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INVESTMENT INSIGHTS

Check Before You Invest : Ultracab (India) Ltd

BSE: 538706 NSE: ISIN: INE010R01023
  |   Sector:  Capital Goods & Industrial Consumables   |   Industry:  Cable

Snapshot

Q.1 Which industry/sub-sector does Ultracab (India) Ltd belong to?
Ultracab (India) Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Cable segment.
Q.2 Is Ultracab (India) Ltd a good quality company?
Ultracab (India) Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Ultracab (India) Ltd undervalued or overvalued?
Ultracab (India) Ltd appears Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 16.13 27.17
Price to Book 0.97 4.74
Price to Sales 0.35 1.45
EV to EBITDA 10.24 15.58
Q.4 Is Ultracab (India) Ltd a good buy now?
Ultracab (India) Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Ultracab (India) Ltd?
Ultracab (India) Ltd revenue growth is 93% for FY-2025, which is above its 5-year CAGR of 29.32%, indicating faster growth.

Q.2 Gross Profit margin of Ultracab (India) Ltd?
Ultracab (India) Ltd Gross profit margin which is the profit after deduction of direct costs, is 5.3% for FY-2025, which is in line with its 5-year median of 5.3%, indicating stable margins.

Q.3 Operating Profit Margin of Ultracab (India) Ltd?
Ultracab (India) Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 8.12% for FY-2025, which is below its 5-year median of 10.3% indicating decreasing margins.

Q.4 Net Profit Margin of Ultracab (India) Ltd?
Ultracab (India) Ltd Net Profit Margin is 4.06% for FY-2025, is in line with its 5-year median of 4.06%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 5.3 5.3
Operating Profit Margin (%) 8.12 10.3
Net Profit Margin (%) 4.06 4.06

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Ultracab (India) Ltd?
Ultracab (India) Ltd Return on Asset is 7.7%, which is above its 5-year historical median of 6.24%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Ultracab (India) Ltd?
Ultracab (India) Ltd Return on capital employed is 17.7% for FY-2025, which is above its 5-year historical median of 15.8%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.7 Return on Equity (ROE) of Ultracab (India) Ltd?
Ultracab (India) Ltd Return on equity is 15.53% for FY-2025, which is in line with its 5-year historical median of 15.53%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of Ultracab (India) Ltd?
Ultracab (India) Ltd Cash conversion cycle is 121 days, below its 5-year historical median of 193 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 2.23 1.25
ROE (%) 15.53 15.53
ROCE (%) 17.7 15.8
Cash Conversion Cycle 121 days 193 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Ultracab (India) Ltd?
Ultracab (India) Ltd Debt-to-Equity ratio is 0.39, which is lower the industry average of 0.52, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Ultracab (India) Ltd?
Ultracab (India) Ltd Debt to cash flow from operations is -9.27, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Ultracab (India) Ltd?

Q.1 Promoter shareholding and pledge status of Ultracab (India) Ltd?
Promoters hold 29.50% of the Ultracab (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Ultracab (India) Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Ultracab (India) Ltd vs industry peers?
Ultracab (India) Ltd revenue CAGR is 29.32%, compared to the industry median CAGR of 4.57%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 93 4.6
Gross Profit Growth (%) 58.9 21.7
Operating Profit Growth (%) 48.6 18.6
Net Profit Growth (%) 62.5 28.5
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 2.23 1.18
ROE (%) 15.53 9.33
ROCE (%) 17.7 13.25
Cash Conversion Cycle (days) 121.13 90

Valuation & price assessment

Q.1 Stock return of Ultracab (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -6.9% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 -6.9% -16.5% -21.9% -29.8%
Q.2 Valuation ratios of Ultracab (India) Ltd vs historical?
The current P/E ratio of 16.13 is lower than its historical median of 27.17, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 16.13 27.17 28.85
Price to Book 0.97 4.74 2.59
Price to Sales 0.35 1.45 1.29
EV to EBITDA 10.24 15.58 12.65

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