Ujaas Energy Limited (UEL) AI Stock Analysis

• Market Cap: ₹19.42B
• Dividend Yield: N/A
• Average Volume (3M): 946.00
• Price to Earnings (P/E): 2880.8
• Beta (1Y): -0.28
• Revenue Growth: -0.98%
• EPS Growth: -72.12%
• Country: IN
• Employees: 85
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 0.01
• Shares Outstanding: 133,397,810
• 10 Day Avg. Volume: 2,237
• 30 Day Avg. Volume: 946
• PEG Ratio: -1.47
• Price to Book (P/B): 9.49
• Price to Sales (P/S): 30.11
• P/FCF Ratio: 405.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹149.00 ▲(7.46% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven primarily by improving financial performance (better margins, improved leverage, and strong operating cash flow), but it is held back by extreme valuation risk (very high P/E) and technically overbought conditions (very high RSI/Stoch) that raise near-term downside risk.

Positive Factors

Improved Balance Sheet

A materially lower debt-to-equity ratio and a strong equity share of assets raise financial resilience. This durable improvement reduces refinancing and interest-rate risk, supports bidding for new EPC projects, and provides flexibility to fund capex or take on build‑own operate initiatives over months.

Strong Operating Cash Generation

Consistently positive operating cash flow and strong free cash flow growth underpin self-funding capacity for project execution and O&M. Sustainable cash generation lowers reliance on external capital, enabling steady project execution and reinvestment into owned generation assets over the medium term.

Improving Profitability

Margin improvement and a positive net income indicate better project pricing or cost control, supporting durable earnings. Stable EBITDA margins imply operational discipline in EPC execution and O&M, which helps sustain cash returns and fund growth in the solar project pipeline across quarters.

Negative Factors

Declining Revenue

A steep year-on-year revenue decline reduces scale economies and weakens project pipeline visibility. Lower top-line inflows constrain working capital and margin absorption, forcing reliance on maintaining win rates or higher-margin contracts to stabilise earnings over the coming months.

Operational Volatility

Material EBIT variability signals execution and project-margin unpredictability typical in EPC/project businesses. This impairs forecasting, raises contingency costs, and can erode long-term customer or supplier confidence, making consistent margin delivery harder over a 2–6 month horizon.

Free Cash Flow Volatility

While operating cash is strong on average, volatile free cash flow and reliance on operations to fund growth pose liquidity stress during project seasonality or delayed collections. This can force short-term external funding or delayed capex, limiting durable expansion of owned assets or bidding capacity.

Ujaas Energy Limited Business Overview & Revenue Model

Company Description

Ujaas Energy Limited engages in the generation of solar power in India. It operates through three segments: Solar Power Generation and Maintenance; Manufacturing and Sale of Solar Power Plant; and Electric Vehicle (EV). The company develops, operates, owns, and maintains a portfolio of solar energy power plants under the UJAAS brand; and provides engineering, procurement, and construction solutions. It also provides transformers, including convertor and special purpose transformers, power transformers, distribution transformers, and arc furnace and induction furnace transformers; and manufactures and sells electric scooters. The company was formerly known as M and B Switchgears Limited and changed its name to Ujaas Energy Limited in August 2013. Ujaas Energy Limited was founded in 1979 and is headquartered in Indore, India.

How the Company Makes Money

UEL makes money mainly through solar-related activities: (1) Revenue from solar EPC/project execution: UEL undertakes design, engineering, procurement of equipment (such as solar modules, inverters, mounting structures), construction/installation, testing, and commissioning of solar PV projects for customers. In this model, revenue is typically recognized based on contract terms and project progress/milestones, with earnings driven by project volumes, execution capability, and project-level margins after equipment and construction costs. (2) Revenue from sale of electricity from owned/operated solar power assets: Where UEL develops or owns solar generating assets, it can earn recurring income by selling power generated by those plants, generally under power sale arrangements (e.g., power purchase agreements) or other permitted sale mechanisms; cash flows depend on plant capacity, generation (irradiance and performance), tariff/realized price, and collection efficiency. (3) Ancillary solar services: If provided, UEL may also earn service income from operations and maintenance (O&M) or related support for solar plants/projects; specific contribution details are not available. Information on significant partnerships, customer concentration, or the exact split of revenue across these streams is not available (null).

