Ujaas Energy Limited (UEL), headquartered in Indore, is an Indian renewable energy company currently undergoing a strategic transformation. Following a **Corporate Insolvency Resolution Process (CIRP)** initiated in **2020**, the company is operating under a **Resolution Plan** approved by the **NCLT** on **October 13, 2023**. Now led by the **SVA Family Welfare Trust** and **M&B Switchgears**, the company is pivoting from a traditional solar EPC firm into a diversified green energy and electric mobility player. --- ### Core Business Segments & Market Offerings Ujaas Energy organizes its operations into three primary reportable segments, supported by a newly expanded charter for sustainable materials and advanced energy storage. * **Solar Power Generation & Maintenance:** * **Ujaas Park:** A flagship turnkey model providing solar investors with land procurement, grid connectivity, and statutory approvals. * **Ujaas My Site:** Specialized **Engineering, Procurement, and Construction (EPC)** services for solar projects on client-owned sites. * **Ujaas Home:** Residential rooftop solar solutions. * **Operations & Maintenance (O&M):** Comprehensive servicing of solar installations to ensure optimal yield. * **Electric Vehicles (EV) & Mobility:** * Manufacturing and sales of cost-effective electric two-wheelers under the brand **Ujaas e-Go**. * Development of core EV components, including **Power trains, Motors, and Controllers**. * Integration of **GPS systems** and smart variants for urban navigation. * **Energy Storage & Sustainable Materials (New Scope):** * Development of **Lithium-ion batteries, Super capacitors, and Flywheels**. * Trading and processing of metallic parts (**Copper, Aluminum, Steel, Iron**) and non-metallic materials (**Polymers, Glass, Lab-grown diamonds**) to support the green energy supply chain. --- ### Strategic Corporate Restructuring & Demerger Pursuant to the **NCLT** order, the company completed a strategic three-way demerger in **2024-25** to isolate its core renewable business from legacy operations. The record date for this demerger was **May 17, 2024**. | Entity Name | Status | Business Focus | | :--- | :--- | :--- | | **Ujaas Energy Limited** | Remaining | Solar Power (Sales, Generation, O&M) and **EV Manufacturing**. | | **Bluehope Solutions Limited** | Resulting | Transformer business. | | **Globlegreen Power Limited** | Resulting | Power Trading and Advisory business. | **Asset Transfer:** A net carrying value of **₹12.5 Crore** was transferred to the resulting companies. Bluehope Solutions allotted **5,00,00,000** equity shares and Globlegreen Power allotted **8,00,00,000** equity shares to UEL shareholders as part of the arrangement. --- ### Capital Structure Reset & Fundraising Strategy Following the implementation of the Resolution Plan, UEL underwent a massive capital reset to clean the balance sheet and attract new investment. * **Capital Reduction:** Existing equity was reduced by **99.85%** (from **20,02,90,000** shares to **3,01,272** shares) on **October 20, 2023**. * **Debt Conversion:** In **November 2025**, **24,00,00,000** fully paid-up equity shares (Face Value **₹1**) were allotted to **SVA Family Welfare Trust** via conversion of a **₹24 Crore** loan. * **Preferential Issue (Nov 2025):** The Board approved the issuance of **12.76 Crore equity shares** at **₹11 per share** (including **₹10 premium**) to non-promoters, aiming to raise **₹140.33 Crore**. * **Minimum Public Shareholding (MPS) Compliance:** To meet the **25% public shareholding** mandate, the company has utilized bonus issues (e.g., **2:1 ratio** in Oct 2025 and **17:25 ratio** in June 2025) where promoters consistently **forgo their entitlements**. * **Future Limits:** The company has authorized fundraising up to **₹500 Crore** and borrowing powers up to **₹1,000 Crore**. --- ### Financial Performance & Asset Profile The company’s financial health is currently characterized by the one-time gains of debt extinguishment and the subsequent stabilization of the balance sheet. **Key Financial Metrics** | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Paid-up Share Capital** | **₹10.66 Crore** | **₹10.53 Crore** | | **Total Equity** | **₹85.49 Crore** | **₹89.14 Crore** | | **Total Debt** | **₹24.00 Crore** | **₹18.51 Crore** | | **Net Debt to Equity Ratio** | **0.28** | **0.19** | **Exceptional Adjustments (FY 2023-24):** * **De-recognition of Liabilities:** **₹212.14 Crore** gain from debt extinguishment. * **Asset Impairments:** **₹97.1 Crore** provided for PPE and Intangibles. * **Write-offs:** **₹103.63 Crore** in Trade Receivables and Subsidies; **₹21.05 Crore** in Inventory write-downs. **Infrastructure:** UEL maintains solar parks in Madhya Pradesh at **Ichhawar, Gagorni, Susner-Barod-Rojhani,** and **Bercha**. Manufacturing is centered at **Sanwer Road Industrial Area, Indore**, though the company disposed of one factory shed in **June 2025** to optimize its footprint. --- ### Risk Factors & Audit Qualifications Investors should note that UEL’s financial statements have received **Qualified Opinions** from auditors due to several unresolved reconciliation issues following the CIRP. * **Bank Reconciliation Discrepancies:** A difference of **₹35.46 Crore** exists between company books and bank confirmations (**SBI** and **Axis Bank**), as banks have not yet fully updated their records to reflect the NCLT settlement. * **Unconfirmed Receivables:** **₹28.75 Crore** in trade receivables lack external confirmation. * **GST Litigation:** In **March 2025**, the company received a Show Cause Notice for **₹51.19 Crore** (including interest/penalties) for the 2021-2023 period. UEL contends this is unenforceable under the NCLT extinguishment clauses. * **Asset Charges:** Charges on certain land and buildings remain "unsatisfied" in regulatory filings due to the lack of **NOCs** from legacy lenders, despite the settlement. * **REC Realizability:** **₹11.73 Crore** in Renewable Energy Certificates is subject to ongoing **Supreme Court** litigation. --- ### Future Growth & Diversification Roadmap The company is pivoting toward high-growth "New Energy" sectors to ensure long-term viability: * **Green Hydrogen & Ammonia:** Charter amendments allow for potential expansion into hydrogen production and storage. * **Captive Power Generation:** Developing a **Captive Generating Plant (CGP)** under **Electricity Rules 2005** to power internal operations and export surplus to the grid. * **Strategic Acquisitions:** A portion of the **₹140.33 Crore** preferential issue is earmarked for strategic investments and acquisitions in the EV and storage space. * **Operational Standards:** UEL has implemented a Health and Safety Management system covering **100%** of plants and adheres to **Secretarial Standards (SS-1 and SS-2)**.