🔍

URAVIDEF - Uravi Defence &

📊 NSE: URAVIDEF 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 14:47

📢 Recent Corporate Announcements

Uravi Defence Disinvests 50.01% Stake in SKL India; Subsidiary Status Ceases

🔵 WATCH ⭐ 8/10

M&A 📅 05 Mar 2026, 10:55 PM

Uravi Defence and Technology Limited has completed the transfer of its 50.01% shareholding in SKL India (Private) Limited to Mr. Krishnakumar Bhatia and Mrs. Bhavna Bhatia. This disinvestment follows shareholder approval at the Extra-Ordinary General Meeting held on March 02, 2026. As a result, SKL India has ceased to be a subsidiary of the company. Additionally, directors Niraj Gada and Niken Shah have resigned from the board of SKL effective March 02, 2026.

Transferred 50.01% equity stake in SKL India (Private) Limited to the Bhatia family.
SKL India (Private) Limited has officially ceased to be a subsidiary of Uravi Defence.
Disinvestment was approved by shareholders in the EGM held on March 02, 2026.
Resignation of Niraj Gada (Promoter/Director) and Niken Shah (Independent Director) from SKL board.

💡 Investors should monitor the company's upcoming financial statements to assess the impact of this divestment on consolidated revenue and the utilization of sale proceeds.

Uravi Defence Approves 50.01% Stake Sale in Subsidiary SKL India at EGM

🔵 WATCH ⭐ 8/10

M&A 📅 02 Mar 2026, 11:16 PM

Uravi Defence and Technology Limited held an Extraordinary General Meeting on March 02, 2026, to approve the divestment of its material subsidiary. The company received shareholder approval to sell its 50.01% stake in SKL India Private Limited to the subsidiary's promoters, Krishna Kumar Bhatia and Bhavna Bhatia. This transaction is a material related party transaction and marks a significant change in the company's asset structure. Additionally, the company appointed M/S Viren Gandhi & Co as the new Statutory Auditors to fill a casual vacancy.

Approved the disinvestment of a 50.01% controlling stake in material subsidiary SKL India Private Limited.
The stake is being transferred to SKL promoters Mr. Krishna Kumar Bhatia and Mrs. Bhavna Bhatia as a related party transaction.
Appointed M/S Viren Gandhi & Co as Statutory Auditors following the resignation of M/s GBCA & Associates LLP.
The EGM was conducted via Video Conferencing and concluded with three major resolutions including one special resolution.

💡 Investors should closely monitor the valuation at which the 50.01% stake in SKL India is being sold to ensure it is at arm's length. Assess the impact of this divestment on the company's consolidated revenue and future growth strategy in the defence sector.

Uravi Defence to Disinvest 50.01% Stake in Material Subsidiary SKL India

🔵 WATCH ⭐ 8/10

M&A 📅 02 Mar 2026, 11:12 PM

Uravi Defence and Technology Limited held an EGM on March 02, 2026, to approve the disinvestment of its 50.01% stake in SKL India Private Limited. This material subsidiary stake will be sold to the promoters of SKL, Krishna Kumar Bhatia and Bhavna Bhatia, making it a related party transaction. The company also confirmed the appointment of M/S Viren Gandhi & Co as Statutory Auditors to fill a casual vacancy. These moves indicate a significant restructuring of the company's portfolio and oversight.

Proposed disinvestment of 50.01% shareholding in material subsidiary SKL India Private Limited
Transaction involves transferring shares to SKL's promoters, classified as a material related party transaction
Appointment of M/S Viren Gandhi & Co as Statutory Auditors to fill the vacancy left by GBCA & Associates LLP
The EGM was held on March 02, 2026, concluding at 4:55 P.M. IST

💡 Closely evaluate the financial impact of losing SKL India's revenue and the fairness of the sale price to the promoters. Watch for official voting results and further disclosures regarding the use of disinvestment proceeds.

Uravi Defence Subsidiary Acquires 10% Stake in Spafax International for 340,000 GBP

🟢 POSITIVE ⭐ 7/10

M&A 📅 20 Feb 2026, 09:36 PM

Uravi Defence and Technology Limited's wholly-owned subsidiary, Bharat Technology Limited, has acquired a 10% stake in Spafax International Holdings Limited. The transaction involved the acquisition of 1,010 shares for a total consideration of 340,000 GBP. This acquisition follows an initial intimation made in June 2025, marking a strategic international investment for the group. The move signifies the company's intent to expand its global footprint through its subsidiary.

Subsidiary Bharat Technology Limited acquired 1,010 shares of Spafax International Holdings.
The acquisition represents a 10% equity stake in the target company.
Total investment consideration for the stake is 340,000 GBP.
The transaction is a follow-through on a strategic plan first intimated on June 25, 2025.

