URJA - Urja Global

📊 NSE: URJA 🏢 Automobiles - Motorcycles / Mopeds 📅 Last Updated: 12/14/2025 14:48

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 51.2% YoY to INR 67.25 Cr in FY 2024-25. Standalone revenue, 100% derived from Renewable Energy activities, grew 15.57% to INR 51.47 Cr. H1FY25 revenue was reported at INR 29.88 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company operates primarily in India with its registered office in New Delhi.

Profitability Margins

Operating Profit Margin decreased from 17.68% to 17.31% in FY 2024-25. Net Profit Margin declined significantly from 4.13% to 2.86% due to higher input costs and depreciation. Return on Net Worth decreased from 3.33% to 2.69%.

EBITDA Margin

PBILDT margin for the group was 5.31% in FY24 but declined to 2.48% in H1FY25, primarily due to increased employee costs for the solar EPC segment and marketing personnel for e-scooters.

Capital Expenditure

Planned capital expenditure of approximately INR 20 Cr for the installation of lithium battery manufacturing plant and machinery, aimed at reducing import dependence on China.

Credit Rating & Borrowing

Assigned CARE BB-; Stable issuer rating as of December 20, 2024. Borrowing costs are impacted by high utilization of working capital limits (~90%) and a debt-to-GCA ratio of 15.80x as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Lithium batteries, lead-acid battery components, and solar panels. Lithium batteries are currently 100% imported.

Import Sources

China is the primary source for lithium battery imports.

Capacity Expansion

Planned expansion into lithium battery manufacturing with a project value of INR 20 Cr, expected to be completed by March 2025.

Raw Material Costs

Total standalone expenses rose 17.73% to INR 49.39 Cr in FY 2024-25, representing 96% of standalone revenue, indicating high sensitivity to input cost fluctuations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is transitioning from a trading-heavy model to in-house manufacturing of lithium batteries (INR 20 Cr capex) to reduce costs and capture the growing EV and solar storage market. It is also expanding its dedicated solar EPC project team to drive higher-margin service revenue.

Products & Services

Electric motorcycles, scooters, mopeds (NIC 30911), lead-acid batteries, solar panels, and solar power plant EPC (Engineering, Procurement, and Construction) services.

Brand Portfolio

Urja Global, Urja Kendra.

New Products/Services

In-house manufactured lithium batteries are expected to contribute to revenue following the completion of the INR 20 Cr capex in 2025.

🌍 External Factors

Industry Trends

The industry is shifting toward green energy and electric mobility, supported by Make in India 2.0 and PM Gati Shakti initiatives to improve logistics efficiency.

Competitive Landscape

Operates in a fragmented industry with significant project execution and stabilization risks.

Competitive Moat

Moat is based on an established dealer network and a diversified product portfolio across solar and EVs, though sustainability is challenged by low margins and high competition.

Macro Economic Sensitivity

Highly sensitive to government incentives; solar power is now more cost-effective than diesel generators in India. PLI schemes exceeding INR 3.2 lakh crore in the sector provide a favorable tailwind.

Consumer Behavior

Increasing consumer demand for cost-effective renewable energy products and electric two-wheelers.

Geopolitical Risks

Trade barriers or supply chain disruptions with China would severely impact the lithium battery supply for the EV segment.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI (LODR) Regulations and the Companies Act, 2013. Beneficiary of PLI schemes for solar modules and EVs.

Legal Contingencies

The SEBI Adjudicating Officer imposed monetary penalties on the company and directors under Sections 15A(a), 15A(b), 15HA, and 15HB of the SEBI Act; an appeal is currently pending before the Securities Appellate Tribunal (SAT).