UCAL LIMITED (UCAL)
₹131.25 +0.04% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, UCAL's revenue was ₹233 Cr (+17.1% year on year, +17.4% on the previous quarter), and net profit ₹-13.0 Cr (a smaller loss than a year earlier); the operating margin was 7.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹233 | +17.1% | +17.4% |
| Operating profit | ₹18.0 | from loss | +145.3% |
| Net profit | ₹-13.0 | loss narrowed | loss widened |
| EPS (₹) | -5.95 | loss narrowed | loss widened |
| Operating margin | 7.7% | — | — |
UCAL exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 2 sessions in about the last 20.
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📢 Recent Corporate Announcements
UCAL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, on October 3, 2026. The RTA confirmed that securities received for dematerialisation were processed and confirmed to depositories within the required 15-day timeline. This is a mandatory periodic filing with zero business or financial impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Certificate issued by RTA Integrated Registry Management Services Private Limited on October 3, 2026
- RTA confirmed securities dematerialisation requests processed within the stipulated 15 days
- Filing submitted to BSE and NSE on October 5, 2026 under Regulation 74(5)
UCAL Limited has declared the voting results and Scrutinizer's Report for its 40th Annual General Meeting held on September 29, 2026. All four resolutions were passed with overwhelming majorities ranging from 99.77% to 99.998% of votes polled. Key approved items include the adoption of FY26 financial statements, the reappointment and remuneration approval for Director Mr. Abhaya Shankar, and ratification of cost auditor remuneration. Total votes polled represented approximately 70.46% of the company's 2,21,13,625 total equity shares.
- Resolution 1 (FY26 Audited Financial Statements) passed with 99.998% assent (1,55,80,621 votes in favour vs 238 against)
- Resolution 3 (Remuneration to Mr. Abhaya Shankar for FY28) passed with 99.770% assent (1,55,44,959 votes in favour vs 35,900 against)
- Total votes polled across resolutions stood at 1,55,80,859, representing 70.4582% of the 2,21,13,625 total shares
- Promoter and Promoter Group accounted for 1,55,41,431 votes (100% polled in favour)
UCAL Limited conducted its 40th Annual General Meeting on September 29, 2026, via video conferencing with 108 members in attendance. The company put forward four resolutions to vote, including the adoption of FY26 financial statements, the reappointment and remuneration of Director Mr. Abhaya Shankar, and ratification of cost auditor remuneration. Statutory auditors issued an unqualified report on the company's financial statements. Voting results will be declared and submitted to the stock exchanges within two working days.
- 40th AGM held on September 29, 2026, with 108 members attending
- 4 resolutions proposed, including adoption of FY26 financial statements and director remuneration
- Statutory Auditors' Report confirmed as unqualified for the year ended March 31, 2026
- Consolidated e-voting results to be declared within two working days
UCAL Limited has received a Show Cause Notice (SCN) dated September 25, 2026, from the Deputy Commissioner of State Tax, Maharashtra. The authority has alleged discrepancies during the GST audit for FY 2022-23 regarding excess Input Tax Credit (ITC) claims and reversal issues. The notice demands a penalty of ₹87.62 Lakhs (including interest). The company stated the demand has no merit, will submit a formal reply within prescribed timelines, and foresees no immediate operational or financial impact.
- Penalty of ₹87.62 Lakhs (including interest) demanded under Show Cause Notice
- Notice received on September 25, 2026, from the Deputy Commissioner of State Tax, Maharashtra
- Pertains to GST audit discrepancies for FY 2022-23 regarding excess ITC claims and credit note reversals
- Company to submit a detailed reply contesting the merits of the notice
UCAL Limited has issued an intimation to shareholders regarding its 40th Annual General Meeting (AGM), scheduled for Tuesday, September 29, 2026, at 04:00 PM IST via video conferencing. The notice and FY25-26 Annual Report web-links are being dispatched to shareholders whose email addresses are unregistered as of August 21, 2026. The remote e-voting cut-off date is set for September 22, 2026, with the voting window open from September 25 to September 28, 2026. The communication also includes standard SEBI-mandated reminders for KYC updating and dematerialisation of physical shares.