💡 Investors should monitor how this strategic 10% stake in Spafax contributes to Uravi's consolidated performance and look for further updates on international synergies. The stock remains a watch for those interested in the defence and technology sector's global expansion plays.

Uravi Defence Q3 Standalone Profit Up 21% YoY to ₹33.32 Lakhs; Internal Auditors Re-appointed

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 08:25 PM

Uravi Defence and Technology reported a standalone net profit of ₹33.32 Lakhs for the quarter ended December 31, 2025, marking a 21.1% increase year-on-year. Total income for the quarter stood at ₹1,067.84 Lakhs, showing marginal growth compared to ₹1,038.74 Lakhs in the same period last year. Notably, the company failed to provide consolidated results as financial data from its subsidiary, SKL (India) Private Limited, was not received. The board also approved the re-appointment of M/s V. J. Shah & Co. as Internal Auditors for FY 2026-27.

Standalone Net Profit increased 21.1% YoY to ₹33.32 Lakhs in Q3 FY26.
Total Income for the quarter rose slightly to ₹1,067.84 Lakhs from ₹1,038.74 Lakhs YoY.
Consolidated financial results were not prepared due to missing data from subsidiary SKL (India) Private Limited.
Subsidiary SKL (India) is classified as 'held for sale' with ₹1,125.20 Lakhs received as an advance for the disposal.
M/s V. J. Shah & Co. re-appointed as Internal Auditors for the 2026-27 financial year.

💡 Investors should exercise caution regarding the lack of consolidated financial data and monitor the successful completion of the SKL (India) subsidiary sale. The standalone performance remains stable but shows limited sequential growth.

Uravi Defence Q3 FY26 Standalone Net Profit Rises 21% YoY to ₹33.32 Lakhs

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 03:32 PM

Uravi Defence and Technology reported a standalone total income of ₹1,067.84 Lakhs for Q3 FY26, a slight increase from ₹1,038.74 Lakhs in the same quarter last year. Standalone net profit grew 21% year-on-year to ₹33.32 Lakhs, although it declined sequentially from ₹39.61 Lakhs in Q2 FY26. The company was unable to present consolidated results due to missing financial data from its subsidiary, SKL (India) Private Limited, which is currently classified as held for sale. An advance of ₹1,125.20 Lakhs has already been received for the proposed disposal of this subsidiary.

Standalone Total Income for Q3 FY26 stood at ₹1,067.84 Lakhs compared to ₹1,038.74 Lakhs in Q3 FY25.
Net Profit increased to ₹33.32 Lakhs from ₹27.50 Lakhs in the previous year's corresponding quarter.
Investment in subsidiary SKL (India) Private Limited is held for sale with ₹1,125.20 Lakhs received as advance.
Company wrote off ₹907.50 Lakhs in balance share warrants during FY 2025-26 after partial conversion.
M/s V J Shah & Co. re-appointed as Internal Auditors for the 2026-27 financial year.

💡 Investors should monitor the finalization of the subsidiary sale and the subsequent impact on the balance sheet. The lack of consolidated reporting this quarter suggests a need for closer scrutiny of the company's oversight of its subsidiaries.

Uravi Defence Delays Q3 FY26 Results Due to Non-Cooperation from Subsidiary SKL (India)

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 12 Feb 2026, 07:07 PM

Uravi Defence and Technology Limited has informed the exchanges that it is unable to finalize its consolidated financial results for the quarter ended December 31, 2025. The delay is caused by its subsidiary, SKL (India) Private Limited, which has failed to provide necessary financial records and supporting documents despite repeated follow-ups. This lack of data prevents the company from complying with SEBI reporting requirements and applicable accounting standards. Such internal friction between a parent and its subsidiary is a significant governance concern for shareholders.

Consolidated financial results for the quarter ended December 31, 2025, are currently on hold.
Subsidiary SKL (India) Private Limited has not provided required financial information despite multiple follow-ups.
The company cited SEBI Circular CIR/CFD/CMD-1/142/2018 regarding the disclosure of reasons for delayed results.
Management is currently unable to prepare accounts in accordance with regulatory requirements due to missing data.

💡 Investors should remain cautious as the inability to obtain data from a subsidiary suggests potential internal governance or management control issues. Monitor for updates on when the results will be declared and any potential regulatory penalties for the delay.

