Ucal Limited (UCAL) · mywealthgrid

Loading page…

About

Ucal manufactures auto components and equipment for Indian vehicle makers, with a market cap of ₹335.63 Cr and quarterly revenues of ₹200+ Cr. Operating margins have ranged from 3.7% to 9.6% in recent quarters, but net profit has swung sharply between ₹5.87 Cr profit and -₹99.57 Cr loss.

Face value: ₹10

Market cap

₹310 Cr

P/E

—

P/B

1.0×

Dividend yield

ROE

-9.8%

ROCE

4.1%

Debt / equity

0.57

OPM

EPS (TTM)

₹-9.7

Book value

₹147.5

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Negative ROE of -9.79% signals ongoing capital erosion; verify whether recent profit recovery in Jun 2026 reflects sustainable turnaround or cyclical upturn.

Net profit swung from ₹5.87 Cr (Jun 2026) to -₹99.57 Cr (Mar 2026) — clarify whether the Mar loss was a one-time write-down or structural profitability crisis.

No institutional investors (0% FII, 0.01% DII) despite ₹335 Cr market cap; verify whether this reflects limited analyst coverage, liquidity concerns, or fundamental doubts.

No dividends declared since Sep 2023 despite 70.28% promoter ownership; verify capital constraints or policy change.

Generated analysis · source review pending

Growth drivers

Jun 2026 returned to profitability with ₹5.87 Cr net profit and 9.3% OPM after recent losses; verify if sustainable versus cyclical recovery.

Operating margins of 9%+ in recent periods suggest operational resilience — verify whether benefits are structural or transient.

Quarterly revenue steady at ₹200–211 Cr range; verify stability of demand environment for auto components.

Stock up 9.27% over one year despite negative ROE — verify what forward-looking catalyst market is pricing into valuation.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹138.0-0.7%1Y

Quick read

rule-based

Pros

+High promoter holding of 70.3% with no pledge

Cons

−Low return on equity of -7% (3-yr avg)
−Thin operating margin of 6%
−Modest revenue growth of 4.1% a year over the last 5 years
−Weak interest coverage of 0.6×

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 15
Growth: 17
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	732	687	782	823	723	802	838
COGS	312	349	397	440	379	411	436
Gross profit	419	338	385	383	344	392	402
	331	271	312	325	305	352	351
	89	67	73	57	39	40	50
OPM %	12.2%	9.7%	9.3%	7%	5.4%	5%	6%
Depreciation	40	40	41	38	33	41	37
Interest	27	28	23	22	24	30	30
	12	13	31	9	10	22	-12
Profit before tax	35	11	39	6	-9	-8	-29
Tax	14	-18	4	6	16	8	5
Tax %	39.6%	-162.5%	10.6%	86.8%	185.4%	92.9%	16.7%
	21	29	35	1	-25	-16	-33
PAT margin %	2.9%	4.2%	4.5%	0.1%	-3.5%	-2%	-4%
EPS (₹)	9.6	13.1	15.8	0.4	-11.4	-7.4	-15.1
EPS adjusted (₹)	9.6	13.1	15.8	0.4	-11.4	-7.4	-15.1
	0%	15.3%	12.7%	512.8%	—	—	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	22	22	22	22	22	22	22	22	22	22	22
Reserves	9	447	276	300	309	336	369	371	349	333	304
Minority interest	—	—	—	—	—	0	0	0	0	—	—
	200	138	226	194	170	233	217	199	202	248	186
	265	175	192	226	269	267	169	190	228	240	169
Total equity & liabilities	496	782	716	742	770	858	778	782	801	842	680
	255	304	385	406	495	471	460	436	491	466	375
CWIP	2	2	14	14	1	2	4	16	21	27	27
Investments	0	162	2	2	2	16	16	16	15	16	15
	239	314	315	320	272	369	299	314	274	334	264
Total assets	496	782	716	742	770	858	778	782	801	842	680

