1. At a Glance
From being a solar EPC pioneer to almost becoming a zombie company, Ujaas Energy is now trading at ₹367/share with a jaw-dropping P/E of 542. That’s not a typo — it’s a tribute to irrational exuberance. With TTM revenue of just ₹23 Cr and PAT of ₹7.5 Cr (half of which is other income), Ujaas is either the comeback king or the king of creative accounting. Your guess is as good as theirs.
2. Introduction: From Dust to Dawn… Maybe?
Let’s be clear: Ujaas was left for dead. After peaking in FY14–FY17 with revenues over ₹500 Cr, it nosedived into losses, negative OPMs, massive receivables, and working capital days that even glaciers thought were slow.
But fast-forward to FY24–FY25: It started reporting tiny profits again. Q1 FY26? ₹2.49 Cr PAT — small, but positive. The company is also involved in electric vehicle sales, and is whispering words like “energy tech platform.” Suddenly, momentum players love it. Retail holding is rising, price is up 72% YoY, and promoters (once down to 0.01%) now hold 90%+. We smell a plot twist.
3. Business Model (WTF Do They Even Do?)
Ujaas has 3 verticals:
- Solar EPC & Rooftop Projects: Earlier, a major player in rooftop & state-based EPCs like Madhya Pradesh & Rajasthan. Now? Miniscule.
- Solar Power Generation (IPP Model): Operates a few MWs of solar plants — recurring revenue, but capped.
- Electric Vehicle Sales: Recently added — reselling EV scooters, with zero moat and intense competition.
Translation: It’s a patchwork quilt of small bets, none of which are scaled — yet the narrative sounds like they’re the next Adani Green.
4. Financials Overview
Q1 FY26:
- Revenue: ₹2.65 Cr (down 57% YoY)
- PAT: ₹2.49 Cr (vs ₹0.30 Cr last Qtr)
- Other Income: ₹6.56 Cr