Uravi Defence to Disinvest 50.01% Stake in SKL India for ₹11.25 Cr; EGM on March 02

🔵 WATCH ⭐ 7/10

M&A 📅 07 Feb 2026, 08:46 PM

Uravi Defence and Technology Limited has called for an Extraordinary General Meeting (EGM) on March 02, 2026, to approve the disinvestment of its 50.01% stake in its material subsidiary, SKL India Private Limited. The stake is proposed to be sold to the promoters of SKL India for a minimum consideration of ₹11.25 crore. Additionally, the company seeks to appoint M/s Viren Gandhi & Co as the new Statutory Auditors following the resignation of M/s GBCA & Associates LLP. This disinvestment is classified as a material related party transaction requiring shareholder approval.

Proposed disinvestment of 50.01% shareholding in material subsidiary SKL India Private Limited.
Minimum sale consideration fixed at ₹11,25,19,540 to be paid by the acquirers (promoters of SKL).
Appointment of M/s Viren Gandhi & Co as Statutory Auditors to fill the casual vacancy until the 2026 AGM.
EGM scheduled for March 02, 2026, with remote e-voting available from February 27 to March 01, 2026.

💡 Investors should monitor the rationale behind the auditor's resignation and the intended use of the ₹11.25 crore proceeds from the subsidiary sale. It is important to assess whether the sale price represents a fair valuation for a 'material' subsidiary.

Uravi Defence to Divest 50.01% Stake in SKL India for Rs 11.25 Crore

🟡 NEUTRAL ⭐ 7/10

M&A 📅 05 Feb 2026, 06:30 PM

Uravi Defence and Technology Limited has approved the sale of its 50.01% stake in its material subsidiary, SKL India (Private) Limited. The transaction is valued at approximately Rs 11.25 crore, which aligns with the original investment amount. SKL India contributed 5.24% to Uravi's total turnover and a minimal 0.15% to its net worth in FY25. The sale is a related party transaction to the promoters of SKL and is expected to be completed by April 30, 2026, subject to shareholder approval.

Divesting 50.01% shareholding in material subsidiary SKL India (Private) Limited
Expected consideration of at least Rs 11.25 crore, matching the original investment cost
SKL India contributed Rs 228.71 lakhs (5.24%) to total revenue in FY 2024-25
Transaction involves related parties and is expected to close by April 30, 2026
SKL India's contribution to Uravi's net worth was minimal at 0.15% (Rs 7.18 lakhs)

💡 Investors should monitor how the company redeploys the Rs 11.25 crore cash inflow into its core defence and technology operations. The exit from a unit with negligible net worth contribution suggests a move toward streamlining the balance sheet.

Uravi Defence Rectifies EPS Filing Discrepancy for Quarter Ended Sept 30, 2025

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 22 Jan 2026, 05:15 PM

Uravi Defence and Technology Limited has responded to a clarification request from the National Stock Exchange regarding its financial results for the quarter ended September 30, 2025. The exchange identified a discrepancy where the Consolidated Earnings Per Share (EPS) figures in the XBRL filing did not match the PDF version. The company has since rectified this inadvertent error and submitted revised financial results on January 21, 2026. This correction ensures that all regulatory data is consistent and accurate for market participants.

NSE flagged a mismatch in Consolidated EPS figures between XBRL and PDF filings on January 12, 2026.
The discrepancy pertained to the financial results for the quarter ended September 30, 2025.
Company filed revised financial results on January 21, 2026, to correct the reporting error.
Management stated the error was inadvertent and has now been fully reconciled.

💡 Investors should refer to the revised financial results filed on January 21, 2026, for accurate EPS data. While this is a clerical correction, it is important for maintaining accurate valuation models.

Uravi Defence Files SEBI Regulation 74(5) Compliance Certificate for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jan 2026, 07:16 PM

Uravi Defence and Technology Limited has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018, for the period ending December 31, 2025. The certificate, issued by Bigshare Services Private Limited (the Registrar and Share Transfer Agent), confirms that no requests for rematerialisation of shares were processed during the quarter. This is a standard procedural filing required by Indian stock exchanges to maintain transparency in shareholding records.

Quarterly compliance certificate submitted for the period ending December 31, 2025
Certificate issued by the company's RTA, Bigshare Services Private Limited
Confirms no rematerialisation of shares occurred during the three-month period
Filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative update with no impact on company fundamentals or stock performance. No specific investment action is required.

Uravi Defence Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Dec 2025, 04:22 PM

Uravi Defence and Technology Limited has officially closed its trading window for all designated persons and their immediate relatives starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly financial results. The window will remain shut until 48 hours after the standalone and consolidated financial results for the quarter ended December 31, 2025, are declared. This is a routine procedure and does not indicate any fundamental change in the company's operations.

