01 — At a Glance
The Cable Company That Makes Everything But Profits
- 52-Week High / Low₹1,008 / ₹407
- Q3 FY26 Revenue₹768 Cr
- Q3 FY26 PAT₹27.2 Cr
- EPS (Q3)₹7.84
- Annualised EPS (Q3 × 4)₹31.36
- Book Value / Share₹539
- Price to Book1.25x
- TTM EPS₹45.39
- Order Book₹2,889 Cr
- Capex (Revised)₹550 Cr
Flash Summary: Universal Cables posted Q3 FY26 PAT of ₹27.2 crore with revenue of ₹768 crore. That’s a 71.8% profit jump YoY and 26.4% revenue growth. The order book hit ₹2,889 crore. The stock? Down 24.3% in 3 months. The Chief Secretary? Resigning on Feb 28, 2026. Nothing says “we’re crushing it” like senior management hitting the exit door while holding the profit report. Truly, the Birla Group special.
02 — Introduction
When You Make Cables, Not Money (At Least That’s What The Stock Thinks)
Universal Cables Limited is a 50+ year old cable manufacturing company owned by the MP Birla Group — you know, the same group that owns Birla Corporation (cement), Birla Cable, and about a dozen other things that probably shouldn’t all be under one roof but are because “synergy.”
UCL makes everything. Extra High Voltage cables up to 500 kV (for the power sector that can’t stop arguing about infrastructure). Low voltage cables (for your neighbourhood electrical disasters). Medium voltage cables (the middle child nobody cares about). Rubber cables (for OEMs). Optical fibre cables (for when copper is too 2010s). And capacitors made with Toshiba collaboration because apparently, you can’t trust yourself to make a capacitor alone.
The company’s financial results are like watching a Bollywood movie plot: Strong business growth, amazing order books, expanding capacity, and then — BAM — the stock crashes, management resigns, and you’re left thinking “What just happened?” The CFO quit in September 2025. The Chief Secretary is leaving Feb 28, 2026. Meanwhile, profit margins are expanding, EHV cables are selling like biryani at a wedding, and the order book is at ₹2,889 crore. It’s chaos dressed up as a quarterly result.
CARE Rating Note (Feb 2026): CARE A; Stable / CARE A1 — both reaffirmed with limits enhanced. The rating agency is saying everything is fine, capital structure is comfortable, margins are improving. Funny how good ratings don’t translate to stock price appreciation. Maybe the market knows something the rating agency doesn’t. Or maybe it’s just being paranoid. Probably the latter.
03 — Business Model: Making Cables So You Can Turn On Lights
The Power Sector’s Unsung Hero (That Nobody Wants To Own)
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