1. At a Glance – Blink and You’ll Miss the Profits
₹520 crore market cap. ₹66 crore trailing twelve-month sales. ₹1.38 crore PAT. A stock trading at 403× P/E with ROCE of 1.36%. Ladies and gentlemen, welcome to Urja Global Ltd, where renewable energy meets renewable optimism.
The stock is currently chilling around ₹10, down ~34% in one year, ~25% in six months, and still somehow valued like it’s building the next Tesla Gigafactory in Haryana. Promoters own just 18.4%, public owns the rest, and dividends are treated like an urban myth.
Quarterly numbers? Q3 FY26 revenue ₹14.6 crore, down 27.7% YoY, PAT ₹0.25 crore, down 49% YoY. EPS? A majestic ₹0.00–0.01 range, depending on rounding generosity.
If valuation was a yoga pose, Urja Global is doing a full headstand. The question is: is this a turnaround phoenix… or just another penny-stock peacock spreading colourful feathers? Let’s dig in.
2. Introduction – Solar Panel Hai, Par Current Weak Hai
Urja Global was incorporated in 1992. That means this company has seen liberalisation, dot-com boom, global financial crisis, crypto winters, meme stocks, and still decided: “Let’s do solar, EVs, batteries, land development, digital platforms, and maybe a bit of everything.”
On paper, Urja Global looks like a mini-conglomerate of buzzwords:
Solar power plants ✔️
Rooftop solar ✔️
Batteries ✔️
EV scooters ✔️
Bio-fuel ✔️
Bio-CNG ✔️
Digital world ✔️
Real estate ✔️
In reality, the financial statements whisper a different story. Revenues have shrunk over 5 years (-16% CAGR). Margins are thin enough to qualify as solar film. And profits exist, but only if you squint hard enough and ignore other income doing the heavy lifting.
Yet, despite all this, Urja Global keeps attracting retail interest. Why? Because renewables are hot, EVs are sexy, and the stock price looks cheap at ₹10.
But as we all know in Dalal Street: cheap price ≠ cheap stock.
3. Business Model – WTF Do They Even Do?
Let me explain Urja Global like I’d explain it to a smart but lazy investor at a chai tapri.
Urja Global does three
and a half things:
1️⃣ Solar & Renewable Products (Core… allegedly)
They design, supply, install, and maintain off-grid and grid-connected solar power plants. Think solar street lights, rooftop systems, lanterns, home lighting systems, atta chakkis powered by the sun (yes, really).
They are an MNRE-approved channel partner, which sounds fancy, but doesn’t automatically translate into profits.
2️⃣ Batteries (Lead Acid – Old School Energy Drink)
Through subsidiary Urja Batteries Ltd, they manufacture lead-acid batteries for solar, industrial, and standby power. This is not lithium-ion, not cutting-edge EV tech, but the humble, heavy, old-school battery business with intense competition and low margins.
3️⃣ Electric Vehicles (Scooters, Rickshaws, Hope)
They sell EV scooters under brands like E-Life, E-Zess, Rudra, Chetna, and also e-rickshaws and loaders. Volumes? Not disclosed clearly. Profitability? Let’s just say the scooters are running faster than the margins.
Everything Else Under the Sun
- Sahu Minerals & Properties Ltd: land development & real estate
- Urja Digital World Ltd: online platforms for e-commerce, e-health, e-education (currently more e-idea than e-execution)
In short: Urja Global is diversified… but not necessarily focused.
4. Financials Overview – The Reality Check Table
📊 Quarterly Performance (Consolidated, ₹ crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 14.61 | 20.20 | 15.50 | -27.7% | -5.7% |
| EBITDA | 0.37 | 0.33 | 0.67 | +12% | -44.8% |
| PAT | 0.25 | 0.53 | 0.42 | -49.0% | -40.5% |
| EPS (₹) | ~0.00 | ~0.01 | ~0.01 | Negative vibe | Negative vibe |
Commentary:
Revenue fell. Profits fell harder. Margins remain wafer-thin. And EPS is so small that Excel struggles to display it without
