Industry Structure:
1) Renewable Energy Industry:
Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Ministers COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs. 74,000 crores (US$ 8.90 billion). Indias Rs. 9,22,866 crore (US$ 109.50 billion) plan aims to expand power infrastructure, meet 458 GW demand by 2032, enhance transmission, integrate renewable energy, and boost energy security, unlocking vast untapped potential. Indias position in the global renewable energy landscape has strengthened considerably. According to IRENAs Renewable Energy Statistics 2026, India has moved to the third position globally in installed renewable energy capacity. India surpasses the global average in setting and reducing carbon emission targets, ranking among the top three countries worldwide for emission reporting and reduction efforts. Power generation from solar and wind projects are likely to be cost competitive relative to thermal power generation in India.
2) Tungsten Based Products:
Tungsten carbide, a compound made by combining tungsten with carbon, is one of the hardest known materials and is widely used in manufacturing cutting tools, drill bits, mining equipment, and industrial machinery. These tools are essential in the automotive, aerospace, construction, and general manufacturing sectors. The global tungsten market size was valued at USD 5.43 billion in 2025. The market is projected to grow from USD 5.78 billion in 2026 to USD 9.19 billion by 2034, exhibiting a CAGR of 6.0% during the forecast period. Asia Pacific dominated the tungsten market with a market share of 71.64% in 2025. The strong growth is largely driven by the critical use of tungsten in hard metals and tooling applications. Source: https://www.fortunebusinessinsights.com/tungsten-market-115884
Financial performance with respect to Operational Performance:
The Revenue from Operation of the Company was Rs. 1,275.83 against Rs. 56.59 Lakhs during the year 2024-25. After providing taxation the Company has made profit of Rs. 280.33 in the current year as compared to loss of Rs. 172.94 Lakhs in the previous year which has been transferred to the Balance Sheet.
| Particulars | Standalone | |
| 2025-26 | 2024-25 | |
| Revenue from Operations | 1 ,275.83 | 56.59 |
| Other Income | 23.02 | 154.66 |
| Total Income | 1,298.85 | 211.25 |
| Profit/(Loss) before Interest & Depreciation | 282.23 | (155.65) |
| Less: Interest | - | 14.49 |
| Less: Depreciation | - | 2.80 |
| Profit/(Loss) before tax and exceptional items | 280.33 | (172.94) |
| Profit/(Loss) Before Tax | 280.33 | (172.94) |
| Add/Less: Current Tax | - | - |
| Add/Less: Short /(Excess) | - | - |
| Provision of Earlier Year | ||
| Add/Less: Deferred Tax | - | - |
| Profit/Loss After Tax | 280.33 | (172.94) |
| Other Comprehensive Income | 5.31 | (126.31) |
| Total Comprehensive Income | 285.64 | (299.26) |
Accounting Treatment:
In the preparation of financial statements, no different treatment from that prescribed in an Accounting Standard has been followed.
Internal Control Systems and their adequacy:
The Company practices an internal control system which ensures proper handling and management of its assets. The internal control system of the Company is geared towards achieving efficiency in operations, effective monitoring and compliances with all applicable laws and regulations. The Company regularly conducts internal audit programs. The internal control department of the Company functions under the guidelines of the Audit Committee of the Company. The Company regularly reviews the adequacy and effectiveness of the internal control system and suggests improvement for strengthening them.
Opportunities, Risks and Concerns:
While the domestic and International economic conditions continue to remain challenging and are expected to remain for some more time, we expect that with new line of business and expanding demand for the Renewable Energy and Tungsten based products, the Company will be in a position to gradually expand its turnover and profitability from manufacturing and trading activities. The Company has framed a risk management team which constantly monitors the Indian and international markets and guides the management of any sort of prevailing risk to the company. The risk management team plays a major role here. The management is regularly keeping watch on the domestic and international trade policy and commodities prices also.
Material Developments in Human Resources and Industrial Relations Front:
As the Company did not perform well during last couple of years, the company does not strength in the staff. However, as the Company grow in the new line of business, the focus has been on enhancing morale and capabilities of employees. The staff and workers will be provided orientation and training for the development of soft and hard skills on a regular basis. Efforts are made to improve the performance, providing work satisfaction and performance based increments, safety and social status. The Company shall make regular efforts to maintain relation with Stakeholders by transparency, good governance, regular communication and effective transactions.
