BSE: 538706
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of cable and electrical products, Brand licence / royalty from related party, Related-party purchase, sale and services with Jigar Cables and Jigar Polymers. Small, raw-material-intensive cable business with very thin margins and a related-party operating model.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 85 | 107 | 124 | 239 | 260 |
| EBITDA (ex other income) | 9 | 12 | 13 | 19 | 12 |
| margin % | 10.3 | 11.3 | 10.5 | 8.1 | 4.5 |
| Owners' profit | 3 | 6 | 6 | 10 | 6 |
| EPS, as reported (₹) | 1.82 | 0.61 | 0.63 | 0.99 | 0.45 |
| ROE % · ROCE % | 12.0 · 22.4 | 18.2 · 31.3 | 15.7 · 17.8 | 11.1 · 20.2 | 6.0 · 11.5 |
| Debt / equity (x) | 1.47 | 1.05 | 1.34 | 0.37 | 0.48 |
| Cash from operations | (1) | 6 | (24) | (4) | 5 |
| Capex | (1) | (1) | (2) | (5) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 56 | 57 | 73 | 60 | 58 | 62 | 80 |
| Profit before tax | 3 | 3 | 4 | 4 | 2 | 2 | 2 | 1 |
| Net profit | 2 | 3 | 3 | 2 | 2 | 2 | 1 | 1 |
| EPS (₹) | 0.22 | 0.26 | 0.28 | 0.22 | 0.14 | 0.12 | 0.08 | 0.11 |
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. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED | 1,15,996 | 40.3 | 9.57 | 27.3 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 36,806 | 36.9 | 5.52 | 25.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 25,055 | 41.2 | 9.73 | 30.7 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,543 | 21.9 | 2.88 | 17.6 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,616 | 23.0 | 2.44 | 20.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 1,944 | 32.0 | 2.50 | 17.5 | 7.7 | 10.2 | 29.8 | 7.1 |
| DYNAMIC CABLES LIMITED | 1,633 | 17.9 | 3.57 | — | 18.5 | 24.2 | — | 11.2 |
| QUADRANT FUTURE TEK LTD | 1,624 | — | 6.30 | — | (16.6) | (19.8) | — | (7.1) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.0 | 21.9 | 3 of 11 | 80% |
| P/B | 0.9 | 3.2 | 2 of 10 | 89% |
| ROCE | 7.8 | 13.5 | 9 of 13 | 33% |
| ROE | 6.0 | 8.6 | 8 of 11 | 30% |
| Debt / Equity | 0.5 | 0.1 | 9 of 11 | 20% |
| EBITDA margin | 3.6 | 10.2 | 8 of 10 | 22% |
| Revenue growth | 9.5 | 36.1 | 9 of 10 | 11% |
| Profit growth | (44.4) | 35.0 | 9 of 10 | 11% |
| Market cap | 88 | 1788 | 11 of 12 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closure from October 1, 2026 | compliance | minimal | — | — |
| 22 Sept 2026 · All 7 resolutions passed at 19th AGM of Ultracab (India) - voting results filed | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 19th AGM held on Sep 19, 2026; 7 resolutions passed including FY26 results adoption | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Ultracab publishes 19th AGM notice in newspapers | compliance | minimal | — | — |
| 21 Aug 2026 · Ultracab fixes Sept 12, 2026 as cut-off date for AGM e-voting | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Ultracab files 19th Integrated Annual Report; AGM on September 19, 2026 | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · 19th AGM on Sep 19, 2026 — RPT approvals of up to Rs 225 Cr on agenda | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Ultracab publishes 19th AGM notice, meeting set for September 19, 2026 via video conferencing | compliance | minimal | — | — |
| 13 Aug 2026 · Ultracab files newspaper publication of Q1FY27 unaudited standalone results | 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.