### **Overview** Uravi Defence & Technology Limited, formerly known as *Uravi T and Wedge Lamps Limited*, is a diversified Indian engineering and technology company with core expertise in **automotive lighting solutions** and a rapidly expanding footprint in the **defense and power systems** sectors. Founded in 2004, the company is listed on the BSE and NSE and operates under the brand **"UVAL"**. It serves both OEM and aftermarket segments, with growing international ambitions. --- ### **Core Business Segments** #### **1. Automotive Lighting (Established Strength)** Uravi is a leading manufacturer of automotive lamps in India: - **Product Range**: Wedge lamps (1.2W to 10W, 12V–24V), stop/tail/indicator lamps, instrument cluster lamps, halogen, and LED lamps. - **Applications**: Two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, tractors, and electric vehicles. - **OEM Partnerships**: Supplies Tier 1 vendors for major Indian manufacturers including **Hero MotoCorp, Bajaj Auto, TVS Motors, Honda**, and others. - **Market Position**: - *Largest supplier of automotive instrument cluster lamps* in India. - *Second-largest in signaling and parking lamp OEM segment*. - Holds approximately **50% market share** in the two-wheeler OEM lighting space. - **Certifications**: IATF 16949:2016, E-mark, and ARAI product approvals. - **Manufacturing**: Operates **three units**—Mumbai (serving Pune hub), Kathua (Jammu & Kashmir), and a third facility established in Kathua during 2022–2025 for EV and defense expansion. #### **2. Aftermarket & Exports** - **Revenue Mix**: ~97% from OEMs, ~3–4% from aftermarket and exports (planned expansion). - **Expansion Plans**: - Strengthening distribution in **Gujarat, Goa, Kerala, Karnataka, Tamil Nadu, West Bengal, Jharkhand**. - Targeting **10% revenue growth in FY25** through OEM expansion and new product launches. - Entering **South American markets** leveraging Indian OEMs (e.g., Bajaj, TVS) presence in Brazil, Colombia, and Venezuela. - Participation in international exhibitions for retail LED market entry in LATAM. --- ### **Strategic Diversification & Expansion** #### **1. Entry into Defense & Power Systems (Key Growth Driver)** Uravi has executed a transformative diversification strategy through strategic acquisitions and partnerships: - **Acquisition of SKL India Pvt. Ltd. (Jun–Nov 2024)**: - Acquired **47.39% stake** in Jun 2024 for ₹1,067.22 lakhs; increased to **50.01%** by Nov 2024, making SKL a subsidiary. - SKL (est. 1994, Mumbai) specializes in **rugged power systems** for defense: - MIL-approved diesel **gensets** with low noise ("silent" technology), extreme weather resilience. - **AMF panels, distribution panels, synchronizing panels**. - **Auxiliary Power Units (APUs)** – compact, dual-output (electric + hydraulic), used in defense and aerospace. - **Portable hydraulic power packs**, lithium battery systems, hybrid solutions. - **Cable drums** (manual/motorized) for field operations. - Registered with **DRDO** and defense primes. - **Revenue Target**: ₹15–22 crore in FY25 from defense power systems. - **Growth Goal**: Scale SKL to **₹100+ crore revenue** within 2–3 years. - **Acquisition of Spafax Ltd. (UK)**: - Gained access to **patented unbreakable mirror technology**, used in British Army Land Rover Defenders (VM2/VM3 series). - Enhanced **NATO and US Defense certifications**, enabling entry into EU and US defense supply chains. - Product portfolio includes: - IP69K-rated **wireless explosion-proof cameras**. - **Advanced lighting systems, audio warning tech, specialty lenses**. - Supports **dual-use applications** (military & commercial vehicles, agriculture, motorsports). #### **2. Global Expansion** - **Bharat Technology Limited (UK)**: Wholly-owned subsidiary established in June 2025 to drive R&D and exports. - **R&D Hub (UK)**: Focused on innovation in defense and automotive tech. - **Canada Venture**: Planned launch in 2025–2026 to: - Serve domestic demand. - Act as **export hub** for LED filament lamps to **USA, South America, and EU**. - Appointed agents in North America to support South American market outreach. - **Free Trade Benefit**: Anticipated **zero-duty access to EU** via the **India-UK Free Trade Agreement**, boosting export competitiveness. --- ### **New Product Development & Innovation** #### **1. Electric Vehicle (EV) Segment** - **Prototypes Developed**: - **T10 LED for speedometer illumination** (sampled to OEMs). - **Onboard and offboard EV chargers** (fast-charging capable). - **Production Plan**: Production timeline to be confirmed by **Jan 2025** after testing. - **Capacity Target**: ~5,000 EV chargers/month in FY26. - **OEM Engagement**: Co-development with OEMs; aims to become third-party supplier like lamps and silencers. - **Market Target**: 5% in first year, 25–30% in subsequent years as EV production scales in India. #### **2. LED & Technology Partnerships** - Partnerships with **Phoenix Technology China**, **Global Lighting Phils. Inc. (Philippines)**, and **Chinese LED manufacturers** for supply chain security and local LED production. - In-house design team uses **3D software** for customized lighting and power solutions. - Developing **LED filament lamps** for domestic and export markets. --- ### **Manufacturing & Operational Efficiency** - **Capacity Utilization**: ~60% currently; target of **75%+** through increased OEM volume and EV ramp-up. - **Cost Optimization**: Shift to **Kathua unit** (lower energy cost, GST benefits, subsidies), lean management, synchronized production lines. - **Backward Integration**: Planned via Indian manufacturing of critical components, reducing import dependence. --- ### **SWOT Summary** | **Strengths** | **Opportunities** | |---------------|-------------------| | - Leadership in wedge & instrument lamps | - High-growth EV & defense sectors | | - Strong OEM relationships (15+ years) | - Global expansion (UK, Canada, South America) | | - Skilled leadership (>30 years industry experience) | - Export growth via FTA, certifications | | - Strategic acquisitions (SKL, Spafax) | - Make in India & government incentives | | - In-house R&D and design capability | - Rising EV adoption in India | | **Weaknesses** | **Threats** | |--------------|-----------| | - Low aftermarket presence (3–4%) | - Economic slowdown affecting auto demand | | - High dependence on few OEM customers | - Competition from global lighting players | | - Recent capex and integration risks | - Supply chain disruptions (e.g., imported LEDs) | ---