Please find enclosed the Transcript of the Earnings Conference Call - Q4 & FY26 held on 30th April 2026 at 04:30 P.M. (IST).
USHAMART · price
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Usha Martin reported FY26 consolidated revenue of INR 3,691 crore (up 6.2%) with operating EBITDA of INR 705 crore, margins expanding to 19.1% from 17.2% last year. Q4 saw strong performance with revenue of INR 979 crore (up 9.3% YoY) and EBITDA margins at 21.6% — the highest since the steel business sale. The company turned net cash positive at INR 332 crore from a net debt position of INR 63 crore previously, with INR 457 crore free cash flow generated. The "One Usha Martin" program delivered INR 65-70 crore in cost savings over 18 months, reducing fixed employee costs by 3% and admin expenses by 7%. International revenues now constitute 57% of topline. The Middle East conflict impacted Q4 volumes by ~900 tons, but management expects recovery and has built raw material buffers to ensure supply continuity.
Usha Martin has transformed its balance sheet to net cash while expanding margins, positioning itself to fund growth from internal accruals. The focus on high-value rope applications (oil & offshore, elevators, cranes, mining) and new verticals (synthetic slings, plasticated LRPC) provides clear operating leverage as capacity utilization remains at ~75% with room to scale.