- 40th AGM scheduled for Tuesday, September 29, 2026, at 04:00 PM IST via VC/OAVM
- E-voting cut-off date fixed for Tuesday, September 22, 2026
- Remote e-voting period open from Friday, September 25 to Monday, September 28, 2026
- Dispatch baseline cut-off date for unregistered email holders was August 21, 2026
UCAL Limited has issued the notice for its 40th Annual General Meeting (AGM) to be held virtually on September 29, 2026. The key agenda items include the adoption of FY26 audited standalone and consolidated financial statements, re-appointment of Director Mr. Abhaya Shankar, and approval of ₹24,00,000 annual remuneration for him as a Non-Executive Non-Independent Director for FY 2027-28. Additionally, the company seeks ratification of ₹3,00,000 remuneration for the Cost Auditor for FY27. Remote e-voting is scheduled from September 25 to September 28, 2026.
- 40th AGM scheduled for September 29, 2026, at 4:00 PM IST via Video Conferencing
- Remote e-voting window open from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM) with cut-off date on September 22, 2026
- Special Resolution proposed for payment of ₹24,00,000 annual remuneration to Non-Executive Director Mr. Abhaya Shankar for FY28
- Ratification of ₹3,00,000 annual remuneration to Cost Auditor Mr. L. Thriyambak for FY27
UCAL Limited has announced the results of its Postal Ballot process conducted via remote e-voting which concluded on August 13, 2026. Shareholders approved all five special resolutions with over 99.6% votes in favour. The approved resolutions include the re-appointment and remuneration of Mr. Jayakar Krishnamurthy as Chairman and Managing Director (99.66% approval), a remuneration hike for Deputy MD Mr. Adithya Srivatsa Jayakar (99.64% approval), and the re-appointment of Mr. Ram Ramamurthy as Whole Time Director (99.66% approval). Re-appointments of independent and non-executive directors were also ratified.
- Shareholders approved all 5 special resolutions via postal ballot with over 99.6% majority.
- Re-appointment and remuneration of Chairman and Managing Director Jayakar Krishnamurthy passed with 15,569,126 votes in favour (99.66%).
- Increase in managerial remuneration of Deputy MD Adithya Srivatsa Jayakar passed with 15,567,427 votes in favour (99.64%).
- Re-appointment and remuneration of Whole Time Director Ram Ramamurthy approved with 15,569,074 votes in favour (99.66%).
- Remote e-voting concluded on August 13, 2026, following the notice dispatched on July 14, 2026.
UCAL Limited has appointed its current Deputy Managing Director, Mr. Adithya Srivatsa Jayakar, as the Chief Executive Officer (CEO) effective August 13, 2026. Mr. Jayakar, who is the son of the Managing Director, will lead the company as it navigates a critical transition from carburetors to Fuel Injection Equipment (FIE). The board also scheduled the 40th Annual General Meeting for September 29, 2026, and appointed a new Cost Auditor for FY 2026-27. This leadership change occurs against a backdrop of a TTM net loss of ₹33 Cr and high client concentration with Bajaj Auto.
- Appointment of Mr. Adithya Srivatsa Jayakar as CEO effective August 13, 2026
- 40th Annual General Meeting (AGM) scheduled for September 29, 2026
- Cut-off date for AGM voting eligibility fixed as September 22, 2026
- Mr. L. Thriyambak appointed as Cost Auditor for the financial year 2026-27
- Company reported TTM revenue of ₹837 Cr with a net loss of ₹33 Cr
UCAL Limited has appointed Mr. Adithya Srivatsa Jayakar as its Chief Executive Officer, effective August 13, 2026. Mr. Jayakar, who is the son of the current Managing Director, will continue his existing role as Deputy Managing Director alongside the CEO position. This leadership transition occurs as the company navigates a challenging financial period, reporting a TTM net loss of ₹33.17 crore on revenue of ₹837.35 crore. The appointment aims to provide executive continuity during the company's critical shift from carburetors to Fuel Injection Equipment (FIE).
