NSE: USK · BSE: 543861
UDAYSHIVAKUMAR INFRA LTD
Udayashivakumar Infra operates as a civil construction company headquartered in Davangere, Karnataka, listed on NSE and BSE since April 2023. For FY26, it reported revenue of ₹211.33 crore, total assets of ₹365.09 crore, and an EBITDA margin of 8.43%, with net profit of ₹1.66 crore. The filings do not break revenue into distinct operating segments, nor do they disclose an order book, project count, or fleet size, so the specific mix of civil construction work (roads, bridges, irrigation, buildings, etc.) is not stated in the pack. On the cost side, materials accounted for 29.1% of revenue, employee cost 6.1%, depreciation 4.2%, and other operating expenses 68.7%, indicating that subcontracting and indirect site costs dominate the cost base rather than direct materials. Capex was 1.4% of revenue in FY26. The company raised ₹6,599 lakhs through an IPO of 1,88,57,142 equity shares at ₹35 each in April 2023, with proceeds earmarked for working capital (₹4,500 lakhs), general corporate purposes (₹1,028.95 lakhs), and issue expenses (₹484.16 lakhs); a Reg. 32 filing confirmed no deviation in the use of these funds. Promoter and Managing Director Udayshivakumar raised his stake from roughly 65.91% to about 66.42% via a series of on-market purchases between February and March 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction. Small-cap, asset-light civil construction company with thin margins.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 287 | 577 | 289 | 211 |
| EBITDA (ex other income) | 31 | 42 | 3 | 15 |
| margin % | 10.9 | 7.3 | 0.9 | 7.0 |
| Owners' profit | 16 | 30 | (7) | 2 |
| EPS, as reported (₹) | 4.37 | 5.54 | 2.60 | 0.33 |
| ROE % · ROCE % | 11.1 · 14.2 | 17.2 · 21.9 | (3.9) · (0.3) | 1.0 · 3.6 |
| Debt / equity (x) | 0.31 | 0.22 | 0.36 | 0.45 |
| Cash from operations | 20 | (52) | (21) | 9 |
| Capex | (15) | (4) | 0 | (3) |
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 | 76 | 45 | 112 | 58 | 58 | 47 | 48 | 46 |
| Profit before tax | (5) | 2 | (6) | (10) | 1 | (6) | 16 | 2 |
| Net profit | (4) | 2 | (6) | (8) | 1 | (5) | 13 | 2 |
| EPS (₹) | 1.30 | 0.27 | (1.13) | (1.40) | 0.15 | (0.86) | 2.45 | 0.44 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.9 | 13.5 | 28 of 101 | 73% |
| P/B | 0.6 | 1.2 | 17 of 85 | 81% |
| ROCE | 0.2 | 10.0 | 98 of 107 | 9% |
| ROE | 1.0 | 9.1 | 71 of 87 | 19% |
| Debt / Equity | 0.5 | 0.4 | 50 of 87 | 43% |
| EBITDA margin | 15.8 | 12.4 | 32 of 88 | 64% |
| Revenue growth | (20.5) | 6.2 | 72 of 86 | 17% |
| Profit growth | 131.8 | 2.7 | 9 of 84 | 90% |
| Market cap | 96 | 465 | 75 of 107 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine quarterly dematerialisation compliance certificate filed with BSE and NSE | compliance | minimal | — | — |
| 3 Oct 2026 · AGM 2026 voting results: all 5 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 7th AGM proceedings: 5 resolutions put to vote including capital increase | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper ad on dispatch of 7th AGM Notice and Annual Report for FY 2025-26 | compliance | minimal | — | — |
| 8 Sept 2026 · 07th AGM on Sept 30, 2026 - capital raise and related party items on agenda | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Annual Report FY2025-26 filed with BSE and NSE | results | high | — | — |
| 8 Sept 2026 · Board approves capital hike, cost auditor; AGM on 30 Sept | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Board to review FY26 results, capital increase and promoter warrants | corporate actions | medium | — | — |
| 3 Sept 2026 · Trading window closed ahead of board meeting on 8 Sep 2026 | compliance | minimal | — | — |
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.