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USHAMART - Usha Martin

📊 NSE: USHAMART 🏢 Steel - Medium / Small 📅 Last Updated: 12/14/2025 14:48

📢 Recent Corporate Announcements

Usha Martin Clarifies Significant Volume Spurt; No Undisclosed Material Information

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 10:15 AM

Usha Martin Limited has responded to a clarification sought by the National Stock Exchange (NSE) regarding a significant increase in the trading volume of its securities. In its response dated February 26, 2026, the company stated that it has been diligently disclosing all necessary information under SEBI Regulation 30. The management confirmed that there is no pending material information or announcement that could have a bearing on the price or volume behavior of the scrip. This filing is a standard regulatory response to exchange surveillance queries and indicates no immediate internal corporate developments.

NSE issued a surveillance clarification request (Ref: NSE/CM/Surveillance/16509) on February 25, 2026.
Company officially responded on February 26, 2026, denying any undisclosed price-sensitive information.
Usha Martin reaffirmed its adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The volume spurt is attributed to market-driven factors rather than specific company-led announcements.

💡 Investors should view this as a routine regulatory matter and continue to monitor the company's fundamental performance rather than speculative volume changes. No immediate portfolio action is required based on this clarification.

Usha Martin Ranchi Site EcoVadis Sustainability Score Revised Upwards to 67

🟢 POSITIVE ⭐ 4/10

OTHER 📅 25 Feb 2026, 02:02 PM

Usha Martin Limited has announced that EcoVadis revised the sustainability score for its Ranchi site from 63 to 67 out of 100. This revision followed a formal request for re-evaluation by the company to better reflect its ESG performance. Despite the numerical increase, the company continues to hold the 'Bronze Medal' recognition. This update demonstrates a commitment to improving environmental and social governance standards which is increasingly important for institutional investors.

Sustainability score for Ranchi site increased from 63 to 67 on a 100-point scale.
The company maintains its 'Bronze Medal' status from EcoVadis reflecting sustained ESG performance.
The revision was communicated on February 24, 2026, following a specific re-evaluation request by the company.
The score measures performance across environmental, social, and governance (ESG) parameters.

💡 This is a positive incremental update for ESG-conscious investors but has no immediate impact on financial performance. No specific trading action is required based on this update alone.

Usha Martin Assigned ESG Rating of 60 by NSE Sustainability Ratings

🟢 POSITIVE ⭐ 4/10

OTHER 📅 17 Feb 2026, 04:32 PM

Usha Martin Limited has been voluntarily assigned an ESG (Environmental, Social, and Governance) rating of '60' by NSE Sustainability Ratings and Analytics Limited. The rating is based on the company's performance data for the financial year 2024-25 available in the public domain. Notably, the assessment was conducted independently by the SEBI-registered provider without the company's formal engagement. This disclosure underscores the company's transparency and its positioning within ESG frameworks, which is increasingly relevant for institutional investors.

Assigned an ESG rating of '60' by NSE Sustainability Ratings and Analytics Limited.
Rating is based on financial and sustainability data from the 2024-25 financial year.
The rating process was independent and not commissioned by Usha Martin Limited.
NSE Sustainability Ratings is a SEBI-registered ESG Rating Provider (ERP).

💡 Investors should consider this rating as a benchmark for the company's sustainability performance, which may enhance its attractiveness to ESG-focused institutional funds. No immediate portfolio changes are necessary based on this disclosure alone.

Usha Martin Q3 FY26: EBITDA Jumps 23.3% to ₹176 Cr; Company Reaches Net Cash Position

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 06:46 PM

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.

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.

💡 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 Receives BSE Cautionary Letter Regarding Shareholding Pattern Filings

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 03 Feb 2026, 07:38 PM

BSE has issued a cautionary letter to Usha Martin Limited concerning discrepancies in its shareholding pattern for the quarter ended March 31, 2025. The exchange noted that an immediate relative of a promoter should have been included in the promoter group in earlier filings following a share acquisition. While the company has clarified its position, BSE advised stricter adherence to due diligence for future regulatory submissions. Importantly, the company confirmed there is no financial penalty or impact on its business operations.

