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16.4% Revenue Growth in Q1 FY27; EBITDA Margins Expand to 20.1% on Value Migration
Usha Martin reported a strong Q1 FY27 with revenue crossing the Rs 1,000 cr mark for the first time, reaching Rs 1,033 cr. Despite a 28% volume drop in the Middle East due to geopolitical issues, consolidated EBITDA grew 44% YoY to Rs 208 cr, driven by a shift toward high-value specialty ropes which now form 73% of the rope mix. The company remains net cash positive with Rs 465 cr and is executing a Rs 250-300 cr capex plan for FY27, including a 6,000 MTPA elevator rope expansion. Profitability was maintained despite a 28% increase in zinc prices and a 7% rise in wire rod costs.
Confidence: HIGH
What changedThe company achieved its highest-ever quarterly revenue and significant margin expansion through a 'value migration' strategy, despite volume headwinds in the Middle East.
Why it mattersIt demonstrates strong pricing power and the ability to offset rising input costs (Zinc +28%) by shifting the product mix toward specialized technical ropes for mining, cranes, and elevators.
Q1 Revenue: Rs 1,033 crEBITDA Margin: 20.1%EBITDA per ton: Rs 40,581Net Cash: Rs 465 crFY27 Capex Target: Rs 250-300 crCapex vs Net Worth: ~16.7%
📅 Short termPositive sentiment is expected due to the margin beat, the revenue milestone, and the credit rating upgrade to IND AA-.
📈 Long termStructural shift toward high-margin specialty ropes and global expansion in Saudi Arabia and Europe supports the long-term growth guidance of 19-20%.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Geopolitical instability in the Middle East affecting volumes
- Sensitivity to Zinc and Wire Rod price volatility
- High client concentration in the dealer network (83%)
Key Highlights
Consolidated revenue grew 16.4% YoY to Rs 1,033 cr, surpassing the Rs 1,000 cr quarterly milestone.
Operating EBITDA increased 44% YoY to Rs 208 cr, with margins expanding by 380 bps to 20.1%.
Value-added products now constitute 73% of the Wire Rope segment, up from 70% in FY26.
Middle East realizations improved by 36% despite a 28% volume decline due to geopolitical disruptions.
Planned FY27 capex of Rs 250-300 cr, with Rs 73 cr already deployed in Q1.
👀 What to Watch
Monitor the commissioning of the 6,000 MTPA elevator rope capacity starting October 2026 and the recovery of volumes in the Middle East and Asia Pacific regions.
₹3.75 Dividend Recommended; FY26 PAT Rises 20.9% to ₹491 Cr
Usha Martin has recommended a dividend of ₹3.75 per share for FY 2025-26, with the record date set for August 13, 2026. The company reported a strong financial performance for FY26, with revenue growing 6.2% to ₹3,691 Cr and PAT increasing 20.9% to ₹491 Cr. Operating cash flows saw a robust 36% increase to ₹736 Cr, allowing the company to maintain a net cash position of ₹332 Cr. The annual report emphasizes a 'Value Migration' strategy, focusing on high-margin specialty ropes for mining and elevators.
Confidence: HIGH
What changedFormal notice of the 40th AGM and confirmation of the ₹3.75 dividend record date and payment schedule.
Why it mattersThe results confirm the company's successful shift toward high-margin specialty products, reflected in the 20.9% PAT growth and strong cash flow generation despite modest revenue growth.
Dividend per share: ₹3.75FY26 Revenue: ₹3,691 CrFY26 PAT: ₹491 CrNet Cash Position: ₹332 CrCapex vs Net Worth: ~11.06%Operating EBITDA: ₹705 Cr
📅 Short termThe stock may see positive sentiment leading up to the August 13 record date as investors position for the dividend.
📈 Long termThe structural shift to specialty wire ropes and expansion into markets like Saudi Arabia supports long-term margin expansion and ROCE improvement.