Trading window closure effective from January 1, 2026, for the Q3 FY2026 period.
The restriction applies to all designated persons and their immediate relatives as per the Company Code.
Window to reopen 48 hours after the announcement of standalone and consolidated financial results.
Compliance is mandated under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming earnings release for performance updates.

Uravi Defence Converts 4 Lakh Warrants to Equity; 11 Lakh Warrants Expire

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 16 Dec 2025, 04:39 PM

Uravi Defence and Technology Limited has concluded its warrant exercise period which ended on December 12, 2025. Out of the 15,00,000 warrants originally approved in June 2025, only 4,00,000 warrants were converted into equity shares. The remaining 11,00,000 warrants have lapsed, meaning the company will not receive the additional capital associated with those units. This represents a significant portion of the planned fundraise that did not materialize.

Allotment of 4,00,000 equity shares following successful warrant conversion.
11,00,000 warrants lapsed due to the expiry of the 18-month exercise period.
The original issuance of 15,00,000 warrants was approved via circular resolution on June 13, 2025.
Only 26.6% of the total warrants issued were eventually converted into equity.

💡 Investors should evaluate the company's liquidity position as the lapse of 11 lakh warrants indicates a shortfall in expected capital. The low conversion rate might suggest that the market price remained below the warrant exercise price during the window.

URAVIDEF appoints Viren Gandhi & Co. as Statutory Auditors w.e.f. Dec 10, 2025

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 10 Dec 2025, 07:33 PM

Uravi Defence and Technology Limited has appointed M/s Viren Gandhi & Co. as their new Statutory Auditors, effective December 10, 2025. This appointment fills the casual vacancy created by the resignation of M/s GBCA & Associates LLP on November 11, 2025. Viren Gandhi & Co.'s term will last until the conclusion of the 22nd Annual General Meeting, pending member approval. The appointment is made as per Section 139(8) of the Companies Act, 2013.

Viren Gandhi & Co. appointed as Statutory Auditors w.e.f. December 10, 2025
GBCA & Associates LLP resigned on November 11, 2025, creating the vacancy
Viren Gandhi & Co.'s appointment is subject to member approval at the 22nd AGM
Firm's Registration No. of Viren Gandhi & Co. is 111558W
ICAI Registration No. of GBCA & Associates LLP is 103142W

💡 Investors should note the change in auditors and monitor the company's performance under the new auditor's oversight. Review the auditor's report in the upcoming annual report for any key observations.

Uravi Defence Appoints M/s Viren Gandhi & Co as Statutory Auditor to Fill Casual Vacancy

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 10 Dec 2025, 07:27 PM

Uravi Defence and Technology Limited has appointed M/s Viren Gandhi & Co as its new Statutory Auditor effective December 10, 2025. This appointment is intended to fill the casual vacancy created by the resignation of the previous auditor, M/s GBCA & Associates LLP, on November 11, 2025. The new auditor will serve until the conclusion of the 22nd Annual General Meeting, subject to shareholder approval within three months. M/s Viren Gandhi & Co is a peer-reviewed firm with expertise in IND AS, statutory audits, and taxation.

Appointment of M/s Viren Gandhi & Co (FRN: 111558W) effective from December 10, 2025.
Fills casual vacancy following the resignation of M/s GBCA & Associates LLP on November 11, 2025.
Appointment requires shareholder approval at a general meeting within three months.
The new auditor will hold office until the conclusion of the company's 22nd Annual General Meeting.

💡 Investors should note the change in auditors and monitor for any disclosures regarding the reasons for the previous auditor's resignation. The prompt appointment of a peer-reviewed firm is a standard governance procedure.

View All URAVIDEF Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The OEM segment, which is the primary revenue driver at 96.09% of total sales, saw a marginal decline of 1.09% in FY25. The Aftermarket (AFM) segment contributed 2.78% of sales with a growth of 0.45%, while Exports represented 1.13% of revenue, growing by 0.65%. Total revenue for FY25 was INR 41.34 Cr, a 1.55% decrease from INR 41.98 Cr in FY24.

Geographic Revenue Split

The company is heavily focused on the domestic Indian market, with 98.87% of revenue derived from local operations (OEM and AFM segments). International exports contribute the remaining 1.13% of the revenue mix as of FY25.

Profitability Margins

Profitability saw a significant compression in FY25; the Operating Profit Margin dropped from 16.92% to 9.42%, and the Net Profit Margin decreased from 5.08% to 4.32%. This was primarily due to a 9.33% decline in EBITDA, which fell to INR 6.50 Cr from INR 7.10 Cr YoY.

