Usha Martin Limited has received another substantial disposal disclosure from Peterhouse Investments Limited, a promoter group entity, under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This latest filing pertains to the sale of equity shares conducted on 12.05.2026 and 13.05.2026 through the open market on the National Stock Exchange of India Ltd. The disclosure was signed at Guernsey and dated 13.05.2026.

Transaction Details

Peterhouse Investments Limited sold 519,344 equity shares of Usha Martin, representing 0.17% of the total share and voting capital. The transaction was executed via the open market on the National Stock Exchange. The table below summarises the key details of this disposal:

Shareholding Before and After Disposal

The following table presents a comparison of Peterhouse Investments Limited's shareholding in Usha Martin before and after the latest transaction:

Share Capital of Usha Martin

The total equity share capital and voting capital of Usha Martin remained unchanged at 30,47,41,780 shares both before and after the transaction. The total diluted share and voting capital also stood at 30,47,41,780 shares following the disposal.

Listing Details

Usha Martin's shares are listed on the following exchanges:

• Mumbai Stock Exchange (BSE)
• The National Stock Exchange of India Ltd. (NSE)
• Societe de la Bourse de Luxembourg (GDRs are listed at Luxembourg)

The disclosure was made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and was filed from Guernsey on 13.05.2026. The filing was submitted by Trident Trust Company (Guernsey) Ltd, acting as authorized signatory for Trident Corporate Services (No.2) Limited, the sole corporate director of Peterhouse Investments Limited.

Usha Martin Limited delivered a robust financial performance for the fourth quarter and full year ended March 31, 2026, characterized by record quarterly EBITDA, a debt-free standalone balance sheet, and expanding margins. The Managing Director and CFO presented the results during the earnings conference call held on April 30, 2026, highlighting the successful execution of the 'One Usha Martin' integration program and a strategic shift towards higher-value products.

Full Year FY26 Financial Performance

For the fiscal year 2026, the company reported broad-based growth across its core businesses. Consolidated revenue reached INR 3,691 crore, a 6.2% increase year-on-year. Operating EBITDA grew by 18% to INR 705 crore, with margins improving to 19.1% from 17.2% in the previous year. The company achieved a record operating cash flow of INR 736 crore, which is approximately 104% of EBITDA.

Wire Rope revenues grew approximately 8% for the full year, while the Wire segment posted strong revenue growth of around 24%. International revenues rose to 57% of total topline from 55% in the prior year. The company repaid borrowings of INR 192 crore during the year, reducing finance costs by approximately INR 10 crore, resulting in a debt-free standalone status.

Q4 FY26 Quarterly Highlights

The fourth quarter marked the highest operating EBITDA since the divestiture of the steel business. Consolidated revenue for Q4 stood at INR 979 crore, up 9.3% year-on-year. Operating EBITDA surged 52% to INR 212 crore, with margins expanding to 21.6%.

During the quarter, the company executed a landmark Oceanmax project at its Ranchi facility, including the largest single reel rope production ever undertaken at that plant. While rope volume growth was approximately 5%, management noted that geopolitical disruptions in the Middle East impacted volumes by approximately 900 tons; excluding this impact, rope volume growth would have been approximately 8%.

Operational Efficiency and Cost Management

The 'One Usha Martin' integration program continued to drive efficiency, with fixed employee costs declining 3% and administrative expenses falling over 7% year-on-year despite topline growth. Over the last 18 months, the program has generated approximately INR 65 crore to INR 70 crore in cost savings. On the input cost front, the company managed rising LPG prices, which increased from approximately INR 60,000 per ton to INR 1,20,000 to INR 1,30,000 per ton, by passing through costs to customers and shifting approximately 25% of gas requirements to a newly completed natural gas pipeline.

Capacity, Capex, and Growth Outlook

Management guided for overall volume growth of 10%–12% across all product segments for the next two to three years. For the next two years, the company plans capex of approximately INR 300 crore, with 70%–75% allocated to expanding rope capacity by around 6,000 tons. The balance is directed at specialized wire capacity and plasticated LRPC equipment. The company targets a minimum operating EBITDA margin of 20% going forward, supported by a richer product mix in segments such as oil and offshore, elevators, and mining.