Key Metrics of Universal Cables
About Universal Cables
Sectors
Company details
- Registered office
- P.o.birla Vikas, Satna, In-mp, 485005
- Listed
- NSE: UNIVCABLES · ₹1,319.50
Operational Areas of Universal Cables
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Oct 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹3,979 Cr | View |
| 23 Feb 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹3,070 Cr | View |
| 09 Jul 2025 | CARE | Reaffirmed | A | A1 | Stable | ₹2,821 Cr | View |
| 05 Jul 2024 | CARE | Reaffirmed | A | A1 | Stable | ₹2,252 Cr | View |
| 09 Oct 2023 | CARE | Reaffirmed | A | A1 | Stable | ₹2,090 Cr | View |
| 04 Jul 2023 | CARE | Reaffirmed | A | A1 | Stable | ₹2,023 Cr | View |
| 13 Dec 2022 | CARE | Reaffirmed | A | A1 | Stable | ₹1,923 Cr | View |
| 02 Nov 2021 | CARE | Reaffirmed | A | A1 | Stable | ₹3,301 Cr | View |
| 30 Nov 2020 | CARE | Assigned | A | — | Stable | ₹538 Cr | View |
| 29 Sep 2020 | CARE | Other | — | — | — | — | View |
| 23 Mar 2020 | CARE | Reaffirmed | A | A1 | Positive | ₹2,889 Cr | View |
| 18 Mar 2019 | CARE | Reaffirmed | A | A1 | Positive | ₹1,444 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Established track record in the cable business; Funding support from experienced and resourceful promoter group
UCL has over five decades of track record in the power cables industry, with a broad product portfolio that includes low voltage (LV), medium voltage (MV), EHV cables up to 500 kV, and polyvinyl chloride (PVC) and rubber insulated cables up to 11 kV. This diverse offering enables the company to cater to varied customer segments across industries. UCL’s technical strength is rein forced by its long-standing collaboration with FECL, under which it has installed two vertical continuous vulcanising
Credit challenges
− Financial profile continues to be moderate in FY26; Large planned capex in JV key monitorable
UCL had planned capex of ₹550 crore from FY25-FY27 for capacity expansion along most product lines in Satna unit, which increased to around ₹720 crore including general capex of ₹165 crore and tech upgradation and modernisation capex of ₹75 crore. Capex is to be funded through mix of term loan, related party loans and internal accruals. The company has incurred ~₹445 crore as on March 31, 2026, and the balance will be incurred from FY27-Q1FY28.
− Working capital intensive operations with inherent execution risks
UCL’s operations remain inherently working capital intensive, primarily due to the nature of its customer base and the structure of its EPC contracts. A significant portion of receivables arises from customers in the EPC segment, with an elongated payment cycle. For cable supply contracts, the company typically extends credit periods of up to 120 days. In the EPC segment, instead of availing customer advances, which are typically high cost, the company funds project execution through bank borrow
Could lead to a downgrade
• Sustained decline in PBILDT margins below 8% or operating ROCE below 10% on a sustained basis. • Total debt/PBILDT beyond 4x on a sustained basis. • Operating cycle remaining elongated or deteriorating beyond 180 days.