⚠ Risk flags
- High dealer concentration (83.02% sales from top 10 dealers)
- Potential impact of US tariffs on margins
Key Highlights
Recommended dividend of ₹3.75 per share for the financial year 2025-26
FY26 Revenue reached ₹3,691 Cr, representing a 6.2% YoY growth
PAT from continuing operations grew by 20.9% to ₹491 Cr
Operating Cashflow increased by 36.0% to ₹736 Cr during the year
Net Cash position stands at ₹332 Cr as of March 31, 2026
👀 What to Watch
Investors should monitor the record date of August 13, 2026, for dividend eligibility and track the progress of the Ranchi facility expansion mentioned in the annual report.
₹3.75 Dividend Recommended; Usha Martin Reports FY26 Revenue of ₹3,691 Cr, Sets AGM for Aug 20
Usha Martin has issued its FY 2025-26 Annual Report and scheduled its 40th AGM for August 20, 2026. The company reported a 6.2% YoY revenue growth to ₹3,691 Cr and a 20.9% increase in PAT to ₹491 Cr. A dividend of ₹3.75 per share has been recommended, with a record date of August 13, 2026. The company maintains a strong net cash position of ₹332 Cr and is executing a 'Value Migration' strategy toward high-margin specialty ropes.
Confidence: HIGH
What changedThe company has formalized its FY26 financial results and dividend recommendation through the release of its 40th Annual Report and AGM notice.
Why it mattersThe report confirms the successful shift toward high-margin specialty products, evidenced by an 18.1% growth in EBITDA despite modest revenue growth, and highlights a robust, debt-free balance sheet.
Dividend per Share: ₹3.75FY26 Revenue: ₹3,691 CrFY26 PAT: ₹491 CrNet Cash Position: ₹332 CrCapex vs Net Worth: 11.06%
📅 Short termThe stock may see interest leading up to the August 13 record date for the ₹3.75 dividend.
📈 Long termThe structural shift from low-margin LRPC to high-technical specialty ropes for mining and elevators is expected to sustain margin improvements and ROCE (currently 20.6%).
⚠ Risk flags
- High client concentration (top 10 dealers account for 83.02% of dealer sales)
- Potential impact of US tariffs on margins
Key Highlights
Revenue for FY 2025-26 reached ₹3,691 Cr, a 6.2% increase over the previous year
PAT from continuing operations grew 20.9% YoY to ₹491 Cr
Recommended dividend of ₹3.75 per share with a record date of August 13, 2026
Operating Cashflow increased by 36% YoY to ₹736 Cr
Capex of ₹198 Cr deployed, primarily for capacity expansion at the Ranchi facility
👀 What to Watch
Investors should track the approval of the ₹3.75 dividend at the AGM and monitor the operationalization of new high-performance rope machines in Q3 FY26, which are expected to drive volume growth.
40.9% PAT growth and 20.1% EBITDA margin in Usha Martin Q1 FY27 results
Usha Martin reported a robust Q1 FY27 with consolidated revenue growing 16.4% YoY to ₹1,033 crore. Operating EBITDA surged 43.8% to ₹208 crore, driven by a significant 380 bps margin expansion to 20.1%, reflecting a successful shift toward high-margin specialty products. Net profit increased 40.9% YoY to ₹142 crore. The company remains financially strong with a net cash position of ₹465 crore and generated ₹242 crore in operating cash flow during the quarter.
Confidence: HIGH
What changedThe release of Q1 FY27 financial results showing a significant acceleration in profitability and margin expansion compared to the previous year.
Why it mattersThe results validate the company's 'Value Migration' strategy, shifting from low-margin commercial products to high-technical-requirement specialty ropes, which is structurally improving the margin profile.
Revenue (Q1 FY27): ₹1,033 crPAT (Q1 FY27): ₹142 crOperating EBITDA Margin: 20.1%Net Cash: ₹465 crOperating Cash Flow (Q1): ₹242 crNet Cash to Market Cap: ~3.05%
📅 Short termThe stock is likely to see positive sentiment due to the margin beat (20.1% vs 16.3% YoY) and strong cash flow generation.
📈 Long termUsha Martin is transitioning into a high-value specialty player with a global footprint; the zero-debt balance sheet provides significant headroom for future organic or inorganic growth.
⚠ Risk flags
- High dealer concentration (top 10 account for 83% of dealer sales)
- Potential impact of international trade tariffs on export margins
Key Highlights
Revenue from operations increased 16.4% YoY to ₹1,033 crore, representing approximately 28% of TTM revenue.
