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Ujaas Energy Limited (UEL)

₹189.33 -3.89% last close, 16 Oct

📊 NSE: UEL 🏢 Electric Equipment 📢 Latest filing: 04 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Ujaas Energy's revenue was ₹3.0 Cr (+14.5% year on year, -46.2% on the previous quarter), and net profit ₹3.3 Cr (+30.8% year on year); the operating margin was -92.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹3.0	+14.5%	-46.2%
Operating profit	₹-2.8	loss narrowed	loss widened
Net profit	₹3.3	+30.8%	+674.0%
EPS (₹)	0.24	—	+700.0%
Operating margin	-92.0%	—	—

No EPS growth against Q1 FY26: 2:1 bonus in Oct 2025.

Full quarterly financials → Results calendar →

UEL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 65.74% of the UEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.0%. That is close to its usual level. Turnover was only ₹44 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.

65.74%Delivery, 16 Oct

56.0%Own 20-session average

0.7×Volume vs its average

₹189.33NSE close · -3.89%

Delivery in the last 5 sessions: 35.1% · 48.8% · 51.6% · 56.5% · 65.7%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Ujaas Energy Clarifies No Undisclosed Information Behind Recent Share Price Movement

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 04 Sep 2026, 11:45 AM

Ujaas Energy Limited responded on September 04, 2026, to surveillance letters issued by NSE and BSE regarding significant price movements. The company confirmed full compliance with SEBI LODR Regulation 30, affirming that no material price-sensitive information has been withheld. Management stated that the recent movement in its equity shares is purely market-driven. With a market cap of Rs 2,631 Cr and elevated P/E multiples, the company indicated no unannounced corporate developments exist.

Surveillance clarification letters issued by NSE and BSE on September 03, 2026
Company issued formal response on September 04, 2026, affirming full disclosure compliance
Management confirmed no undisclosed price-sensitive information or events exist
Stock had gained 75.8% over the trailing 3 months prior to exchange surveillance query

💡 Track fundamental earnings recovery and NCLT resolution execution rather than speculative momentum, noting extreme current valuation multiples (P/E ~2,196x).

UEL Clarifies Recent Share Price Volatility; No Undisclosed Material Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Aug 2026, 06:25 PM

Ujaas Energy Limited (UEL) has responded to a surveillance query from the National Stock Exchange (NSE) regarding significant movement in its share price. The company stated that it has made all necessary disclosures under Regulation 30 of SEBI LODR and is not withholding any material information. Despite a 106.8% price return over the last 12 months, the company's TTM PAT remains low at Rs 1 Cr with a CRISIL D (default) rating. Management maintains that the price movement is entirely market-driven.

NSE sought clarification via letter Ref. No. NSE/CM/Surveillance/17328 dated August 04, 2026
Company confirms compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Stock has delivered a 106.8% return over the last 12 months
TTM PAT is currently Rs 1 Cr against a Market Cap of Rs 2431 Cr
Company is currently operating under an NCLT-approved resolution plan from October 13, 2023

💡 Investors should focus on the company's ability to improve its 'CRISIL D' credit rating and execute its EV strategy, as the current P/E of 2029.1 indicates extreme speculative pricing relative to earnings.

UEL Clarifies Significant Price Movement; No Undisclosed Material Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Aug 2026, 12:48 PM

Ujaas Energy Limited (UEL) has responded to an NSE query regarding significant volatility in its share price. The company stated that it has made all necessary disclosures under SEBI Regulation 30 and is not withholding any material information. Despite a 106.8% price return over the last 12 months, the company's TTM PAT remains thin at ₹1 Cr with a very high P/E ratio of 2029.1. Management maintains that the price movement is purely market-driven.

NSE sought clarification on August 04, 2026, regarding significant price movement.
Stock has delivered a 106.8% return over the past 12 months.
TTM Revenue is ₹466 Cr with a marginal TTM PAT of ₹1 Cr.
Current P/E ratio stands at an elevated 2029.1 with a P/B of 27.4.
Promoter holding remains stable at 75.0% as of the latest filings.

💡 Investors should focus on the execution of the NCLT-approved resolution plan and the scaling of the 'E-Spa' EV brand rather than price volatility. The high valuation multiples relative to current earnings suggest significant speculative interest.

