Urja Global Limited (NSE: URJA | BSE: 526987)

By Raveendran R | Updated on: November 11, 2026

Source: Urja Global Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)

Metrics for FY 2025-26 Ended Mar 31, 2026
Profit & Loss (₹ Cr)
Revenue
₹66.70 Cr (▼ 0.8%)
Prev Year: ₹67.25 Cr
Gross Profit
₹12.21 Cr (▼ 13.0%)
Prev Year: ₹14.04 Cr
Operating Profit
₹1.64 Cr (▲ 16.3%)
Prev Year: ₹1.41 Cr
Net Profit
₹1.35 Cr (▼ 2.2%)
Prev Year: ₹1.38 Cr
Ratios & Margins (% / x)
Gross Margin
18.31 % (▼ 257 bps)
Prev Year: 20.88 %
Operating Margin
2.46 % (▲ 36 bps)
Prev Year: 2.10 %
PAT Margin
2.02 % (▼ 3 bps)
Prev Year: 2.05 %
ROCE
0.70 % (▲ 19 bps)
Prev Year: 0.51 %
ROE
0.71 % (▼ 2 bps)
Prev Year: 0.73 %
ROA
0.54 % (▲ 7 bps)
Prev Year: 0.47 %
Asset Turnover
0.27x (▲ 0.04 pts)
Prev Year: 0.23x
Balance Sheet (₹ Cr)
Total Assets
₹248.01 Cr (▼ 14.8%)
Prev Year: ₹291.00 Cr
Current Assets
₹102.77 Cr (▼ 26.2%)
Prev Year: ₹139.27 Cr
Total Liabilities
₹56.97 Cr (▼ 43.8%)
Prev Year: ₹101.40 Cr
Current Liabilities
₹13.14 Cr (▼ 4.4%)
Prev Year: ₹13.74 Cr
Total Debt
₹9.23 Cr (▲ 11.3%)
Prev Year: ₹8.29 Cr
Total Equity
₹191.04 Cr (▲ 0.8%)
Prev Year: ₹189.60 Cr
Working Capital
₹89.63 Cr (▼ 28.6%)
Prev Year: ₹125.53 Cr
Ratios & Margins (% / x)
Current Ratio
7.82x (▼ 2.31 pts)
Prev Year: 10.14x
Debt to Equity
0.05x (- 0.00 pts)
Prev Year: 0.04x
Debt to Assets
0.04x (▲ 0.01 pts)
Prev Year: 0.03x
Equity Multiplier
1.30x (▼ 0.24 pts)
Prev Year: 1.53x
Cash Flow (₹ Cr)
Operating Cash Flow
-₹26.12 Cr (▼ 301.2%)
Prev Year: -₹6.51 Cr
CapEx
₹23.09 Cr (▲ 263.6%)
Prev Year: ₹6.35 Cr
Free Cash Flow
-₹49.21 Cr (▼ 282.7%)
Prev Year: -₹12.86 Cr
Ratios & Margins (% / x)
FCF Margin
-73.78 % (▼ 5466 bps)
Prev Year: -19.12 %
Cash ROCE
-11.12 % (▼ 877 bps)
Prev Year: -2.35 %
Cash ROE
-13.67 % (▼ 1024 bps)
Prev Year: -3.43 %
CF to Debt
-2.83x (▼ 2.04 pts)
Prev Year: -0.79x

