Ujaas Energy Limited (UEL) AI Stock Analysis

• Market Cap: ₹23.92B
• Dividend Yield: N/A
• Average Volume (3M): 946.00
• Price to Earnings (P/E): 1891.9
• Beta (1Y): -0.73
• 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: ₹202.00 ▲(45.69% 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 Profitability

Recent reported net income and higher gross profit reflect sustained improvement in unit economics and margin control. Stronger margins increase durable cash generation per project, supporting reinvestment in development and O&M capacity over the next several quarters.

Stronger Balance Sheet / Lower Leverage

Lower leverage and a higher equity ratio materially raise financial resilience for capital‑intensive solar projects. This enhances ability to secure project financing, absorb project delays, and pursue owned-asset growth without over-reliance on expensive debt.

Robust Operating Cash Flow and FCF Growth

Consistent operating cash generation and strong free cash flow growth provide a durable funding source for project development, O&M and debt servicing. Reliable free cash flow supports strategic flexibility and reduces refinancing risk over the medium term.

Negative Factors

Declining Revenue Trend

Material year-over-year revenue contraction indicates reduced project volume or trophy sales. Persistent top-line declines impair scale economics in EPC and merchant power sales, pressuring long-term margin sustainability and limiting reinvestment capacity.

Operational and EBIT Volatility

Significant EBIT swings point to project execution variability, pricing pressure, or uneven project mix. Such volatility undermines predictability of earnings and cash flows, complicating capacity planning and investor confidence in multi-quarter business performance.

Cash Flow Volatility and Funding Dependence

While FCF has grown, its volatility and reliance on operating cash for financing can strain liquidity during low‑revenue periods. This raises execution risk for new projects and increases sensitivity to payment delays or lower generation, affecting medium‑term growth.

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

Ujaas Energy Limited generates revenue through multiple streams related to solar energy. The primary revenue model is based on the sale of electricity generated from its solar power plants, which are often sold to various state electricity boards under long-term power purchase agreements (PPAs). Additionally, UEL earns income from the installation of solar rooftop systems for residential and commercial clients, which can provide significant margins. The company may also receive government incentives and subsidies for renewable energy projects, further enhancing its revenue. Strategic partnerships with technology providers and other stakeholders in the renewable energy ecosystem contribute to UEL's operational efficiency and market reach, ultimately impacting its earnings positively.

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	232.96M	269.35M	267.26M	297.76M	408.54M	332.66M
Gross Profit	169.42M	219.35M	30.36M	174.46M	174.71M	60.48M
EBITDA	101.80M	118.33M	164.61M	32.17M	-886.06M	-196.08M
Net Income	75.21M	88.50M	289.56M	-180.57M	-1.10B	-304.31M
Balance Sheet
Total Assets	0.00	1.13B	1.11B	3.03B	3.07B	3.16B
Cash, Cash Equivalents and Short-Term Investments	146.56M	147.67M	162.99M	21.35M	73.25M	15.31M
Total Debt	0.00	240.00M	185.07M	1.06B	1.05B	1.11B
Total Liabilities	-854.86M	272.29M	214.69M	2.54B	2.39B	1.38B
Stockholders Equity	854.86M	854.86M	891.36M	497.14M	677.18M	1.78B
Cash Flow
Free Cash Flow	0.00	20.00M	1.25B	-5.22M	71.92M	9.26M
Operating Cash Flow	0.00	27.76M	1.25B	-4.71M	71.95M	9.35M
Investing Cash Flow	0.00	-66.36M	-41.14M	-36.77M	-9.18M	-13.32M
Financing Cash Flow	0.00	51.90M	-1.21B	-6.81M	-8.45M	-11.15M

Ujaas Energy Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 138.65
• 50DMA: Positive
• 100DMA: Positive
• 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 Neutral. The current price of 138.65 is below the 20-day moving average (MA) of 180.66, below the 50-day MA of 151.29, and above the 200-day MA of 123.37, indicating a neutral trend. The MACD of 11.90 indicates Positive momentum. The RSI at 54.07 is Neutral, neither overbought nor oversold. The STOCH value of 58.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	₹141.15B	64.27	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	59 Neutral	₹23.36B	10.30	―	―	152.12%	―
SWELECTES	57 Neutral	₹7.88B	14.64	―	0.47%	39.01%	-42.51%
UEL	55 Neutral	₹23.92B	1,891.88	―	―	-0.98%	-72.12%
BORORENEW	46 Neutral	₹63.95B	-91.58	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹46.20B	-11.89	―	―	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.

Ujaas Energy Reports Financial Results with Notable Discrepancies

Ujaas Energy Limited announced its unaudited financial results for the quarter and half-year ending September 30, 2025. The Board of Directors approved these results, which highlighted a discrepancy in accrued interest income on fixed deposits with Axis Bank, leading to a difference between the company’s books and bank confirmations. Additionally, there is an emphasis on the resolution plan approved by NCLT, which settled all borrowings, yet Axis Bank has not updated its records, resulting in an outstanding balance discrepancy.

Ujaas Energy Approves Corrections Ahead of EOGM

Ujaas Energy Limited’s board meeting on November 27, 2025, resulted in the approval of corrections to typographical errors in the notice for the upcoming Extraordinary General Meeting (EOGM) and the issuance of a corrigendum. This decision reflects the company’s commitment to maintaining transparency and accuracy in its communications with stakeholders, potentially impacting its operational integrity and stakeholder trust.

Ujaas Energy Board Approves EOGM Notice Corrections

Ujaas Energy Limited’s Board of Directors held a meeting on November 27, 2025, where they approved rectifying typographical errors in the notice for an upcoming Extraordinary General Meeting (EOGM) and authorized the issuance of a corrigendum. This decision is part of the company’s ongoing efforts to ensure accurate communication with stakeholders and maintain compliance with regulatory requirements, reflecting its commitment to transparency and operational integrity.

Ujaas Energy Issues Corrigendum for Upcoming EGM

Ujaas Energy Limited has issued a corrigendum to its Extraordinary General Meeting (EGM) notice, scheduled for December 1, 2025, to address observations raised by the NSE and rectify typographical errors. The corrigendum, which includes modifications to the proposed allotment of equity shares, is part of the company’s compliance with regulatory requirements and aims to ensure clarity for shareholders and stakeholders.