Operating EBITDA margin expanded to 20.1% from 16.3% in the previous year's quarter.
Wire Rope segment, the core business (73% of sales), grew 18.0% YoY to ₹757 crore.
Net cash position improved to ₹465 crore as of June 2026, up from ₹332 crore in March 2026.
Quarterly capex stood at ₹73 crore, focused on capacity expansion and debottlenecking at the Ranchi facility.
👀 What to Watch
Monitor the sustainability of the 20%+ EBITDA margins in upcoming quarters and the execution of the Saudi Arabian expansion, which is a key volume driver for the oil and offshore segment.
Q1 FY27 PAT Jumps 40.9% to ₹142 Cr; Revenue Crosses ₹1,000 Cr Milestone
Usha Martin reported a strong start to FY27 with revenue growing 16.4% YoY to ₹1,033 crore, surpassing the ₹1,000 crore quarterly mark for the first time. Profitability saw a significant boost as PAT rose 40.9% to ₹142 crore, driven by a 380 bps expansion in operating EBITDA margins to 20.1%. The company maintained a robust balance sheet with net cash of ₹465 crore and generated ₹242 crore in operating cash flow during the quarter. Growth was supported by a 32% revenue increase in the wires business and a strategic shift toward high-value specialty ropes.
Confidence: HIGH
What changedUsha Martin achieved a record quarterly revenue milestone and significant margin expansion, supported by a credit rating upgrade to IND AA-/Stable.
Why it mattersThe shift from low-margin commercial products to high-technical specialty ropes is translating into higher realizations and stronger cash flows, validating the company's premiumization strategy.
Q1 FY27 Revenue: ₹1,033.0 crQ1 FY27 PAT: ₹142.0 crOperating EBITDA Margin: 20.1%Net Cash Position: ₹465 crQ1 Capex vs Net Worth: ~4.1%Q1 Revenue vs TTM Revenue: ~28%
📅 Short termThe stock is likely to react positively to the margin expansion and the crossing of the ₹1,000 crore revenue threshold, alongside the credit rating upgrade.
📈 Long termStructural shift toward high-margin specialty ropes and a debt-free balance sheet position the company well for sustained growth in global infrastructure and mining sectors.
⚠ Risk flags
- Geopolitical conflicts impacting Middle East volumes
- High client concentration (top 10 dealers account for 83% of dealer sales)
- Potential impact of international tariffs on margins
Key Highlights
Revenue crossed the ₹1,000 crore milestone, reaching ₹1,033 crore, a 16.4% YoY increase.
Operating EBITDA margins expanded significantly to 20.1% from 16.3% in the previous year.
Wires business delivered strong volume growth of 19% and revenue growth of approximately 32%.
Generated ₹242 crore in operating cash flow, resulting in a net cash position of ₹465 crore.
Incurred capital expenditure of approximately ₹73 crore during the quarter for capacity expansion.
👀 What to Watch
Monitor the execution of the 'Value Migration' strategy and the ramp-up of new high-performance rope machines. Watch for the impact of geopolitical conflicts on Middle East volumes and the sustainability of the 20%+ EBITDA margin threshold.
Usha Martin Q1 FY27: Subsidiaries Generate ₹638 Cr Revenue; Legal Hearings Set for August 2026
Usha Martin reported its Q1 FY27 results, with its 19 subsidiaries contributing ₹638.43 Cr to revenue and ₹40.83 Cr to PAT. The company remains embroiled in legal proceedings regarding the attachment of Ranchi land parcels valued at ₹190.37 Cr related to past mining lease issues. Management has not made financial adjustments for this, citing a strong legal case, with key court hearings scheduled for August 13 and 17, 2026. Operationally, the company continues its ESOP implementation, having acquired 3,41,500 shares through its employee trust.
Confidence: HIGH
What changedThe company has released its first-quarter results for FY27 and provided specific dates for upcoming legal proceedings that have been a long-standing overhang.
Why it mattersThe subsidiary performance highlights the company's global reach, but the ₹190.37 Cr legal attachment represents approximately 10.6% of the company's net worth, making the legal outcome material to the balance sheet.
