☀️ Ujaas Energy Ltd – From Insolvency to ₹3,779 Cr Market Cap, Now Trading at 502 P/E
1. At a Glance
Once bankrupt, now booming. Ujaas Energy pulled off a corporate reincarnation straight out of a Bollywood masala script: solar panels, EV scooters, transformers, insolvency drama, NCLT resolution, and finally a ₹3,779 Cr market cap. Revenue? Barely ₹23 Cr. Profit? ₹7.5 Cr. Valuation? 500+ P/E. Investors? Still buying. This isn’t a turnaround story, this is Andhadhun.
2. Introduction
Ujaas began in 1999 as a solar solutions company, but somewhere in the 2010s, reality hit harder than a summer power cut in Gurgaon. Heavy debt, defaults, and NCLT dragged it into insolvency in 2020. By 2023, the SVA Family Welfare Trust and M&B Switchgears swooped in with a resolution plan, wiped off most debt, and grabbed 95% ownership.
Since then, Ujaas has been reborn – but like a desi phoenix powered by subsidies, equity dilution, and bonus issues. The company now claims expertise in solar plant O&M, rooftop and park solutions, transformer manufacturing, and a side hustle in electric 2-wheelers (“E-Spa”). In 2024, they even announced a demerger into Bluehope Solutions (transformers) and Globlegreen Power (trading/advisory). Because nothing screams revival like chopping the company into pieces.
Question: Do you trust a company that went bankrupt once and is now promising EV scooters and solar parks, or do you prefer your chai-wallah’s solar lantern pitch?
3. Business Model – WTF Do They Even Do?
The Ujaas buffet includes:
Solar Plant Operations (56% of FY24 revenue): Running 14 MW under brand “Ujaas,” plus O&M services. Not huge, but at least predictable.
Solar Systems Manufacturing & Sales (33%): Claims to have set up 235 MW so far. Top 10 customers = 10% of revenue in FY24 (was 2% in FY22). Growing customer stickiness, or just client concentration risk? You decide.
Electric Vehicles (11%): Entered the EV 2-wheeler segment with “E-Spa.” Sounds fancy, but in India’s EV market, Ola Electric is the lion – Ujaas is the goat.
Transformers: They make up to 25,000 KVA units. Transformers are basically the backbenchers of power sector: invisible, boring, but necessary.
Projects Portfolio: Past solar projects include Rajgarh (16.5 MW), Barod (28 MW), Rojhani (30.5 MW), etc.
Basically, Ujaas does a little bit of everything – solar, EVs, transformers. Like a thali plate. But the question remains: is this a healthy thali or just leftover curries reheated?
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
2.65
6.29
7.77
-58%
-66%
EBITDA (₹ Cr)
-3.24
0.54
0.62
-700%
-622%
PAT (₹ Cr)
2.49
3.82
0.30
-35%
730%
EPS (₹)
0.22
0.17
0.02
29%
1,000%
Commentary: Sales collapsed, EBITDA went negative, PAT survived thanks to Other Income (₹6.6 Cr). This is like scoring runs only because the umpire gave too many no-balls. EPS looks better than reality – pure accounting acrobatics.
5. Valuation – Fair Value Range Only
P/E Method: EPS = ₹0.50 (FY25). At sensible sector P/E (25–40), fair value = ₹12 – ₹20. CMP = ₹340.
EV/EBITDA Method: EV = ₹3,800 Cr, EBITDA FY25 = ₹4.4 Cr. EV/EBITDA = 864x. Reasonable range (15–20x) = ₹65–₹90 Cr EV (~₹20–₹25/share).
👉 Fair Value Range: ₹15 – ₹25 Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Resolution Plan: In Oct 2023, NCLT approved revival plan. SVA Family Trust took 94% stake. Debt of ₹60 Cr was wiped out. Revival plot more filmy than SRK comeback.
Capital Restructuring: Equity reduced from 20 Cr shares to 3 lakh shares (!), then issued 10.5 Cr fresh shares to new promoters. Shareholding now 90% promoter,