📋 Quick Facts: Company Snapshot

Attribute Disclosed Detail
Official Company Name Urja Global Limited
Corporate Identity Number (CIN) L67120DL1992PLC048983
ISIN INE732C01020
NSE Symbol & BSE Scrip Code URJA | 526987
Date of Incorporation / Founding Year May 29, 1992
Founders / Key Founding Figures Mohan Jagdish Agarwal, Yogesh Kumar Goyal
Registered Office & Corporate Headquarters 487/63, 1st Floor, National Market, Peeragarhi, New Delhi, India, 110087
Telephone & Investor Relations Contact +91-011-25279143 / info@urjaglobal.in
Chairman / Managing Director & CEO Mr. Gopalsetty Prasad Rao (Chairman), Mr. Mohan Jagdish Agarwal (Managing Director), Mr. Amitav Rao (CEO)
Chief Financial Officer (CFO) & Company Secretary (CS) Mr. Vijay Kumar Singhal (CFO), Ms. Mikita Gupta (CS)
Promoter & Holding Group Nandavan Commercials Private Limited
Industry / Sector Classification Renewable Energy Developers and Operators / Electric Mobility / Solar Solutions
Total Employees / Workforce (BRSR) 45 Permanent Employees (39 Male, 6 Female)
Manufacturing Plants / Branches / Offices Count 3 Manufacturing Plants, 4 Offices
Countries / States Served India (National Operations across multiple states)
Statutory Auditors M/s Uttam Abuwala Ghosh & Associates, Chartered Accountants
Registrar and Share Transfer Agent (RTA) M/s Alankit Assignments Limited

🏢 The Corporate Identity: Urja Global Limited Overview, Promoters & History

The Big Picture: Business Model & Core Value Proposition

Urja Global Limited operates as an integrated renewable energy company engaged in the design, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid-connected solar power plants and decentralized solar applications. The company’s core business model spans across renewable energy solutions, energy storage systems, battery manufacturing, and electric mobility products, contributing directly to India’s clean energy transition.

The company leverages a dual distribution approach, combining established dealer-distributor networks with direct online platform engagements. By delivering affordable and sustainable power solutions under its overarching mission, Urja Global targets residential, commercial, industrial, and agricultural segments across India.

The Founders, Promoters & Their Legacy

The company is guided by experienced executive leadership and promoter entities, prominently including Nandavan Commercials Private Limited as the primary promoter corporate body. Key operational direction is steered by Managing Director Mr. Mohan Jagdish Agarwal and Whole-Time Director Mr. Yogesh Kumar Goyal, who have directed the enterprise through its strategic pivot toward electric mobility and advanced solar and storage technologies.

The Journey: Corporate History & Key Milestones

Incorporated in May 1992 as a public limited entity under the Companies Act, Urja Global has progressively evolved from its foundational operations into a specialized renewable energy and electric vehicle enterprise. Over its 34-year corporate history, the company has established material subsidiaries in battery manufacturing, real estate development, and digital technologies, creating an integrated corporate framework supporting its long-term strategic objectives.

The Corporate Umbrella & Group Structure

Urja Global Limited operates alongside three dedicated subsidiaries: Urja Batteries Limited, specializing in lead-acid and industrial energy storage; Sahu Minerals & Properties Limited, focused on land and real estate asset development; and Urja Digital World Limited, structured for online digital business operations across e-mobility and education.

⚙️ The Business Engine: Segments, Brands, Products & Operations

The Core Divisions & Segment Revenue Breakdown

Business Segment / Activity Segment Revenue (₹ in Crores) FY 2025-26 % Share of Total Revenue
Electric Vehicles & Related Operations 4,984.26 74.72%
Renewable Energy Products & Systems 14.67 21.98%
Batteries & Job Work Services 2.19 3.28%

The Product & Service Catalog (with Operational KPIs & Order Book)

The company’s product portfolio addresses multiple decentralized energy and clean transport verticals. Offerings include solar study lamps, LED lanterns, solar panels, solar inverters, solar home lighting systems, Urja Solar Atta Chakkis, solar water pumps, and comprehensive rooftop solar solutions.

In the energy storage and mobility sectors, the company manufactures and distributes lithium-ion batteries, automotive batteries, inverter batteries, solar batteries, e-rickshaw batteries, electric two-wheelers, and electric three-wheelers, operating under robust quality standards.

The Names You Know: Key Brands & Flagship Portfolio

Brand / Product Name Category / Business Segment Target Market & Key Positioning
Urja Solar Systems & Renewable Energy Rural and urban households seeking decentralized clean energy and solar home lighting.
I-Volt Rechargeable Batteries & Storage Automotive, solar, and industrial backup power applications requiring dependable energy storage.
Urja Kendra Retail & Service Centers District-level customer touchpoints providing solar, e-mobility, and digital connectivity solutions.

