NSE: UCAL · BSE: 500464
UCAL LIMITED
Manufactures auto components for the automotive sector, with a focus on fuel systems based on the company's former name UCAL Fuel Systems Limited. Indian (standalone) operations generated Rs 61,664.34 lakhs of revenue from operations in FY26, while consolidated revenue including the US business was Rs 837.82 crore. The US business, housed under UCAL Holdings Inc. with step-down subsidiaries Ucal Systems Inc. and Amtec Molded Products Inc., recorded Rs 14,073.25 lakhs of income in Q3 FY26. UCAL's stake in the US parent was diluted from 100% to 10% on March 15, 2026, after which UCAL Holdings and its step-downs ceased to be subsidiaries. The company swung to a standalone net loss of Rs 9,676.68 lakhs in FY26 from a profit the year before, largely on a Rs 10,368.27 lakhs exceptional write-down on the US investment. Materials are the largest cost at 46% of revenue, followed by other operating expenses at 22.5% and employees at 19.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone (Indian) operations, US operations via UCAL Holdings Inc.. Asset-light auto components manufacturer with overseas subsidiary exposure and recent stake dilution in US arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 782 | 823 | 723 | 802 | 838 |
| EBITDA (ex other income) | 73 | 57 | 37 | 40 | 33 |
| margin % | 9.3 | 7.0 | 5.1 | 5.0 | 3.9 |
| Owners' profit | 0 | 0 | (25) | 0 | 0 |
| EPS, as reported (₹) | 15.78 | 0.39 | (11.42) | (7.36) | (15.07) |
| ROE % · ROCE % | 8.9 · 12.4 | 0.2 · 6.2 | (6.8) · 3.0 | (4.6) · 4.1 | (10.2) · 0.4 |
| Debt / equity (x) | 0.55 | 0.51 | 0.54 | 0.70 | 0.57 |
| Cash from operations | 81 | 78 | 39 | 15 | 120 |
| Capex | (31) | (13) | (85) | (10) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 213 | 203 | 199 | 195 | 211 | 199 | 233 | 203 |
| Profit before tax | 3 | 8 | (17) | (5) | (2) | (11) | (11) | 8 |
| Net profit | 0 | 6 | (21) | (6) | (4) | (10) | (13) | 6 |
| EPS (₹) | 0.22 | 2.86 | (9.31) | (2.72) | (2.02) | (4.38) | (5.95) | 2.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 3.3 | 9 of 117 | 93% |
| ROCE | (6.5) | 12.6 | 123 of 125 | 2% |
| ROE | (10.2) | 11.7 | 115 of 117 | 2% |
| Debt / Equity | 0.6 | 0.3 | 85 of 117 | 28% |
| EBITDA margin | 10.4 | 12.2 | 76 of 118 | 36% |
| Revenue growth | 4.4 | 20.2 | 97 of 113 | 14% |
| Profit growth | 197.1 | 24.4 | 11 of 115 | 91% |
| Market cap | 278 | 1455 | 88 of 126 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting set for October 30, 2026 | results | low | — | — |
| 5 Oct 2026 · Quarterly Compliance Certificate under SEBI Depository Regulations | compliance | minimal | — | — |
| 30 Sept 2026 · UCAL Limited 40th AGM: All 4 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · UCAL Limited 40th AGM held on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Sept 2026 · UCAL Limited gets GST show cause notice demanding Rs 87.62 Lakhs | regulatory legal | high | — | — |
| 25 Sept 2026 · UCAL trading window closes Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 2 Sept 2026 · Newspaper notice - Transfer of unclaimed shares to IEPF | compliance | minimal | — | — |
| 2 Sept 2026 · UCAL informs about newspaper ad for 40th AGM notice and e-voting | compliance | minimal | — | — |
| 31 Aug 2026 · UCAL 40th AGM notice and Annual Report web link for shareholders without registered email | compliance | minimal | — | — |
| 31 Aug 2026 · UCAL Limited submits Annual Report for FY 2025-26 | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.