Cautionary letter received from BSE on February 2, 2026, regarding the March 31, 2025, shareholding report.
The discrepancy involved the classification timing of a promoter's immediate relative in the shareholding structure.
The exchange has not imposed any monetary penalty, sanction, or operational restrictions.
Company has been advised to implement corrective steps and exercise due diligence to avoid future reporting lapses.

💡 This is a minor administrative observation regarding reporting timelines with no impact on company fundamentals; no immediate action is required from investors.

Usha Martin Q3 FY26: PAT Up 16.7% to Rs 107.7 Cr; EBITDA Margins Expand to 19.2%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 09:54 PM

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%.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 09:51 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 05:44 PM

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.

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.

💡 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.

Usha Martin to Host Q3 & 9M FY26 Earnings Conference Call on January 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 08:59 PM

Usha Martin Limited has announced its earnings conference call for the third quarter and nine months ended December 31, 2025 (FY26). The call is scheduled for Friday, January 30, 2026, at 10:00 AM IST, following the board's approval of financial results on January 29, 2026. Senior management will lead a discussion on the company's performance and provide an interactive Q&A session for analysts and investors. This is a standard procedure for the global specialty wire rope manufacturer to communicate financial health and strategic updates.

Financial results for Q3 and 9M FY26 to be declared on January 29, 2026.
Earnings conference call scheduled for January 30, 2026, at 10:00 AM IST.
Universal dial-in numbers for the call are +91 22 6280 1141 and +91 22 7115 8042.
Senior management will be present to discuss results and provide future outlook.
Pre-registration link is available to bypass operator wait times for participants.

💡 Investors should review the financial results on January 29th and attend the conference call to gain insights into the company's growth trajectory and sector demand.

Usha Martin Assigned Voluntary ESG Rating of 69 by CFC Finlease

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 17 Jan 2026, 11:01 AM

Usha Martin Limited has been assigned an Environmental, Social, and Governance (ESG) rating of '69' by CFC Finlease Private Limited, a SEBI-registered provider. The rating is based on the company's publicly available data from the financial year 2024-25. Notably, the assessment was conducted independently by the rating agency without any formal engagement or request from Usha Martin. This disclosure provides an external benchmark for the company's sustainability and governance practices for institutional investors.

Assigned an ESG rating of '69' by SEBI-registered ESG Rating Provider CFC Finlease Private Limited
Rating assessment is based on company data pertaining to the financial year 2024-25
The rating was assigned voluntarily and independently without company engagement
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should view this as a baseline for the company's ESG performance; however, since it is an unsolicited rating, it may not impact the stock price immediately. Monitor if the company takes proactive steps to improve this score to attract ESG-mandated funds.

Usha Martin Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jan 2026, 06:23 PM

Usha Martin Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the company processed all dematerialization and rematerialization requests for the quarter ended December 31, 2025, within the required timelines. It further verifies that physical share certificates were mutilated and cancelled after verification by the depository participant. This is a standard administrative filing required by all listed companies in India to ensure the integrity of the electronic shareholding system.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
Confirms mutilation and cancellation of physical security certificates after dematerialization.
Confirms substitution of depository names in the register of members within stipulated timelines.

💡 No action is required as this is a routine regulatory filing confirming administrative compliance. Investors should focus on upcoming quarterly financial results for performance insights.

Usha Martin to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 04:54 PM

Usha Martin Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This action is taken in accordance with SEBI's Prohibition of Insider Trading Regulations for the upcoming financial results. The closure pertains to the unaudited standalone and consolidated results for the quarter and nine months ending December 31, 2025. The trading window will reopen 48 hours after the results are officially declared to the stock exchanges.

Trading window closure effective from January 1, 2026
Covers financial results for the quarter and nine months ending December 31, 2025
Restriction applies to all designated persons and their immediate relatives
Window to reopen 48 hours after the declaration of unaudited financial results

💡 No action is required as this is a standard regulatory procedure. Investors should monitor for the upcoming board meeting date to assess the company's quarterly performance.

Usha Martin Dissolves Inactive Spanish Subsidiary Usha Martin Espana S.L.

