₹550 Crores.
9M FY26 consolidated profit stands at ₹107.79 Crores, a massive jump from ₹39.69 Crores in 9M FY25.
Expansion project completion target shifted to September 2026 with phased commissioning planned.

💡 The strong bottom-line growth and ongoing capacity expansion signal positive long-term prospects in the power infrastructure sector. Investors should monitor the execution of the revised ₹550 Crore capex and the impact of rising finance costs on future margins.

Universal Cables Q3 Net Profit Jumps 72% YoY; Expansion Outlay Revised to ₹550 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:55 PM

Universal Cables Limited reported a strong year-on-year performance for Q3 FY26, with consolidated net profit rising 71.8% to ₹27.19 crore compared to ₹15.83 crore in the previous year. Revenue from operations grew 26.4% YoY to ₹767.92 crore, though it saw a sequential decline from ₹814.29 crore in Q2 FY26. The company has revised its organic expansion capital outlay upwards from ₹482 crore to ₹550 crore due to technological upgrades and foreign exchange fluctuations. The expansion project is now slated for phased completion by September 2026.

Consolidated Net Profit for Q3 FY26 stood at ₹27.19 crore, a 71.8% increase over Q3 FY25.
Revenue from operations increased to ₹767.92 crore, up 26.4% from ₹607.54 crore in the same quarter last year.
Capital outlay for organic expansion increased by ₹68 crore to a total of ₹550 crore.
9M FY26 consolidated net profit reached ₹107.79 crore, significantly higher than ₹39.69 crore in 9M FY25.
Company Secretary & Compliance Officer Sudeep Jain resigned, effective February 28, 2026.

💡 Investors should focus on the robust year-on-year growth and the long-term potential of the expanded capacity, while monitoring the sequential margin compression and the timely execution of the revised ₹550 crore capex plan.

Universal Cables Receives ESG Rating of 68.6 (Medium) from SES ESG Research

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 Jan 2026, 05:20 PM

Universal Cables Limited has been assigned an ESG rating of 68.6 by SES ESG Research Private Limited, placing it in the 'Medium' category. The rating is based on the company's publicly available data for the Financial Year 2024-25. This assessment was conducted independently by the SEBI-registered provider without a formal engagement from the company. Such disclosures are becoming standard under SEBI's evolving ESG reporting framework for listed entities to improve transparency for institutional investors.

SES ESG Research assigned an ESG score of 68.6 to Universal Cables
The rating falls within the 'Medium' performance category
The score is based on disclosures from the Financial Year 2024-25
The assessment was unsolicited and independent of company engagement

💡 Current shareholders should view this as a baseline for the company's sustainability profile. No immediate portfolio changes are necessary as the 'Medium' rating is standard for the sector.

Universal Cables Partners with US-based TS Conductor Corp for HTLS Conductor Manufacturing

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 14 Jan 2026, 06:19 PM

Universal Cables Limited has entered into a manufacturing agreement with TS Conductor Corp, USA, to produce advanced High Temperature Low Sag (HTLS) Conductors. The production will utilize TS's patented Aluminium Encapsulated Composite Core technology at Universal's Satna facility in Madhya Pradesh. This strategic tie-up grants the company a license to use TS's intellectual property and technical guidance to target the high-performance power transmission market. The initial agreement is valid for 12 months with a provision for renewal, operating on an arm's length commercial basis.

Manufacturing of HTLS Conductors using patented TS® Aluminium Encapsulated Composite Core technology
Production to be localized at the company's manufacturing facility in Satna, Madhya Pradesh
TS Conductor Corp to supply core materials, jointing, and associated accessories on an arm's length basis
Initial agreement term of 12 months with provisions for renewal or reset of terms
Strategic move to strengthen conductor portfolio for high-performance power transmission solutions

💡 Investors should view this as a positive move to upgrade the company's technical capabilities in the high-margin HTLS segment. Monitor for new contract wins in the power transmission sector that utilize this specific technology.

Universal Cables Announces Resignation of Amit Kasture, AVP (Works) at Goa Unit

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 12 Jan 2026, 06:34 PM

Universal Cables Limited has informed the exchanges regarding the resignation of Mr. Amit Kasture, who held the position of Assistant Vice-President (Works) and Factory Manager at the company's Goa Unit. The resignation is effective from the close of business hours on January 12, 2026, and was cited as being for personal reasons. Mr. Kasture has committed to serving a one-month notice period to ensure the completion of pending assignments and a smooth transition of responsibilities. This change affects Senior Management Personnel (SMP) specifically at the operational level of the Goa manufacturing facility.

Mr. Amit Kasture has resigned as Assistant Vice-President (Works) and Factory Manager of the Goa Unit.
The resignation is effective from the close of business hours on January 12, 2026.
The official reason provided for the departure is personal reasons.
The outgoing executive will serve a one-month notice period as per the terms of his appointment.
The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine management change at a specific unit level and does not require any immediate action from investors. Monitor for any subsequent announcements regarding a successor to ensure operational continuity at the Goa facility.

Universal Cables Submits SEBI Dematerialization Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 06:32 PM

Universal Cables Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization were processed within prescribed timelines. The registrar verified, mutilated, and cancelled the certificates, substituting the depository's name in the company's records. This is a standard administrative procedure ensuring the integrity of electronic shareholding.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within SEBI-mandated timelines.
Physical certificates were mutilated and cancelled after due verification by the Registrar.
Registrar MUFG Intime India Private Limited (formerly Link Intime) handled the verification process.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial performance.