Subsidiary Revenue (Q1 FY27): ₹638.43 CrSubsidiary PAT (Q1 FY27): ₹40.83 CrAttached Assets Value: ₹190.37 CrAttached Assets vs Net Worth: ~10.6%ESOP Shares Acquired: 3,41,500 units
📅 Short termThe stock may experience volatility leading up to the mid-August court hearings. Operational performance remains steady, but legal headlines will likely dominate sentiment.
📈 Long termThe structural shift toward high-margin specialty ropes and expansion in the Saudi Arabian oil and offshore segments remains the primary long-term value driver, provided legal issues are resolved without major penalties.
⚠ Risk flags
- Ongoing CBI and ED litigation under PMLA
- Potential for asset forfeiture if legal outcomes are unfavorable
- High dealer concentration (top 10 account for 83% of dealer sales)
Key Highlights
Nineteen subsidiaries reported a combined revenue of ₹638.43 Cr and a net profit of ₹40.83 Cr for the quarter ended June 30, 2026.
Legal attachment of Ranchi land parcels worth ₹190.37 Cr remains a significant contingent matter under PMLA and CBI investigation.
Specific court hearing dates for CBI and ED matters are confirmed for August 13 and August 17, 2026.
The company's share of profit from joint ventures stood at ₹4.97 Cr for the June 2026 quarter.
Acquired 3,41,500 shares through the ESOP Trust as part of the 2024 Employee Stock Option Plan.
👀 What to Watch
Investors should closely monitor the outcomes of the CBI and ED court hearings on August 13 and 17, 2026, for any potential impact on the company's assets or management. Additionally, watch for the operationalization of new high-performance rope machines in Q3 FY26 as per previous guidance.
IND AA- Rating Upgrade for Usha Martin's Long-Term Credit Facilities
India Ratings and Research has upgraded Usha Martin's long-term credit rating to 'IND AA-' from 'IND A+' with a Stable outlook. The short-term rating for bank facilities and commercial paper has been reaffirmed at 'IND A1+'. This upgrade reflects the company's exceptionally strong balance sheet, characterized by a near-zero debt of Rs 3 Cr and a high ROCE of 30.0%. The company's strategic shift toward high-margin specialty ropes has supported a healthy TTM operating margin of 19.1%.
Confidence: HIGH
What changedUsha Martin's long-term credit rating was upgraded by two notches to 'IND AA-' by India Ratings and Research.
Why it mattersA higher credit rating validates the company's financial discipline and successful transition to high-value specialty products, potentially reducing future borrowing costs for planned expansions.
New Long-Term Rating: IND AA-Previous Long-Term Rating: IND A+Total Debt: Rs 3 CrDebt to Equity Ratio: 0.00TTM Revenue: Rs 3,691 Cr
📅 Short termThe upgrade is likely to boost investor confidence in the company's creditworthiness and financial stability in the coming weeks.
📈 Long termReflects the structural improvement in the business model as it shifts from commodity steel to high-margin specialty wire ropes, supported by a debt-free balance sheet.
⚠ Risk flags
- High client concentration (top 10 dealers account for 83.02% of dealer sales)
Key Highlights
Long-term credit rating upgraded to 'IND AA-' from 'IND A+' on July 23, 2026.
Short-term credit rating reaffirmed at the highest level of 'IND A1+'.
Company maintains a negligible debt of Rs 3 Cr against a net worth of Rs 1,789 Cr.
TTM Revenue stands at Rs 3,691 Cr with a PAT of Rs 467 Cr.
Operating profit margins (OPM) remained robust at 19.1% for the TTM period.
👀 What to Watch
Monitor the company's upcoming capacity expansion at the Ranchi facility and the operationalization of new high-performance rope machines in Q3 FY26, which are expected to drive volume growth.
Usha Martin Appoints MSKA & Associates as Auditors and Strengthens Board with Global Leaders
Usha Martin has appointed MSKA & Associates LLP as its new Statutory Auditor for a five-year term, replacing S R Batliboi & Co. LLP whose ten-year tenure concludes at the upcoming 40th AGM. The company also re-appointed two Independent Directors for second five-year terms and added three new Non-Executive Directors to the board. These new appointments include internal leaders heading the company's European and Middle Eastern operations, as well as the Director of Strategy and Growth. This move appears aimed at integrating global operations under the 'One Usha Martin' initiative.
