Usha Martin Limited has informed the Exchange about Investor Presentation
Date: 12th August 2025
The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001 [Scrip Code: 517146]
The Manager National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra Mumbai – 400 051 [Symbol: USHAMART]
Societe de la Bourse de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]
Dear Sir/Madam,
Sub : Earnings Presentation – Q1 FY26
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed an Earnings Presentation – Q1 FY26 on the Un-audited Financial Results of the Company for the Quarter ended 30th June 2025.
The presentation is also being made available on the website of the Company i.e. www.ushamartin.com
This is for your information and records.
Thanking you,
Yours faithfully, For Usha Martin Limited
Manish Agarwal Company Secretary & Compliance Officer
Enclosed : As above
Q1FY26
Results Presentation
August 2025
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Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Usha Martin Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this presentation may contain forward looking statements concerning the Company’s future business prospects and business profitability. Such forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
Q1 FY26 Earnings Presentation
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2
Key financial highlights – Consolidated Q1 FY26
In Rs. crore
NET REVENUE FROM OPERATIONS
896
887
826
OPERATING EBITDA 18.6%
15.6%
MARGINS 16.3%
154
140
145
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Shift (%)
QoQ: 1.0%
YoY: 7.4%
Shift (%)
QoQ: 3.6%
YoY: 6.1%
PAT MARGINS
12.6%
11.3%
11.4%
104
101
101
Q1 FY25
Q4 FY25
Q1 FY26
▪ Revenue from operations increased by 7.4% Y-o-Y to Rs. 887.2 crore in Q1 FY26, supported by a 10.4% Y-o-Y increase in volumes across the Company’s core segments
▪ EBITDA margin for Q1 FY26 stood at 16.3% as against 18.6% in
Q1 FY25
▪ Despite market-led margin pressures, value-added and disciplined operational
product controls provided support to overall profitability. ▪ PAT amounted to Rs. 100.8 crore in Q1 FY26 as against Rs.
contributions
Shift (%)
QoQ: 0.1% ↓
YoY: 2.9%
103.8 crore in Q1 FY25
Note 1: Operating EBITDA & EBITDA Margins calculated without other income
Q1 FY26 Earnings Presentation
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3
Revenue breakdown by segment
In Rs. crore
WIRE ROPE
642
615
595
WIRE
90
94
71
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Shift (%)
QoQ: 4.3%
YoY: 7.9%
Shift (%)
QoQ: 4.5%
YoY: 32.3%
LRPC
101
88
85
Q1 FY25
Q4 FY25
Q1 FY26
Shift (%)
QoQ: 15.3%
YoY: 3.4%
▪
registered a 32.3% Y-o-Y increase in The Wire segment revenues, and the Wire Rope segment recorded an 7.9% Y-o-Y growth
▪ Segment wise % of overall sales Q1FY26:
▪ Wire Rope – 72% (FY25: 72%)
▪ Wire – 11% (FY25: 9%)
▪
LRPC – 10% (FY25: 11%)
Note 1: All figures mentioned in the slide are consolidated financials
Q1 FY26 Earnings Presentation
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4
Diversified presence across geographies and segments
Revenue Segmentation for Q1 FY26
PRODUCT SEGMENTATION
END INDUSTRY SEGMENTATION1
GEOGRAPHY SEGMENTATION
Others, 7%
Wire, 11%
LRPC, 10%
Others, 3%
Fishing, 3%
Mining, 5%
Utilities, 3%
Engineering, 24%
Middle East & Africa, 9%
America, 8%
Elevator, 10%
Auto, 6%
Construction & Infrastructure, 10%
Asia Pacific, 14%
India, 43%
Wire Rope, 72%
Crane, 18%
Oil & Offshore, 18%
Europe, 26%
▪ Wire rope segments contribution to overall revenues stood at 72% in Q1 FY26, unchanged from FY25
▪ Within Wire rope, the value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 70% in Q1 FY26
▪ Share of International business increased to 57% in Q1 FY26
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated financials
Q1 FY26 Earnings Presentation
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5
Successfully managing raw-material volatility
STEEL PRICE (RS. PER TONNE)
51,913
55,517
54,906
53,952
54,097
53,618
Q1FY25
Q2FY25
Q3FY25
Q4FY25
FY25
Q1FY26
32,628
32,253
28,302
27,689
30,148
28,502
EBITDA/TONNE2 (RS.)
