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Usha Martin Results: Latest Quarterly Results & Analysis

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Usha Martin Ltd. 10 Nov 2025 12:28 PM
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Q2FY26 Quarterly Result Announced for Usha Martin Ltd.

Iron & Steel Products company Usha Martin announced Q2FY26 results

  • Revenue from operations increased by 1.8% to Rs 907.6 crore in Q2FY26.
  • Q2FY26 Operating EBITDA stood at Rs 173.0 crore as against Rs 160.8 crore, higher by 7.6%.
    • Operating EBITDA margin stood at 19.1% in Q2FY26 compared to 18.0% in Q2 FY25.
  • In Q2FY26, PBT amounted to Rs 167.8 crore, a 18.7% increase from Rs 141.4 crore.
  • PAT from continued operations increased by 16.7% at Rs 127.6 crore in Q2FY26.
  • Basic EPS from continued operations stood at Rs 4.19 for the quarter.

Rajeev Jhawar, Managing Director, said: “We are pleased to report a healthy performance this quarter, with a revenue of Rs 907.6 crore, highest oEBITDA of Rs 173 crore (since the sale of steel business) and EBITDA margins of 19.1%, despite a challenging global environment. A favorable product mix supported our operating results in Q2FY26. Additionally, we see benefits of our ‘One Usha Martin’ program, which is driving sharper cost controls, greater agility and improved execution across the Group.

On the balance sheet front, we paid Rs 157 crore of debt during the quarter entirely through internal accruals. This has been possible due to strong operating cash flow generation during H1FY26. oEBITDA to operating cash flows (before tax) stood at 123% with cash flow generation of Rs 390 crore. As a result, our net cash position stood at Rs 111 crore and ROCE of 20.3% from continued operations.

We expect the second half of FY26 to be stronger as the impact of our ongoing initiatives becomes more visible. With an expanding product portfolio and increasing customer acceptance across regions, we are enhancing our position in the global arena. Our R&D efforts remain centered on developing advanced, application-specific products to capture a larger share of high-value markets. Backed by improved cost competitiveness and operational efficiency, we believe we are now in a stronger position to build on this momentum and deliver stronger performance going forward.”

Result PDF

Result PDF

Iron & Steel Products company Usha Martin announced Q1FY26 results

  • Revenue from operations increased by 7.4% to Rs 887.2 crore in Q1FY26.
  • Q1FY26 Operating EBITDA stood at Rs 144.6 crore as against Rs 154.0 crore, lower by 6.1%
  • In Q1FY26, PBT amounted to Rs 129.6 crore, a 3.8% YoY decrease from Rs 134.7 crore.
  • PAT amounted to Rs 100.8 crore in Q1FY26 as against Rs 103.8 crore in Q1FY25.
  • Basic EPS stood at Rs 3.31 for the quarter.

Rajeev Jhawar, Managing Director, said: “We have commenced FY26 on a stable note, reporting a volume increase of 10.4% year-on-year, led by growth in our wire and wire rope segments and supported by sustained demand across key markets. Our margin profile remained resilient, aided by early gains from the ongoing ‘One Usha Martin’ transformation.

As we near the completion of the foundational phase of our ‘One Usha Martin’ journey, which was initiated in FY25 and is expected to conclude in the first half of this fiscal, we remain confident of delivering stronger outcomes from the second half of FY26 onwards. These initiatives are focused on building an agile, integrated, and future-ready organisation that will strengthen our ability to scale while optimising our costs.

The benefits of this transformation are also beginning to reflect in our financial metrics. We continue to make encouraging progress in strengthening our balance sheet, optimising working capital, and delivering robust cash flows. These efforts have resulted in a net debt-free position at both the standalone and consolidated levels.

With the Ranchi capacity expansion progressing as per schedule, and with continued momentum across other strategic initiatives, we are well positioned to capitalise on emerging growth opportunities. These developments, coupled with a robust order pipeline across international and domestic markets, reinforce our belief that Usha Martin is poised for a meaningful step-up in its growth trajectory in the periods ahead.”