UEL Approves Q1 FY27 Results; Reconstitutes Committees with Audit Qualification on Interest

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 30 Jul 2026, 06:02 PM

Ujaas Energy Limited (UEL) held a board meeting on July 30, 2026, to approve its un-audited standalone financial results for the quarter ended June 30, 2026. The board also reconstituted its CSR and Nomination and Remuneration Committees by inducting Ms. Geeta Mundra as an additional member. Notably, the statutory auditor issued a qualified conclusion regarding Rs 4.06 lakhs in accrued interest on Axis Bank Fixed Deposits that has not been credited by the bank. This follows a larger discrepancy of Rs 17.49 lakhs reported for the full year ended March 31, 2026.

Board approved un-audited standalone financial results for the quarter ended June 30, 2026.
Ms. Geeta Mundra inducted into the CSR and Nomination and Remuneration Committees effective July 30, 2026.
Statutory auditor flagged a discrepancy of Rs 4.06 lakhs in accrued interest income for the current quarter.
Historical interest discrepancy for the year ended March 31, 2026, stands at Rs 17.49 lakhs.
The company continues to operate under its NCLT-approved resolution plan dated October 13, 2023.

💡 Investors should review the detailed Q1 FY27 financial statements once fully available to assess the revenue trajectory of the 'E-Spa' EV brand. The recurring audit qualification regarding bank interest reconciliation, though small in value, warrants monitoring for governance consistency.

UEL Q1 FY27 Results: Auditor Qualifies Rs 4.06 Lakh Interest Discrepancy

🔵 WATCH ⭐ 6/10

EARNINGS 📅 30 Jul 2026, 04:51 PM

Ujaas Energy Limited (UEL) has approved its standalone unaudited financial results for the quarter ended June 30, 2026. The statutory auditor issued a qualified conclusion regarding Rs 4.06 Lakhs in accrued interest on Axis Bank fixed deposits that remains uncredited by the bank. This follows a larger discrepancy of Rs 17.49 Lakhs reported for the full year ended March 31, 2026. The company also reconstituted its CSR and Nomination & Remuneration committees, adding Ms. Geeta Mundra as a member.

Auditor qualification raised for Rs 4.06 Lakhs of accrued interest not credited by Axis Bank in Q1 FY27.
Cumulative interest discrepancy for the previous financial year (FY26) stands at Rs 17.49 Lakhs.
Board reconstituted the CSR and NRC committees effective July 30, 2026, inducting Ms. Geeta Mundra.
Company continues to operate under a resolution plan approved by NCLT on October 13, 2023.
UEL maintains a 'CRISIL D' default rating, which continues to impact its ability to secure bank guarantees.

💡 Investors should monitor the reconciliation of the interest income discrepancy with Axis Bank and track the company's progress in exiting its default rating status to regain bidding capacity for solar EPC projects.

UEL Approves Q1 FY27 Results; Auditor Issues Qualification on ₹4.06 Lakh Interest Discrepancy

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 30 Jul 2026, 04:41 PM

Ujaas Energy Limited (UEL) has approved its standalone financial results for the quarter ended June 30, 2026. The statutory auditor issued a qualified conclusion regarding ₹4.06 Lakhs in accrued interest on Axis Bank FDs that has not been credited by the bank, a recurring issue from previous periods. The board also reconstituted its CSR and Nomination & Remuneration Committees by adding Ms. Geeta Mundra. Despite a TTM revenue of ₹466 Cr, the company remains under a 'CRISIL D' default rating, which continues to restrict its ability to secure credit lines for large-scale solar projects.

Board approved un-audited standalone financial results for the quarter ended June 30, 2026.
Statutory auditor flagged a ₹4.06 Lakh discrepancy in accrued interest income for the current quarter.
Cumulative interest discrepancy for the previous financial year (FY26) was reported at ₹17.49 Lakhs.
Ms. Geeta Mundra inducted as an additional member to both CSR and NRC committees effective July 30, 2026.
Company continues to focus on its 14 MW solar portfolio and the 'E-Spa' electric two-wheeler brand.

💡 Investors should monitor the detailed Q1 P&L for signs of revenue growth in the EV segment and any updates on the 'CRISIL D' credit rating status, which is the primary bottleneck for growth.

UEL Shareholders Approve Rs 1,000 Cr Borrowing Limit and New Chairman at 27th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 16 Jul 2026, 03:07 PM

Ujaas Energy Limited (UEL) has released the voting results from its 27th Annual General Meeting held on July 14, 2026. Shareholders approved all six resolutions, including the adoption of FY26 financial statements and the appointment of Mrs. Geeta Mundra as Chairman. Crucially, a special resolution was passed to increase the company's borrowing limit to Rs 1,000 Crores. This limit is significantly higher than the company's current debt of Rs 24 Crores and its net worth of Rs 89 Crores.