EBITDA Margin

The EBITDA margin for FY25 stood at 15.72% (INR 6.50 Cr), representing a 9.33% year-on-year decline from the previous year's INR 7.10 Cr. This contraction reflects rising operational costs and price erosion in the automotive lighting segment.

Capital Expenditure

As of September 30, 2025, the company reported Capital Work-in-Progress of INR 2.77 Cr. The company is investing in its three manufacturing facilities located in Bhiwandi (Maharashtra) and Kathua (Jammu & Kashmir) to support its pivot into defense and EV technology.

Credit Rating & Borrowing

The company significantly improved its leverage position, with the Debt-Equity Ratio decreasing from 0.95 in FY24 to 0.55 in FY25. Total consolidated borrowings as of September 2025 were approximately INR 30.71 Cr, consisting of INR 6.42 Cr in long-term and INR 24.28 Cr in short-term debt.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include glass, filaments, LEDs, and plastic housings for automotive lamps. Cost of materials consumed in FY25 was INR 22.48 Cr, representing approximately 54.4% of total revenue.

Capacity Expansion

The company operates three manufacturing plants: Plant 1 in Bhiwandi (Maharashtra), and Plants 2 and 3 in Kathua (Jammu & Kashmir). While specific unit capacity is not disclosed, the company is expanding into high-margin defense and EV solutions.

Raw Material Costs

Raw material costs totaled INR 22.48 Cr in FY25. The company faces risks from price erosion in the B2B segment, which impacts the ability to pass on raw material fluctuations to OEMs.

Manufacturing Efficiency

Operational efficiency was cited as a key driver for maintaining performance despite a revenue dip. However, specific capacity utilization percentages were not disclosed.

Logistics & Distribution

The company maintains an extensive nationwide distribution network to serve both OEMs and the aftermarket, though specific logistics costs as a percentage of revenue are not provided.

📈 Strategic Growth

Growth Strategy

The company is transitioning from a pure-play lamp manufacturer to a defense and technology firm, evidenced by its name change in November 2024. Strategy includes raising INR 45 Cr through 15,00,000 warrants at INR 300 each to fund expansion into high-margin defense and EV sectors and leveraging the material subsidiary SKL India Private Limited.

Products & Services

Stoplights, taillights, indicators, wedge lamps, halogens, and LED Lamps for the automotive, defense, and EV sectors.

Brand Portfolio

UVAL

New Products/Services

The company is focusing on LED Lamps and specialized lighting for the Defense and EV segments. Wedge Base Holders saw a massive dispatch increase of 88.42% in FY25, indicating a shift in product demand.

Market Expansion

Expansion is targeted toward the defense sector and global markets through strategic collaborations with international LED manufacturers.

Strategic Alliances

Global strategic collaborations with prominent LED lamp manufacturers have been established to enhance global competitiveness.

🌍 External Factors

Industry Trends

The industry is shifting toward LED and EV-compatible lighting. While long-term demand is strong, short-term challenges include price erosion and the prevalence of low-quality products affecting the B2B segment.

Competitive Landscape

The company competes in a market characterized by high price sensitivity and technological shifts from halogen to LED.

Competitive Moat

Uravi's moat is built on 15+ years of industry experience, IATF 16949:2016 certification, and deep-rooted relationships with major Indian two-wheeler OEMs. This is sustainable due to the high entry barriers in OEM supply chains.

Macro Economic Sensitivity

The company is sensitive to the performance of the Indian automotive industry, particularly the two-wheeler segment, which drives its 96.09% OEM revenue share.

Consumer Behavior

There is an increasing trend toward high-efficiency LED lighting and EV-specific components in the automotive aftermarket.

Geopolitical Risks

The company's shift into the defense sector makes it sensitive to national defense procurement policies and 'Make in India' initiatives.

⚖️ Regulatory & Governance

Industry Regulations

The company operates as an IATF 16949:2016 certified organization, adhering to stringent automotive quality management standards. It also complies with Import-Export regulations and various labor laws.

Taxation Policy Impact

The company reported a total tax expense of INR 77.56 Lakhs for FY25, with an effective tax rate impacting the PAT which stood at INR 1.78 Cr.

Legal Contingencies

There were no investor complaints pending as of September 30, 2025. No specific values for pending litigation in High Courts or the Supreme Court were disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is the high revenue concentration in the OEM segment (96.09%), making the company highly vulnerable to a slowdown in the Indian two-wheeler market.

Geographic Concentration Risk

98.87% of revenue is concentrated in India, posing a risk if domestic automotive demand fluctuates.

Technology Obsolescence Risk

The transition from traditional wedge lamps to LED and EV solutions poses a risk of technological obsolescence for older product lines, as seen in the 67.48% decline in Silicon Cap dispatches.