Ultracab (India) Ltd is a specialist manufacturer that turns copper, aluminium and polymers into over 1,300 different wires and cables - from the high-temperature wiring inside a car to the heavy power cable feeding a metro - all made under one roof in Gujarat. Founded in 2007 and now run by its promoter-chairman, the company has spent more than two decades quietly building a reputation as a preferred supplier to some of India’s most demanding industrial buyers, including the Tata, Adani and Jindal groups, Indian Railways, and nuclear and defence contractors. The recurring approach is simple: own the entire manufacturing chain, target customers whose approval process itself becomes a barrier to rivals, and then use that hard-won credibility to open doors in export markets from the UK to Singapore. # Business segments A single integrated engine - wires and cables manufactured end-to-end at one Gujarat plant, sold to infrastructure, industrial and export customers - with a brand-licensing arrangement that extends its reach without adding factories. ## 1. Wires and cables: the single integrated factory that supplies India’s industrial backbone **Every cable the company sells is drawn, stranded, armoured and sheathed inside its own Shapar facility, giving it full control over quality and cost - and the credentials to supply the country’s most security-conscious buyers.** - **One roof, every step** - the Shapar (Rajkot) plant houses the entire chain from wire drawing through conductor stranding, laying-up, armouring and sheathing, so the company never depends on an outside processor. The 11,483 sq m facility runs high-speed, energy-efficient machines with AC drive controls, and a 490 kW rooftop solar system helps power the operation. - **More than 1,300 products, five families** - the range spans power cables, control cables, mechanical cables, auto cables and special cables, with particular expertise in instrumentation cables, elevator cables, high-temperature automotive cables and UL-approved cables. That breadth means a slowdown in one segment can be offset by demand in another. - **The customer list is the moat** - the company is an approved vendor to the Tata Group, Adani Group, Jindal Group, Vedanta Group and multiple Indian Railways departments, as well as PSUs including NTPC, BHEL, SAIL, NPCIL and PGCIL. Larsen & Toubro has cleared it to supply projects across defence installations, metros, nuclear plants, renewables and water infrastructure. These approvals take years to earn and are increasingly stringent, screening out smaller players before they can even bid. - **Exports without a second factory** - products reach the UK, UAE, Africa and Singapore from the same Gujarat plant, with export earnings of about Rs 5 crore in FY25 and zero import outgo on raw materials that year. - **R&D as a sales tool** - an in-house laboratory tests products during production and at the final stage, before they go for independent certification, while technology teams hunt for alternative raw materials that improve quality or cut cost. A German high-speed inkjet printer imported in 2017 has been fully absorbed into the line. # Group structure and partners **Ultracab is a standalone listed company with no subsidiaries, but it shares a promoter-family ecosystem with Jigar Cables Limited - a related party that now manufactures and sells under the Ultracab brand through a royalty agreement, effectively giving the company extra production capacity without adding it to the balance sheet.** - **No subsidiaries, no joint ventures** - the company operates as a single entity listed on the Bombay Stock Exchange, with a six-member board led by Executive Chairman and Managing Director Nitesh Vaghasiya. - **A related-party supply chain** - Jigar Cables Limited and its subsidiary Jigar Polymers Limited, where the promoter’s father and brother are directors, are both customer and supplier: in FY25 Ultracab sold goods worth about Rs 70 crore to Jigar Cables and bought goods worth about Rs 79 crore from it, keeping production lines running and orders fulfilled. - **The brand licence that scales without capex** - in January 2026 the company signed a five-year Brand Usage Agreement letting Jigar Cables manufacture and sell products under the ‘ULTRACAB’ name, paying a royalty of 2% of basic sales. Ultracab retains full ownership, quality supervision and all marketing and sales strategy; Jigar Cables simply follows the specifications and quality standards set by Ultracab. The arrangement is designed to meet rising demand by tapping Jigar Cables’ manufacturing infrastructure without Ultracab having to build a second plant itself.