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Revenue
₹0.32 Cr
verified against source
Revenue YoY
9.3%
reported change
EBITDA
₹212 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Usha Martin delivered a strong Q4 FY26 with consolidated revenue of ₹979 crore (+9.3% YoY) and EBITDA of ₹212 crore (+52% YoY), the highest since the steel business sale. EBITDA margin expanded to 21.6% (+610 bps YoY), driven by a richer product mix in ropes (especially oil & offshore, elevator, mining), cost efficiencies from the 'One Usha Martin' program, and pass-through of input cost increases. Rope revenue grew 14.8% YoY, while wire revenue surged 31.2%. International revenue share rose to 57%. The company ended the year with a net cash position of ₹332 crore vs net debt of ₹63 crore last year. Management guided for 10-12% volume growth in FY27 and sustainable EBITDA margins around 20%, supported by a healthy order book for H1 and capacity expansion plans. Key risk: ongoing Middle East conflict could further delay project activity and disrupt supply chains.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall volume growth of 10-12% in FY27, driven by value-added ropes and new business verticals.
- Management targets minimum 20% EBITDA margins going forward, up from earlier 18-19% guidance, supported by better product mix and cost efficiencies.
- Planned capex of ~₹300 crore over next two years to expand rope capacity by 6,000 tons, specialized wires, and plasticated LRPC capacity.
- Expect plasticated LRPC volumes to double from current 2,500 tons per annum to 4,000-4,500 tons, pending customer approvals expected in weeks.
Risks flagged
- Ongoing conflict in the Middle East caused ~900 tons of lost rope volume in Q4 and disrupted supply chains; further escalation could delay projects and hurt demand.
- LPG costs doubled to ₹120,000-130,000 per ton, adding ₹2.5-3 crore monthly cost; while pass-through has been achieved so far, sustained inflation could pressure margins.
- Analyst questioned whether pushing higher-value products could constrain volume growth; management acknowledged the balance but expressed confidence in achieving both.
- US market faces tariffs and trade uncertainties; though market share is sub-5%, any protectionist measures could impact growth plans.
Key quotes
- We closed FY26 with consolidated revenue of rupees 3,691 crores. Operating AIA grew from 597 crores last year to rupees 705 crores this year reflecting a margin of 19.1%.
- Our endeavor would be to continue to do the same in the coming quarters... we feel that at least we should be able to look at minimum of 20% operating margin.
- The hard work of building the foundation is largely done. Now, it's about execution and scaling up.
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