Usha Martin Limited has made the audio recording of its earnings conference call for Q1 FY27 available to investors and stakeholders. The recording is accessible on the company’s official website, www.ushamartin.com , following the conclusion of the event held on July 28, 2026. This release ensures transparency and allows market participants to review management’s commentary on the quarterly performance at their convenience.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates timely and accurate disclosure of material events to stock exchanges and investors. By hosting the audio recording online, Usha Martin Limited adheres to these regulatory requirements while facilitating broader access to financial information.

Transcript Availability

While the audio recording is currently live on the website, the detailed transcript of the earnings call will be shared with the stock exchanges in due course. Once finalized, the transcript will also be uploaded to the company’s website. This document will provide a written record of the questions raised by analysts and the responses provided by company executives during the session.

Regulatory Compliance

The notice regarding the availability of the recording was signed by Manish Agarwal, Company Secretary & Compliance Officer, on July 28, 2026. The communication was directed to the BSE Limited, National Stock Exchange of India Ltd, and Societe de la Bourse de Luxembourg, ensuring that all relevant listing platforms are informed of the disclosure.

What the Numbers Show

As this filing pertains solely to the procedural release of the earnings call recording, no specific financial metrics such as net profit, revenue, or EBITDA are disclosed in this document. Investors seeking quantitative data should refer to the accompanying financial results or listen to the full audio recording for management’s discussion on operational highlights and financial performance for Q1 FY27.

Usha Martin reported a 40.9% year-on-year increase in consolidated net profit to ₹142 crore for the quarter ended June 30, 2026 (Q1FY27), driven by robust top-line growth and significant operating leverage. Consolidated revenue from operations climbed 16.4% to ₹1,033 crore from ₹887.2 crore in the corresponding period of the previous year. The improvement in profitability was underscored by an expansion in operating EBITDA margin to 20.1% from 16.3%, reflecting enhanced operational efficiency and cost management within its core Wire & Wire Ropes segment. Standalone net profit for the quarter rose 37.7% to ₹97.6 crore from ₹70.9 crore, while standalone turnover increased 18.9% to ₹642.5 crore.

The Board of Directors, at a meeting held on July 27, 2026, approved the unaudited standalone and consolidated financial results pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by S.R. Batliboi & Co. LLP, the statutory auditors, under Regulation 33. In recognition of the company's strong financial performance and improved credit profile, India Ratings and Research Pvt. Ltd. upgraded its Long-Term Credit Rating to IND AA-/Stable and reaffirmed the Short-Term Credit Rating at IND A1+. The newspaper advertisement for these results was published on July 28, 2026, in “Business Standard” and “Aajkaal”.

Financial Performance Highlights

Usha Martin's financial performance in Q1FY27 demonstrates strong momentum across key metrics. Consolidated Operating EBITDA improved year-on-year to ₹208 crore from ₹144.6 crore, representing a 43.8% increase. Profit before tax (PBT) rose 42.0% to ₹184.1 crore from ₹129.6 crore. Basic EPS stood at ₹4.66 for the quarter. Return on Capital Employed (ROCE) expanded to 21.4% from 18.2% in Q1FY26. On a standalone basis, PBT grew to ₹129 crore from ₹95.2 crore.

Operational Drivers and Cash Flow

Managing Director Rajeev Jhawar attributed the growth to an improved product and geographic mix, disciplined cost management, and timely pricing actions that offset higher input and freight costs. The rope business recorded healthy growth in India, the US, and Europe, particularly across higher-value applications, which helped offset volume reductions in the Middle East due to ongoing geopolitical conflict. The wires business delivered strong volume growth of around 19%, with revenue increasing by approximately 32%.

Earnings translated into strong cash generation, with the company reporting ₹242 crore of operating cash flow, representing 116% cash conversion of operating EBITDA. It ended the quarter with net cash of approximately ₹465 crore, up from ₹332 crore in March 2026. During the quarter, capital expenditure incurred was approximately ₹73 crore, focused on expanding capacity in specialised wire ropes and improving manufacturing efficiency. Free cash flow stood at ₹135 crore.

Segment and Geographic Breakdown

The Wire Rope segment remained the dominant revenue contributor, accounting for 73% of total sales, followed by LRPC at 12%, Wire at 9%, and Others at 6%. Geographically, international business contributed 57% of total revenue, with Europe being the largest market at 27%, followed by Asia Pacific (12%), Middle East & Africa (9%), and Americas (9%). India accounted for 43% of sales.

Legal Proceedings and Risk Factors

The auditor's report included an emphasis of matter paragraph regarding ongoing legal issues. The Directorate of Enforcement (ED) has attached certain land parcels in Ranchi valued at ₹1,903.70 million, alleging contravention of mining lease terms related to iron ore fines sales. Proceedings are ongoing under the Prevention of Money Laundering Act (PMLA), Prevention of Corruption Act, and Indian Penal Code. Additionally, the Central Bureau of Investigation (CBI) has filed cases against the company and its Managing Director. Management asserts that it has a strong legal case and that these proceedings have not affected ongoing operations. No provisions have been made in the financial statements for these matters.

What the Numbers Show

The expansion in operating EBITDA margin by approximately 3.8 percentage points highlights that Usha Martin's growth is fundamentally driven by its core wire rope business rather than non-operating items, reflecting effective pass-through of input costs or improved pricing power. With strong cash generation of ₹242 crore and a net cash position of ₹465 crore, the company is converting a higher proportion of revenue into liquid assets, signaling improved operational health despite the backdrop of prolonged legal uncertainties. The alignment between consolidated and standalone growth metrics indicates that the parent entity is performing in tandem with its subsidiaries, reinforcing the robustness of the overall group structure.