Result PDF

Iron & Steel Products company Usha Martin announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations increased by 8.1% to Rs. 896.1 crore in Q4FY25
  • Q4FY25 Operating EBITDA stood at Rs. 139.6 crore as against Rs. 151.5 crore, lower by 7.9%
  • Operating EBITDA margin stood at 15.6% in Q4FY25 compared to 18.3% in Q4FY24
  • In Q4FY25, PBT amounted to Rs. 133.1 crore, a 2.4% YoY decrease from Rs. 136.4 crore
  • PAT amounted to Rs. 100.9 crore in Q4FY25 as against Rs. 106.3 crore in Q4FY24
  • Basic EPS stood at Rs. 3.32 for the quarter

FY25 Financial Highlights:

  • Revenue from operations were up by 7.7% YoY to Rs. 3,474.2 crore
  • Operating EBITDA stood at Rs. 597.1 crore as against Rs. 598.6 crore
  • Operating EBITDA margin for the period was 17.2% vs. 18.6% YoY
  • PAT stood at Rs. 406.3 crore as against Rs. 424.1 crore, down by 4.2% on a YoY basis
  • Basic EPS stood at Rs. 13.37

Commenting on the performance Rajeev Jhawar, Managing Director said, “FY25 ended on a steady note, with revenue at Rs. 3,474 crore, registering an 7.7% year-on-year growth, led by a 9.5% increase in sales volumes. We remain focused on operational efficiency and value-migration, which should support margin improvement and enable us to accelerate growth in the coming quarters.

We are pleased with the progress of our ‘One Usha Martin’ initiative, which is now deeply embedded in our culture and way of working across the organisation. We are implementing best practices in procurement, logistics, administration and backend operations to drive cost efficiencies globally. These initiatives have also enabled tighter working capital discipline. The combination of improved cash flows and a leaner balance sheet highlights the progress we have achieved thus far. With this foundation in place, we are confident of building further momentum, with the impact of ‘One Usha Martin’ to intensify from the second half of FY26.

Looking ahead, we remain focused on high-value opportunities in the domestic market and on executing our strategic capex programs with discipline. While the external environment presents some near-term uncertainty, we believe that the initiatives undertaken across the organisation have strengthened our business model. This positions us well to drive value-led growth and deliver sustainable performance over the long term.”

Result PDF

Iron & Steel Products company Usha Martin announced Q3FY25 results

Financial Highlights Q3FY25:

  • Revenue from operations increased by 8.0% to Rs 860.5 crore in Q3FY25
    • Growth in the core Wire Rope segment (up by 9.8% YoY) and the Wire & Strand segment (up by 17.6% YoY) contributed positively to the revenue, while revenue from the LRPC segment declined (down by 1.4% YoY)
  • Q3FY25 Operating EBITDA stood at Rs 142.7 crore as against Rs 157.1 crore, lower by 9.1%
  • Operating EBITDA margin stood at 16.6% in Q3FY25 compared to 19.7% in Q3FY24
    • The Company's margin performance reflected the impact of softer realizations and challenging market conditions, particularly in international markets, while a diversified and optimized product portfolio continued to support performance
  • In Q3FY25, PBT amounted to Rs 117.6 crore, a 15.7% YoY decrease from Rs 139.6 crore
  • PAT amounted to Rs 92.3 crore in Q3FY25 as against Rs 107.5 crore in Q3FY24
  • Basic EPS stood at Rs 3.04 for the quarter

Rajeev Jhawar, Managing Director said, “Usha Martin delivered healthy volume growth of ~11% and a revenue increase of ~8% YoY in Q3FY25, despite a challenging global environment. Our operating profits were impacted by softer realizations and subdued market conditions in this quarter, particularly in international markets, which affected our margins and bottom-line performance. However, we believe the Company's operational resilience and inherent strengths helped us navigate most of these macro-led headwinds to a large extent.

