Universus Photo Imagings Ltd (UNIVPHOTO) AI Stock Analysis

• Market Cap: ₹2.18B
• Dividend Yield: N/A
• Average Volume (3M): 1.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.87
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 49
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Medical - Devices
• EPS (TTM): -23.71
• Shares Outstanding: 10,946,604
• 10 Day Avg. Volume: 590
• 30 Day Avg. Volume: 1,139
• PEG Ratio: -0.02
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 8.66
• P/FCF Ratio: 1.15
• 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: 56 Neutral
• Price Target: ₹205.00 ▼(-8.89% Downside)

The score is anchored by low financial risk from a debt-free balance sheet and strong recent cash generation, but is meaningfully reduced by multi-year revenue contraction and volatile profitability. Technicals further pressure the score due to a clear downtrend and bearish momentum, while valuation is not supportive given a negative P/E and no dividend yield data.

Positive Factors

Debt-free balance sheet

A zero-debt balance sheet materially lowers financial risk and preserves flexibility to fund operations, capex, or M&A without refinancing stress. Over the next 2–6 months this supports resiliency to shocks and gives management optionality for strategic moves.

Strong FY2025 cash generation

Robust operating and free cash flow in FY2025 that tracks net income indicates good cash conversion and quality of recent earnings. This durable cash generation can fund working capital, product development, or shareholder returns if maintained across upcoming quarters.

Improving return on equity

A swing to positive ROE suggests management has started to generate returns on the company’s capital base. If sustained, this reflects improving operational execution and capital allocation that can underpin gradual recovery in profitability over the medium term.

Negative Factors

Multi-year revenue decline

Persistent revenue contraction erodes scale, reduces pricing leverage, and constrains investment in R&D or sales. Without stabilizing top-line trends, margin recovery and durable cash generation remain fragile, raising medium-term risks to competitiveness.

Volatile profitability and inconsistent ops

Large swings between loss and profit and mismatches between EBIT and net income signal uneven core operations or one-off items. This reduces visibility for investors and management, complicates planning, and may limit sustainable free cash flow over coming quarters.

Historically uneven cash flows

Prior periods of negative operating and free cash flow indicate the FY2025 improvement may reflect timing or one-offs. Persistent variability in cash generation raises funding and execution risk and weakens the reliability of cash to support growth or distributions.

Universus Photo Imagings Ltd Business Overview & Revenue Model

Company Description

Universus Photo Imagings Limited manufactures, sells, and trades in photographic and other imaging products. It offers photographic papers, roll films, NTR films, medical X-ray films, etc. The company was formerly known as Jindal Photo Imaging Limited and changed its name to Universus Photo Imagings Limited in December 2019. Universus Photo Imagings Limited was incorporated in 2011 and is based in New Delhi, India.

How the Company Makes Money

Universus Photo Imagings Ltd Financial Statement Overview

Summary

Strengths include a very conservative, debt-free balance sheet (Balance Sheet Score 86) and strong FY2025 operating/free cash flow with good cash conversion (Cash Flow Score 72). Offsetting these, revenue has been shrinking for multiple years and profitability has been volatile with mixed operating signals (Income Statement Score 48), raising questions about durability.

Income Statement

Revenue has been shrinking over multiple years (down ~17% in FY2025 and also negative in prior years), which is a clear demand/scale headwind. Profitability is volatile: net margin swung from a deep loss in FY2024 to very strong profitability in FY2025, while operating profit metrics are inconsistent (including a negative EBIT in FY2025 despite positive net income). Gross margin has also weakened versus earlier years, pointing to pressure on core economics even as reported bottom-line results improved.

Balance Sheet

The balance sheet appears very conservative with zero reported debt across all periods and a large equity base relative to total assets, which materially reduces financial risk. Return on equity is positive in FY2025 (~10%) after being negative in FY2024, showing improved profitability on the capital base, though the prior-year losses highlight that earnings quality and consistency remain a key watch item.