Mapping the Domestic & Global Reach (India vs. Exports)

Market Region Revenue Contribution (₹ in Crores) FY 2025-26 % Share of Total Revenue
Domestic Operations (India) 6,670.07 100.00%
International Exports 0.00 0.00%

The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices

The company maintains its registered corporate office in New Delhi alongside manufacturing and assembly operations across northern and western India. Key production units include the Bahadurgarh manufacturing plant in Haryana (HSIIDC), the Nashik plant in Maharashtra, and warehousing facilities in Sampla, Haryana.

📊 The Financial Health: The Numbers Simplified

Multi-Year Financial Highlights (₹ in Crores)

Financial Metric (₹ in Crores) FY 2025-26 FY 2024-25 Latest YoY (%)
Total Consolidated Revenue 67.59 68.49 -1.31%
Consolidated Operating EBITDA / Profit before Tax 1.99 2.03 -1.97%
Consolidated Profit After Tax (PAT) 1.35 1.38 -2.17%
Total Equity / Net Worth 191.04 189.60 +0.76%

Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)

Consolidated Statement of Profit and Loss (₹ in Crores) FY 2025-26 FY 2024-25 Latest YoY (%)
Revenue from operations 66.70 67.25 -0.82%
Other income 0.89 1.24 -28.23%
Total Income 67.59 68.49 -1.31%
Purchase of material 54.42 54.60 -0.33%
Changes in inventories of finished goods, work-in-progress and Stock-in-trade 0.07 (1.39) N/M
Employee benefit expense 4.39 4.48 -2.01%
Finance costs 0.54 0.62 -12.90%
Depreciation expense 0.49 0.38 +28.95%
Other expenses 5.69 7.77 -26.77%
Total expenses 65.60 66.46 -1.29%
Profit before tax expenses 1.99 2.03 -1.97%
Tax expenses 0.64 0.65 -1.54%
Profit for the year 1.35 1.38 -2.17%

Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)

Consolidated Balance Sheet (₹ in Crores) As at March 31, 2026 As at March 31, 2025 Latest YoY (%)
Non-Current Assets
Property, Plant and equipments 60.66 83.58 -27.42%
Goodwill 43.74 43.74 0.00%
Investments 0.70 0.70 0.00%
Trade receivables 30.58 64.79 -52.80%
Other financial assets 17.09 15.84 +7.89%
Deferred tax assets (net) 0.01 0.01 0.00%
Other non-current assets 0.08 0.02 +300.00%
Current Assets
Inventories 40.51 40.57 -0.15%
Trade receivables 16.59 22.77 -27.14%
Cash and cash equivalents 0.73 3.49 -79.08%
Other financial assets 22.96 7.84 +192.86%
Other current assets 14.36 7.65 +87.71%
TOTAL ASSETS 248.01 291.00 -14.77%
Equity and Liabilities
Equity share capital 53.39 53.39 0.00%
Other equity 123.28 121.86 +1.17%
Non controlling interest 14.37 14.36 +0.07%
Total Equity 191.04 189.60 +0.76%
Non-Current Borrowings 5.71 5.39 +5.94%
Non-Current Trade payables 0.06 38.58 -99.84%
Current Borrowings 3.52 2.90 +21.38%
Current Trade payables 7.21 6.77 +6.50%
Other current financial liabilities 38.07 43.69 -12.86%
Other current liabilities 2.41 4.07 -40.79%
TOTAL EQUITY AND LIABILITIES 248.01 291.00 -14.77%

Cash Flow: Tracking the Money Movement

Consolidated Cash Flow Statement (₹ in Crores) FY 2025-26 FY 2024-25 Latest YoY (%)
Net cash generated from / (used in) operating activities (A) (26.12) (6.51) +301.23%
Net cash from / (used in) investing activities (B) 23.09 6.35 +263.62%
Net cash used in financing activities (C) 0.27 2.41 -88.80%
Net increase / (decrease) in cash and cash equivalents (A + B + C) (2.75) 2.25 N/M
Cash and cash equivalents at beginning of the year 3.49 1.24 +181.45%
Cash and cash equivalents as at end of the year 0.73 3.49 -79.08%

Funding the Future: CapEx, CWIP & R&D Spending

Capital work-in-progress stood at ₹0.56 Crores as of March 31, 2026, reflecting ongoing capital investments in production infrastructure and electric vehicle manufacturing facilities. The company continues to direct capital allocation toward expanding operational capacity while maintaining disciplined liquidity management.