Environment and Safety:
The Company is committed to comply with the statutory requirements related to environment, health, safety and to prevent pollution through continuous improvement in processes, practices and EHS awareness. Your Company not only cares for compliances is this aspect but also contributes towards society health, safety and green environment.
Key Ratios and Reason for variance in the key ratios:
| Ratio | Numerator | Denominator | 2025-26 | 2024-25 | % Variance | Reason for variance |
| Current ratio (in times) | Current Assets | Current Liabilities | 5.25 | 9.26 | (43%) | The current ratio decreased due to an expansion in both working capital components, where the growth rate of current liabilities outpaced the growth rate of current assets. |
| Debt-equity ratio (in times) | Current & Non-Current Borrowing | Shareholders Equity | 0.00 | 0.01 | (100%) | Borrowing paid off fully, hence not exits as on balance sheet date. |
| Debt service coverage ratio (in times) | Net Profit after taxes + Depreciation & Amortisation Expenses + Finance Costs - Other Income + Taxes | Interest + Principal Repayments | 24.52 | (2.23) | (1200%) | The Debt Service Coverage Ratio (DSCR) increased primarily due to improved profitability and higher cash accruals during the current year, leading to an enhanced capacity to service debt obligations |
| Return on equity ratio (in %) | Net profits after taxes | Average Shareholders Equity | 14.15% | (14%) | (204%) | The increase in the Return on Equity (ROE) is mainly on account of the improvement in the Companys financial performance during the current year. The absence of sales in the earlier year(s) adversely impacted profitability, whereas the commencement of sales during the current year led to higher net earnings and, consequently, a significant improvement in the return on shareholders equity. |
| Inventory turnover ratio (in times) | Cost of Traded Goods + Changes in Inventories + Production Expenditure | Average Inventory | 13.89 | 0.43 | (3128%) | Closing inventory for the prior year was nil. The minimal average inventory value used in the current years calculation created an exponential increase in the turnover ratio. Current year balances reflect normal operational cycles. |
| Trade receivables turnover ratio (in times) | Revenue from operations | Avg. Accounts Receivables | 2.06 | 0.09 | (2137%) | The Trade Receivable Turnover Ratio has increased during the current financial year. This improvement reflects enhanced operational efficiency following a loss in the previous year. The increase is primarily attributed to stricter credit policies, a reduction in the average collection period, and the successful realization of outstanding debtors, which improved cash flows and overall profitability |
| Net capital turnover ratio (in times) | Revenue from Operations | Working Capital | 0.49 | 0.04 | (1092%) | The Net Capital Turnover Ratio improved because transitioning from a net loss to profitability increased working capital reserves, while stronger sales increased revenue generation per unit of capital. |
| Net profit ratio (in %) | Profit After Tax | Total Revenue from Operations | 21.58% | (306%) | (107%) | The Net Profit ratio experienced a significant year-over-year increase, rising from a negative position in the previous period to a positive in the current period. |
| Return on capital employed (in %) | Net Profit after taxes + Depreciation & Amortisation Expenses + Finance Costs - Other Income + Taxes | Tangible Net Worth + Total Debt + Deferred Tax Liability (Net) | 9.99% | (23%) | (143%) | The Return on Capital Employed (ROCE) witnessed a significant improvement in the current period due to a strong operational turnaround. Having successfully exited loss-making segments last year, the company eliminated the corresponding drag on earnings. |
| The shift from net losses to positive operating profit, combined with a rationalized capital base, directly enhanced our capital efficiency. | ||||||
| Return on investment (in %) | Change in Fair Value of Investments + Dividend | Investments | 7.15% | (98%) | (107%) | The Return on Equity (ROE) ratio increased significantly in the current period because the company successfully returned to profitability, recording positive Net Income in the current period compared to a Net Loss last year. |
Cautionary Statement:
Statement in this Management Discussion and Analysis Report, describing the Companys objectives, estimates and expectations may constitute Forward Looking Statements within the meaning of applicable laws or regulations. Actual results might differ materially from those either expressed or implied.
| FOR, UMIYA TUBES LIMITED |
| --S/d-- | --S/d-- |
| VIRAL DEEPAKBHAI RANPURA | KHYATI VIRAL RANPURA |
| WHOLE TIME DIRECTOR | DIRECTOR |
| DIN: 07177208 | DIN: 08810551 |
| Place: Ahmedabad |
| Date: 05.09.2026 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