- Appointment of Mr. Adithya Srivatsa Jayakar as CEO effective August 13, 2026
- Appointee is the son of Managing Director Mr. Jayakar Krishnamurthy
- Company reported a TTM net loss of ₹33.17 crore for FY26
- Strategic goal to increase non-carburetor revenue share from 27% to 45%
- High client concentration with Bajaj Auto accounting for 56% of FY24 revenue
UCAL Limited received a Show Cause Notice (SCN) on August 12, 2026, from the State Tax Officer, Ambattur, regarding GST discrepancies for FY 2022-23. The notice demands a total of Rs 6.48 Crores, including interest, citing issues such as excess Input Tax Credit (ITC) claims and unreconciled GST payments. This demand is significant as it represents approximately 19.5% of the company's TTM net loss of Rs 33.17 Crores. The company has stated that the SCN has no merits and intends to file a detailed reply to contest the allegations.
- Total demand of Rs 6.48 Crores including interest issued by the State Tax Officer, Ambattur.
- Allegations involve discrepancies in GST Audit for FY 2022-23, including excess ITC claims and SEZ supplies.
- The demand amount is equivalent to ~19.5% of the company's TTM net loss of Rs 33.17 Crores.
- Discrepancies noted include unreconciled GST payments and issues with Reverse Charge Mechanism (RCM).
- Company maintains that the notice lacks merit and will submit evidence to substantiate its position.
UCAL Limited has issued a postal ballot notice to re-appoint Mr. Jayakar Krishnamurthy as Chairman and Managing Director for a five-year term (2026-2031). The proposed remuneration includes a monthly cash component of USD 33,000 (Basic, Special Allowance, and HRA), plus a commission of up to 7.5% of net profits. This leadership continuity comes as the company navigates a TTM loss of Rs 33 Cr and a critical product transition from carburetors to Fuel Injection Equipment (FIE). Shareholders will also vote on increasing the Deputy Managing Director's remuneration and re-appointing other board members.
- Proposed re-appointment of Mr. Jayakar Krishnamurthy as CMD for a 5-year term starting September 1, 2026.
- Fixed monthly cash remuneration for CMD set at USD 33,000 (approx. Rs 27.5 Lakhs per month).
- CMD commission capped at 7.5% of net profits, with provisions for minimum remuneration in case of losses.
- Voting period for shareholders starts July 15, 2026, and ends August 13, 2026.
- Company is currently loss-making with a TTM PAT of Rs -33 Cr and a TTM EPS of Rs -15.07.
UCAL's board has approved the re-appointment of Mr. Jayakar Krishnamurthy as Chairman and Managing Director for a five-year term (2026-2031). The board also approved an increase in remuneration for Deputy MD Adithya Srivatsa Jayakar and re-appointed several other directors for terms of 2 to 5 years. These leadership decisions come as the company manages a critical transition from carburetors to Fuel Injection Equipment (FIE) amid a TTM net loss of Rs 33 Cr. Shareholder approval will be sought via a postal ballot with a cut-off date of July 3, 2026.
- Re-appointment of Mr. Jayakar Krishnamurthy as CMD for a 5-year term effective September 1, 2026
- Approval of a remuneration increase for Deputy MD Adithya Srivatsa Jayakar, who is the son of the CMD
- Re-appointment of Whole Time Director Ram Ramamurthy for a 2-year term (2026-2028)
- Fixed July 3, 2026, as the cut-off date for determining shareholder eligibility for the postal ballot
- Company is currently loss-making with a TTM PAT of Rs -33 Cr and TTM EPS of Rs -15.07
UCAL Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. The company's Registrar and Transfer Agent (RTA) verified that certificates were mutilated and cancelled, with the depository's name substituted in the register of members within the mandated 15-day period. This is a standard procedural filing required for all listed entities.
- Compliance certificate issued for the quarter ended 30th June 2026
- Dematerialization requests processed and confirmed within 15 days
- Registrar confirmed mutilation and cancellation of physical security certificates
- Confirmation provided by Integrated Registry Management Services Private Limited
Mr. T Jaisankar has resigned as Chief Executive Officer (CEO) and Key Managerial Personnel of UCAL Limited, effective June 30, 2026, citing health reasons. Despite stepping down from the leadership role, he will continue to serve as an employee in a capacity to be determined by the Board. This transition occurs while the company is under financial pressure, reporting a TTM net loss of ₹33 Cr and a negative EPS of ₹15.07. The company is currently navigating a critical technological shift from carburetors to Fuel Injection Equipment (FIE) to meet regulatory requirements.
