Universal Cables H1 revenue rises 39% to Rs 1,963.6283 crore

Universal Cables Limited reported standalone revenue from operations of Rs 1,963.6283 crore for the half year ended 30 September 2026, up 38.8% from Rs 1,414.4781 crore a year earlier, while profit for the period increased 25.4% to Rs 70.2953 crore. The board approved the unaudited results on 4 November 2026.

How did Universal Cables perform in H1?

Universal Cables increased standalone revenue from operations by Rs 549.1502 crore in the half year ended 30 September 2026. Total income, including other income, rose to Rs 1,979.5242 crore from Rs 1,426.8498 crore in the half year ended 30 September 2025. Other income was Rs 15.8959 crore, compared with Rs 12.3717 crore in the previous-year period.

Profit before tax rose to Rs 86.6276 crore from Rs 75.0277 crore, while profit for the period rose to Rs 70.2953 crore from Rs 56.0444 crore. Basic and diluted earnings per share were Rs 20.26 for the six months, against Rs 16.15 a year earlier. Universal Cables reported one primary business segment, covering electrical and other cables, wires, conductors, cable and conductor accessories, quality-power products and related turnkey projects.

The quarter ended 30 September 2026 generated revenue of Rs 1,018.5689 crore, above Rs 945.0594 crore in the quarter ended 30 June 2026 and Rs 814.2852 crore in the quarter ended 30 September 2025. Quarterly profit for the period, however, was Rs 33.1164 crore, below Rs 37.1789 crore in the June 2026 quarter and Rs 36.5459 crore in the September 2025 quarter. The half-year profit improvement therefore included the stronger June-quarter result.

What drove the change in Universal Cables’ costs?

Universal Cables reported total expenses of Rs 1,892.8966 crore for the half year ended 30 September 2026, compared with Rs 1,351.8221 crore a year earlier. Raw-material consumption rose to Rs 1,529.1891 crore from Rs 1,005.5027 crore, while purchases of stock-in-trade increased to Rs 128.7501 crore from Rs 71.2551 crore. These two expense lines rose alongside the Rs 549.1502 crore increase in revenue.

Finance costs increased to Rs 77.201 crore from Rs 51.1815 crore, while depreciation and amortisation rose to Rs 25.0646 crore from Rs 17.7078 crore. Employee-benefit expense increased to Rs 72.5327 crore from Rs 60.9957 crore and other expenses rose to Rs 181.4231 crore from Rs 171.5797 crore. Despite these increases, profit before tax rose by Rs 11.5999 crore as total income increased by Rs 552.6744 crore.

The inventory-change line reduced expenses by Rs 120.762 crore in the latest half year, compared with a reduction of Rs 26.37 crore in the corresponding 2025 period. This line covers finished goods, work-in-progress and stock-in-trade. Its larger reduction in H1 2026 partly offset higher raw-material, stock-in-trade, finance and employee costs.

How did Universal Cables’ working capital and funding change?

Universal Cables’ total assets rose to Rs 3,613.6757 crore at 30 September 2026 from Rs 3,034.0952 crore at 31 March 2026. Current assets increased to Rs 2,341.0501 crore from Rs 1,999.7971 crore. Current trade receivables rose to Rs 1,369.1669 crore from Rs 1,144.4063 crore, and inventories increased to Rs 742.4371 crore from Rs 607.5228 crore.

The six-month increase in current trade receivables was Rs 224.7606 crore, while inventories increased by Rs 134.9143 crore. Non-current trade receivables also rose to Rs 99.6466 crore at 30 September 2026 from Rs 75.4048 crore at 31 March 2026. The standalone filing does not provide receivables ageing information or a collection target.

Current borrowings rose to Rs 966.0112 crore at 30 September 2026 from Rs 711.7388 crore at 31 March 2026. Non-current borrowings were Rs 505.5635 crore, compared with Rs 463.9105 crore at the March year-end, while total equity increased to Rs 1,065.3656 crore from Rs 916.6118 crore. The higher borrowing balances accompanied increased working-capital assets and finance costs.

What did Universal Cables spend on investment and finance?

Universal Cables spent Rs 131.8969 crore on property, plant and equipment, including capital work-in-progress and capital advances, in the half year ended 30 September 2026. This was higher than Rs 101.8488 crore in the half year ended 30 September 2025. Property, plant and equipment on the balance sheet rose to Rs 445.1503 crore from Rs 396.175 crore, while capital work-in-progress increased to Rs 199.4448 crore from Rs 136.8142 crore.

Net cash used in investing activities was Rs 112.7722 crore, compared with Rs 92.3084 crore a year earlier. The latest period included Rs 7.9081 crore in proceeds from the sale of property, plant and equipment, Rs 7.9865 crore in dividend received and Rs 3.2324 crore in rent received. Those inflows were smaller than the capital-expenditure outflow.

Net cash from financing activities was Rs 201.9749 crore in H1 2026, compared with Rs 94.6571 crore in H1 2025. Long-term borrowing proceeds were Rs 193.9926 crore and net proceeds from short-term borrowings were Rs 144.2869 crore. Interest paid rose to Rs 75.9721 crore from Rs 48.7828 crore, while cash and cash equivalents ended the period at Rs 6.7292 crore, compared with Rs 5.1984 crore at 31 March 2026.

What did the review and board decisions disclose?

Universal Cables’ statutory auditor, BGJC & Associates LLP, issued a limited-review conclusion on 4 November 2026 stating that nothing had come to its attention to indicate that the standalone statement was not prepared in accordance with applicable accounting standards and disclosure requirements. The auditor said a review is substantially less extensive than an audit and did not express an audit opinion.

The audit committee reviewed and recommended the results, which the board approved on 4 November 2026. The filing says Indian Accounting Standard 108, or Ind AS 108, segment disclosures are not applicable because Universal Cables has one reportable primary business segment. It therefore does not split revenue or profit between cables, conductors, capacitors, capacitor banks, harmonic filters, static var generators and turnkey projects.

The board also noted that Kishore Kumar Mehrotra’s five-year tenure as a non-executive independent director would end on 10 November 2026. It appointed Sutirtha Bhattacharya as an additional non-executive independent director from 4 November 2026 to 3 November 2031, subject to shareholder approval. The appointment fills a board position after the disclosed completion of Mehrotra’s tenure.

Conclusion

Universal Cables delivered higher standalone revenue and profit in the half year ended 30 September 2026, with revenue up 38.8% to Rs 1,963.6283 crore and profit for the period up 25.4% to Rs 70.2953 crore. The increase came alongside higher raw-material consumption, finance costs, receivables, inventories and capital expenditure, while the September-quarter profit was lower than both the June 2026 and September 2025 quarters.

The next disclosed corporate event is shareholder approval of Sutirtha Bhattacharya’s appointment, which the board made subject to that approval. Subsequent results will show whether current trade receivables of Rs 1,369.1669 crore, inventories of Rs 742.4371 crore, current borrowings of Rs 966.0112 crore and capital work-in-progress of Rs 199.4448 crore change as the company continues its reported investment and funding activity.