Usha Martin
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Usha Martin (517146) investor relations material

Usha Martin Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary30 Jan, 2026

Executive summary

  • Q3 FY26 consolidated revenue grew 6.6% year-on-year to INR 917 crore (Rs. 91,705 lakhs), led by strong wire and wire rope segments and improved product mix.

  • Operating EBITDA rose 23.3% year-on-year to INR 176 crore, with margins improving to 19.2% from 16.6% last year.

  • Net profit for Q3 FY26 increased to INR 108 crore (Rs. 10,767 lakhs), despite a one-time wage code cost.

  • Operating cash flow before tax was INR 561 crore, with a 114% EBITDA-to-cash conversion.

  • Net cash position at quarter-end was INR 198 crore, reflecting robust balance sheet and financial discipline.

Financial highlights

  • Q3 FY26 consolidated net revenue: INR 917 crore (up from INR 861 crore in Q3 FY25).

  • Wire segment revenue up 20.2% year-on-year; wire rope segment up 6.6%; LRPC segment down 13%.

  • Nine-month FY26 revenue: INR 2,712 crore, up 5.2% year-on-year; nine-month EBITDA: INR 494 crore.

  • Free cash flow for nine months: INR 318 crore; gross debt reduced from INR 338 crore to INR 172 crore.

  • Q2 FY26 PAT included a one-time income of Rs. 15 crore from property sale.

Outlook and guidance

  • Expecting volume growth from new product categories and geographies, with double-digit revenue growth anticipated in FY27.

  • CapEx at Ranchi plant stabilizing; healthy order book and ongoing customer approvals support future growth.

  • EBITDA for FY26 projected in the INR 680–700 crore range, with margins maintained at 19–20%.

  • Management remains confident in legal position despite ongoing proceedings.

How will Usha Martin pursue inorganic growth?
How does value-added product focus impact volumes?
Mitigate CBAM impact for Wire Ropes by 2028?
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