Usha Martin Q4 & FY26: Record EBITDA, Debt-Free Status, Growth Outlook
Usha Martin Limited reported strong Q4 and FY26 results with consolidated revenue of INR 3,691 crore and record Q4 EBITDA of INR 212 crore. The company achieved a debt-free status with a net cash position of INR 332 crore, driven by cost savings and operational efficiencies. Management projects 10-12% volume growth and plans INR 300 crore capex over the next two years to expand capacity.
*this image is generated using AI for illustrative purposes only.
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.
| Metric: | FY26 | FY25 | Change |
|---|---|---|---|
| Consolidated Revenue: | INR 3,691 crore | — | +6.2% YoY |
| Operating EBITDA: | INR 705 crore | INR 597 crore | +18% YoY |
| Operating EBITDA Margin: | 19.1% | 17.2% | +190 bps |
| PAT (Continuing Operations): | INR 491 crore | INR 406 crore | Improved |
| Net Cash Position: | INR 332 crore | Net Debt INR 63 crore | Turnaround |
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%.
| Metric: | Q4 FY26 | Q4 FY25 | Change |
|---|---|---|---|
| Consolidated Revenue: | INR 979 crore | — | +9.3% YoY |
| Operating EBITDA: | INR 212 crore | — | +52% YoY |
| Operating EBITDA Margin: | 21.6% | — | Expanded |
| PAT (Continuing Operations): | INR 155 crore | — | — |
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.
Historical Stock Returns for Usha Martin
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.86% | +8.71% | +9.93% | +20.10% | +59.74% | +893.23% |
How might escalating geopolitical tensions in the Middle East and potential trade tariff changes impact Usha Martin's ability to sustain its 57% international revenue share and achieve its 10-12% volume growth guidance?
As Usha Martin evaluates inorganic acquisition opportunities in value-added and rigging segments, which specific geographies or target profiles are most likely to align with its strategy of expanding in markets where its footprint remains limited?
With plasticated LRPC capacity targeted to scale from 6,000 to 8,000-9,000 tons and production dependent on customer approvals, what is the realistic timeline for securing certifications from key infrastructure and construction clients globally?
20
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