Universal Cables to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Dec 2025, 06:19 PM

Universal Cables Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter and nine-month period ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The window will reopen 48 hours after the financial results are officially declared to the stock exchanges.

Trading window closure effective from January 1, 2026
Closure relates to the financial results for the quarter ending December 31, 2025
Restriction remains in place until 48 hours post-result declaration
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine regulatory compliance filing. Investors should look forward to the upcoming quarterly earnings announcement for fundamental performance updates.

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💰 Financial Performance

Revenue Growth by Segment

Total Income from Operations grew by 25.53% YoY in H1 FY26, reaching INR 1,414.47 Cr compared to INR 1,126.81 Cr in H1 FY25. The cable business is the primary driver, contributing approximately 84% of Total Operating Income (TOI) in FY25, up from 72% in FY23.

Geographic Revenue Split

Not specifically disclosed by region, but the company maintains an export presence that provides a natural hedge; exports contributed to a favorable foreign currency movement income of INR 4.54 Cr in FY24 and INR 5.85 Cr in FY23.

Profitability Margins

Net Profit Margin for H1 FY26 improved significantly to 3.96% (INR 56.04 Cr) from 1.82% (INR 20.56 Cr) in H1 FY25. However, FY25 annual PBILDT margins saw a decline to 7.46% from 8.21% in FY24 due to a higher mix of lower-margin products.

EBITDA Margin

PBILDT margin stood at 7.46% in FY25, a decrease of 75 basis points from 8.21% in FY24. This compression was driven by increased sales of lower-margin aluminium conductor cables and lower realizations in the Optical Fiber Cable (OFC) segment.

Capital Expenditure

The company is currently executing a major capacity expansion project with a planned investment of INR 500 Cr. This expansion is focused on a new plant to increase the production of high-margin Extra High Voltage (EHV) cables.

Credit Rating & Borrowing

Maintains a 'Stable' outlook from CARE Ratings. Borrowing costs are managed through a mix of rupee debt and foreign currency borrowings; the company's overall gearing improved to 0.31x as of March 31, 2025, from 0.34x in the previous year.

⚙️ Operational Drivers

Raw Materials

Key raw materials include aluminium and copper (implied by cable types) and materials for Optical Fiber Cables. Aluminium conductor cables specifically impacted margins in FY25 due to their lower-margin profile.

Capacity Expansion

Ongoing INR 500 Cr capacity expansion for EHV cables. Current performance is supported by an adequate order book of INR 1,443 Cr as of mid-2023, providing medium-term revenue visibility.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; the company established a dedicated hedging desk in January 2022 to mitigate price volatility. In FY25, a shift toward aluminium-based products reduced overall realizations.

Manufacturing Efficiency

Capacity utilization is expected to improve with the commissioning of the new INR 500 Cr plant from FY26 onwards, shifting the product mix toward higher-margin EHV cables.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth is targeted through the commissioning of a new manufacturing facility and a strategic shift toward the high-value EHV cable segment. The company is leveraging its INR 1,443 Cr order book and its status as a dominant player in the EHV and EPC turnkey segments to capture power sector demand.

Products & Services

EHV (Extra High Voltage) power cables, MV (Medium Voltage) power cables, Optical Fiber Cables (OFC), and EPC (Engineering, Procurement, and Construction) turnkey contracts for power infrastructure.

Brand Portfolio

Unistar

New Products/Services

Increased focus on high-margin EHV cables and turnkey EPC projects is expected to drive margin improvement from FY26 onwards.

Market Expansion

Expansion is focused on increasing capacity for the EHV segment to serve private power companies, railways, and state utilities.

Market Share & Ranking

Identified as a dominant player in the EHV cable segment in India.

Strategic Alliances

Part of the MP Birla Group, which provides financial and management support.

🌍 External Factors

Industry Trends

The cable industry is growing but remains highly competitive. There is a clear trend toward higher voltage (EHV) requirements in the power grid, where the company is positioning itself to capture higher margins.

Competitive Landscape

Faces competition from both large organized players and smaller unorganized manufacturers, particularly in the low-voltage and standard cable segments.

Competitive Moat

The company's moat is built on its established reputation in the specialized EHV segment and its ability to execute complex EPC turnkey projects, which are harder for unorganized players to replicate.

Macro Economic Sensitivity

Highly sensitive to government and private infrastructure spending in the power and railway sectors.

Consumer Behavior

Demand is driven by institutional and industrial procurement cycles rather than individual consumer trends.

Geopolitical Risks

Exposure to global commodity price fluctuations for aluminium and copper which are critical for cable manufacturing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and Section 148 regarding the maintenance of cost records for specified products. Compliance is monitored by a Risk Management Committee under Listing Regulations.

Environmental Compliance

The company spent INR 76.01 Lakhs on CSR initiatives in FY25 against an obligation of INR 127.47 Lakhs, with the unspent amount of INR 51.69 Lakhs transferred to a special account for ongoing projects.

Taxation Policy Impact

The company reported a Net Profit before Tax of INR 107.24 Cr for H1 FY26, with a corresponding Net Profit after Tax of INR 80.59 Cr, implying an effective tax rate of approximately 24.8%.

Legal Contingencies

No instances of fraud were reported by statutory or secretarial auditors for FY25. There are no reported legal cases that impact the company's status as a going concern.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices and the competitive intensity of the cable industry are primary risks. Execution delays in EPC projects can impact quarterly revenue by over 15% as seen in historical Q-o-Q fluctuations.