Rulka Electricals Ltd. (RULKA)
SME CapPower stocks · SME cap · NSE
Rulka Electricals Limited (REL) is a Mumbai-based, NSE Emerge-listed MEP project contractor with 12+ years of pan-India execution experience. It offers Electrical Contracting, Firefighting Systems, Solar EPC, EHV transmission work, IT & Networking, CCTV, and Annual Maintenance Contracts, serving blue-chip clients across 17+ states.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -50% YoY · margin compression · Rev +57% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹55 Cr | +57.1% | +1.9% |
| EBITDA | ₹3 Cr | +0.0% | +0.0% |
| Operating margin | 5.0% | +20 bps | +0 bps |
| PAT | ₹2 Cr | -50.0% | +0.0% |
| PAT margin | 3.6% | +179 bps | -6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
RULKA reported strong FY26 performance with revenue up 38.2% YoY to INR 110.20 Cr and PAT up 45.8% to INR 3.29 Cr, driven by higher order execution. Debt-to-Equity improved to 0.13x from 0.26x, reflecting significant balance sheet strengthening.
RULKA delivered robust FY26 results, exceeding revenue and profit growth from FY25, alongside substantial debt reduction. Management's focus on high-margin EHV, Solar EPC, and airport projects, coupled with a strong unexecuted order book, supports continued growth. However, execution risk in new segments and working capital intensity remain key concerns.
Order Share Profile
Latest issuer-disclosed distribution across 3 reported categories.
EHV & Power Distribution
Execute first Mahatransco EHV order (INR 5 Cr) in FY26; bid for 33kV, 220kV networks and substation projects. EHV offers highest margins among all segments.
Solar EPC Scale-Up
Convert solar team capability into large-scale turnkey wins; target commercial & industrial rooftop + utility-scale solar. Solar EPC to become material revenue contributor by FY27.
Airport Infrastructure
Active at Mumbai & Lucknow Phase 2 airports; pursuing formal empanelment with Adani Airports & AAI. Airport projects offer premium pricing and brand visibility.
Core Business Deepening
Scale electrical & firefighting contracting; increase average project size via larger industrial & infrastructure contracts. Grow AMC revenue for recurring, predictable cash flow.
EHV Capacity
First EHV order received from Maharashtra Transmission Division for INR 5 Crore (220kV & 33kV network commissioning). ~50% of EHV order expected to be completed in FY26 itself.
Solar EPC Team
Dedicated solar team fully operational after 2 years of build-up, capable of executing large-scale turnkey solar projects.
India MEP Market Growth
India MEP Market Size (2024) USD 40+ Bn with 14-16% CAGR forecast.
National Infrastructure Pipeline (NIP)
USD 1.4 Tn NIP creates massive MEP demand pipeline.
Warehousing & Logistics Boom
India's warehousing sector growing at 20%+ CAGR, driving demand for electrical & firefighting systems.
Renewable Energy Target
India's 500 GW renewable energy target by 2030 creates massive solar EPC opportunity.
Intense Competition
Intense competition from large EPC firms entering MEP space.
Rising Input Costs
Rising input material costs eroding project-level margins.
Payment Delays
Delays in government project payments — working capital risk.
Skilled Labor
Skilled labor availability and retention challenges in project sites.
Margin Compression
Margin compression in FY25 due to civil project losses in North India.
Working Capital Intensive
Working capital intensive business with long receivable cycles.
Concentration Risk
Concentration in warehousing/retail; diversification still in progress.
Execution Risk in New Segments
EHV, Solar & Airport revenues still nascent — execution risk exists.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The CMD's message and the annual P&L statement primarily highlight year-on-year growth for key financial metrics, indicating annual performance is the main focus for assessing overall operational and financial strengthening.
Order Pipeline
Current Unexecuted Orders: INR 143 Cr (as of June 2026). Unexecuted order book of INR 144 Cr provides revenue visibility for 3-4 quarters.
Net Debt
Total borrowings reduced by 45% to INR 34.80 Cr from INR 38.76 Cr in FY25. Debt-to-Equity ratio improved to 0.13x compared to 0.26x in FY25.
Capex
Net Cash used in Investing Activities was INR 81.42 Lakhs in FY26.
Stronger Financial Foundation
Company enters FY27 with a stronger financial foundation, lower leverage, improved liquidity and a growing execution pipeline.
Capitalize on Opportunities
Positioning itself well to capitalize on opportunities across the infrastructure and building services sector.
Achieve IPO-level Margins
Achieve IPO-level margins through cost discipline & better project mix.
Debt & Working Capital Optimization
Debt restructuring & working capital optimization.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EHV/Solar/Airport Revenue Contribution | 10% of order share (combined EHV+Solar). | Increase in revenue contribution from these higher-margin segments. |
| Working Capital Cycle | Identified as working capital intensive with long receivable cycles. | Improvement in receivable days and overall working capital management. |
| Order Book Execution & Wins | INR 144 Cr unexecuted order book. | Timely execution of current orders and new order wins, especially in target growth areas. |
| Debt-to-Equity Ratio | 0.13x (FY26). | Sustained low leverage and further debt reduction. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralMACD −
Technical chart
RULKAdaily · 1Y · AUTO+20.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 48. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 24% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.9%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 44.6%.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 51st percentile within Power. Main check: results consistency is weak at 48/100.
Healthy Trust Lite: Promoter holding is 60.1%. Key concern: Promoter holding fell 9.2%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 51st pctile, median 65 · SME: 56th pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 60.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.9%.
Trust risks
- ▸Promoter holding fell 9.2%.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -12.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 14.00
- P/B
- 1.23
- EV/EBITDA
- 8.50
- Market Cap
- 46.00Cr
Profitability
- ROE
- 9.20%
- ROCE
- 12.40%
- ROA
- 4.11%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 6.00×
- Altman Z
- 3.36
- Book Value
- 87.90
Cash Flow
- FCF Yield
- 10.87%
- FCF Positive Y
- 1/5
- OCF
- 6.00 Cr
- EPS TTM
- 7.73
Shareholding
- Promoter Hold
- 60.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.