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Middle East conflict impact
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Usha Martin Ltd — Q4 FY26
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.
bullish
high
✓ Verified against BSE filing
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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.
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Rope Revenue Growth
14.8%
+14.8pp YoY
Rope revenues grew 14.8% YoY in Q4, driven by strong demand in Europe and Americas.
EBITDA per Ton
₹39,500
+31% YoY
EBITDA per metric ton improved to ~₹39,500 in Q4 from ~₹30,100 last year.
International Revenue Share
57%
+2pp YoY
International revenue share increased to 57% from 55% last year, reflecting global traction.
Rope Volume Growth
5%
+5pp YoY
Rope volumes grew ~5% in Q4, impacted by ~900 tons of lost Middle East demand due to conflict.
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Guidance and risk preview
Management expects overall volume growth of 10-12% in FY27, driven by value-added ropes and new business verticals.
Ongoing conflict in the Middle East caused ~900 tons of lost rope volume in Q4 and disrupted supply chains; further escalation could delay projects...
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