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	57.3%	49.2%	49.2%	46.5%	47.6%	48.8%	47.9%
EBITDA margin %	12.2%	9.7%	9.3%	7%	5.4%	5%	6%
EBIT margin %	6.8%	3.8%	4%	2.4%	0.7%	-0.1%	1.7%
PAT margin %	2.9%	4.2%	4.5%	0.1%	-3.5%	-2%	-4%
Working capital
Receivable days	41	71	45	53	60	50	45
Inventory days	107	102	98	81	95	117	60
Payable days	22	151	88	107	125	118	110
NWC days	125	22	55	27	29	50	-4
Leverage
Current ratio	—	0.86	0.81	0.72	0.82	0.92	0.98
Debt to EBITDA	1.91	3.5	2.98	3.47	5.22	6.23	3.67
Debt to equity	0.51	0.65	0.55	0.51	0.54	0.7	0.57
Interest coverage	2.3	1.4	2.7	1.3	0.6	0.7	0.6
Asset turnover	0.95	0.8	1.01	1.05	0.9	0.95	1.23
Return ratios
Return on assets %	2.7%	3.4%	4.5%	0.1%	-3.2%	-1.9%	-4.9%
Return on capital employed %	—	7.6%	12.3%	5.9%	3.2%	4.1%	4.1%
Return on equity %	6.4%	8.1%	8.9%	0.2%	-6.8%	-4.6%	-10.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%	70.28%
FII	0%	0%	0%	0.12%	0%	0.06%	0%	0%	0%	0%	0%	0%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	29.71%	29.71%	29.71%	29.59%	29.71%	29.65%	29.71%	29.71%	29.71%	29.71%	29.71%	29.71%
No. of shareholders	—	—	—	—	—	—	—	—	17,590	17,411	17,363	17,177

Promoter holding up 0 percentage points since Sep 2023.

6 deals · 28 Aug 2024 – 23 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Dec 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	2,09,696	₹240.35	₹5.04 Cr
23 Dec 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	2,09,696	₹240.17	₹5.04 Cr
23 Dec 2024	QE SECURITIES LLP	Bulk	NSE	Sell	1,47,607	₹240.04	₹3.54 Cr
23 Dec 2024	QE SECURITIES LLP	Bulk	NSE	Buy	1,47,405	₹240.15	₹3.54 Cr
28 Aug 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,56,175	₹221.32	₹3.46 Cr
28 Aug 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,56,175	₹221.07	₹3.45 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Jayakar KrishnamurthyExecutive Director-Chairperson-MD
Mr. Adithya Srivatsa JayakarExecutive Director
Mr. Ram RamamurthyExecutive Director
Mr. S. BalasubramanianNon-Executive - Independent Director
V RamanathanChief Financial Officer
Mr. I.V.RaoNon-Executive - Independent Director
Mr. R. SundarNon-Executive - Independent Director
Mr. Abhaya ShankarNon-Executive - Non Independent Director
Mrs. Sandhya ShekharNon-Executive - Independent Director
Mr. S. NarayanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Ucal Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

30 Sept 2026, 3:54 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	57.3%	49.2%	49.2%	46.5%	47.6%	48.8%	47.9%
EBITDA margin %	12.2%	9.7%	9.3%	7%	5.4%	5%	6%
EBIT margin %	6.8%	3.8%	4%	2.4%	0.7%	-0.1%	1.7%
PAT margin %	2.9%	4.2%	4.5%	0.1%	-3.5%	-2%	-4%
Working capital
Receivable days	41	71	45	53	60	50	45
Inventory days	107	102	98	81	95	117	60
Payable days	22	151	88	107	125	118	110
NWC days	125	22	55	27	29	50	-4
Leverage
Current ratio	—	0.86	0.81	0.72	0.82	0.92	0.98
Debt to EBITDA	1.91	3.5	2.98	3.47	5.22	6.23	3.67
Debt to equity	0.51	0.65	0.55	0.51	0.54	0.7	0.57
Interest coverage	2.3	1.4	2.7	1.3	0.6	0.7	0.6
Asset turnover	0.95	0.8	1.01	1.05	0.9	0.95	1.23
Return ratios
Return on assets %	2.7%	3.4%	4.5%	0.1%	-3.2%	-1.9%	-4.9%
Return on capital employed %	—	7.6%	12.3%	5.9%	3.2%	4.1%	4.1%
Return on equity %	6.4%	8.1%	8.9%	0.2%	-6.8%	-4.6%	-10.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

Date	Category	Subject	Filing
30 Sept 2026, 3:54 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 5:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
2 Sept 2026, 4:51 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 4:49 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Aug 2026, 1:33 pm	Company Update General	Ucal Ltd - 500464 - Issuance Of Letter To Shareholders Under Regulation 36(1)(B) Of SEBI (LODR) Regulations, 2015	PDF
31 Aug 2026, 1:17 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
31 Aug 2026, 1:08 pm	AGM/EGM AGM	Notice Of 40Th Annual General Meeting	PDF
14 Aug 2026, 6:14 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	81	98	78	130	123	10	81	78	39	15	120
	-14	-19	-45	-44	-59	-9	-29	-33	-82	-7	32
	-67	-71	-49	-48	-61	31	-83	-9	44	-7	-154
Net cash flow	—	—	—	—	—	32	-32	36	1	1	-2
Free cash flow	—	90	46	102	74	-6	50	65	-49	5	92
CFO / Operating profit %	—	—	—	—	138.1%	15.7%	110.7%	136.1%	100.7%	36.7%	237.7%

Ucal Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Dividends15

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

15

1