Q1FY25
Q2FY25
Q3FY25
Q4FY25
FY25
Q1FY26
Note 1: All figures mentioned in the slide are consolidated financials Note 2: EBITDA calculated without other income & excluding UM Cables Note 3: EBITDA/Tonne for Q4 FY25 and for FY25 excludes provision for one time redundancy cost of Rs. 4 crore.
Q1 FY26 Earnings Presentation
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6
Profitability indicators remain healthy
ROCE (%)
ROE (%)
22.5%
22.8%
19.3%
18.2%
18.8%
19.2%
15.8%
15.0%
FY23
FY24
FY25
Jun'25
FY23
FY24
FY25
Jun'25
INTEREST COVERAGE (X)
FIXED ASSET TURNOVER (X)
23.2
18.8
21.7
16.0
3.4
2.7
2.5
2.5
FY23
FY24
FY25
Jun'25
FY23
FY24
FY25
Jun'25
Note 1: All figures mentioned in the slide are consolidated financials
Q1 FY26 Earnings Presentation
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7
Balance sheet is net debt free at a consolidated level
In Rs. crore
347
GROSS DEBT
292
338
185
NET DEBT
271
124
63
FY23
FY24
FY25
Jun'25
FY23
FY24
FY25
-14
Jun'25
GROSS DEBT TO EQUITY (X)
NET DEBT TO EQUITY (X)
0.17
0.12
0.12
0.09
0.09
0.05
FY23
FY24
FY25
Jun'25
FY23
FY24
0.02
FY25
0.00 Jun'25
Note 1: All figures mentioned in the slide are consolidated financials
Q1 FY26 Earnings Presentation
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8
Net working capital to turnover remains steady
CURRENT RATIO (X)
NET WORKING CAPITAL (RS. CRORE)
2.5
2.9
2.8
3.0
1,028
1,089
1,199
1,210
Mar-23
Mar-24
Mar-25
Jun-25
Mar-23
Mar-24
Mar-25
Jun-25
NET WORKING CAPITAL (DAYS)
NET WORKING CAPITAL TO TURNOVER (LTM, %)
164
198
199
196
29.1%
32.8%
32.9%
32.8%
Mar-23
Mar-24
Mar-25
Jun-25
Mar-23
Mar-24
Mar-25
Jun-25
The ‘One Usha Martin’ initiative has significantly contributed to improved working capital discipline reducing overall working capital days from 209 days in September 2024 to 196 days in June 2025.
Note 1: All figures mentioned in the slide are consolidated financials
Q1 FY26 Earnings Presentation
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9
Long term issuer rating at ‘IND A+’ / Outlook: Stable
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
Jul'25
▪
India Ratings and Research Pvt. Ltd. recently reaffirmed Usha Martin Ltd.’s ratings at “IND A+/Stable” for Long-Term Credit Facilities and “IND A1+” for Short-Term Credit Facilities
Current Rating
A+
Outlook
Stable
Last Review
July’25
Q1 FY26 Earnings Presentation
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10
Management comment
Mr. Rajeev Jhawar
Commenting on the performance Mr. Rajeev Jhawar, Managing Director said: “Wehavecommencedfiscalyear2025–26onastablenote,reportingavolumeincreaseof10.4%year-on-
year,ledby growthinourwireandwireropesegmentsandsupportedby sustaineddemandacrosskey
markets.Ourmarginprofileremainedresilient,aidedby early gainsfromtheongoing‘OneUshaMartin’
transformation.
Aswenearthecompletionofthefoundationalphaseofour‘OneUshaMartin’journey,whichwasinitiatedin
FY25andisexpectedtoconcludeinthefirsthalfofthisfiscal,weremainconfidentofdeliveringstronger
outcomes from the second half of FY26 onwards. These initiatives are focused on building an agile,
integrated,andfuture-readyorganisationthatwillstrengthenourabilitytoscalewhileoptimisingourcosts.
