UCAL
UCAL financials
- Market cap
- ₹329 Cr
What UCAL LIMITED does
UCAL Limited (formerly UCAL Fuel Systems) designs and manufactures fuel-management, emission-control, mechatronic and automotive-electronics components — throttle bodies, oil and vacuum pumps, carburetors, sensors, ECUs, DC-DC converters, water outlets and casted/machined parts — supplied to OEMs and the aftermarket across 2-wheeler, 3-wheeler, 4-wheeler, commercial-vehicle and non-automotive segments. It earns from original-equipment sales, aftermarket/spares, ECU-trading, and a Manufacturing Services business offering pressure die-casting and precision machining as a built-to-print/contract manufacturer for global OEMs. Manufacturing is spread across plants in India and the United States, backed by an in-house R&D centre for mechanical and electronics engineering.
Segments
- Air & Fuel Systems
- Automotive Electronics
- Pumps
- Built-to-Print Curated Products
- Manufacturing Services
- Manufacturing plants
- Multiple plants across India and the U.S., incl. Plant-6 at Maraimalai Nagar, a dedicated EOU facility at Mahindra World City, and a new Oil Pump/Crank Case facility at Bawal
- Global OEM customers
- 35+
- Export reach
- Products sold in 100+ countries worldwide
- R&D centre
- Krishnamurthy Centre for Automotive Technology (KCAT) — DSIR-recognized, NABL-accredited lab
- Quality/EHS certifications
- IATF 16949, ISO 14001 (Environmental), ISO 45001 (OH&S) across manufacturing facilities
- Distributor network expansion (FY25)
- 30 new distributors added domestically; 1 new overseas distributor with presence in 10 countries
Quarterly results
Q1 FY27: revenue up 4.4%, net profit up 197.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 213 | 203 | 199 | 195 | 211 −1% | 199 −2% | 233 +17% | 203 +4% |
| EBITDA | 19 | 10 | -4 | 10 | 15 −20% | 7 −24% | 18 +598% | 19 +90% |
| Net profit | 0 | 6 | -21 | -6 | -4 −1012% | -10 −253% | -13 +36% | 6 +197% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +0.9% 1Y
1Y: ₹142.16 on 10 Sept 2025 → ₹143.43. High ₹156.73 (28 Aug 2026), low ₹80.68 (30 Mar 2026).
Financials, as filed
Revenue grew 0.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹823 Cr | ₹723 Cr | ₹802 Cr | ₹838 Cr |
| Operating profit | ₹58 Cr | ₹38 Cr | ₹40 Cr | ₹50 Cr |
| Operating margin | 7.0% | 5.2% | 5.0% | 6.0% |
| Interest | ₹22 Cr | ₹24 Cr | ₹29 Cr | ₹30 Cr |
| Depreciation | ₹38 Cr | ₹33 Cr | ₹41 Cr | ₹37 Cr |
| Net profit | ₹0 Cr | ₹-25 Cr | ₹-16 Cr | ₹-33 Cr |
| Net margin | 0.1% | -3.5% | -2.0% | -4.0% |
| Cash from operations | ₹78 Cr | ₹39 Cr | ₹15 Cr | ₹120 Cr |
| Free cash flow | ₹43 Cr | ₹-47 Cr | ₹5 Cr | ₹148 Cr |
| ROCE | 5.0% | 2.0% | 1.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹336 Cr | ₹369 Cr | ₹371 Cr | ₹349 Cr | ₹324 Cr | ₹304 Cr |
| Borrowings | ₹274 Cr | ₹223 Cr | ₹205 Cr | ₹268 Cr | ₹301 Cr | ₹186 Cr |
| Other liabilities | ₹226 Cr | ₹164 Cr | ₹184 Cr | ₹162 Cr | ₹218 Cr | ₹169 Cr |
| Total liabilities | ₹858 Cr | ₹778 Cr | ₹782 Cr | ₹801 Cr | ₹865 Cr | ₹680 Cr |
| Fixed assets | ₹484 Cr | ₹473 Cr | ₹449 Cr | ₹503 Cr | ₹468 Cr | ₹387 Cr |
| Capital work in progress | ₹2 Cr | ₹4 Cr | ₹16 Cr | ₹21 Cr | ₹39 Cr | ₹27 Cr |
| Investments | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹3 Cr |
| Other assets | ₹369 Cr | ₹299 Cr | ₹314 Cr | ₹274 Cr | ₹354 Cr | ₹264 Cr |
| Total assets | ₹858 Cr | ₹778 Cr | ₹782 Cr | ₹801 Cr | ₹865 Cr | ₹680 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 3% to 17,177.
- Promoters
- 70.3%
- DIIs
- 0.0%
- Public
- 29.7%
Since Jun 2025
- Public +0.04 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Dec '23: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Mar '24: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Jun '24: Promoters 70.3%, FIIs 0.1%, DIIs 0.0%, Public 29.6%.Sep '24: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Dec '24: Promoters 70.3%, FIIs 0.1%, DIIs 0.0%, Public 29.6%.Mar '25: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Jun '25: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Sep '25: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Dec '25: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Mar '26: Promoters 70.3%, DIIs 0.0%, Public 29.7%.Jun '26: Promoters 70.3%, DIIs 0.0%, Public 29.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of UCAL LIMITED above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Carburettors Limited | 51.19% | unchanged |
| Southern Ceramics Private Limited | 7.05% | unchanged |
| Minica Real Estates Private Limited | 6.07% | unchanged |
| Jayakar Krishnamurthy | 4.09% | unchanged |
| Bangalore Union Services Private Limited | 1.25% | unchanged |
| Amol Maniklal Kankariya | 1.21% | unchanged |
| Sujo Land And Properties Private Limited | 0.64% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse UCAL LIMITED
Guides on how to read this kind of business and the numbers that matter.