UCAL LIMITEDQ2 FY27 Results & Financial Update
UCAL LIMITED: Q2 FY27 consolidated results and company financials – revenue ₹230.59 Cr, PAT ₹8.18 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore UCAL Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Ucal Limited registered consolidated revenue from operations of INR 230.59 crore for the quarter ended September 30, 2026, marking a 13.51% sequential expansion compared to INR 203.15 crore reported in the preceding quarter ended June 30, 2026.
Total consolidated income reached INR 231.65 crore for Q2 FY27, supported by other income of INR 1.05 crore, demonstrating sustained top-line acceleration over the previous quarter's total income of INR 204.85 crore.
Profit before tax (PBT) advanced sharply by 40.00% sequentially to INR 11.06 crore from INR 7.90 crore in Q1 FY27, reflecting improved operating leverage as revenue scaled faster than underlying expenses.
Consolidated profit after tax (PAT) for the quarter stood at INR 8.18 crore, translating to a 40.16% increase over the previous quarter's PAT of INR 5.84 crore, alongside basic and diluted earnings per share of INR 3.70 compared to INR 2.64 in Q1 FY27.
The sequential improvement in profitability was underpinned by disciplined cost management across material consumption and overheads, even as core manufacturing expenses expanded alongside higher production volumes.
Finance costs remained steady at INR 6.43 crore for the quarter, while depreciation and amortization expenses stood at INR 6.43 crore, mirroring previous quarter levels and ensuring stable fixed-charge absorption.
The company continues to operate within a single primary business segment focused on automotive components, as confirmed in the notes to the unaudited financial statements.
01 · Business model
What does UCAL do?
Ucal Limited (formerly Ucal Fuel Systems Limited) operates as a specialized manufacturer within the automotive components sector, supplying precision engineered parts and assemblies to vehicle manufacturers.
The company's product portfolio addresses core automotive sub-systems, catering to diverse vehicle segments through manufacturing facilities located in industrial hubs such as Ambattur, Chennai.
The consolidated reporting structure encompasses key operational subsidiaries, including Ucal Polymer Industries Limited and its step-down subsidiary UPIL USA, Inc., integrating polymer-based component manufacturing capabilities.
The business model relies heavily on tier-1 relationships with automotive original equipment manufacturers (OEMs), linking financial performance directly to underlying vehicle production volumes, raw material price trends, and industrial demand cycles.
02 · Historical context
What shaped the business before this quarter
Previously operating under the name Ucal Fuel Systems Limited, the company formally transitioned its corporate identity to Ucal Limited to reflect a broader diversification of its automotive component offerings beyond traditional fuel systems.
Earlier restructuring initiatives included the establishment and integration of wholly-owned subsidiaries such as Ucal Polymer Industries Limited to expand capabilities into polymer applications for the automotive industry.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹230.59 Cr | ₹203.15 Cr |
| Total income | ₹231.65 Cr | ₹204.85 Cr |
| Profit before tax | ₹11.06 Cr | ₹7.90 Cr |
| Profit after tax | ₹8.18 Cr | ₹5.84 Cr |
| EPS | ₹3.70 | ₹2.64 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 4.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹1.05 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The primary top-line expansion was driven by higher dispatches of automotive components, reflecting stronger sequential demand across OEM customer channels during the quarter.
Consolidated revenue reached INR 230.59 crore, up from INR 203.15 crore in Q1 FY27, pointing to robust execution and order fulfillment within the core manufacturing business.
What drove margins
Material consumption costs scaled alongside revenue growth, with cost of materials consumed reported at INR 131.05 crore for the quarter.
Employee benefit expenses stood at INR 20.02 crore, reflecting stable workforce costs relative to the expanded scale of operations.
Other expenses totaled INR 51.76 crore, while finance costs of INR 6.43 crore and depreciation of INR 6.43 crore exerted steady fixed overhead pressures that were partially offset by operational leverage.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates strictly within a single business segment, automotive components, encompassing both metallic and polymer-based assemblies supplied to automotive manufacturers.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Consolidated operations integrate the manufacturing footprint of Ucal Polymer Industries Limited and its international step-down subsidiary UPIL USA, Inc., broadening the group's technological reach in specialized automotive applications.
07 · Reported developments
What changed operationally
Consolidated revenue expanded by 13.51% sequentially to INR 230.59 crore, while net profit grew by 40.16% to INR 8.18 crore in Q2 FY27.
08 · Pressure points & risks
What is not going smoothly
Unaudited interim financial results for Ucal Polymer Industries Limited reflected a total net loss after tax of INR 0.64 crore for the half year ended September 30, 2026.
09 · Items worth noticing
The line items that can distort a quick read
Other income contributed INR 1.05 crore to total consolidated income during the quarter, supporting overall pre-tax profitability.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, standalone net cash flow generated from operating activities stood at INR 16.20 crore, following operating profit before working capital changes of INR 43.19 crore.
Standalone cash outflow toward the purchase of property, plant, and equipment was INR 13.39 crore for the half year ended September 30, 2026.
Capital allocation & funding
Standalone financing cash flows for the half year reflected term loan inflows of INR 17.27 crore against repayments of INR 33.11 crore, alongside net short-term borrowing additions of INR 20.81 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Review Scope
The statutory auditors conducted a limited review of the standalone and consolidated financial results for Q2 FY27, noting that the interim financial results of subsidiary Ucal Polymer Industries Limited were reviewed solely by management.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue advanced from INR 203.15 crore in Q1 FY27 to INR 230.59 crore in Q2 FY27, reversing previous quarterly restraints.
13 · Key Q&A
The quarter, answered directly
What does UCAL do?
Ucal Limited (formerly Ucal Fuel Systems Limited) operates as a specialized manufacturer within the automotive components sector, supplying precision engineered parts and assemblies to vehicle manufacturers.
What is the clearest takeaway from Q2 FY27?
Ucal Limited registered consolidated revenue from operations of INR 230.59 crore for the quarter ended September 30, 2026, marking a 13.51% sequential expansion compared to INR 203.15 crore reported in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
The primary top-line expansion was driven by higher dispatches of automotive components, reflecting stronger sequential demand across OEM customer channels during the quarter.
What mattered most for margins or profitability?
Material consumption costs scaled alongside revenue growth, with cost of materials consumed reported at INR 131.05 crore for the quarter.
What changed operationally beyond the headline numbers?
Consolidated operations integrate the manufacturing footprint of Ucal Polymer Industries Limited and its international step-down subsidiary UPIL USA, Inc., broadening the group's technological reach in specialized automotive applications.
What are the main pressure points disclosed for the quarter?
Unaudited interim financial results for Ucal Polymer Industries Limited reflected a total net loss after tax of INR 0.64 crore for the half year ended September 30, 2026.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Subsequent Quarterly Dispatches: Track upcoming quarterly disclosures to verify whether the 13.51% sequential revenue growth momentum persists into the second half of FY27.
- 02
Subsidiary Profitability Turnaround: Monitor the operational performance of subsidiary Ucal Polymer Industries Limited to observe potential narrowing of its interim net losses.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.