USHA MARTIN LTD.

Manufactures steel wire ropes and specialised wires, selling to industrial users in cranes, elevators, ports, mining, oil & offshore and wind energy applications. The Wire & Wire Ropes segment accounted for Rs 3,613.07 cr of segment revenue in FY26 (97.9% of segment revenue) and generated Rs 650.43 cr of EBIT, while an 'Others' segment contributed Rs 77.99 cr. International markets made up 57% of the topline in Q4 FY26 commentary. Q1 FY27 consolidated revenue rose 16% year-on-year to Rs 1,033 cr, with operating EBITDA at Rs 208 cr (margin 20.1%). Recent product moves include plasticated LRPC ropes (FY27 target 3,500–4,000 tons versus 2,500 tons in FY26), Galstar wires, Oceanmax single-reel ropes and Ocean Fiber. The largest input cost is raw materials at 47.4% of FY26 revenue (wire rod and zinc flagged in Q1 FY27 commentary, where 100% input cost pass-through was achieved through pricing actions). Capex guidance for FY27 is Rs 250–300 cr, including 6,000 MTPA of additional elevator rope capacity phased from October 2026 to Q1 FY28, and the company ended Q1 FY27 in a net cash position of Rs 465 cr.