NSE: UNIVCABLES · BSE: 504212
UNIVERSAL CABLES LTD
Manufactures electrical cables from a base in Satna, Madhya Pradesh, where the EHV (extra-high voltage) cable facility is the centrepiece of the operations. For FY26, revenue stood at Rs 3,022.67 crore and net profit at Rs 163.11 crore, with total assets of Rs 4,323.09 crore. The company is mid-way through a Rs 550 crore organic capacity expansion announced earlier in 2026, and the board has separately approved a Rs 73 crore technological upgradation and modernisation of the Satna EHV cable plant to meet international quality, safety and environmental standards. The biggest cost line is raw materials at 74.4% of revenue, with employee cost at 4.4% and other operating expenses at 12.1%; capex ran at 8.9% of revenue, indicating an asset-heavy manufacturer. The board has also approved raising up to Rs 200 crore via non-convertible debentures on private placement to part-fund expansion, and recommended a Rs 4.50 per share dividend for FY26. The company has no subsidiaries. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electrical cables (including EHV cables). Asset-heavy electrical cable manufacturer with material-intensive cost structure and significant ongoing capex.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,814 | 2,202 | 2,021 | 2,408 | 3,023 |
| EBITDA (ex other income) | 123 | 185 | 162 | 180 | 261 |
| margin % | 6.8 | 8.4 | 8.0 | 7.5 | 8.6 |
| Owners' profit | 75 | 118 | 108 | 0 | 163 |
| EPS, as reported (₹) | 21.60 | 34.05 | 31.19 | 25.76 | 47.01 |
| ROE % · ROCE % | 5.8 · 6.6 | 7.9 · 8.9 | 6.1 · 6.9 | 5.0 · 6.9 | 8.6 · 9.2 |
| Debt / equity (x) | 0.54 | 0.44 | 0.43 | 0.48 | 0.62 |
| Cash from operations | (12) | 143 | 33 | 176 | 63 |
| Capex | (20) | (28) | (61) | (163) | (270) |
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 | 638 | 608 | 674 | 600 | 814 | 768 | 840 | 945 |
| Profit before tax | 23 | 12 | 34 | 28 | 48 | 25 | 35 | 46 |
| Net profit | 18 | 16 | 50 | 33 | 48 | 27 | 55 | 70 |
| EPS (₹) | 5.27 | 4.56 | 14.32 | 9.49 | 13.74 | 7.84 | 15.94 | 20.22 |
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 | 1,16,260 | 40.4 | 9.59 | 27.4 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 37,002 | 37.1 | 5.55 | 25.8 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 24,678 | 40.6 | 9.59 | 30.2 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,832 | 22.3 | 2.93 | 17.9 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD ◆ | 4,702 | 23.5 | 2.49 | 20.3 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 2,002 | 33.0 | 2.57 | 18.0 | 7.7 | 10.2 | 29.8 | 7.1 |
| QUADRANT FUTURE TEK LTD | 1,641 | — | 6.36 | — | (16.6) | (19.8) | — | (7.1) |
| DYNAMIC CABLES LIMITED | 1,636 | 17.9 | 3.58 | — | 18.5 | 24.2 | — | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 22.3 | 7 of 11 | 40% |
| P/B | 2.5 | 3.3 | 3 of 10 | 78% |
| ROCE | 5.0 | 13.5 | 10 of 13 | 25% |
| ROE | 8.6 | 8.6 | 6 of 11 | 50% |
| Debt / Equity | 0.6 | 0.1 | 10 of 11 | 10% |
| EBITDA margin | 10.0 | 10.2 | 6 of 10 | 44% |
| Revenue growth | 57.5 | 36.1 | 1 of 10 | 100% |
| Profit growth | 113.1 | 35.0 | 2 of 10 | 89% |
| Market cap | 4702 | 1822 | 5 of 12 | 64% |
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 on 4 Nov 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · CARE Ratings reaffirms A rating with stable outlook, bank limits enhanced | credit debt | medium | — | — |
| 6 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation filed with exchanges | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from 1 October 2026 for Q2 Results | compliance | minimal | — | — |
| 21 Aug 2026 · Newspaper notice on special window for demat of physical shares | compliance | minimal | — | — |
| 8 Aug 2026 · Universal Cables Q1 FY27: Net profit up 109% YoY to Rs 70.15 cr | compliance | minimal | — | — |
| 7 Aug 2026 · Q1 FY27: Revenue up 57.5%, PAT up 90.7% YoY; capex raised, CFO change | results | high | — | — |
| 7 Aug 2026 · Q1 results strong, capex hiked, new CFO appointed | management changes | high | — | — |
| 7 Aug 2026 · Q1 revenue up 57.5% YoY; CFO change approved; capex raised to Rs 617 cr | management changes | high | — | — |
| 7 Aug 2026 · UCL Q1 PAT up about 91%, capex raised to Rs.617 cr, JV optical fibre project Rs.4800 cr | capex operations | high | — | — |
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 |
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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.