Usha Martin Limited (USHAMART)
₹491.30 +1.74% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Usha Martin's revenue was ₹1,033 Cr (+16.4% year on year, +5.5% on the previous quarter), and net profit ₹142 Cr (+40.9% year on year); the operating margin was 20.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,033 | +16.4% | +5.5% |
| Operating profit | ₹208 | +43.8% | -1.9% |
| Net profit | ₹142 | +40.9% | -4.0% |
| EPS (₹) | 4.66 | +40.8% | -3.9% |
| Operating margin | 20.1% | — | — |
USHAMART delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.08% of the USHAMART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.26%. That is close to its usual level.
Delivery in the last 5 sessions: 58.1% · 50.6% · 54.7% · 59.2% · 55.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Usha Martin Limited, along with its wholly owned subsidiary U M Cables Limited, has executed a Business Transfer Agreement (BTA) on September 25, 2026, for the sale of U M Cables' business undertaking to R R Kabel Limited. The transaction is being executed as a slump sale on a going-concern basis, following approval from U M Cables' shareholders. Detailed commercial consideration and transaction values were not disclosed in this filing, referencing earlier intimations on September 24, 2026. The move aligns with Usha Martin's strategy to streamline non-core operations and focus on high-margin specialty wire ropes.
- Business Transfer Agreement executed on 25th September 2026
- Divestment of wholly owned subsidiary U M Cables Limited to R R Kabel Limited
- Transaction structured on a going-concern basis via slump sale
- Shareholder approval of U M Cables Limited successfully obtained prior to execution
Usha Martin Limited's Board has approved the slump sale of the entire business undertaking of its wholly owned subsidiary, U M Cables Limited (UMCL), to R R Kabel Limited for a consideration of ₹77 crore (subject to working capital adjustments). UMCL manufactures optical fibre cables and contributed ₹78.19 crore (2.12%) to consolidated revenue and ₹35.32 crore (1.07%) to consolidated net worth in FY26. The sale proceeds represents ~2.0% of Usha Martin's TTM revenue of ₹3,837 crore. The transaction aligns with the company's strategy to streamline its portfolio and refocus capital on its core high-margin wire and wire ropes business.
- Slump sale of U M Cables business undertaking to R R Kabel for ₹77 crore
- Divested business contributed ₹78.19 crore (2.12%) of consolidated revenue in FY26
- Net worth of UMCL stood at ₹35.32 crore (1.07% of consolidated net worth) as of March 31, 2026
- Closing expected within 60 days from BTA execution, subject to UMCL shareholder approval and conditions precedent
Usha Martin Limited has announced an in-person group meeting with analysts and institutional investors scheduled for Monday, September 21, 2026. The meeting will take place physically at the company's facility location in Tatisilwai, Ranchi. The company stated that discussions will strictly cover publicly available information with no unpublished price-sensitive information shared. This is a routine investor interaction under SEBI LODR Regulation 30.
- In-person group analyst and institutional investor meeting scheduled for Monday, 21st September 2026
- Meeting to be held physically on-site at Tatisilwai, Ranchi
- Company confirmed no unpublished price sensitive information (UPSI) will be discussed
Usha Martin Limited has informed the exchanges regarding a scheduled group meeting with analysts and institutional investors on Tuesday, September 8, 2026. The meeting will be conducted physically in-person at Ranchi (Tatisilwai). The company confirmed that all discussions will be restricted to publicly available information, with no unpublished price-sensitive information (UPSI) intended to be shared.
- Meeting Date: Tuesday, 8th September 2026
- Meeting Type & Mode: Group Meeting, In-person (Physical meeting)
- Location: Ranchi, Tatisilwai
- No unpublished price sensitive information (UPSI) to be discussed
Crisil ESG Ratings & Analytics Ltd has independently and voluntarily assigned Usha Martin Limited an ESG Rating of 'Crisil ESG 54' and a Core ESG Rating of 'Crisil Core ESG 58'. The assessment was performed using publicly available company information pertaining to FY 2025-26. The company confirmed it did not engage or commission Crisil for this rating exercise. The disclosure has no direct impact on debt profile or day-to-day operations.