Agency-reported financials (CARE, 12 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1 FY27 |
|---|---|---|---|
| Total operating income | ₹2,414 Cr | ₹3,026 Cr | ₹945 Cr |
| PBILDT* | ₹180 Cr | ₹264 Cr | ₹92.00 Cr |
| Profit after tax (PAT) | ₹89.00 Cr | ₹163 Cr | ₹70.00 Cr |
| Overall gearing (x) | 0.31× | 0.44× | — |
| Interest coverage (x) | 1.73× | 2.30× | 2.51× |
| Revenue growth (YoY) | — | 25.4% | — |
| PAT margin | 3.7% | 5.4% | 7.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹95.0 Cr | — | A (Stable) | Other | CARE |
| facilities | Other | — | ₹1,509 Cr | — | A1 | Reaffirmed | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹2,375 Cr | — | A (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹2,375 Cr | CARE A1 |
| Cash Credit | ₹825 Cr | CARE A; Stable |
| Derivative Limits | ₹95.0 Cr | CARE A; Stable / CARE A1 |
| Letter of credit | — | Withdrawn |
| Long Term | ₹684 Cr | CARE A; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDFC First Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | State Bank of India |
| Non-fund-based - LT/ ST | Derivative Limits | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | Derivative Limits | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | Derivative Limits | Proposed |
| Non-fund-based - LT/ ST | Derivative Limits | RBL Bank Limited |
| Non-fund-based - LT/ ST | Derivative Limits | State Bank of India |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - ST | BG/LC | IDFC First Bank Ltd. |
| Non-fund-based - ST | BG/LC | Indian Bank |
| Non-fund-based - ST | BG/LC | Proposed |
| Non-fund-based - ST | BG/LC | RBL Bank Limited |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Term Loan | Long Term | Axis Finance Ltd. |
| Term Loan | Long Term | ICICI Bank Ltd. |
| Term Loan | Long Term | IDFC First Bank Ltd. |
| Term Loan | Long Term | Indian Bank |
| Term Loan | Long Term | Proposed |
| Term Loan | Long Term | RBL Bank Limited |
| Term Loan | Long Term | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 76% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 57% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 2.51×
- Working-capital limits 73% utilised on average
What happened, step by step
- Nov 2021 — ₹25 cr raised through unsecured loans
- Nov 2021 — Rated term loans fell from ₹24.23 cr to ₹0 cr
“Further, during FY21, the group infused around Rs. 25 crore in the form of unsecured loans through three entities August Agents Limited (AAL), Insilco Agents Limited (IAL), Laneseda Agents Limited (LAL) which are wholly owned entity of associate company of UCL ‘Vindhya Telelinks Limited’.”
Rated limits by facility
Timeline
From the report
Average working capital utilisation remained moderate at ~73% for 12 months ended August 2026, indicating cushion in bank lines.
From the report
The company generated healthy gross cash accruals (GCA) of ₹140 crore in FY26 (PY: ₹86 crore).
From the report
In FY25 and 9MFY26, ₹100 crore and ₹25 crore respectively, was infused by Birla Corporation Limited to support ongoing capex.
From the report
Average working capital utilisation remained elevated at ~82% for 12 months ended April 2024, indicating continued dependence on external working capital funding.
From the report
A portion of the company’s working capital borrowings is availed in foreign currency to balance exposure.
From the report
The company generated cash flow from operations of ~₹90 crore in FY25.
From the report
Scheduled debt repayments of ₹66.58 crore in FY26 (outstanding ₹14 crore for Q4FY26), against which gross cash accruals are at ~₹110 crore as on December 31, 2025.
From the report
Despite this improvement, UCL remains reliant on bank borrowings to fund its working capital needs, with average utilisation standing at ~80-85%.
From the report
In FY25 alone, ₹100 crore was infused by Birla Corporation Limited to support ongoing capex.
From the report
Average working capital utilisation remained elevated at ~82% for 12 months ended April 2024, indicating continued dependence on external working capital funding.
From the report
A portion of the company’s working capital borrowings is availed in foreign currency to balance exposure.
From the report
The company generated cash flow from operations of ~₹90 crore in FY25.
From the report
Despite this improvement, UCL remains reliant on bank borrowings to fund its working capital needs, with average utilisation standing at ~84% for 12 months ended April 2025.
From the report
UCL has already secured sanction of a ₹300 crore term loan from lenders, which is to be drawn down in FY26, and will largely meet the funding requirement for the year.
From the report
The company is expected to receive an equity infusion of ₹50 crore from group companies as part of its equity contribution.
From the report
Average working capital utilisation continued to remain high at around 82% for 12-months ended April 2024.
