Urja Global Limited (UGL) has had its Issuer Rating reaffirmed as "CARE BB -; Stable" by CARE Ratings. The press release, issued on January 08, 2026, confirms the continuation of this rating.

The reaffirmation acknowledges several key factors. While the company benefits from an experienced management team, a diversified product portfolio including e-scooters, batteries, and solar panels, and a comfortable capital structure with low overall gearing, it also faces significant weaknesses. These include a small scale of operations, low profitability margins, and weak debt coverage indicators. The company's operations are also working capital-intensive, with an elongated operating cycle. Furthermore, the industry is characterized by intense competition, and the company is exposed to geopolitical, regulatory, and foreign exchange risks, particularly due to its reliance on imported components like battery cells for its electric vehicle business.

CARE Ratings has adopted a consolidated approach for its analysis, encompassing UGL and its subsidiaries due to their shared business and financial linkages. The outlook remains stable, reflecting the agency's expectation that the group will sustain its performance, supported by the promoters' industry experience.

Financially, for FY25 (April 2024 to March 2025), UGL reported a total operating income of ₹67.25 crore, with a PBILDT margin of 2.67% and a PAT margin of 2.06%. In the first half of FY26 (April to September 2025), the total operating income stood at ₹34.51 crore, with an improved PBILDT margin of 3.77%. The company's liquidity position is noted as stretched, with low free cash and bank balances. Repayment obligations for FY26 are projected to be around ₹0.58 crore against an expected GCA of approximately ₹2.30 crore. The company does not plan to incur significant capital expenditure in the medium term.