Rope Revenue Growth
14.8%
+14.8pp YoY
Rope revenues grew 14.8% YoY in Q4, driven by strong demand in Europe and Americas.
USHAMARTIN
Diversified
13 May 2026
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
10-12% volume growth in FY27
Management expects overall volume growth of 10-12% in FY27, driven by value-added ropes and new business verticals.
Management guidance growthSustain EBITDA margins around 20%
Management targets minimum 20% EBITDA margins going forward, up from earlier 18-19% guidance, supported by better product mix and cost efficiencies.
Management guidance marginsCapex of ~₹300 crore over next two years
Planned capex of ~₹300 crore over next two years to expand rope capacity by 6,000 tons, specialized wires, and plasticated LRPC capacity.
Management guidance capexPlasticated LRPC volumes to double
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.
Management guidance growthKey Risks
Middle East conflict impact
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.
high · management_commentaryRising input costs (LPG, steel, gas)
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.
medium · analyst_questionVolume growth vs value mix trade-off
Analyst questioned whether pushing higher-value products could constrain volume growth; management acknowledged the balance but expressed confidence in achieving both.
medium · analyst_questionUS tariff and trade uncertainty
US market faces tariffs and trade uncertainties; though market share is sub-5%, any protectionist measures could impact growth plans.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Usha Martin's revenue in Q4 FY26?
Usha Martin reported revenue of ₹979 Cr in Q4 FY26, representing a +9.3% change compared to the same quarter last year.
What guidance did Usha Martin management give for FY27?
10-12% volume growth in FY27: Management expects overall volume growth of 10-12% in FY27, driven by value-added ropes and new business verticals. Sustain EBITDA margins around 20%: Management targets minimum 20% EBITDA margins going forward, up from earlier 18-19% guidance, supported by better product mix and cost efficiencies. Capex of ~₹300 crore over next two years: Planned capex of ~₹300 crore over next two years to expand rope capacity by 6,000 tons, specialized wires, and plasticated LRPC capacity. Plasticated LRPC volumes to double: 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.
What are the key risks for Usha Martin in FY27?
Key risks include Middle East conflict impact — 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.; Rising input costs (LPG, steel, gas) — 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.; Volume growth vs value mix trade-off — Analyst questioned whether pushing higher-value products could constrain volume growth; management acknowledged the balance but expressed confidence in achieving both.; US tariff and trade uncertainty — US market faces tariffs and trade uncertainties; though market share is sub-5%, any protectionist measures could impact growth plans..
Did Usha Martin meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Usha Martin Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.