- Resignation as CEO and KMP is effective from the close of business hours on June 30, 2026
- Company reported a TTM net loss of ₹33 Cr against a TTM revenue of ₹837 Cr
- March 2026 quarterly revenue stood at ₹233 Cr with a net loss of ₹13 Cr
- Bajaj Auto remains the largest client, accounting for 56% of revenue as of FY24
- Mr. Jaisankar will remain an employee to leverage his long-standing experience with the firm
Carburettors Limited, a promoter of UCAL Limited, has filed a declaration under Regulation 31(4) of SEBI SAST Regulations for the financial year ended March 31, 2026. The filing confirms that the promoter and the entire promoter group have not created any new encumbrances, directly or indirectly, on their shareholding during the period. This annual disclosure includes entities such as Minica Real Estates Pvt Ltd and Southern Ceramics Pvt Ltd, ensuring transparency regarding the pledge status of promoter stakes.
- Carburettors Limited confirmed zero new share pledges for the financial year ending March 31, 2026.
- The disclosure is made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The promoter group covered includes Mr. Krishnamurthy Jayakar and five other corporate entities.
- No indirect encumbrances were created during the year, maintaining the existing status of promoter holdings.
Financial Performance
Revenue Growth by Segment
Standalone revenue grew by 20.79% to INR 582.79 Cr in FY25 compared to INR 482.48 Cr in FY24. Consolidated revenue increased by 10.94% to INR 802.29 Cr in FY25 from INR 723.14 Cr in FY24, driven by increased customer requirements despite a 12% decline in the previous fiscal year due to product phase-outs.
Geographic Revenue Split
The US subsidiary, Ucal Holdings Inc, contributed INR 240 Cr to consolidated revenue in FY24, representing approximately 33% of total consolidated income. The remaining revenue is primarily generated from Indian operations, with facilities in Tamil Nadu and Gurugram.
Profitability Margins
Operating margins declined from 7% in FY23 to 5.1% in FY24, primarily due to a one-time INR 15 Cr inventory provision at the US subsidiary. Margins are expected to recover to 7-8% over the medium term as the company increases the share of non-carburetor products and improves capacity utilization.
EBITDA Margin
Consolidated PBDIT increased by 42.1% to INR 74.95 Cr in FY25 from INR 52.74 Cr in FY24. This improvement was significantly aided by the monetization of non-core assets (land sale) and an overall increase in standalone revenue.
Capital Expenditure
The company is undertaking a capital expenditure of INR 25 Cr in FY25, primarily focused on expanding capacity for non-carburetor products. This is being funded through a mix of high-cost NBFC borrowings (11-12%) and an INR 18 Cr term loan from Bank of Maharashtra.
Credit Rating & Borrowing
CRISIL Ratings maintains a 'Stable' outlook. Borrowing costs are relatively high, with NBFC loans ranging from 11-12%. Interest coverage ratio moderated to 2.0x in FY24 from 3.0x in FY23 due to lower operating profitability.
Operational Drivers
Raw Materials
Key inputs include high-precision plastic components and rubber-moulded parts (sourced from subsidiary UPIL), and materials for machined-die castings. Specific percentage of total cost for each material is not disclosed.
Import Sources
The company sources specialized rubber and plastic components from its Indian subsidiary, Ucal Polymer Industries Ltd (UPIL). Global sourcing for US operations is managed through Ucal Holdings Inc.
Key Suppliers
Internal supply is dominated by Ucal Polymer Industries Ltd (UPIL). External suppliers for raw metals and chemicals are not specifically named in the documents.
Capacity Expansion
Current installed capacity for E-carburetors is 1.8 lakh units per month. Planned expansion is focused on non-carburetor products to reach a 40-45% revenue share in the medium term, supported by the INR 25 Cr FY25 capex.
