Universal Cables Limited targets 25%-plus FY27 revenue growth

Universal Cables Limited is targeting about 25%-plus revenue-from-operations growth in FY 2026-27, supported by a Rs 2,890 crore pending order book at September 30, 2026, including Rs 637 crore of export orders, after standalone H1 revenue rose 38.82% year on year to Rs 1,963.63 crore.

What is Universal Cables targeting for FY 2026-27?

Universal Cables is targeting about 25%-plus growth in revenue from operations during FY 2026-27. Management based that projection on the pending order book and expected order inflows, but did not provide a rupee revenue target for the full year. The company recorded standalone H1 revenue from operations of Rs 1,963.63 crore, its highest half-year turnover, compared with Rs 1,414.48 crore in H1 FY 2025-26.

The H1 increase was Rs 549.15 crore, or 38.82%, while standalone profit after tax rose to Rs 70.30 crore from Rs 56.04 crore. The company said its full-year outlook for revenue and profitability remained steady, citing domestic demand and global opportunities in extra-high-voltage (EHV), medium-voltage (MV) and low-voltage (LV) cables, as well as capacitors. This outlook is management’s projection, subject to the risks identified in its forward-looking-statements disclaimer.

Standalone revenue from operations reached Rs 1,018.57 crore in Q2 FY 2026-27, against Rs 814.29 crore in Q2 FY 2025-26. Universal Cables attributed the approximately 25% increase largely to favourable product mix and continued export momentum. The company reports one primary business segment, covering cables, wires, conductors, accessories, quality-power products and related turnkey projects.

How large are Universal Cables’ order book and export pipeline?

Universal Cables had a pending products-and-projects order book of approximately Rs 2,890 crore at September 30, 2026, including export orders of approximately Rs 637 crore. Export orders therefore represented roughly 22% of the disclosed book, based on the company’s stated values. A further approximately Rs 100 crore of export orders was in the pipeline, which the release distinguished from secured orders.

The order book covers both products and turnkey projects, consistent with Universal Cables’ disclosed single operating segment. Management cited the existing order book and expected new inflows as the two supports for its FY 2026-27 growth target. The release did not state the scheduled execution dates, customer mix or product-wise split of the Rs 2,890 crore book.

Exports grew more quickly than total standalone revenue in H1 FY 2026-27. Export revenue rose 154% year on year to Rs 258.08 crore in H1 and increased 139% to Rs 137.72 crore in Q2, compared with 38.82% growth in H1 standalone revenue. Universal Cables said it continued to receive regular export orders from Europe, the Middle East and Africa while pursuing new overseas markets.

What does the Latin American EHV contract add?

Universal Cables secured an approximately USD 25 million turnkey export order during Q2 FY 2026-27 for the supply and installation of EHV cable in Latin America. The company said the order opens significant new opportunities in the region. It did not disclose the customer, project delivery schedule, rupee equivalent, margin or whether the contract is included in the Rs 637 crore export order book.

The contract combines EHV cable supply and installation, fitting the company’s disclosed activities in cable products and turnkey projects. It also expands the named geographic markets beyond Europe, the Middle East and Africa. The release does not quantify revenue expected from Latin America during FY 2026-27, so the timing of revenue recognition from the USD 25 million order remains undisclosed.

Universal Cables is also modernising its EHV cable manufacturing facility at Satna. The company said this technological upgrade is progressing as scheduled and is intended to improve manufacturing precision and production flexibility while meeting evolving international quality, safety and environmental standards. Management said the upgrade would expand export opportunities, although it gave no capacity figure or completion date for the EHV modernisation.

How did Universal Cables’ profit performance change?

Universal Cables’ standalone earnings before interest, tax, depreciation and amortisation (EBITDA) increased to Rs 188.90 crore in H1 FY 2026-27 from Rs 143.92 crore a year earlier. Standalone profit before tax rose to Rs 86.63 crore from Rs 75.03 crore, while profit after tax increased by Rs 14.26 crore to Rs 70.30 crore. Consolidated profit after tax rose to Rs 133.99 crore from Rs 81.87 crore over the same periods.

The Q2 standalone pattern differed from the H1 comparison. Q2 EBITDA rose to Rs 94.32 crore from Rs 83.72 crore, and EBITDA margin was 9.30% of revenue from operations, but standalone profit after tax declined to Rs 33.12 crore from Rs 36.55 crore. Finance costs increased to Rs 40.71 crore from Rs 27.06 crore and depreciation rose to Rs 12.88 crore from Rs 9.15 crore, while profit before tax fell to Rs 40.73 crore from Rs 47.51 crore.

Consolidated Q2 profit after tax increased to Rs 63.85 crore from Rs 48.27 crore, and consolidated profit before tax rose to Rs 77.07 crore from Rs 62.59 crore. Consolidated revenue from operations was Rs 1,018.57 crore in Q2 FY 2026-27, the same figure reported on a standalone basis. The source presents separate standalone and consolidated profit outcomes without providing a detailed reconciliation in the release.

When will Universal Cables’ cable expansion be operational?

Universal Cables expects the final phase of its MV and high-voltage cable capacity expansion to be fully operational by the end of December 2026. The overall capacity-augmentation project has an approximate outlay of Rs 625 crore. The company said the final phase was slightly delayed for reasons beyond its control, without disclosing the prior commissioning date or a revised project cost.

Management expects the additional MV and high-voltage capacity to enhance manufacturing capabilities and support growth in those cable businesses. Universal Cables also said it would continue ramping up production capacity at its Satna and Goa facilities in the near to medium term. The release does not disclose existing capacity, incremental capacity or utilisation levels, leaving the production effect of the Rs 625 crore project unquantified.

Conclusion

Universal Cables’ 25%-plus FY 2026-27 revenue-growth target rests on H1 standalone revenue of Rs 1,963.63 crore, a Rs 2,890 crore pending order book and H1 export revenue of Rs 258.08 crore. The USD 25 million Latin American EHV turnkey order broadens the company’s stated overseas reach, while exports rose faster than total sales in the first half.

The next disclosed operating milestone is the planned end-December 2026 commissioning of the final MV and high-voltage expansion phase within the Rs 625 crore project. Investors can also watch for conversion of the approximately Rs 100 crore export pipeline, execution of the Rs 637 crore export order book and changes in finance costs after Q2 finance costs reached Rs 40.71 crore.