👥 Power & Control: Corporate Governance, Leadership & Ownership

The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)

Name of Director / KMP Designation / Role DIN Category
Mr. Mohan Jagdish Agarwal Managing Director 07627568 Executive Director
Mr. Yogesh Kumar Goyal Whole-Time Director 01644763 Executive Director
Dr. Gajanand Gupta Non-Executive Director 01819397 Non-Executive Non-Independent
Ms. Mita Sinha Independent Director 08067460 Non-Executive Independent
Dr. Mukul Jain Independent Director 07187651 Non-Executive Independent
Mr. Gopalsetty Prasad Rao Chairman & Independent Director 07119450 Non-Executive Independent
Ms. Saumya Srivastava Independent Director 08206547 Non-Executive Independent

Who Owns the Stock? Shareholding Pattern

Category of Shareholder Number of Shares held % of Total Shareholding (%)
Promoter and Promoter Group (Bodies Corporate) 10,22,60,528 18.35%
Foreign Portfolio Investors 5,71,559 0.10%
Central / State Government(s) 22,400 0.01%
Corporate Bodies 28,46,154 0.51%
Individual Shareholders (Public) 43,40,87,037 77.91%
NRIs 97,02,632 1.74%
Others (Non-Promoter and Non-Public) 77,15,690 1.38%
Total 55,72,06,000 100.00%

🗺️ The Corporate Family Tree: Group Structure & Strategic Investments

Subsidiaries, Associates, & Joint Ventures (Form AOC-1)

Entity Name Relationship Country % Shareholding Turnover (₹ in Crores) Profit / (Loss) After Tax (₹ in Crores)
Urja Batteries Limited Subsidiary India 54.32% 4.95 0.10
Sahu Minerals & Properties Limited Subsidiary India 78.51% 0.00 0.03
Urja Digital World Limited Subsidiary India 94.00% 14.28 (0.70)

Strategic Investments & Treasury Holdings

The company maintains long-term unquoted investments in its operating subsidiaries alongside strategic trade advances, ensuring aligned operational integration across battery production, real estate asset utilization, and digital e-mobility services.

🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans

Competitive Advantages & Economic Moats

Urja Global holds established accreditations as a renewable energy channel partner, positioning it favorably within India’s growing solar and electric vehicle sectors. The company’s integrated portfolio covering solar installations, energy storage batteries, and e-mobility products provides diversified revenue streams across industrial and retail markets.

What Could Go Wrong? Key Challenges & Business Risks

The company faces intense competition in the renewable energy and electric vehicle segments from domestic and international market participants. Dependence on imported raw materials and components exposes operations to global supply chain volatility and currency fluctuations, while evolving regulatory frameworks and policy shifts present ongoing compliance considerations.

The Next Chapter: Growth, Order Pipeline & CapEx Initiatives

Future growth initiatives center around expanding the electric vehicle product line, scaling lithium-ion battery storage applications, and leveraging government clean energy schemes such as PM-KUSUM and rooftop solar promotion programs. Ongoing capital deployment in manufacturing infrastructure is intended to support increased production efficiency and market reach.

The Verdict: Strategic Outlook & Conclusion

Urja Global Limited remains well-positioned to participate in India’s transition toward clean energy and sustainable transportation. Supported by established brand recognition, supportive government policies, and an integrated product ecosystem, the company continues to focus on operational discipline and long-term stakeholder value creation.

Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.

Official Site: https://www.urjaglobal.in