As part of our long-term strategy, we have embarked on the next phase of transformation under the ‘One Usha Martin’ approach. This initiative is aimed at integrating our global operations to enhance efficiency, optimize costs, and strengthen our competitive edge. Key focus areas include centralizing procurement to leverage economies of scale, streamlining logistics for improved cost efficiency and delivery timelines, and optimizing our manufacturing operations in Brunton Shaw UK. Building on the successful turnaround achieved over the past few years, the ‘One Usha Martin’ initiative is a significant step toward future proofing our business, driving margin improvements, and increasing operating leverage.

Following the recent unveiling of our refreshed brand identity, we remain optimistic about the future and confident in our ability to leverage integration synergies to drive further improvements. While these efforts will take some time to fully materialize, they are designed to deliver long-term value and significantly enhance our operational efficiencies. With our diverse product portfolio, robust manufacturing and R&D capabilities, along with a growing network across global and domestic markets, we believe, we are well-positioned to meet evolving customer needs while driving sustainable value creation for all stakeholders”

Result PDF

Iron & Steel Products company Usha Martin announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from operations increased by 13.6% to Rs 891.2 crore in Q2FY25.
    • Strong growth in the core Wire Rope segment (up by 19.2% YoY) and the Wire & Strand segment (up by 16.2% YoY) contributed positively to the revenue while revenue from LRPC segment declined (down by 6.7% YoY).
  • Q2FY25 Operating EBITDA stood at Rs 160.8 crore as against Rs 144.3 crore, higher by 11.4%.
  • Operating EBITDA margin stood at 18.0% in Q2FY25 compared to 18.4% in Q2FY24.
  • A diversified product portfolio have supported the Company's margin performance in a dynamic global environment
  • In Q2FY25, PBT amounted to Rs 141.4 crore, a 2.1% YoY decrease from Rs 144.5 crore.
  • PAT amounted to Rs 109.3 crore in Q2FY25 as against Rs 109.5 in Q2FY24.
  • Basic EPS stood at Rs 3.59 for the quarter.

H1FY25 Financial Highlights:

  • Revenue from operations were up by 7.4% YoY to Rs 1,717.5 crore.
  • Operating EBITDA stood at Rs 314.8 crore as against Rs 290.0 crore, increasing 8.6% on a YoY basis.
  • Operating EBITDA margin for the period was 18.3% vs. 18.1% YoY.
  • PAT stood at Rs 213.2 crore as against Rs 210.3 crore, up by 1.4% on a YoY basis.
  • Basic EPS stood at Rs 7.01.

Rajeev Jhawar, Managing Director, Usha Martin, said: “I am pleased to share that we have delivered a resilient financial performance and strong operational execution in Q2FY25. Usha Martin registered a 11.0% YoY growth in volumes and a 13.6% growth in topline, driven by a sharp recovery in domestic markets. Our focus on volume and value growth continues, and we remain confident in sustaining this momentum through the rest of the year, supported by a seasonally stronger second half. Additionally, we aim to maintain healthy EBITDA margins and bottom-line performance as we register growth in volumes and revenue.

During the period, our core wire ropes division performed strongly, despite a traditionally softer quarter due to monsoon. The division recorded an impressive 18.5% growth in volumes and a 19.2% increase in revenue. With the expanded capacities, our teams across domestic and international markets are well-positioned to drive sales of high-quality wire ropes for critical applications. This should enable us to capture greater market share globally while consistently meeting clients' rigorous standards and remaining focused on delivering dependable solutions across essential sectors.

As we move forward, our future capex initiatives are set to position us strongly to meet the needs of an evolving market and sustain our growth. The Company remains committed to advancing its strategic priorities, including enhancing value-added offerings, diversifying the product portfolio, modernizing plant operations and expanding global distribution and marketing efforts. With a robust portfolio and the inherent strengths of Usha Martin, we are confident in our ability to drive long-term growth and capitalize on emerging opportunities in the coming years.”