Shareholders approved a borrowing limit of up to Rs 1,000 Crores under Section 180(1)(c) of the Companies Act.
Mrs. Geeta Mundra was appointed as a Non-Executive Director and designated as the Chairman of the company.
The resolution for making investments and extending loans (Section 186) passed with 100% of the 10,00,10,383 votes cast in favor.
The company reported 49,224 shareholders on the record date of July 7, 2026.
Mr. Vikalp Mundra was re-appointed as a Director after retiring by rotation.

💡 Investors should monitor the company's actual debt utilization against the new Rs 1,000 Cr limit and track the 'E-Spa' EV brand's contribution to revenue in upcoming quarterly results.

UEL AGM: Shareholders Approve Rs 1,000 Cr Borrowing Limit and New Chairperson

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 14 Jul 2026, 05:49 PM

Ujaas Energy Limited (UEL) concluded its 27th Annual General Meeting on July 14, 2026, where shareholders considered six key resolutions. A major highlight is the enabling resolution to borrow funds up to Rs 1,000 crore, which is significantly higher than its current TTM revenue of Rs 466 crore and net worth of Rs 89 crore. The meeting also formalized the appointment of Mrs. Geeta Mundra as Chairperson and approved inter-corporate loans and investments under Sections 185 and 186. These moves come as the company continues to implement its NCLT-approved resolution plan and expand its 'E-Spa' electric two-wheeler brand.

Approved a borrowing limit of up to Rs 1,000 crore under Section 180(1)(c), representing ~11.2x the company's current net worth of Rs 89 crore.
Shareholders approved the appointment of Mrs. Geeta Mundra as Non-Executive Director and Chairperson via Special Resolution.
Passed enabling resolutions for inter-corporate loans, guarantees, and investments under Sections 185 and 186 of the Companies Act.
The meeting was attended by 35 members (including proxies) at the company's registered office in Indore.
Remote e-voting was conducted between July 11 and July 13, 2026, prior to the physical meeting.

💡 Investors should monitor the actual utilization of the Rs 1,000 crore borrowing headroom and the company's ability to secure credit given its 'CRISIL D' rating history. Watch for the official voting results and any subsequent announcements regarding specific capital expenditure or debt-raising plans.

UEL AGM: Shareholders Consider Rs 1,000 Cr Borrowing Limit and New Chairperson Appointment

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 14 Jul 2026, 05:37 PM

Ujaas Energy Limited (UEL) conducted its 27th Annual General Meeting on July 14, 2026, proposing six key resolutions. The most significant is a special resolution to increase the borrowing limit to Rs 1,000 Crores, which is approximately 11.2x the company's current net worth of Rs 89 Cr. Shareholders also considered the appointment of Mrs. Geeta Mundra as Chairperson and approvals for inter-corporate loans and investments. The company continues to focus on its NCLT-approved resolution plan and the 'E-Spa' electric two-wheeler brand despite its current 'CRISIL D' default rating.

Proposed borrowing limit of Rs 1,000 Crores under Section 180(1)(c), representing 214% of TTM revenue.
Special resolution for the appointment of Mrs. Geeta Mundra as Non-Executive Director and Chairperson.
Approval sought for loans, guarantees, and investments under Sections 185 and 186 of the Companies Act.
Meeting attended by 35 members (including proxies) at the Indore registered office.
Remote e-voting was conducted from July 11 to July 13, 2026, prior to the AGM.

💡 Investors should monitor the Scrutinizer's Report to confirm if the Rs 1,000 Cr borrowing limit was approved. The key monitorable is the company's ability to actually raise debt given its current default status and 'Issuer Not Cooperating' tag.

UEL AGM: Shareholders Consider Rs 1,000 Cr Borrowing Limit and New Chairperson

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 14 Jul 2026, 05:27 PM

Ujaas Energy Limited (UEL) held its 27th Annual General Meeting on July 14, 2026, to vote on six key resolutions. The most significant proposal is a special resolution to increase the company's borrowing limit to Rs 1,000 crore, which is approximately 2.1x its TTM revenue of Rs 466 crore. Other major items included the appointment of Mrs. Geeta Mundra as Chairperson and approvals for inter-corporate loans and investments. The company is currently operating under a 'CRISIL D' default rating, making these financial mandates critical for its turnaround strategy.