Raw Material Costs
Raw material costs are impacted by inventory provisions, such as the INR 15 Cr non-cash charge in FY24. Procurement strategies involve utilizing the wholly-owned subsidiary UPIL to ensure supply chain fungibility.
Manufacturing Efficiency
The company is focusing on increasing the share of non-carburetor products to utilize existing capacity more effectively, which is expected to improve the absorption of fixed costs and boost margins to 7-8%.
Logistics & Distribution
Distribution costs are managed through facilities located near key automotive hubs in India and the US to serve major OEMs like Bajaj Auto and Maruti Suzuki.
Strategic Growth
Expected Growth Rate
10.94%
Growth Strategy
Growth will be achieved by transitioning from carburetors to Fuel Injection Equipment (FIE) for <125cc vehicles, with prototypes already submitted to Bajaj Auto. The company aims to increase non-carburetor revenue share from 27% to 45% and is monetizing INR 24 Cr of land to fund this transition.
Products & Services
Carburetors, fuel pumps, fuel-injection components, air-suction valves, machined-die castings, high-precision plastic components, and rubber-moulded parts.
Brand Portfolio
UCAL (formerly UCAL Fuel Systems Limited).
New Products/Services
Fuel injection engines for <125 cc vehicles are in development, with supplies expected to commence by Q4 FY25, targeting a significant portion of the medium-term revenue mix.
Market Expansion
Expansion is focused on increasing global market presence through Ucal Holdings Inc in the US and diversifying the domestic client base to reduce reliance on Bajaj Auto.
Market Share & Ranking
UCAL is a leading manufacturer of fuel management systems in India, though specific market share percentage is not disclosed.
Strategic Alliances
The company maintains long-term supply relationships with Maruti Suzuki and Bajaj Auto. No new JVs were detailed in the provided documents.
External Factors
Industry Trends
The industry is shifting rapidly from carburetors to electronic fuel injection systems due to emission norms. UCAL is positioning itself by transitioning its product mix toward FIE and non-carburetor components.
Competitive Landscape
Competes with global and domestic auto-component manufacturers in the fuel management and precision casting segments.
Competitive Moat
UCAL's moat is based on its integrated manufacturing capabilities and long-standing OEM relationships. However, this is currently challenged by the technological shift away from its core carburetor product.
Macro Economic Sensitivity
The company is sensitive to the high interest rate environment in the US, which contributed to a INR 28 Cr loss at its US subsidiary due to increased borrowing costs.
Consumer Behavior
Demand is driven by the shift toward more fuel-efficient and lower-emission vehicles in the two-wheeler and passenger car segments.
Geopolitical Risks
Operations in the US through Ucal Holdings Inc expose the company to US economic cycles and regulatory changes in the automotive sector.
Regulatory & Governance
Industry Regulations
Mandatory migration from e-carburetors to Fuel Injection Equipment (FIE) for <125 cc vehicles is required by April 1, 2025, which is the primary driver of the company's current product pivot.
Environmental Compliance
Manufacturing plants are certified for ISO 14001 and ISO 45001. The company utilizes 70% renewable energy to meet sustainability goals.
Taxation Policy Impact
The company reported a consolidated net loss in FY24, impacting immediate tax liabilities. Standalone current tax liabilities were negligible in recent filings.
Legal Contingencies
The company has not disclosed any material pending court cases or litigation values in the provided financial summaries.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful monetization of the Gurgaon land parcel (INR 24 Cr) and the timely approval/ramp-up of FIE products for Bajaj Auto. Failure in either could exacerbate liquidity pressures.
Geographic Concentration Risk
Significant concentration in India (Tamil Nadu and Haryana) and the US (through Ucal Holdings Inc).
Third Party Dependencies
High dependency on Bajaj Auto, which accounts for 56% of standalone revenue.
Technology Obsolescence Risk
High risk of obsolescence for carburetor products due to changing emission regulations, requiring significant R&D and capex for FIE transition.
Credit & Counterparty Risk
Liquidity is stretched; the company is dependent on non-convertible debentures (NCDs) and land sale proceeds to meet term debt obligations of INR 34 Cr in FY25.
