Usha Martin Limited has informed the Exchange about Transcript
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, delivering 19.1% margins versus 17.2% last year. Q4 standalone showed strong performance with revenue of INR 979 crore (up 9.3% YoY) and EBITDA margins expanding to 21.6% — the highest since the steel business sale. The company became debt-free on a standalone basis with net cash of INR 332 crore. The 'One Usha Martin' efficiency program delivered INR 65-70 crore in cost savings over 18 months. Geopolitical headwinds in the Middle East impacted volumes by approximately 900 tons in Q4, but strong demand in Europe and Americas compensated. Management guided for 10-12% volume growth over the next 2-3 years and targets minimum 20% operating margins going forward, backed by INR 300 crore capex planned over two years for rope capacity expansion and plasticated LRPC scaling.
The company's transition to high-value rope products and operational efficiency is driving margin expansion and cash generation. With a healthy order book for H1 and a clear path to 20%+ margins, Usha Martin is well-positioned for sustained growth, though volume growth remains below management's 10-12% potential due to Middle East disruptions.