### **Overview** Universal Cables Limited (UCL) is a leading Indian public limited company with over 50 years of experience in the design, manufacturing, and execution of electrical cables, capacitors, wires, conductors, and turnkey power infrastructure projects. Headquartered in Satna, Madhya Pradesh, UCL operates under the Companies Act, 2013, and is recognized for its technological leadership, particularly in the Extra High Voltage (EHV) and High Voltage Direct Current (HVDC) cable segments. The company’s flagship brand **‘UNISTAR’** is a trusted name in the Indian cable industry, known for quality, safety, and innovation. UCL is part of the M.P. Birla Group legacy and has strengthened its global reputation through technical collaborations, strategic joint ventures, and export excellence. --- ### **Core Business Segments & Products** - **Power & Control Cables**: LV, MV, HV, and EHV cables up to 500 kV (including 400 kV XLPE underground cables). - **Specialty Cables**: Rubber-insulated and fire-safe cables for railways, mining, defense, petrochemicals, offshore rigs, and renewable energy. - **Capacitors & Power Quality Solutions**: HT/LT shunt capacitors, automatic power factor control panels, harmonic filters, SVGs, and AHFs. - **Optical Fibre Cables**: Manufactured via its joint venture, Birla Furukawa Fibre Optics Pvt. Ltd. - **Turnkey EPC Projects**: End-to-end solutions covering supply, laying, installation, testing, and commissioning of power systems. --- ### **Key Strategic Highlights (as of Nov 2025)** #### **1. EHV & HVDC Cable Leadership** - UCL operates **India’s first Vertical Continuous Vulcanization (VCV) line**, enabling the production of EHV and HVDC cables up to 500 kV. - It has commercially manufactured and installed India’s highest-rated **400 kV underground HVAC cable**, including a 11.34 km project in Tamil Nadu (commissioned FY 2024–25), with another 9.5 km project underway. - The company is **expanding into the EHV HVDC segment**, anticipating rising domestic demand driven by long-distance renewable integration and smart grid initiatives. #### **2. International Expansion & Order Wins** - Secured a **turnkey EHV cable order worth over USD 25 million** for 110kV and 161kV systems in **Latin America**—a significant milestone in global footprint expansion. - Exports are growing steadily, with active presence in **Europe, Latin America, Bangladesh, and Sri Lanka**. - Export revenue (excluding merchant exporters) reached **₹10,191.4 crore** in FY 2023–24, supported by participation in global tenders and strategic alliances. - UCL holds **‘Two Star Export House’** status from DGFT (valid until March 2028), reflecting robust export performance. #### **3. Strong Order Book & Revenue Visibility** - **Pending order book stood at ₹2,945 crore as of September 30, 2025**, including: - A major EHV cable project for the new capital region in **Amravati, Andhra Pradesh**. - Overseas EHV supply and installation contracts. - As of March 31, 2025, confirmed unexecuted orders were valued at **₹1,792 crore**, comprising pipeline (₹1,041 crore) and EPC work (₹335 crore). - Backed by a strong project pipeline, UCL expects **significant growth in both domestic and international EHV/MV markets** over the next 2–3 years. #### **4. Capacity Expansion & Manufacturing Upgrades** - **Satna Facility**: - New **Low Voltage (LV) Cable Plant** under construction; expected commissioning by **December 2025**. - Brownfield expansion increasing **MV XLPE cable capacity by ~25%**, operational by Q4 FY 2024–25. - Flexible production setup allows switching between EHV and MV cables to meet fluctuating demand. - **Goa Plant**: - Expansion in **building wires, LV cables, winding wires, and multicore flexible cables** now fully commissioned. - Major capacity addition for **insulated winding wires and specialty cables**, to be fully operational by **mid-FY 2025–26**. - Ongoing capex supports **sustainable scaling across LV, MV, HV/EHV, capacitors, and specialty cables**. #### **5. Technological Collaborations & Partnerships** - **Technical Collaboration with NKT GmbH & Co. KG (Germany)** since 2018 for 400 kV XLPE EHV cable manufacturing. - **Partnership with Viscas Corporation (Japan)**, a joint venture of Furukawa and Fujikura, for advanced jointing accessories (220 kV and above). - Access to cutting-edge **VCV technology** through FECL collaboration. - Proprietary **Pressurized Liquid Salt Bath Curing (PLCV)**—the only such facility in India—for high-performance rubber-insulated specialty cables. #### **6. Joint Ventures & Associates** - **Birla Furukawa Fibre Optics Pvt. Ltd. (JV – 26.14% stake)**: - Benefiting from global surge in optical fiber demand due to hyperscale data centers and DCI applications. - Strong performance driven by overseas telecom expansion and infrastructure investments. - **Vindhya Telelinks Limited (Associate – 29.15% stake)**: - Engaged in telecom cables, FRP rods, and EPC services. - Contributed to group synergy, especially in optical fiber and specialty wire ecosystems. #### **7. Market Position & Competitive Advantage** - **Market Leader in Domestic EHV Cable Segment**: - Offers end-to-end turnkey solutions and holds the largest VCV-based production capacity in India. - Successfully executed turnkey 400 kV projects, including supply to a government utility and European markets. - Competitive strengths include: - **Superior quality**, **shorter delivery cycles**, and **in-house R&D with polymer compounding**. - **Flexible production** between EHV and MV lines to manage demand volatility. - Focus on **high-margin, high-end products** over commoditized, low-margin segments. #### **8. Strategic Business Model Evolution** - Transitioned from manufacturer to **full-service solution provider**, offering **end-to-end power system solutions from concept to commissioning**. - Focus on **SITC (Supply, Installation, Testing, and Commissioning) contracts** in both domestic and international markets. - Expanding offerings in **renewable energy infrastructure**, including: - 33 kV automatic power factor correction systems (installed in Gujarat, Rajasthan, Karnataka). - Harmonic filter banks for solar farms. - Engagement in **STATCOM commercial tie-up discussions** to meet new CEA grid stability norms. #### **9. Growth Drivers** - **Domestic Demand Surge**: - Rising electricity demand, renewable capacity additions (record solar/wind deployment), EV charging networks, smart cities, metro rails, and national transmission reforms (e.g., Green Energy Corridors). - Government support under self-reliant India initiatives and long-term T&D capex plans. - **Global Tailwinds**: - "China plus one" strategy boosting demand for Indian manufacturers. - Global data center boom driving optical fiber needs. - India’s potential to attract over $20 billion in renewable investments (2023 estimate). #### **10. Operational & Financial Outlook** - **EBITDA Margin Expansion**: EHV order strength expected to boost margins by **~160 bps in FY 2025–26**. - Revenue visibility remains strong due to **healthy order book and execution ramp-up**. - Focus on **optimal capacity utilization** across all segments, especially in LV and MV, where market share is currently low despite growing capacity. - Managing input cost volatility (copper, aluminum, polymers) via **price variation clauses, commodity hedging, and supply chain optimization**. --- ### **Key Contacts** - **Registered Office**: Satna, Madhya Pradesh - **Investor Relations**: Mumbai office for shareholder communication - **Stakeholdings**: 29.15% in Vindhya Telelinks Ltd., 26.14% in Birla Furukawa Fibre Optics Pvt. Ltd.