- Assigned an ESG Rating of 'Crisil ESG 54' based on FY 2025-26 public data
- Assigned a Core ESG Rating of 'Crisil Core ESG 58'
- Assessment conducted independently without engagement from Usha Martin
- Intimated to the company on August 21, 2026
Usha Martin Limited has released the voting results and Scrutinizer's Report for its 40th Annual General Meeting held on August 20, 2026. All 9 resolutions were approved with the requisite majority, including the declaration of a dividend of ₹3.75 per equity share of ₹1 face value for FY26. Other key approved items included the appointment of M/s. MSKA & Associates LLP as Statutory Auditor and the remuneration packages for Managing Director Rajeev Jhawar and Independent Directors. Notably, institutional investors showed moderate dissent on the MD's remuneration (27.55% against) and Independent Directors' remuneration (22.91% against), though both passed comfortably overall.
- Approved dividend of ₹3.75 per equity share of ₹1 each for FY26 with 99.9999% overall votes in favour
- Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.97% favourable votes
- Remuneration of Managing Director Mr. Rajeev Jhawar approved with 89.20% overall votes (27.55% institutional opposition)
- Appointment of M/s. MSKA & Associates LLP, Chartered Accountants, as Statutory Auditor approved with 99.98% votes in favour
- Total voting turnout stood at 68.09% of total outstanding shares across 207.50 million votes polled
Usha Martin Limited successfully conducted its 40th Annual General Meeting (AGM) on August 20, 2026, via video conferencing. Key ordinary and special business items tabled included the declaration of a dividend of Rs. 3.75 per equity share of Re. 1 face value for FY26 and the adoption of audited financial statements. The company also placed resolutions for appointing M/s MSKA & Associates LLP as statutory auditors for a five-year term, alongside remuneration and director appointments. Formal voting results and the Scrutinizer's Report will be submitted separately.
- Tabled dividend declaration of Rs. 3.75 per equity share (face value Re. 1) for FY26.
- Proposed appointment of M/s MSKA & Associates LLP as Statutory Auditors for 5 consecutive years.
- Considered remuneration for Managing Director Mr. Rajeev Jhawar and appointment of three non-executive directors.
- Remote e-voting held between 17th August and 19th August 2026, with additional e-voting during the AGM.
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.
- 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.
Usha Martin has released the audio recording of its Q1 FY27 earnings conference call held on July 28, 2026. This is a routine procedural filing following the announcement of quarterly results. The company currently maintains a strong financial profile with TTM revenue of ₹3,691 Cr and a high ROCE of 30.0%. Investors can access the recording on the company's website to understand management's commentary on their 'Value Migration' strategy and expansion plans.
- Earnings conference call for Q1 FY27 was conducted on July 28, 2026
- TTM revenue as of the latest period stands at ₹3,691 Cr with an OPM of 19.1%
- Company maintains a negligible debt of ₹3 Cr against a net worth of ₹1,789 Cr
- Market capitalization stands at ₹15,641 Cr with a P/E ratio of 33.5
Usha Martin Limited has announced its 40th Annual General Meeting (AGM) for August 20, 2026. The company has fixed August 13, 2026, as the record date for dividend eligibility and the cut-off date for e-voting. Shareholders holding physical securities purchased before April 2019 have a special window until February 4, 2027, for dematerialization. TDS-related documents for dividend payments must be submitted by August 10, 2026.
- 40th Annual General Meeting scheduled for August 20, 2026, at 11:30 AM IST.
- Record date for dividend eligibility and e-voting cut-off is August 13, 2026.
- Special window for transfer and demat of physical securities open from Feb 5, 2026, to Feb 4, 2027.
- Deadline for submitting TDS-related documents for dividend income is August 10, 2026.
- Remote e-voting period runs from August 17 to August 19, 2026.
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.
- 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
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.
- 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
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.
- 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.
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.
- 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.
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.
- 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.
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.
