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: ₹151.00 ▲(8.91% 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

Strong operating cash flow and FCF growth

Sustained improvement in operating cash flow and positive free cash flow growth support self‑funding of project capex, working capital needs, and O&M obligations. Over the next several months this reduces reliance on external financing and improves resilience against project timing shocks, enabling steadier reinvestment and debt reduction.

Improved balance sheet and lower leverage

A lower debt-to-equity ratio and stronger equity share of assets increase financial flexibility and reduce interest burden. This structural improvement helps the firm competitively bid on new EPC projects, absorb delays without refinancing pressure, and maintain investment capacity across 2–6 month horizons and beyond.

Profitability and margin improvements

Improving gross and net margins, plus a stable EBITDA margin, indicate stronger project-level pricing and cost control. This enhances long-term cash generation per project, increases O&M residual value, and provides a buffer against module/input price swings, supporting sustainable earnings even if project volumes vary.

Negative Factors

Declining revenue trend

A sharp year-over-year revenue decline signals weakening top-line scale or timing gaps in project awards. Lower revenue reduces operating leverage benefits and can compress margins if fixed costs persist. Persisting declines over adjacent quarters would impair reinvestment and strain the improved cash/ leverage dynamics.

Operational volatility and fluctuating EBIT

Significant EBIT volatility reflects lumpy project execution and margin variability across contracts. This undermines predictability of earnings and cash conversion, complicates planning for bidding and working capital, and raises execution risk that can persist across multiple quarters absent steadier project flow.

Project‑dependent business model causes cash flow lumpiness

Heavy reliance on EPC project wins and asset commissioning makes revenue and cash generation inherently lumpy and sensitive to award cadence and plant performance. This structural exposure increases working capital swings, bid concentration risk, and dependence on execution quality for durable growth over the medium term.

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.