Result PDF

Iron & Steel products company Usha Martin announced Q1FY25 results:

  • Revenue from operations increased by 1.5% to Rs 826.4 crore in Q1FY25
  • Q1FY25 Operating EBITDA stood at Rs 154.0 crore as against Rs 145.7 crore, higher by 5.7%
  • Operating EBITDA margin was recorded at 18.6% in Q1FY25 compared to 17.9% in Q1 FY24
  • EBITDA margins including other income for Q1FY25 stood at 19.2%, compared to 18.3% in Q1 FY24
  • In Q1FY25, PBT amounted to Rs 134.7 crore, a 4.3% YoY increase from Rs 129.1 crore
  • PAT amounted to Rs 103.8 crore in Q1FY25 from Rs 100.8 crore, up 3.1%
  • Basic EPS stood at Rs 3.42 for the quarter as against Rs 3.31 

Commenting on the performance Rajeev Jhawar, Managing Director said, “In the backdrop of challenging macroeconomic conditions, Usha Martin commenced FY25 on a positive note, reporting revenues of ~Rs. 826 crore and achieving an operating EBITDA margin of 18.6%. Our core wire ropes division continued to perform well, contributing 72% to our overall consolidated revenues.

During this quarter our primary focus was on ramping up the newly established lines for our value-added products. As we enhance utilization levels, we anticipate a stronger performance in the second half of the year. In the face of global headwinds, our strategy in our international operations remains to enhance our reach and capture market share by delivering world-class quality products and services. Our integration of international businesses with Indian operations continues to drive growth synergies, further strengthening our position. Domestically, with infrastructure projects such as bridges, ropeways, and high-speed railways, along with the expansion in tier-2 and tier-3 cities, we are optimistic about the potential of the domestic market as well. Overall, the business pipeline remains promising in both overseas and Indian markets, particularly for our high-end specialty offerings.

Looking ahead, our focus remains on value-driven volume expansion to enhance our operational and financial performance. We anticipate maintaining the development momentum as we build on progress from multiple growth initiatives. With world-class capabilities and inherent strengths Usha Martin has developed over six decades, we believe we are well-positioned to create sustainable value for all stakeholders.”

Result PDF

Iron & Steel products company Usha Martin announced Q4FY24 & FY24 results:

FY24 Financial Highlights:

  • Revenues: FY24 revenues stood at Rs 3,225.2 crore, marking a slight decrease of 1.3% compared to FY23.
  • Operating EBITDA: Operating EBITDA went up by 16.6% YoY to Rs 598.6 crore for FY24.
  • Profit after Tax (PAT): PAT increased by 21.0% YoY to Rs 424.1 crore for FY24.
  • Earnings Per Share (EPS): Basic EPS for FY24 was Rs 13.92, up from Rs 11.51 in FY23.

Q4FY24 Financial Highlights:

  • Revenue from Operations: Experienced a decline of 3.1%, with revenue dropping to Rs 829.0 crore in Q4FY24 from Rs 855.2 crore in Q4 FY23.
  • Operating EBITDA: Slightly decreased by 1.6% to Rs 151.5 crore in Q4FY24.
  • Operating EBITDA Margin: Improved slightly from 18.0% in Q4FY23 to 18.3% in Q4FY24.
  • Profit Before Tax (PBT): PBT declined by 4.1% to Rs 136.4 crore in Q4FY24.
  • Profit after Tax (PAT): Marginal increase by 1.0% to Rs 106.3 crore in Q4FY24.
  • Earnings Per Share (EPS): Q4 EPS registered at Rs 3.49, slightly up from Rs 3.46 in the same period the previous year.

Operational and Strategic Highlights:

  • Operating Cash Flow: FY24 operating cash flow before tax stood at a robust Rs 560.5 crore, compared to Rs 345.5 crore in FY23, showing a strong year-over-year improvement.
  • Capital Expenditure: The wave-1 capex program at the Ranchi facility is progressing and is expected to commence commercial operations from Q1 FY25, with a focus on enhancing the value-added segment.
  • Strategic Initiatives: Included enhancements in value-added offerings, deeper engagement with OEMs, and expansion of international presence.

Commenting on the performance Tapas Gangopadhyay, Non-Executive Director said, “We have concluded the financial year 2024 on a positive note with our robust operating cash flows reflecting strong performance. Despite facing macro-economic challenges, the Company managed to generate an 18.6% EBITDA margin during the year. Notably, our core wire ropes division continued to perform well and contributed 71% to our overall consolidated revenues.