Cash Flow

Cash generation is a major strength in the latest year: operating cash flow and free cash flow were very strong in FY2025 and closely matched net income, suggesting good cash conversion. However, cash flow has been highly uneven historically (including negative operating/free cash flow in FY2022–FY2023 and much lower cash generation in FY2024), which raises questions around sustainability and working-capital/one-off timing effects.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	203.50M	246.00M	324.50M	432.20M	561.59M	469.05M
Gross Profit	55.30M	72.20M	68.50M	137.40M	176.02M	140.76M
EBITDA	1.19B	404.80M	404.86M	402.35M	4.83B	193.24M
Net Income	819.70M	870.20M	-1.96B	-444.60M	5.14B	342.55M
Balance Sheet
Total Assets	0.00	8.92B	8.80B	10.58B	10.90B	11.20B
Cash, Cash Equivalents and Short-Term Investments	3.77B	3.77B	4.29B	3.89B	3.75B	1.55B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	-8.74B	180.90M	160.87M	100.60M	171.84M	127.52M
Stockholders Equity	8.74B	8.74B	8.64B	10.48B	10.73B	11.07B
Cash Flow
Free Cash Flow	0.00	1.85B	39.09M	-427.20M	-595.85M	555.52M
Operating Cash Flow	0.00	1.85B	39.14M	-427.00M	-595.56M	556.94M
Investing Cash Flow	0.00	-1.86B	-26.54M	191.12M	593.82M	-823.88M
Financing Cash Flow	0.00	0.00	-1.00K	-109.50M	-38.00K	-16.00K

Universus Photo Imagings Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANOMAY	69 Neutral	₹4.05B	20.91	―	―	8.41%	8.81%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SHREYANIND	61 Neutral	₹2.33B	4.95	―	1.72%	6.00%	-19.96%
UNIVPHOTO	56 Neutral	₹2.18B	-1.42	―	―	―	―
INDIANCARD	47 Neutral	₹1.31B	5.27	―	―	-10.80%	-66.88%
MARALOVER	47 Neutral	₹1.60B	-6.14	―	―	-0.90%	-304.07%

Universus Photo Imagings Ltd Corporate Events

Universus Photo Imagings Files SEBI Demat Compliance Certificate for December Quarter

Universus Photo Imagings Limited has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025, as received from its registrar and share transfer agent, KFin Technologies Limited. The filing confirms that all dematerialization requests for equity shares during the October–December 2025 period were processed within the prescribed timelines, with demat requests approved or rejected as appropriate, certificates verified, mutilated and cancelled, and depositories duly reflected as registered owners in the company’s records, underscoring ongoing adherence to regulatory requirements for share dematerialization and listing compliance.

Universus Photo Imagings Reports No Physical Share Re‑lodgment Requests for December 2025

Universus Photo Imagings Limited has reported that it received no shareholder requests in December 2025 for re-lodgment of transfer requests in physical share form under the special window established by a SEBI circular issued in July 2025. The confirmation, provided by its registrar and share transfer agent KFin Technologies, indicates an absence of activity in physical share transfer re-lodgments for the period, underscoring the continued shift toward dematerialized shareholding and suggesting limited immediate impact on the company’s share transfer operations.

Universus Photo Imagings Reports No Physical Share Re‑lodgment Requests in November 2025

Universus Photo Imagings Limited has informed the stock exchanges that, pursuant to a SEBI circular providing a special window for re-lodgment of transfer requests in physical share form, it did not receive any such requests from shareholders during November 2025. The company’s registrar and share transfer agent, KFin Technologies Limited, confirmed that there were no applications received, approved, or rejected, indicating minimal investor activity in physical share transfer re-lodgment under this regulatory window for the reporting period.

Universus Photo Imagings Ltd Maintains Stake in JPF Netherlands Despite New Share Allotment

Universus Photo Imagings Ltd announced that its associate company, JPF Netherlands B.V., has allotted nearly 4 million equity shares following the exercise of rights issue entitlement by Universus. Despite this allotment, the percentage holding of Universus in JPF Netherlands remains unchanged. This update signifies a strategic financial maneuver without altering the company’s stake in its associate, potentially impacting its financial positioning and stakeholder interests.