The benefitsofthistransformationarealsobeginningtoreflect in our financialmetrics.Wecontinueto
makeencouragingprogressinstrengtheningourbalancesheet,optimisingworkingcapital,anddelivering
Managing Director
robust cash flows. These efforts have resulted in a net debt-free position at both the standalone and
consolidatedlevels.
With the Ranchi capacity expansion progressing as per schedule, and with continuedmomentum across
other strategic initiatives, we are well positioned to capitalise on emerging growth opportunities. These
developments,coupledwithrobustorderpipelineacrossinternationalanddomesticmarkets,reinforceour
beliefthatUshaMartinispoisedforameaningfulstep-upinitsgrowthtrajectoryintheperiodsahead.”
Q1 FY26 Earnings Presentation
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11
ANNEXURE
Q1 FY26 Earnings Presentation
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12
Abridged Consolidated P&L statement
In Rs. crore
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
Operating EBITDA / ton^ (Rs.)
Other Income @
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
Share of profit(-) /loss(+) of joint ventures
PBT
PBT Margin (%)
Tax
PAT
PAT Margin (%)
Basic EPS (in Rs.)
Q1 FY26
Q1 FY25
Y-o-Y Change (%)
Q4 FY25
Q-o-Q Change (%)
887.2
144.6
16.3%
28,502
15.5
160.1
18.0%
28.7
6.3
-4.5
129.6
14.6%
28.8
100.8
11.4%
3.31*
826.4
154.0
18.6%
32,628
5.0
159.0
19.2%
21.7
6.7
-4.1
134.7
16.3%
30.9
103.8
12.6%
3.42*
7.4%
-6.1%
-2.3 pps
-12.6%
210.4%
0.7%
-1.2 pps
32.0%
-6.3%
-10.0%
-3.8%
-1.7 pps
-6.6%
-2.9%
-1.2 pps
-3.0%
896.1
139.6
15.6%
27,689
23.7
163.2
18.2%
27.8
6.5
-4.2
133.1
14.9%
32.2
100.9
11.3%
3.32*
-1.0%
3.6%
0.7 pps
2.9%
-34.6%
-1.9%
-0.2 pps
3.4%
-4.4%
-7.1%
-2.6%
-0.2 pps
-10.5%
-0.1%
0.1 pps
-0.3%
^Excluding UM Cables Ltd. and provision for one time redundancy cost in Q4 FY25 *EPS is not annualized
Q1 FY26 Earnings Presentation
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13
Abridged Standalone P&L statement
In Rs. crore
Revenue from Operations
Operating EBITDA
Operating EBITDA Margin (%)
Operating EBITDA / ton (Rs.)
Other Income @
EBITDA
EBITDA Margin (%)
Depreciation
Finance Costs
PBT
PBT Margin (%)
Tax
PAT
PAT Margin (%)
Basic EPS (in Rs.)