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 08:33 PM

Usha Martin Limited has announced the voluntary dissolution of its step-down wholly owned subsidiary, Usha Martin Espana S.L., based in Spain. The subsidiary was financially immaterial, reporting zero turnover and a small loss of EUR 5,968 in the last financial year. With a negative net worth of EUR 2,957, the closure represents a routine corporate simplification. The company confirms that this move will have no impact on its consolidated operations or financial position, as the Spanish market will be served through other European subsidiaries.

Voluntary dissolution of step-down subsidiary Usha Martin Espana S.L. in Spain.
The subsidiary reported nil turnover and a loss of EUR 5,968 in the last financial year.
Net worth of the dissolved entity was negative at EUR 2,957.
Management confirms no impact on the company's overall operations or financial health.
Spanish market operations will continue via other existing European subsidiaries.

💡 This is a routine administrative cleanup of a non-performing entity and has no material impact on the stock's valuation. Investors should continue to monitor the company's core wire rope business performance.

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💰 Financial Performance

Revenue Growth by Segment

The Wire segment achieved a robust 14.2% YoY growth in Q2 FY26, while the core Wire Rope segment, representing 74% of total revenue, saw a stable 2.6% YoY increase. Total consolidated revenue for Q2 FY26 reached INR 908 Cr, a 1.9% increase from INR 891 Cr in Q2 FY25.

Geographic Revenue Split

International operations contribute 58% of total revenue, with a strategic focus on Europe, Americas, and APAC. Domestic Indian operations benefit from infrastructure momentum in Tier-2 and Tier-3 cities.

Profitability Margins

Net Profit Margin for FY25 stood at 13.9%, down from 15.7% in FY24. However, Q2 FY26 PAT from continuing operations rose to INR 128 Cr from INR 109 Cr YoY (+17.4%), driven by a shift toward high-value specialty products and a 10% reduction in fixed costs.

EBITDA Margin

Operating EBITDA margin improved to 19.1% in Q2 FY26 from 18.0% in Q2 FY25. This 110 bps expansion is attributed to the 'One Usha Martin' cost-optimization initiative and a higher mix of high-margin specialty ropes versus lower-margin LRPC products.

Capital Expenditure

The company is funding growth through internal accruals, maintaining a net cash position of INR 111 Cr as of H1 FY26. Specific planned capex includes capacity expansion at the Ranchi facility and new machinery for high-performance ropes to optimize product mix.

Credit Rating & Borrowing

The company maintains a healthy interest coverage ratio of 36.6 in FY25 (though down from 63.1 in FY24 due to increased finance costs). It has transitioned to a net-debt-free status, repaying INR 157 Cr of debt in H1 FY26 using internal accruals.

⚙️ Operational Drivers

Raw Materials

Steel is the primary raw material, with average prices recorded at INR 52,316 per tonne in H1 FY26, down from INR 55,392 in FY24. Steel costs are a critical driver of the EBITDA/tonne, which stood at INR 31,656 in H1 FY26.

Import Sources

Not explicitly disclosed in available documents, though the company operates manufacturing facilities in India (Ranchi), the UK (Brunton Shaw), and the UAE to serve global markets.

Key Suppliers

Not disclosed in available documents; however, the company maintains a 'Supplier Code of Conduct' and 'Sustainable Procurement Policy' for its value chain partners.

Capacity Expansion

Current initiatives include increasing production capacity at the Ranchi facility and debottlenecking existing lines. New high-performance rope machines are expected to be operational in Q3 FY26 to support volume growth in Q4.

Raw Material Costs

Raw material costs are influenced by global steel price fluctuations. EBITDA per tonne increased to INR 34,915 in Q2 FY26 from INR 28,502 in Q1 FY26, reflecting better procurement and product mix despite volatile input prices.

Manufacturing Efficiency

Efficiency is being driven by shifting production of high-volume European exports directly to India while focusing UK facilities (Brunton Shaw) on high-value offshore clients and R&D.

Logistics & Distribution

Logistics savings are being achieved under the 'One Usha Martin' transformation by optimizing global supply routes and reducing the need for high inventory buffers in overseas warehouses.

