Key Metrics of Urja Global Limited
About Urja Global Limited
Company details
- Listed
- NSE: URJA · ₹8.23
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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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
WatchLiquidity assessed as Stretched
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jan 2026 | CARE | Reaffirmed | BB- | — | Stable | — | View |
| 20 Dec 2024 | CARE | Assigned | BB- | — | Stable | — | View |
Credit strengths (CARE, Jan 2026)
+ Experienced management
Incorporated in 1992, Urja Group has a track record of ~10 years in the solar, battery and electric two -wheeler industries. Gajanand Gupta, Chairman, Urja Global Limited (UGL), is a Chartered Accountant with vast experience in corporate finance, business advisory, business planning and decision -making. The group is managed by Mohan Jagdish Agarwal, Managing Director, UGL, who has ~25 years of experience in production and marketing. He is supported by Yogesh Kumar Goyal, Whole -time Director,
+ Diversified product portfolio and established dealer network
The Urja group has a diversified product portfolio that comprises e-scooters, batteries (lead acid and lithium-ion) and solar panels. The group has built its own exclusive dealer/distributor network, primarily in North India. Currently, it has ~260 dealers/distributors for the sale of e-scooters and monthly 20-25 dealers are added. The group also sells its products (e-scooters, batteries, solar panels and other solar products) through “Urja Kendra” – a dedicated retail outlet facilitating the sa
+ Liquidity: Stretched
The group’s repayment obligations for FY26 stood close to Rs. 0.58 crores as against expected GCA of ~Rs.2.30 crores. Further, the group has low free cash and bank balance of Rs.0.40 crore as on September 30, 2025. The group is not planning to incur any capex in the medium term. 2 CARE Ratings Ltd. Press Release Applicable criteria Consolidation
+ Brief Financials (₹ crore) H1FY26 (UA)
March 31, 2024 (A) March 31, 2025 (A) Consolidated Total operating income 44.47 67.25 34.51 PBILDT* 2.36 1.80 1.30 Profit after tax (PAT) 2.03 1.38 1.38 Overall gearing (x) 0.26 0.31 0.27 Interest coverage (x) 3.32 2.85 4.33
+ March 31, 2024 (A) March 31, 2025 (A)
Consolidated Total operating income 44.47 67.25 34.51 PBILDT* 2.36 1.80 1.30 Profit after tax (PAT) 2.03 1.38 1.38 Overall gearing (x) 0.26 0.31 0.27 Interest coverage (x) 3.32 2.85 4.33 A: Audited UA: Unaudited; Note: these are latest available financial results
+ Consolidated
Total operating income 44.47 67.25 34.51 PBILDT* 2.36 1.80 1.30 Profit after tax (PAT) 2.03 1.38 1.38 Overall gearing (x) 0.26 0.31 0.27 Interest coverage (x) 3.32 2.85 4.33 A: Audited UA: Unaudited; Note: these are latest available financial results *PBILDT: Profit before interest, lease rentals, depreciation and tax
Credit challenges
− Small scale of operations
The total operating income (TOI) of the group grew by ~51% to Rs. 67.25 crore in FY25 (April 01, 2024, to March 31, 2025; PY: Rs. 44.47 crore), largely driven by sales of electric scooters (e-scooters) and lead acid batteries. Nevertheless, the scale remains small, which limits the group’s financial flexibility in times of stress and restricts scale benefits. Considering limited value addition from solar panels trading and installation, the group started e -scooters and batteries assembly and ma
− Low profitability margins and weak debt coverage indicators
The profitability margins of the group stood low, in FY25 with profit before interest, lease rentals, depreciation, and taxat ion (PBILDT) and profit after tax (PAT) margin of 2.67% (PY: 5.31%) and 2.06% (PY: 4.58%) respectively, due increase in manpower and digital initiative cost. However, in H1FY26, PBILDT margin has improved to 3.77%. The debt coverage indicators of the group stood weak with the interest coverage and total debt to GCA (TD/GCA) of 2.85x (PY: 3.32x) and 25.59x (PY: 15.84x) res
− Competitive and fragmented nature of industry
The Indian electric two-wheeler (e2W) market is highly competitive, marked by the presence of several established players, including Hero Electric Vehicles Private Limited and Ola Electric Mobility Private Limited. Considering growing consumer confidence and changing preferences towards e2Ws, new entrants are expected to enter the market in the next two-three years, which will intensify competition. Further, the solar industry is fragmented and competitive. The group faces competition from large
− Exposure to geopolitical, regulatory and forex fluctuation risks
The Indian electric vehicle (EV) industry depends on imports, especially for procuring battery cells; hence, the group’s oper ations are vulnerable to geopolitical developments between India and cell -exporting nations. Therefore, changes in regulations rela ted to component imports or supply chain disruptions can impact the growth prospects of Urja group. Further, regulatory intervent ions affecting demand and viability of vehicles sold by the group can also impact its performance. The electric
− Key strengths
Experienced management Incorporated in 1992, Urja Group has a track record of ~10 years in the solar, battery and electric two -wheeler industries. Gajanand Gupta, Chairman, Urja Global Limited (UGL), is a Chartered Accountant with vast experience in corporate finance, business advisory, business planning and decision -making. The group is managed by Mohan Jagdish Agarwal, Managing Director, UGL, who has ~25 years of experience in production and marketing. He is supported by Yogesh Kumar Goyal,
− Diversified product portfolio and established dealer network
The Urja group has a diversified product portfolio that comprises e-scooters, batteries (lead acid and lithium-ion) and solar panels. The group has built its own exclusive dealer/distributor network, primarily in North India. Currently, it has ~260 dealers/distributors for the sale of e-scooters and monthly 20-25 dealers are added. The group also sells its products (e-scooters, batteries, solar panels and other solar products) through “Urja Kendra” – a dedicated retail outlet facilitating the sa
Could lead to an upgrade
• Timely collections from trade receivables leading to operating cycle below 200 days on a sustained basis.
Could lead to a downgrade
• Decline in the TOI by more than 20% and/or PBILDT margin falling below 3% on a sustained basis. • Any significant debt-funded capital expenditure (capex) undertaken or deterioration in TNW, leading to deterioration in the capital structure as marked by overall gearing of above 2.00x on a sustained basis. • Deterioration in
Agency-reported financials (CARE, 08 Jan 2026)
| Metric | H1FY26 |
|---|---|
| March 31, 2024 (A) March 31, 2025 (A) | ₹2,025 Cr |
| Total operating income | ₹34.51 Cr |
| PBILDT* | ₹1.30 Cr |
| Profit after tax (PAT) | ₹1.38 Cr |
| Overall gearing (x) | 0.27× |
| Interest coverage (x) | 4.33× |
| PAT margin | 4.0% |
Borrowings & rated debt
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Issuer Issuer | Other | — | ₹0 | — | BB- (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Issuer Ratings | — | CARE BB-; Stable |
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) | 40% |
| 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: 40% chance the next rating action is stable or better
- Current rating BB- (below investment grade)
- Interest coverage 4.33×
Rated limits by facility
Timeline
From the report
Further, the group has low free cash and bank balance of Rs.0.40 crore as on September 30, 2025.
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.
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
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.