*EPS is not annualized
Q1 FY26
Q1 FY25
Y-o-Y Change (%)
Q4 FY25
Q-o-Q Change (%)
540.1
95.8
17.7%
22,199
14.9
110.8
20.5%
13.6
2.0
95.2
17.6%
24.3
70.9
13.1%
2.33*
514.1
101.4
19.7%
24,792
3.0
104.4
20.3%
10.4
2.1
91.9
17.9%
23.1
68.9
13.4%
2.26*
5.1%
-5.5%
-2 pps
-10.5%
394.7%
6.1%
0.2 pps
30.5%
-4.7%
3.6%
-0.3 pps
5.5%
2.9%
-0.3 pps
2.9%
544.2
99.9
18.4%
23,090
23.0
122.9
22.6%
13.0
3.4
106.6
19.6%
28.3
78.3
14.4%
2.57*
-0.7%
-4.1%
-0.6 pps
-3.9%
-35.0%
-9.9%
-2.1 pps
4.7%
-41.1%
-10.7%
-2 pps
-14.1%
-9.4%
-1.3 pps
-9.4%
Q1 FY26 Earnings Presentation
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14
Key operational highlights – Consolidated Q1 FY26
Figure in (‘000 MT)
SALES VOLUMES1
46
52
51
Q1 FY25
Q4 FY25
Q1 FY26
Shift (%)
QoQ: 1.2%
YoY: 10.4%
▪
▪
Increase in overall volumes YoY, primarily due to an increase in Wire Rope and Wire volumes
Segment wise contribution to overall volumes Q1 FY26:
▪
▪
▪
Wire Rope - 52% (FY25: 52%)
Wire - 23% (FY25: 21%)
LRPC - 25% (FY25: 27%)
WIRE ROPE SALES VOLUMES
WIRE VOLUMES
LRPC SALES VOLUMES
25
24
26
9
12
12
15
13
13
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Shift (%)
QoQ: 5.0%
YoY: 8.3%
QoQ: 3.3%
YoY: 36.6%
QoQ: 14.9%
YoY: 3.2%
Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated volumes
Q1 FY26 Earnings Presentation
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15
Globally recognized certifications and licenses
ISO 45001: 2018 Occupational Health & Safety
ISO 14001: 2015 Environmental management systems
Certificate of Authority issued by American Petroleum Institute
ISO 9001: 2015 Quality management Systems
DGMS Approval
Manufacturing Assessment issued by ABS
NABL Testing
Q1 FY26 Earnings Presentation
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16
Market snapshot
Key Market Statistics
As on 30th June, 2025
BSE/NSE Ticker
517146 / USHAMART
CMP (Rs.)
Market Cap (Rs. In Crore)
Number of outstanding shares (Crore)
Face Value
366.45
11,167.27
30.47
1.00
52-week High / Low (Rs.)
450.85 / 278.80
SHAREHOLDING PATTERN AS ON 30th June 2025
Public including Employee Welfare Trust, 21%
Corporate Bodies, 12%
Institutional Investor, 25%
Promoters, 42%
Q1 FY26 Earnings Presentation
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17
Concall details
Usha Martin Ltd. Q1 FY26 Earnings Conference Call
Time:
11:00 AM IST on Wednesday, August 13, 2025
To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:
Pre-registration
You will receive dial in numbers, passcode and a pin for the concall on the registered email address provided by you. Kindly dial into the call on the Conference Call date and use the passcode & pin to connect to call
Conference dial-in Primary Number: +91 22 6280 1141 / +91 22 7115 8042
International Toll Free Number:
Hong Kong: 800 964 448
Singapore: 800 101 2045
UK: 0 808 101 1573
USA: 1 866 746 2133
Q1 FY26 Earnings Presentation
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Contact us
About Us: Established in the year 1960, Usha Martin is a leading global and India’s No. 1 specialty steel wire rope solutions provider. The Company is also engaged in the manufacturing of high-quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fitments, accessories and related services.
Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and UK produce the widest range of wire ropes that find application in various industries across the world. All of the company’s facilities are equipped with the latest state-of-the-art high-capacity machines to manufacture world-class products.
Usha Martin’s global R&D center located in Italy is actively engaged in designing of wire ropes and uses proprietary design software to develop products that are the best in class. The Company also has a comprehensive R&D facility in its manufacturing unit at Ranchi, India. Usha Martin has an extensive and dedicated network of distribution centers located across the globe.
Corporate Identification No: L31400WB1986PLC091621
Regd. Office: 2A, Shakespeare Sarani, Kolkata – 700 071, India
Mr. Abhijit Paul (Chief Financial Officer)
Usha Martin Limited
Tel: +033 – 71006 403
Email: investor@ushamartin.co.in
Anoop Poojari / Devrishi Singh
CDR India
Tel: +91 98330 90434/ + 91 98205 30918
Email: anoop@cdr-india.com
devrishi@cdr-india.com
Q1 FY26 Earnings Presentation
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19
THANK YOU
USHA MARTIN LIMITED
2A, Shakespeare Sarani, Kolkata - 700 071, India
contact@ushamartin.com www.ushamartin.com
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