📈 Strategic Growth

Expected Growth Rate

19-20%

Growth Strategy

Growth will be driven by a 'Value Migration' strategy, shifting from low-margin commercial LRPC to high-technical-requirement specialty ropes for mining, cranes, and elevators. Expansion in Saudi Arabia's oil and offshore segment and the launch of new products like 'Oceanfibre' (HMPE slings) are key pillars.

Products & Services

Specialty wire ropes, LRPC (Low Relaxation Pre-stressed Concrete) strands, Galstar ropes, Plasticated LRPC, and Oceanfibre high-performance HMPE slings for offshore lifting.

Brand Portfolio

Usha Martin, Brunton Shaw UK, Oceanfibre, Galstar.

New Products/Services

Launched 'Oceanfibre' HMPE slings for offshore lifting. New high-performance ropes for elevators and cranes are expected to contribute to higher realizations and volume growth from Q4 FY26 onwards.

Market Expansion

Targeting Saudi Arabia as a key volume driver for oil and offshore projects. Expanding domestic reach into Tier-2 and Tier-3 Indian cities to capture infrastructure growth.

Market Share & Ranking

Usha Martin is ranked among the world's top 5 specialty wire rope manufacturers, with a presence across 6 continents.

Strategic Alliances

The company maintains global operations through subsidiaries like Brunton Shaw UK and facilities in the UAE and Asia-Pacific to ensure proximity to international clients.

🌍 External Factors

Industry Trends

The industry is shifting toward specialty, high-performance ropes with longer life cycles. Usha Martin is positioning itself as a specialty solutions provider rather than a commodity manufacturer to capture this trend.

Competitive Landscape

Faces competition in the commodity LRPC segment from multiple players, leading to thin margins. In specialty ropes, competition is global but limited to a few high-end manufacturers.

Competitive Moat

Moat is built on technical expertise in specialty ropes, a global distribution footprint across 6 continents, and a low-cost manufacturing base in India. Sustainability is driven by high switching costs for technical applications like mining and elevators.

Macro Economic Sensitivity

Highly sensitive to global infrastructure spending, mining activity, and oil & gas exploration cycles. Domestic performance is linked to Indian government infrastructure momentum.

Consumer Behavior

Customers are increasingly demanding sustainable and high-performance products. Usha Martin is responding with energy-efficient manufacturing and specialized products like plasticated LRPC.

Geopolitical Risks

Trade barriers such as US tariffs pose a risk. The company maintains manufacturing flexibility across India, UK, and UAE to reroute production and mitigate geopolitical trade impacts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental and regulatory standards across multiple jurisdictions (India, UK, UAE). Compliance with Human Rights and Anti-Corruption policies is mandated across 100% of operations.

Environmental Compliance

Targeting a 10% reduction in energy intensity and 50% reduction in water withdrawal by FY30. Non-compliance with air emission limits (PM, SOx, NOx) is identified as a material risk that could lead to penalties.

Taxation Policy Impact

The company reported a normalized tax rate for continuing operations; however, specific percentage changes in fiscal policy impacts were not detailed.

Legal Contingencies

Recognized an expense of INR 17.8 Cr in Q2 FY26 related to the transfer of land parcels to Tata Steel following the erstwhile sale of the Steel division. This is reported under discontinued operations and does not impact operating cash flow.

⚠️ Risk Analysis

Key Uncertainties

Delayed project activity in Saudi Arabia and potential global economic slowdowns could impact volume growth by an estimated 5-10% if recovery is stalled.

Geographic Concentration Risk

58% of revenue is international, providing geographic diversification but exposing the company to global trade volatility and regional regulatory shifts.

Third Party Dependencies

The company relies on 22 major dealers/distributors for 29.84% of its sales, with the top 10 accounting for 83% of that segment, representing a moderate distribution dependency.

Technology Obsolescence Risk

Risk of lagging global sustainability expectations. Mitigated by R&D in cleaner technologies and high-performance synthetic fibers like HMPE.

Credit & Counterparty Risk

Debtors turnover increased slightly to 46 days in FY25 from 44 days in FY24, indicating a need for continued vigilance in credit management despite overall healthy working capital.