Usha Martin (517146) Q4 24/25 earnings summary

Executive summary

• FY25 revenue reached INR 3,474 crore, up 7.7% year-on-year, driven by a 9.5% increase in volumes and strong core segment performance.

• International business contributed 55% of revenues, with value-added wire rope segments making up 71%–72% of segment sales.

• Operational efficiency initiatives, including the 'One Usha Martin' program, supported margin improvement and working capital discipline.

• Audited standalone and consolidated results for FY25 were approved, with unmodified opinions from auditors.

• Final dividend of Rs. 3 per share recommended for FY25, subject to shareholder approval.

Financial highlights

• Q4 FY25 consolidated revenue was INR 896 crore, up 8% year-on-year; Q4 PAT was INR 100.9 crore.

• FY25 operating EBITDA was INR 597 crore (margin 17.2%); consolidated net profit was Rs. 40,632 lakhs, down from Rs. 42,412 lakhs in FY24.

• Cash flow from operations before tax in FY25 was INR 541 crore, representing 91% of operating EBITDA.

• Free cash flow for FY25 was Rs. 69 crore; cash and cash equivalents increased to Rs. 26,072 lakhs.

• Standalone revenue for FY25 was Rs. 2,17,106 lakhs, with standalone net profit at Rs. 30,221 lakhs.

Outlook and guidance

• Targeting 12%-15% overall growth in volume and top line for FY26 and FY27.

• Minimum 18% EBITDA margin targeted for FY26, with improvement expected from Q2 as restructuring benefits accrue.

• Management expects margin improvement and accelerated growth, with intensified impact from the 'One Usha Martin' initiative in H2 FY26.

• Board recommended a final dividend of Rs. 3 per share for FY25.