Key Highlights
MSKA & Associates LLP appointed as Statutory Auditors for a 5-year term (AGM 40 to AGM 45).
Re-appointment of Independent Directors V.R. Iyer and Sethurathnam Ravi for second 5-year terms starting November 2026.
Appointment of three new Additional Directors: Ms. Shreya Jhawar, Mr. Dimitri Bracco Gartner, and Mr. Sabyasachi Majumder.
New directors bring specialized experience in global strategy, European business (CEO Usha Martin International), and Middle East operations (MD Brunton Wire Ropes).
The board changes focus on the 'One Usha Martin' program to unify global manufacturing, digital platforms, and shared services.
👀 What to Watch
The auditor change is a standard regulatory rotation and should not cause concern. Investors should monitor how the new board composition accelerates the 'One Usha Martin' global integration and its impact on operational efficiency.
Usha Martin Appoints MSKA & Associates as Auditors; Adds 3 New Directors to Board
Usha Martin has approved the appointment of MSKA & Associates LLP as its new statutory auditors for a five-year term, replacing S R Batliboi & Co. LLP upon the completion of their tenure. The board has also re-appointed two Independent Directors, Mr. V.R. Iyer and Mr. S. Ravi, for their second five-year terms ending in 2031. Furthermore, the company expanded its board by appointing three new Additional Directors, including the heads of its European and Middle Eastern operations and its Director of Strategy. These changes are aimed at strengthening global operational integration and corporate governance.
Key Highlights
MSKA & Associates LLP appointed as Statutory Auditors for a 5-year term starting from the 40th AGM.
Re-appointment of Independent Directors Mr. V.R. Iyer and Mr. S. Ravi for second 5-year terms until November 2031.
Appointment of Ms. Shreya Jhawar as Additional Director to lead the 'One Usha Martin' global integration initiative.
Appointment of regional heads Mr. Dimitri Bracco Gartner (Europe) and Mr. Sabyasachi Majumder (Middle East) to the board.
The board meeting concluded within 36 minutes, approving all major leadership and audit recommendations.
👀 What to Watch
The inclusion of key operational leaders and strategy experts on the board is a positive signal for long-term global growth and efficiency. Investors should monitor the progress of the 'One Usha Martin' initiative for potential improvements in operational margins.
Usha Martin Q4 FY26 EBITDA Surges 52% to ₹212 Cr; Achieves Net Cash Position of ₹332 Cr
Usha Martin reported a strong Q4 FY26 with revenue growing 9.3% YoY to ₹979 crore and operating EBITDA jumping 52% to ₹212 crore. The company achieved its highest EBITDA margin of 21.6% since selling its steel business, driven by a shift toward high-value international rope segments. Notably, the company transitioned from a net debt position to a net cash surplus of ₹332 crore, with standalone operations now entirely debt-free. Despite geopolitical headwinds in the Middle East impacting volumes by approximately 900 tons, management remains optimistic about FY27 growth through specialized applications like offshore and mining.
Key Highlights
Q4 Operating EBITDA grew 52% YoY to ₹212 crore with margins expanding to 21.6%.
Full-year FY26 revenue reached ₹3,691 crore with a healthy operating cash flow conversion of 104%.
The company turned net cash positive at ₹332 crore, compared to a net debt of ₹63 crore in the previous year.
International revenues now contribute 57% of the total topline, led by demand in Europe and the Americas.
EBITDA per ton improved significantly to ₹39,500 in Q4 FY26, reflecting a superior product mix.
👀 What to Watch
Investors should note the company's successful transition to a debt-free, cash-rich status and its ability to maintain high margins despite global headwinds. The stock remains a strong candidate for long-term portfolios given the structural shift toward high-value specialized ropes.