Proposed a significant increase in borrowing limits up to Rs 1,000 crore under Section 180(1)(c)
Sought approval for inter-corporate loans and investments under Sections 185 and 186
Appointment of Mrs. Geeta Mundra as Non-Executive Director and Chairperson
Current TTM revenue stands at Rs 466 crore, making the proposed borrowing limit ~214% of annual sales
The meeting was attended by 35 members, with voting results to be declared following the Scrutinizer's report

💡 Monitor the upcoming Scrutinizer's Report to confirm if the Rs 1,000 crore borrowing limit was approved. Investors should watch for any subsequent credit rating updates or specific fund-raising announcements, as the company's current 'Default' status remains a primary concern for credit access.

Ujaas Energy Reports 100% Demat Holding for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 05:27 PM

Ujaas Energy Limited (UEL) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's registrar, Bigshare Services Private Limited, confirmed that no requests for rematerialization were received during the quarter ended June 30, 2026. Additionally, the registrar noted that the entire shareholding of the company is already maintained in dematerialized form, ensuring high liquidity and transparency in share ownership.

Quarterly compliance certificate issued for the period ended June 30, 2026
0 requests received for rematerialization of shares during the quarter
100% of the company's shares are confirmed to be in dematerialized form
Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for insights into operational performance and debt resolution progress.

Ujaas Energy Announces Trading Window Closure from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 05:11 PM

Ujaas Energy Limited (UEL) has officially announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is preparatory to the announcement of the un-audited financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives and will remain in effect until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from July 1, 2026
Closure relates to the un-audited financial results for the quarter ending June 30, 2026
Window to remain closed until 48 hours after the results are officially declared
Applies to all Insiders, Designated persons, and their immediate relatives

💡 This is a routine regulatory compliance filing and does not impact the company's fundamentals; investors should monitor for the upcoming board meeting date to review Q1 performance.

Ujaas Energy Announces Remote E-Voting Schedule for AGM on July 14, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 05:03 PM

Ujaas Energy Limited has scheduled its Annual General Meeting (AGM) for July 14, 2026, at 4:15 P.M. at its registered office in Indore. The company has partnered with CDSL to provide remote e-voting facilities to its shareholders. The eligibility to vote is determined by a cut-off date of July 7, 2026. The voting window will be open for three days, starting from July 11 and ending on July 13, 2026.

Annual General Meeting (AGM) to be held on Tuesday, July 14, 2026, at 4:15 P.M.
Cut-off date for determining e-voting entitlement is Tuesday, July 7, 2026.
Remote e-voting period starts on July 11, 2026 (9:00 A.M.) and ends on July 13, 2026 (5:00 P.M.).
Central Depository Services (India) Limited (CDSL) is the designated e-voting agency.
Ashish Karodia & Co. has been appointed as the Scrutinizer for the voting process.

💡 Shareholders should ensure their shares are in their demat accounts by the July 7 cut-off date to be eligible to vote. It is advised to review the specific resolutions in the AGM notice once released before casting votes during the July 11-13 window.

Ujaas Energy Sets July 7, 2026, as Cut-off Date for AGM E-Voting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 04:56 PM

Ujaas Energy Limited has scheduled its Annual General Meeting (AGM) for July 14, 2026, at its registered office in Indore. The company has fixed July 7, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The e-voting period will be open from July 11, 2026, to July 13, 2026. Additionally, the register of members and share transfer books will remain closed from July 8 to July 14, 2026, for the purpose of the AGM.

Annual General Meeting (AGM) to be held on July 14, 2026, at 04:15 P.M.
Cut-off date for remote e-voting eligibility is Tuesday, July 7, 2026.
Remote e-voting window opens on July 11 (9:00 AM) and closes on July 13 (5:00 PM).
Register of Members and Share transfer books will be closed from July 8 to July 14, 2026.

💡 Shareholders who wish to participate in the voting process for AGM resolutions should ensure they hold the company's shares by the July 7 cut-off date. This is a routine procedural announcement and does not require any immediate buy or sell action.

Ujaas Energy to Hold 27th AGM; Proposes ₹1,000 Crore Borrowing Limit

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 22 Jun 2026, 04:51 PM

Ujaas Energy Limited (UEL) has scheduled its 27th Annual General Meeting (AGM) for July 14, 2026, to transact several key business items. The company is seeking shareholder approval for a significant increase in borrowing limits up to ₹1,000 crore and authorization for loans/investments up to ₹25 crore. Additionally, the meeting will address the appointment of Mrs. Geeta Mundra as Chairman and the re-appointment of Mr. Vikalp Mundra as a Director.