Ujaas Energy Limited Financial Statement Overview

Summary

Moderate strength overall: profitability has improved with positive net income and better margins, and the balance sheet shows improved leverage and solid capitalization. Offsetting this, revenue has been inconsistent and EBIT has fluctuated, indicating operational volatility; cash flow is strong but has shown volatility and requires disciplined liquidity management.

Income Statement

Ujaas Energy Limited has shown positive net profit margin and gross profit margin improvements in the most recent year, with a net income of 88.5 million and a gross profit of 219.3 million. However, revenue growth has been inconsistent, and EBIT has fluctuated significantly over the years, indicating operational challenges. The EBITDA margin remains stable, suggesting some control over operational expenses.

Balance Sheet

The company has improved its debt-to-equity ratio with lower total debt relative to equity, enhancing financial stability. The equity ratio indicates strong capitalization with stockholders' equity comprising a significant portion of total assets. However, the company still faces risks due to past high leverage and fluctuating net income affecting return on equity.

Cash Flow

Ujaas Energy Limited's cash flow performance has been strong, with significant operating cash flow improvements in previous years. The free cash flow growth rate has been highly positive. However, the volatility in free cash flow and dependency on operating cash flow for funding highlight potential liquidity risks.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	234.47M	269.35M	267.26M	297.76M	408.54M	332.66M
Gross Profit	173.72M	219.35M	30.36M	174.46M	174.71M	60.48M
EBITDA	98.22M	118.33M	164.61M	32.17M	-886.06M	-196.08M
Net Income	68.18M	88.50M	289.56M	-180.57M	-1.10B	-304.31M
Balance Sheet
Total Assets	1.16B	1.13B	1.11B	3.03B	3.07B	3.16B
Cash, Cash Equivalents and Short-Term Investments	187.94M	147.67M	162.99M	21.35M	73.25M	15.31M
Total Debt	240.00M	240.00M	185.07M	1.06B	1.05B	1.11B
Total Liabilities	283.46M	272.29M	214.69M	2.54B	2.39B	1.38B
Stockholders Equity	880.68M	854.86M	891.36M	497.14M	677.18M	1.78B
Cash Flow
Free Cash Flow	13.29M	20.00M	1.25B	-5.22M	71.92M	9.26M
Operating Cash Flow	13.52M	27.76M	1.25B	-4.71M	71.95M	9.35M
Investing Cash Flow	-14.54M	-66.36M	-41.14M	-36.77M	-9.18M	-13.32M
Financing Cash Flow	-479.00K	51.90M	-1.21B	-6.81M	-8.45M	-11.15M

Ujaas Energy Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 138.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UEL, the sentiment is Negative. The current price of 138.65 is below the 20-day moving average (MA) of 167.78, below the 50-day MA of 156.27, and above the 200-day MA of 127.90, indicating a neutral trend. The MACD of -5.53 indicates Positive momentum. The RSI at 40.29 is Neutral, neither overbought nor oversold. The STOCH value of 26.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UEL.

Ujaas Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	70 Outperform	₹134.83B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	65 Neutral	₹31.49B	14.56	―	―	152.12%	―
SWELECTES	58 Neutral	₹8.38B	25.40	―	0.47%	39.01%	-42.51%
UEL	55 Neutral	₹19.42B	2,880.84	―	―	-0.98%	-72.12%
BORORENEW	49 Neutral	₹59.04B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹40.10B	-446.21	―	―	112.24%	-474.43%

Ujaas Energy Limited Corporate Events

Exchange Seeks Clarification from Ujaas Energy on Sharp Share Price Movement

The stock of Ujaas Energy Limited has seen a sharp price movement, prompting the stock exchange to seek clarification from the company to ensure investors have access to the most up-to-date and relevant information. The exchange’s action underscores heightened regulatory vigilance around the trading activity in Ujaas Energy’s shares, and the market is awaiting the company’s response, which could influence investor sentiment and future price behavior.