UWCSL - Ultra Wiring

📊 NSE: UWCSL 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 14:40

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (auto ancillary). Total revenue from operations grew 33.28% YoY to INR 55.85 Cr in FY25, up from INR 41.91 Cr in FY24. For H1 FY26, revenue reached INR 38.68 Cr, representing a 69.7% growth compared to H1 FY25 (INR 22.79 Cr).

Geographic Revenue Split

Diversified revenue base across geographies including a leading supplier position for the global EV market; specific percentage split by region is not disclosed in available documents.

Profitability Margins

Net Profit Margin improved to 5.01% in FY25 (INR 2.80 Cr) from 4.65% in FY24 (INR 1.95 Cr). H1 FY26 net profit surged to INR 4.19 Cr, a significant turnaround from a loss of INR 0.87 Cr in H1 FY25.

EBITDA Margin

EBITDA margin was approximately 10.07% in FY25 (INR 5.62 Cr) compared to 10.50% in FY24 (INR 4.40 Cr). Core profitability remains stable despite a 23.7% increase in administrative expenses.

Capital Expenditure

Historical Capex for FY25 was INR 5.11 Cr. Planned Capex for H1 FY26 was INR 1.01 Cr, primarily focused on multi-cavity moulds to improve productivity.

Credit Rating & Borrowing

Not disclosed in available documents; however, finance costs were INR 0.53 Cr in FY25, up 8.7% YoY from INR 0.49 Cr.

⚙️ Operational Drivers

Raw Materials

Specific names not listed, but cost of material consumed represents 64.9% of total revenue (INR 36.24 Cr in FY25).

Capacity Expansion

Currently operates 3 Manufacturing Plants (Unit 1 & 2 near Delhi). Expansion focus is on implementing multi-cavity moulds to improve manufacturing productivity.

Raw Material Costs

Raw material costs were 64.9% of revenue in FY25 (INR 36.24 Cr). Procurement strategies involve leveraging 3 decades of OEM relationships to manage supply dynamics.

Manufacturing Efficiency

Efficiency is driven by the use of multi-cavity moulds to improve productivity and reduce cycle times for automotive components.

📈 Strategic Growth

Expected Growth Rate

69.70%

Growth Strategy

Growth is targeted through the fast-growing global EV market and Indian mobility OEMs. Strategy includes productivity improvements via multi-cavity moulds, leveraging 30+ years of OEM relationships, and maintaining a diversified revenue base across vehicle segments and geographies.

Products & Services

Couplers, Bulb Holders, Blade Fuse, and Wiper-Blades for automotive and home-appliance OEMs.

Brand Portfolio

Ultra Wiring Connectivity System Limited (UWCSL).

New Products/Services

Focus on specialized components for the EV market; specific new product revenue contribution % is not disclosed.

Market Expansion

Targeting the global EV market and expanding presence within Indian mobility OEMs for both automotive and home-appliances segments.

🌍 External Factors

Industry Trends

The industry is shifting rapidly toward Electric Vehicles (EVs). UWCSL is positioning itself as a leading supplier for this market, growing revenue by 69.7% in H1 FY26 to capitalize on this transition.

Competitive Landscape

Operates in the auto ancillary technology sector against other component manufacturers; specific competitor names not listed.

Competitive Moat

Moat is built on 3 decades of experience, established relationships with Tier 1 manufacturers and OEMs, and a specialized focus on connectivity systems like couplers and fuses which have high switching costs for OEMs.

Macro Economic Sensitivity

Sensitive to economic conditions affecting supply and demand dynamics in the automotive sector and changes in government regulations/tax laws.

Consumer Behavior

Shift toward electric mobility and high-tech home appliances is driving demand for specialized wiring and connectivity components.

Geopolitical Risks

Exposure to global EV market trends and potential trade barriers affecting automotive component exports.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Section 133 of the Companies Act 2013 and SEBI (LODR) Regulations 2015. Subject to automotive safety and manufacturing standards.

Taxation Policy Impact

Effective tax rate was approximately 28.3% in FY25 (INR 1.11 Cr tax on INR 3.91 Cr PBT).

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position in Note 28 to the financial statements; specific case values are not provided in the snippets.

⚠️ Risk Analysis

Key Uncertainties

Raw material cost volatility (64.9% of revenue) and the pace of EV adoption among Indian OEMs represent key business risks with potential margin impacts of 5-10%.