Usha Martin Q4 FY26 PAT Surges 54% YoY; Company Becomes Net Cash Positive at ₹332 Cr
Usha Martin delivered a robust performance in FY26, with annual PAT growing 20.9% to ₹491 crore and Q4 PAT jumping 53.7% YoY to ₹155 crore. Operating EBITDA margins saw a significant expansion to 21.6% in Q4, fueled by a shift toward high-value wire ropes and cost discipline. The company's balance sheet strengthened remarkably, moving from a net debt of ₹63 crore to a net cash position of ₹332 crore. With 57% of revenue now coming from international markets, the company is well-positioned to capture global demand.
Key Highlights
Annual Revenue grew 6.2% to ₹3,691 crore, while Q4 Revenue rose 9.3% YoY to ₹979 crore.
Operating EBITDA for FY26 increased 18.1% to ₹705 crore, with full-year margins improving to 19.1%.
Achieved a net cash position of ₹332 crore as of March 2026, compared to a net debt of ₹63 crore in March 2025.
EBITDA per tonne improved significantly to ₹34,107 in FY26, up from ₹30,148 in the previous year.
International business contribution increased to 57%, with the high-margin Wire Rope segment making up 73% of total sales.
👀 What to Watch
The company's transition to a net-cash status and consistent margin improvement through a better product mix make it a strong performer in the industrial consumables space. Investors should maintain a positive outlook given the strengthening balance sheet and growing international footprint.
Usha Martin Q4 PAT Surges 46.7% YoY to ₹148 Cr; Company Becomes Net Cash Positive
Usha Martin delivered a robust Q4 FY26 performance with revenue increasing 9.3% YoY to ₹979.3 crore and PAT rising 46.7% to ₹148 crore. Operating EBITDA margins saw a substantial jump to 21.6% from 15.6% in the previous year, driven by a richer product mix and cost discipline. The company significantly strengthened its balance sheet, moving from a net debt of ₹63 crore to a net cash position of ₹332 crore. With free cash flows rising 2.5x to ₹457 crore, the company demonstrates strong cash generation and improved capital efficiency.
Key Highlights
Q4 Operating EBITDA jumped 51.6% YoY to ₹211.5 crore, the highest since the steel business sale.
Full-year FY26 revenue grew 6.2% to ₹3,691.1 crore with PAT reaching ₹466.3 crore.
Company turned net cash positive with ₹332 crore surplus, compared to ₹63 crore net debt in FY25.
Free cash flow for FY26 surged to ₹457 crore, while ROCE improved to 20.6%.
Specialty product momentum and cost discipline successfully offset geopolitical and raw material headwinds.
👀 What to Watch
The stock remains attractive due to its debt-free status, strong cash flow generation, and significant margin expansion in the specialty segment. Investors should monitor the sustainability of these margins and the growth of the high-value specialty portfolio.
Usha Martin Recommends Final Dividend of Rs. 3.75 per Share for FY26
Usha Martin Limited has recommended a final dividend of Rs. 3.75 per equity share for the financial year ended March 31, 2026, representing a 375% payout on the face value of Re. 1. The company's financial results for the year were approved with an unmodified audit opinion, indicating healthy reporting standards. However, the auditors highlighted an 'Emphasis of Matter' regarding ongoing legal proceedings by the ED and CBI involving land assets worth Rs. 19,037 Lakhs. The board also strengthened governance by appointing Deloitte as the Internal Auditor for the upcoming fiscal year.
Key Highlights
Recommended a final dividend of Rs. 3.75 per equity share (375% of face value).
Statutory auditors issued an unmodified opinion on consolidated financial results for FY 2025-26.
Ongoing legal proceedings by ED and CBI involve land parcels at Ranchi valued at Rs. 19,037 Lakhs.
Appointed Deloitte Touche Tohmatsu India LLP as the Internal Auditor for FY 2026-27.
M/s Mani & Co. appointed as Cost Auditor for the financial year 2026-27.
👀 What to Watch
Investors should benefit from the significant dividend payout while monitoring the legal developments regarding the Ranchi land attachment mentioned in the auditor's report. The appointment of a Big Four firm as internal auditor is a positive step for corporate governance.
