Ultracab (India) Limited is a specialized manufacturer and exporter of electric wires and cables with over **26 years** of promoter experience. The company operates as a high-tier player in the Indian cable industry, leveraging a portfolio of over **1,300 products** to serve critical infrastructure, industrial, and global markets. --- ### **Integrated Manufacturing & Infrastructure Excellence** The company maintains a fully integrated business model, ensuring quality control from raw material processing to the final product. * **Centralized Production:** Operations are concentrated at a **11,483.19 sq. m.** facility in **Shapar (Veraval), Rajkot, Gujarat**. * **100% In-house Capability:** The facility is equipped for the complete production lifecycle, including **wire drawing, conductor stranding, armoring, sheathing, and final testing**. * **Advanced Machinery:** The plant utilizes high-speed wire drawing lines and **AC drive-based motor control systems** to optimize energy efficiency. * **Operational Continuity:** A **125 KVA Generator** provides full power backup to prevent production downtime. * **Administrative Network:** Supported by a Corporate Office in **Rajkot** and a Head Office in **Vashi, Navi Mumbai**, facilitating proximity to financial hubs and logistics. --- ### **Specialized Product Portfolio & Technical Edge** Ultracab distinguishes itself by focusing on high-margin, technically demanding segments rather than commodity-grade wiring. | Product Category | Key Features & Certifications | Primary End-Markets | | :--- | :--- | :--- | | **Specialty Cables** | **UL Approved**, high-flex life, elevator-specific | Global Exports, Vertical Transport | | **Automotive** | **High Temperature** thermal resistance | Auto OEMs and Ancillaries | | **Industrial/Power** | **LT XLPE/PVC**, **1.1 KV FRLS**, Instrumentation | Process Industries, Power Plants | | **Domestic** | **FR/FRLS** (Flame Retardant/Low Smoke) | Real Estate, Smart Cities | * **R&D Focus:** Continuous optimization of raw material utilization and process engineering to maintain cost competitiveness. * **Global Standards:** The company produces **UL Approved Cables** (Underwriters Laboratories), a critical certification for entering regulated international markets. * **Diversification:** Beyond standard power cables, the company is expanding into **Mechanical cables** and specialized **Auto cables**. --- ### **Strategic Market Presence & Blue-Chip Clientele** Ultracab has established itself as an approved vendor for major Public Sector Undertakings (PSUs) and private conglomerates, securing a steady pipeline of high-value orders. * **Domestic Footprint:** Strong presence in Indian infrastructure through long-term contracts and **Annual Rate Contracts (ARC)**. * **Export Reach:** Active operations in the **UK, UAE, Africa, and Singapore**. Export earnings for **FY25** stood at **Rs. 5.02 Crore**. * **Key Government/PSU Clients:** Indian Railways (Western Railway), **MSETCL, MSEDCL, PGCIL, SAIL, BPCL, NPCIL, and BHEL**. * **Major Private Clients:** **TATA Group, Adani Group, Jindal Group, Vedanta Group**, Sterling & Wilson, and Jain Irrigation Systems. * **Strategic Approval:** Recently secured approval from **Engineers India Limited (EIL)**, a milestone that enables participation in global oil, gas, and petrochemical EPC projects. --- ### **Order Book & Recent Contractual Milestones** The company has demonstrated strong momentum in securing large-scale contracts (2023–2025): | Client | Date | Value / Scope | Project Details | | :--- | :--- | :--- | :--- | | **Larsen & Toubro (L&T)** | Oct 2025 | **Rs. 50 Crore** | LT power and control cables for EPC projects. | | **Larsen & Toubro (L&T)** | Oct 2025 | **ARC (63 items)** | Supply across **600+ PAN India sites** for 8 divisions. | | **MSEDCL** | Feb 2025 | **Rs. 51.06 Crore** | LT XLPE Cables for Maharashtra state utility. | | **Sterling and Wilson** | Dec 2023 | **Rs. 47.78 Crore** | LT AB Cables for RDSS government scheme (Bihar). | | **Adani Electricity** | Mar 2025 | **Rs. 9.70 Crore** | Rate Contract for Mumbai distribution. | | **Tata Power** | Dec 2023 | **Rs. 8.66 Crore** | Outline agreement for LT Cable supply. | --- ### **Financial Performance & Capital Structure** Ultracab has shown consistent top-line growth and a commitment to strengthening its balance sheet through strategic fundraising. **Financial Highlights (INR in Lacs):** | Metric | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **12,439.18** | **10,735.98** | **8,513.00** | | **EBIDTA** | **1,331.49** | **1,244.00** | - | | **Profit After Tax (PAT)** | **597.83** | **581.70** | **314.00** | | **Revenue Growth (%)** | **15.55%** | **~26.00%** | - | * **Rights Issue (2025):** Successfully raised **Rs. 49.81 Crore** by allotting **2,75,35,454** shares at **Rs. 14.50** per share. Promoters demonstrated confidence by subscribing to **100%** of their entitlement. * **Credit Ratings:** Upgraded to **IND BBB- / IND A3** (Stable) by **India Ratings** and **IVR BBB- / IVR A3** (Stable) by **Infomerics**. * **Taxation:** Adopted the **New Tax Regime**, reducing the effective tax rate to **25.17%**. * **Dividend Policy:** The company currently **ploughs back profits** into operations to fund expansion rather than issuing dividends. --- ### **Strategic Synergies & Related Party Operations** Ultracab utilizes a collaborative model to optimize capacity and monetize its brand equity: * **Jigar Cables Limited (JCL):** Ultracab receives a **2% commission** on basic sales from JCL for the use of the **Ultracab Brand**. This transaction is capped at **Rs. 200 Crores** annually. * **Jigar Polymers Limited (JPL):** Engaged for material procurement and job work, with transactions capped at **Rs. 25 Crores** annually. --- ### **Risk Management & Mitigation Framework** The company operates a structured risk oversight mechanism led by the Board and Audit Committee. * **Commodity Volatility:** Exposed to price shifts in **Copper, Aluminium, and Polymers**. * *Mitigation:* Uses **average monthly price** structures and **partial hedging**. Priority is given to contracts with **Price Variation Clauses**. * **Working Capital & Liquidity:** Managed by prioritizing high-credit-standing customers and maintaining **lean, symmetric inventories**. Working capital is secured by **Axis Bank** and **SBI**. * **Technical Barriers:** High costs for **Type Testing** and long-term ageing tests are mitigated by a focus on quality-conscious segments where these certifications act as entry barriers for competitors. * **Governance & Leadership:** **Mr. Nitesh Vaghasiya** has been re-appointed as **Chairman cum Managing Director** through **2028**. The board was recently strengthened with four Independent Directors to enhance oversight.