27th Annual General Meeting scheduled for July 14, 2026, in Indore.
Proposed special resolution to increase borrowing limits to ₹1,000 crore under Section 180(1)(c).
Seeking approval for loans, guarantees, or securities up to ₹25 crore for subsidiaries and group entities.
Appointment of Mrs. Geeta Mundra as Non-Executive Director and Chairman for a 3-year term.
Adoption of audited standalone financial statements for the year ended March 31, 2026.

💡 Investors should monitor the company's plans for the proposed ₹1,000 crore borrowing capacity, as it may signal future expansion or capital requirements. Review the FY26 financial statements for insights into the company's operational recovery.

View All UEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY24 was INR 26.73 Cr, representing a 13.55% decline from INR 30.92 Cr in FY23. Segment-specific growth percentages for EPC, Solar Park, Rooftop, and O&M are not disclosed in available documents.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered in Indore, Madhya Pradesh.

Profitability Margins

Net Profit Margin (NPM) improved significantly to 108.34% in FY24 from -56.58% in FY23, likely due to exceptional items under the NCLT resolution. Operating Profit Margin (OPM) was -0.23% in FY24 compared to 14.95% in FY23.

EBITDA Margin

Operating Profit Margin (OPM) was -0.23% in FY24, a sharp decline from 14.95% in FY23. For the 9 months ending December 31, 2024, OPM recovered to 19.77%.

Credit Rating & Borrowing

The company carries a 'CRISIL D' (Default) rating for both long-term and short-term bank loan facilities totaling INR 437 Crore. The rating is classified as 'Issuer Not Cooperating' due to a lack of management engagement.

⚙️ Operational Drivers

Raw Materials

Solar modules, electronic components for electric vehicles, steel structures, and copper wiring. Specific cost percentages for each are not disclosed.

Capacity Expansion

Current installed solar power capacity is 14 MW, with a historical track record of setting up over 235 MW of solar projects. Planned expansion capacity is not disclosed.

📈 Strategic Growth

Growth Strategy

The company is focusing on implementing the NCLT-approved resolution plan (approved October 13, 2023) and diversifying into the electric two-wheeler market through its 'E-Spa' brand to capture the growing EV demand in India.

Products & Services

Solar power generation, Engineering Procurement and Construction (EPC) for solar projects, Solar Park development, Rooftop solar installations, O&M services, and E-Spa electric scooters.

Brand Portfolio

Ujaas, E-Spa.

New Products/Services

Recently launched 'E-Spa' electric two-wheelers. Expected revenue contribution percentage is not disclosed.

Strategic Alliances

Efficient Tie-Up Pvt. Ltd. (majority held by Jyot International Marketing Limited) is a significant stakeholder involved in recent general meeting resolutions.

🌍 External Factors

Industry Trends

The industry is shifting toward decentralized solar (rooftop) and rapid EV adoption. UEL is positioning itself by maintaining its 14 MW solar portfolio and launching the E-Spa EV brand.

Competitive Landscape

Competes with large-scale renewable energy firms and emerging EV manufacturers in a highly fragmented market.

Competitive Moat

The company's moat is based on its early-mover advantage in the Indian solar park model and a track record of installing over 235 MW of capacity, though this is currently weakened by financial default.

Macro Economic Sensitivity

Highly sensitive to interest rates and government renewable energy subsidies; default status makes the company particularly vulnerable to credit market tightening.

Consumer Behavior

Increasing consumer preference for green energy and electric mobility is driving demand for the company's rooftop solar and E-Spa products.

Geopolitical Risks

Potential exposure to trade barriers or supply chain disruptions related to solar module imports, which are largely sourced from China industry-wide.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Electricity Act, MNRE guidelines for solar projects, and FAME-II/EV manufacturing standards for the E-Spa division.

Environmental Compliance

Maintains a Corporate Social Responsibility (CSR) Committee in compliance with Section 135 of the Companies Act, 2013.

Legal Contingencies

The company was under a Corporate Insolvency Resolution Process; the Hon’ble NCLT, Indore Bench approved a resolution plan on October 13, 2023.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to regain creditworthiness and cooperate with rating agencies to exit the 'Default' category, which currently restricts operational scaling.