Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
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.
₹106.65
+0.00 · +0.00%
Market cap ₹52.7 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals05 Oct 2026 · screener
Latest result09 May, 04:22 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -1.8% / mo · MACD +
Stock trend: 58
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RULKAD candles · FIT view+1.1%Latest close ₹106.65 on 2026-10-16
Bar
+3.3%
RSI
52
MACD hist
0.12
52W pos
51%
2026-10-16O ₹103.20H ₹106.65L ₹103.00C ₹106.65Vol 1,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RULKANifty PowerNifty 500
- RULKA
- -5.6%
- Nifty 500
- -4.2%
- Nifty Power
- -10.9%
- Vs Nifty 500
- -1.5 pp
Chart stats
16 Oct 2026- From 52W high
- -23.7%
- 52W range position
- 50%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.21x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹98.2 - ₹112.3
₹139.8
₹73 - ₹139.8
₹4.2
Latest completed session
20-session average
36.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +57.1% · PAT -50.0% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model+45.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT -50% YoY · margin compression · Rev +57% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹55 Cr | +57.1% | +1.9% |
| EBITDA | ₹3 Cr | NDF | +0.0% |
| Operating margin | 5.0% | NDF | +0 bps |
| PAT | ₹2 Cr | -50.0% | +0.0% |
| PAT margin | 3.6% | NDF | -6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 1.22
- EV/EBITDA
- 9.62
- Market Cap
- 52.70Cr
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
- 3.47
- Book Value
- 87.90
Cash Flow
- FCF Yield
- 9.49%
- FCF Positive Y
- 1/5
- OCF
- 6.00 Cr
- EPS TTM
- 7.73
Shareholding
- Promoter Hold
- 60.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 110+37.5% vs prev
Net Profit
₹ CrLatest: 3.0+50.0% vs prev
Return on Equity
%Latest: 8.1+37.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 52. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
60
RS percentile
Stage 2 UptrendNew S2
1M return
-0.3%
3M return
-7.4%
6M return
+17.1%
1Y return
-11.9%
RS 1D
+10
RS 20D
+6
Sector rank
#11
Industry rank
#29
Stage evidence
- Price is 6.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.4%.
50-DMA
price below
200-DMA
price above
S2 entered
13 Oct 2026
S2 age
4 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
253 observations
16 Oct 2026Value 88.07+0.67%
RS vs Nifty 50088
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation18/30
Growth17/25
Quality0/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
-8
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 9.5%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 45.1%.
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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
16.0
PB
1.2
EV/EBITDA
9.6
ROE
9.2%
ROCE
12.4%
FCF Yield
9.5%
Debt/Equity
0.1
MoS
+45.1%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+45.1%
Previous: +47.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
50
50
50
50
50
50
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹123.64
+13.7% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹194.25
+45.1% MoS
PEG
0.56
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CHAMUNDA
SME
Chamunda Electrical Ltd.
Electrical Equipment
match 163
57
14.0
13.1%
+51%
FAIR VALUE
PARTH
SME
Parth Electricals & Engineering Ltd.
Electrical Equipment
match 145
39
52.0
18.7%
-102%
WATCHLIST
LAKSHYA
SME
Lakshya Powertech Ltd.
Electrical Equipment
match 129
21
9.8
9.8%
-29%
OVERVALUED
INDIFRA
SME
Indifra Ltd.
Electrical Equipment
match 129
16
—
-0.9%
-43173%
OVERVALUED
MAKS
SME
Maks Energy Solutions India Ltd.
Electrical Equipment
match 128
50
12.0
4.5%
+43%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T07:51:45.961Z
Management commentary snapshot
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.
Current business mix
Order Share Profile
Latest issuer-disclosed distribution across 3 reported categories.
Warehousing, retail & commercial60.0%
High-rise, industrial, retail compliance30.0%
Mahatransco EHV + solar EPC projects10.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 52nd percentile within Power. Main check: results consistency is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Power: 52nd pctile, median 65 · SME: 56th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
48
watch · quarterly consistency
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.
Continue researching Rulka Electricals Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Company Ir
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 9 June 2026 - Transcript link released for June 8, 2026 investor call on H2 and FY26 audited results.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Press Release 25 Sep - Published 13th AGM notice, remote e-voting details, and annual report dispatch for September 30, 2026 AGM.
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 7 Sep - 13th AGM on 30 Sep 2026 via VC/OAVM; annual report issued, director reappointment and auditor appointment proposed.
Source: Nse
Annual reportMar 2026
Sep 2026 · Updates 7 Sep - Rulka Electricals submitted FY2025-26 annual report; AGM scheduled for September 30, 2026 via VC/OAVM.
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.