Usha Martin Recommends ₹3.75 Dividend; Appoints Deloitte as Internal Auditor
Usha Martin's Board has recommended a significant dividend of ₹3.75 per share (375%) for the financial year ended March 31, 2026. To strengthen corporate governance, the company has appointed Deloitte Touche Tohmatsu India LLP as its Internal Auditor for FY 2026-27. While the statutory auditors provided an unmodified opinion on the financial results, they highlighted ongoing legal proceedings by the ED and CBI involving land parcels worth ₹19,037 Lakhs. The overall outcome reflects strong shareholder returns and a commitment to audit quality.
Key Highlights
Recommended a dividend of ₹3.75 per equity share of ₹1 face value (375% payout) for FY26.
Appointed Deloitte Touche Tohmatsu India LLP as the Internal Auditor for the financial year 2026-27.
Statutory Auditor S R Batliboi & Co. LLP issued an unmodified opinion on the annual financial results.
Ongoing legal matters involve the attachment of Ranchi land parcels valued at ₹19,037 Lakhs by the ED.
M/s Mani & Co. appointed as Cost Auditor for the upcoming financial year 2026-27.
👀 What to Watch
Investors should benefit from the high dividend payout and the improved governance signaled by the appointment of a Big 4 internal auditor. However, the ongoing ₹190.37 crore legal case remains a key risk factor to monitor.
Usha Martin Recommends Rs 3.75 Dividend and Approves FY26 Financial Results
Usha Martin Limited has approved its financial results for the fiscal year ended March 31, 2026, and recommended a dividend of Rs. 3.75 per share (375%). While the auditors provided an unmodified opinion, they highlighted an ongoing legal matter involving the ED and CBI regarding land attachments worth Rs. 19,037 Lakhs. The company has also strengthened its governance by appointing Deloitte as the internal auditor for the upcoming fiscal year. This announcement reflects a commitment to shareholder returns despite lingering legacy legal issues.
Key Highlights
Recommended a dividend of Rs. 3.75 per equity share (375% of face value) for FY26.
Statutory auditors issued an unmodified opinion on the consolidated financial results.
Emphasis of matter regarding land attachment of Rs. 19,037 Lakhs by ED/CBI remains unresolved.
Appointed Deloitte Touche Tohmatsu India LLP as Internal Auditor for FY 2026-27.
Appointed M/s Mani & Co. as Cost Auditor for the financial year 2026-27.
👀 What to Watch
Investors should welcome the healthy dividend payout but remain cautious regarding the legal proceedings involving the ED and CBI. Monitor the full financial statement for growth trends in revenue and margins once the detailed numbers are released.
Usha Martin Q3 FY26: EBITDA Jumps 23.3% to ₹176 Cr; Company Reaches Net Cash Position
Usha Martin reported a steady 6.6% YoY revenue growth to ₹917 crore in Q3 FY26, driven by a 20.2% surge in the Wire segment. Operating EBITDA rose significantly by 23.3% to ₹176 crore, with margins expanding from 16.6% to 19.2% due to a better product mix and cost discipline. The company has successfully transitioned to a net cash position of ₹198 crore, significantly strengthening its balance sheet while maintaining a healthy ROCE of 20%. Management highlighted a robust order book and a strategic shift toward high-margin value-added products like elevator and crane ropes.
Key Highlights
Consolidated revenue grew 6.6% YoY to ₹917 crore, with EBITDA per metric tonne reaching ₹33,350.
Operating EBITDA increased 23.3% YoY to ₹176 crore, reflecting strong operating leverage and cost rationalization.
Net profit rose to ₹107 crore despite a one-time ₹13 crore impact from the implementation of the Wage Code.
Achieved a net cash position of ₹198 crore, with gross debt reducing from ₹338 crore in March 2025 to ₹172 crore in December 2025.
Operating cash flow before tax stood at ₹561 crore, representing a robust 114% conversion of operating EBITDA into cash.
👀 What to Watch
Investors should take note of the company's successful deleveraging and its transition to a net cash status, which provides significant financial flexibility for future growth. The focus on high-value engineering-driven products over price-led commodities suggests a sustainable path for margin improvement.
