USHAMART: Usha Martin Limited has informed the Exchange about Transcript.
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Usha Martin reported Q1 FY26 consolidated revenue of Rs. 887 crore, up 7.4% year-on-year, with operating EBITDA of Rs. 145 crore at a 16.3% margin (EBITDA per ton of Rs. 28,502). The wire segment led with 32.3% YoY growth, wire ropes grew 7.9%, while the LRPC segment declined 3.4% due to monsoon and pricing pressure. The company swung to a net cash position of Rs. 14 crore from a net debt of Rs. 63 crore in March 2025, with operating cash flow at 95% of EBITDA. Management guided to an average EBITDA margin of 18% for full-year FY26 and 19-20% for FY27, driven by the 'One Usha Martin' cost transformation, Ranchi plant ramp-up (70% commissioned, rest by October), and a sizable US tender win providing order visibility. Employee costs fell from Rs. 118.6 crore to Rs. 113.2 crore per quarter, and management has repaid a US$3.4 million Singapore loan and plans to fully repay a €2 million Netherlands loan.
Net cash balance sheet, clear margin expansion roadmap, and confirmed US order pipeline are positive for shareholders, with H2 FY26 margin delivery as the key catalyst to watch. Persistent LRPC weakness and lingering US tariff uncertainty are the main offsets.