From the report
High working requirements are majorly met through bank borrowings, which had an average utilisation of around 82% in 12-months ending April 2024.
From the report
Liquidity: Adequate The company is expected to generate adequate GCA to meet its repayment obligation of ₹43.14 crore in FY24.
From the report
The average fund-based working capital limit utilisation stood high at about 82% for the trailing 12 months ended August 2023.
From the report
The average working capital utilisation continued to remain high at over 82% for 12 months ended August 31, 2023.
From the report
The average working capital utilization continued to remain high at over 84% for 12 months ended April 30, 2023.
From the report
Liquidity: Adequate The company is expected to generate adequate gross cash accruals to meet its repayment obligation of ₹43.14 crore in FY24.
From the report
The average fund based working capital limit utilization stood high at about 84% for the trailing 12 months ended April 2023.
From the report
Key rating weaknesses Leveraged capital structure and moderate (though improving) debt coverage indicators The total debt of the company increased from ₹480 crore as on March 31, 2021 to ₹620 crore as on March 31, 2022 on account of increase in the term debt availed by the company for modernisation of its capacities and augmentation of the working capital.
From the report
The average working capital utilization continued to remain high at over 85% for 12 months ended September 30, 2022 with few instance of utilization going beyond 95%.
From the report
The government’s focus on power for all, rural electrification and improving infrastructure is expected to increase the demand for cables and wires Liquidity: Adequate The company has a debt repayment obligation of ₹40 crore in FY23, for which its cash accruals for the year are expected to remain adequate.
From the report
In FY22 and H1FY23 (UA), the company had generated cash accruals of ₹54.15 crore and ₹45.49 crore, respectively.
From the report
Further, during FY21, the group infused around Rs. 25 crore in the form of unsecured loans through three entities August Agents Limited (AAL), Insilco Agents Limited (IAL), Laneseda Agents Limited (LAL) which are wholly owned entity of associate company of UCL ‘Vindhya Telelinks Limited’.
From the report
The average working capital utilization stood high for 12 months ended August 2021 at 89%.
From the report
Liquidity : Adequate The expected cash accruals of the company of over Rs.75 crore in FY22, are adequate to meet the debt repayment obligations of around Rs. 7.42 crore.
From the report
Liquidity : Adequate The expected cash accruals of the company of over Rs.75 crore in FY22, are adequate to meet the debt repayment obligations of around Rs. 7.42 crore.
From the report
The group has further infused Rs.25 crore as unsecured loans/ICDs in August 2020.
From the report
The average working capital utilisation remains high for 12 months ended September 2020 at 89%.
From the report
As on December 31, 2019, the company had free cash balances to the extent of Rs. 5.31 crore.
From the report
The maximum working capital utilisation remains high for 12 months ended September, 2018 stood at 76 %.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Universal Cables
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 POLYCAB INDIA LIMITED |
Wires & Cables · Electrical Equipment & Appliances | polycab.com | — | Halol, Gujarat, India |
 Apar Industries |
Wires & Cables · Electrical Equipment & Appliances | apar.com | — | Vadodara, India |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | kei-ind.com | — | New Delhi, India | |
 RR Kabel |
Wires & Cables · Electrical Equipment & Appliances | rrkabel.com | — | India |
 STERLITE TECHNOLOGIES LIMITED |
Wires & Cables · Electrical Equipment & Appliances | stl.tech | — | Pune, Maharashtra, India |
 Finolex Cables |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | finolex.com | — | Pune, India |
| Wires & Cables · Electrical Equipment & Appliances | vguard.in | 1977 | India | |
| Ram Ratna Wires Limited | Wires & Cables · Electrical Equipment & Appliances | — | — | Mumbai, Maharashtra, India |
| Bansal Wire Industries Limited | Wires & Cables · Electrical Equipment & Appliances | — | — | North Delhi, Delhi, India |
| Hathway Cable And Datacom Limited | Wires & Cables · Electrical Equipment & Appliances | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Power cables
Filings
No filings on record yet.