Ultracab (India) Limited

Operates in the cables and electricals industry under the 'ULTRACAB' brand and posted Rs. 260.10 crore in revenue from operations in FY26, up from Rs. 239.43 crore in FY25. The company runs an arm's-length business with a related party, Jigar Cables Limited, which manufactures and sells products carrying the 'ULTRACAB' brand under a five-year non-exclusive brand licence signed on January 5, 2026; Ultracab earns a 2% royalty on the basic sale value of those products. A separate related-party framework also covers sale and purchase of goods and services with Jigar Cables Limited (annual limit of up to Rs. 200 crore) and with Jigar Polymers Limited (annual limit of up to Rs. 25 crore), both valid for one year. Raw materials are the dominant cost at 87.2% of revenue, with employees at 1.7%, other operating expenses at 7.1%, and depreciation at 0.6%. This leaves thin margins — EBITDA margin of 4.80% in FY26 — and net profit after tax fell 42.5% to Rs. 5.59 crore even as revenue grew. Total borrowings stood at Rs. 45.94 crore as of March 31, 2026 (debt-equity ratio of 0.50), and the company carries a BBB- rating from India Ratings and Research.