The wave-1 capex program at our Ranchi facility is progressing well and we anticipate commercial operations to commence from Q1 FY25 onwards. These new capacities are mainly focused on enhancing the Company's value-added segment. We expect the facility to be ramped up over the next 9-12 months and to contribute meaningfully to our performance over the next two years.

FY24 also saw notable advancements in our strategic initiatives, including enhancements in value-added offerings, deepening engagement with OEMs and expansion of our international presence.

As we move forward, Usha Martin’s solid foundation and strategic focus position us well to drive sustained growth, enabling us to strengthen our position as a leading global player in the wire rope sector. Additionally, our healthy balance sheet gives us the flexibility to support ongoing growth initiatives. Through targeted initiatives, we aim to create lasting value for all our stakeholders, foster innovation, and expand our reach across international markets.”

Result PDF

Iron and steel products company Usha Martin announced Q1FY24 results:

  • Revenue from operations increased by 7.3% YoY to Rs 814.4 crore in Q1FY24.
  • Q1FY24 operating EBITDA stood at Rs 145.7 crore as against Rs 117.3 crore, higher by 24.2% on a YoY basis.
  • During Q1FY24, the operating EBITDA margin was recorded at 17.9%, reflecting an increase from 15.5% in Q1FY23.
  • Considering other Income, the EBITDA margins for Q1FY24 stood at 18.3%, compared to 16.4% in Q1FY23.
  • In Q1FY24, the PBT amounted to Rs 129.1 crore, registering a 25.0% YoY increase from Rs 103.3 crore.
  • In Q1FY24, the PAT amounted to Rs 100.8 crore, registering a 22.5% YoY increase from Rs 82.2 crore.
  • Basic EPS stood at Rs 3.31 as against Rs 2.69 YoY.

Commenting on the performance Tapas Gangopadhyay, Non-Executive Director, Usha Martin, said, “We are delighted to report a strong YoY growth in EBITDA and profitability for Q1FY24. During the quarter, our operating EBITDA increased by 24.2%, with EBITDA margins showing a notable YoY increase of 2.4 pps to 17.9%. This significant margin performance is attributed to our strong focus on value-added products and the expansion of our international operations, which contributed 56% to our Q1FY24 revenue.

Our engagement with international customers for high-end wire ropes remained robust, underscoring the criticality of these products in various end-user industries. We have full confidence in the capabilities of our R&D team to develop suitable solutions, collaborating continuously with our customers.

Our capex initiatives are progressing smoothly. The increased capacities will predominantly cater to a diverse array of critical applications and value-added products, including mining ropes, non-rotating ropes, compacted ropes, and plasticated ropes. Our wave expansion at Ranchi is on-track and is expected to be completed by the end of Q3, supporting our revenue growth endeavors.

Moving forward, Usha Martin is focused on consolidating its position as one of the world's largest providers of specialty wire rope, while actively pursuing market share expansion. With six decades of invaluable experience in the industry, we are poised to leverage our expertise to offer unparalleled solutions. Through continuous investments in R&D and modernization, we are committed to providing cutting-edge solutions that cater to the evolving needs of our esteemed customers worldwide. Our vision is to strengthen our foothold in the industry and set new benchmarks for innovation and customer satisfaction."

 

Result PDF

Iron & Steel Products company Usha Martin announced Q4FY23 & FY23 results:

  • Q4FY23 vs Q4FY22:
    • Revenue from operations were up by 11.6% YoY to Rs 855.2 crore
    • Operating EBITDA stood at Rs 154.0 crore as against Rs 106.7 crore, increasing 44.3% on a YoY basis
      • Operating EBITDA margin for the quarter was 18.0% vs. 13.9% YoY
      • EBITDA margins including other income stood at 19.3% in Q4FY23 as against 14.7% in Q4FY22
    • PAT stood at Rs 105.3 crore as against Rs 108.7 crore, down by 3.1 % on a YoY basis
    • Basic EPS stood at Rs 3.46 as against Rs 3.57
  • FY23 vs FY22:
    • Revenue from Operations were up by 21.6% YoY to Rs 3,267.8 crore
    • Operating EBITDA stood at Rs 513.3 crore as against Rs 383.7 crore, increasing 33.8% on a YoY basis
      • Operating EBITDA margin for the period was 15.7% vs. 14.3% YoY
      • EBITDA margins including other income stood at 16.6% in FY23 as against 15.6% in FY22
    • PAT stood at Rs 350.6 crore as against Rs 291.4 crore, up by 20.3% on a YoY basis
    • Basic EPS stood at Rs 11.51 as against Rs 9.56

Commenting on the performance, Tapas Gangopadhyay, Director said: “We have ended the year on a strong note, delivering healthy revenue and operating EBITDA growth of 22% and 34%, respectively, during FY23. Our international operations, which made up 55% of our FY23 revenue, registered an exceptional 34% year-on-year increase in revenue. The Company not only made substantial progress in growing its international presence but also made significant strides in other strategic initiatives, including increasing its value-added offerings, expanding its global distribution network, diversifying its product portfolio and modernizing its facilities.

The ongoing strategic focus on expanding our presence across diverse critical applications and value-added solution-based offerings largely enabled us to achieve an operating EBITDA margin of 18% during Q4FY23. We are also pleased to report that the Company has made notable progress in the modernization and expansion programme of its production facilities at Ranchi, with a specific focus on value-added products such as mining ropes, non-rotating ropes, compacted ropes and plasticated ropes.

Looking ahead, we believe that Usha Martin has all the elements in place to capitalize on the increasing demand for its products, both in international and domestic markets. Our robust in-house manufacturing and R&D capabilities, strong brand recognition, diverse product portfolio, expansive global network and healthy balance sheet continue to position us well for growth. We are confident in our ability to leverage these strengths and remain committed to delivering value to our customers and stakeholders."

 

 

Result PDF

Iron & steel product firm Usha Martin announced Q3FY23 results:

  • Consolidated Q3FY23 vs Q3FY22:
    • Revenue from operations up by 17.1% YoY to Rs 833.6 crore
    • EBITDA stood at Rs 131.4 crore, as against Rs 109.3 crore, increasing 20.2% on a YoY basis
      • EBITDA margin for the quarter was 15.8%
    • PAT stood at Rs 84.1 crore, as against Rs 67.1 crore, up by 25.3% on a YoY basis
    • Basic EPS stood at Rs 2.76, as against Rs 2.20
  • Consolidated 9MFY23 vs 9MFY22:
    • Revenue from operations up by 25.6% YoY to Rs 2,412.5 crore
    • EBITDA stood at Rs 376.1 crore, as against Rs 306.0 crore, increasing 22.9% on a YoY basis
      • EBITDA margin for the period was 15.6%
    • PAT stood at Rs 245.3 crore, as against Rs 182.7 crore, up by 34.2% on a YoY basis
    • Basic EPS stood at Rs 8.05, as against Rs 5.99

Commenting on the performance, Devadip Bhowmik, Whole Time Director, said, “We are pleased to report strong results for the period under review, with a 26% increase in revenues and a 34% increase in PAT in 9MFY23, despite the challenging external environment. Our performance was supported by stable demand in India and a growing presence in new sectors in international markets. The company's effective management of margins during a period of volatility of raw material prices, a continued focus on optimizing the product portfolio and increased solution sales in the international market supported profitability during the quarter.

We remain confident that Usha Martin’s expanding presence across diverse critical applications and value-added solution-based offerings will sustain its growth momentum. Going ahead, the company aspires to further expand its international penetration and increase its market share in global markets, which is a key growth driver for us.

Overall, we are excited by the substantial progress made by the company in recent years, having significantly strengthened the financial and operational position. With our strong in-house manufacturing and R&D capabilities, globally recognized brand, extensive product portfolio, worldwide network and other inherent strengths, we are well-positioned to embark on a new phase of growth going forward.”

 

Result PDF

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