Usha Martin Ltd — earnings calls

Usha Martin reported consolidated Q1 FY27 revenue of INR 1,033 crore, up 16% year-on-year, with operating EBITDA of INR 208 crore, up 44%, and an EBITDA margin of 20.1%. Management attributed the growth to value outpacing volume across segments, improved realizations, and a shift toward specialized products, while noting a roughly 28% volume decline in the Middle East due to geopolitical disruptions. The company generated operating cash flow of approximately INR 242 crore and closed the quarter with a net cash position of approximately INR 465 crore.

Usha Martin reported consolidated FY26 revenue of INR 3,691 crore and operating EBITDA of INR 705 crore, up from INR 597 crore last year, with margins expanding to 19.1%. Q4 revenue rose 9.3% year-on-year to INR 979 crore with EBITDA margins of 21.6%, aided by international rope demand, a richer product mix, and cost savings from the One Usha Martin program, though management said Middle East volumes were impacted by the ongoing conflict there. Management discussed capacity utilization, capex plans of about INR 300 crore over the next two years, and outlook for volume growth and margins in FY27.