Usha Martin Q3 FY26: PAT Up 16.7% to Rs 107.7 Cr; EBITDA Margins Expand to 19.2%
Usha Martin reported a strong Q3 FY26 performance with Profit After Tax (PAT) growing 16.7% YoY to Rs 107.7 crore. While revenue growth was modest at 6.6% (Rs 917.1 crore), the company achieved significant operating leverage with EBITDA rising 23.3% to Rs 175.9 crore. Operating EBITDA margins expanded by 260 basis points to 19.2%, driven by a focus on value-added products and cost efficiencies. The company maintains a robust balance sheet with a net cash position of Rs 198 crore and a healthy ROCE of 19.8%.
Key Highlights
Operating EBITDA grew by 23.3% YoY to Rs 175.9 crore with margins improving to 19.2%.
Profit After Tax (PAT) increased 16.7% YoY to Rs 107.7 crore for the quarter.
Revenue from operations rose 6.6% YoY to Rs 917.1 crore in Q3 FY26.
Strong 9M cash flow generation with operating cash flows of Rs 561 crore, a 114% EBITDA conversion.
The company reported a Return on Capital Employed (ROCE) of 19.8% and a net cash position of Rs 198 crore.
👀 What to Watch
The significant margin expansion and strong cash flow conversion indicate high-quality earnings and improved operational efficiency. Investors should monitor the company's ability to scale volumes in international markets given its strong net-cash balance sheet.
Usha Martin Q3 FY26 PAT Rises 16.7% to ₹108 Cr; EBITDA Margin Expands to 19.2%
Usha Martin reported a steady 6.6% YoY revenue growth to ₹917.1 crore in Q3 FY26, driven by strong performance in the Wire segment and value-added products. Operating EBITDA margins expanded significantly from 16.6% to 19.2% due to a favorable product mix and improved cost efficiencies. The company has transitioned to a net cash position of ₹198 crore as of December 2025, reflecting disciplined capital management. International business now accounts for 57% of total revenue, highlighting the company's successful global diversification strategy.
Key Highlights
Consolidated Revenue grew 6.6% YoY to ₹917.1 crore in Q3 FY26.
Operating EBITDA increased by 23.3% YoY to ₹175.9 crore with margins reaching 19.2%.
Company turned Net Cash positive with ₹198 crore as of December 2025 compared to ₹63 crore net debt in March 2025.
Wire Rope segment remains the dominant contributor at 72% of total sales revenue.
Operating Cash Flow for 9M FY26 stood at ₹561 crore, representing a high 114% conversion of EBITDA.
👀 What to Watch
Investors should take note of the significant margin expansion and the company's transition to a net-cash status, which provides a strong buffer for future growth. The increasing share of high-margin international business and value-added wire ropes makes it a strong candidate for long-term portfolios.
Usha Martin Q3 FY26 PAT Rises 16.7% YoY to ₹107.7 Crore; Revenue Up 6.6%
Usha Martin Limited reported a solid performance for Q3 FY26, with consolidated revenue from operations increasing 6.6% YoY to ₹917.1 crore. Net profit for the quarter grew by 16.7% YoY to ₹107.7 crore, supported by a significant 45% reduction in finance costs. For the nine-month period ended December 2025, the company achieved a total profit of ₹318.3 crore. While the operational performance is strong, the auditor highlighted an ongoing legal matter involving the attachment of land parcels worth ₹190.4 crore by the ED, which remains a key watch point.
Key Highlights
Consolidated Revenue from operations rose to ₹91,705 lakhs in Q3 FY26 compared to ₹86,054 lakhs in Q3 FY25.
Net Profit (PAT) increased to ₹10,767 lakhs from ₹9,226 lakhs in the corresponding quarter of the previous year.
Finance costs significantly declined to ₹477 lakhs from ₹867 lakhs YoY, indicating improved debt management.
Basic EPS for continuing operations improved to ₹3.53 from ₹3.04 in the year-ago period.
The company recorded an exceptional gain of ₹1,335 lakhs during the nine-month period ended December 31, 2025.
👀 What to Watch
The company's ability to grow profits faster than revenue and reduce interest burdens is a positive sign for long-term value. Investors should maintain a positive outlook while keeping an eye on the final outcome of the PMLA proceedings regarding the Ranchi land attachment.
