Usha Martin LimitedQ1 FY27 Results & Financial Update
Usha Martin Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,033.00 Cr, PAT ₹142.04 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Usha Martin price & chart
Market price₹477.00
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Usha Martin Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Usha Martin Limited reported a strong start to fiscal 2027, crossing the Rs 1,000 crore quarterly revenue milestone for the first time with consolidated revenue from operations reaching Rs 1,033.0 crore, representing a 16.4% year-on-year increase compared to Rs 887.2 crore in Q1 FY26.
Profitability expanded significantly faster than top-line growth. Operating EBITDA surged 43.8% year-on-year to Rs 208.0 crore, up from Rs 144.6 crore in the corresponding period of the previous year, driven by disciplined cost management, favorable product and geographic mixes, and timely pricing adjustments.
Operating EBITDA margins expanded by 3.8 percentage points year-on-year to reach 20.1% in Q1 FY27, compared to 16.3% in Q1 FY26, absorbing prevailing input cost pressures and higher freight expenses through targeted realization improvements.
Profit before tax (PBT) advanced 42.0% year-on-year to Rs 184.12 crore (Rs 184.1 crore in press disclosures) from Rs 129.6 crore, while Profit After Tax (PAT) grew 40.9% year-on-year to Rs 142.04 crore (Rs 142.0 crore in press disclosures) from Rs 100.8 crore.
The wire rope business recorded healthy demand and volume growth across domestic markets in India as well as key international territories like the US and Europe, particularly within high-value applications. These gains successfully cushioned the impact of lower volumes in the Middle East resulting from ongoing regional geopolitical conflicts.
The company's wires business delivered robust performance, posting volume growth of around 19% alongside an approximate 32% increase in revenue, reinforcing the broader divisional momentum in the core Wire & Wire Ropes segment.
Strong operating cash flow generation of Rs 242 crore during the quarter enabled Usha Martin to fund capital expenditure of approximately Rs 73 crore toward capacity expansion in specialised wire ropes and manufacturing efficiency while concluding the period with a net cash position of approximately Rs 465 crore.
Usha Martin reported consolidated revenue from operations crossing the Rs 1,000 crore milestone for the first time in a single quarter, reaching Rs 1,033.0 crore in Q1 FY27. According to management statements, consolidated revenue grew 16.4% year-on-year, supported by robust demand across key international and domestic markets.
01 · Business model
What does Usha Martin do?
Usha Martin Limited is a leading global and India's number one specialty steel wire rope solutions provider, established in 1960. The company manufactures a wide array of high-quality specialty wire ropes, wires, low relaxation prestressed concrete steel strands (LRPC), bespoke end-fitments, accessories, and related technical services.
The operational footprint includes major manufacturing facilities located in Ranchi and Hoshiarpur in India, alongside international units in Dubai, Bangkok, and the United Kingdom. These plants produce highly engineered wire ropes utilized across global industries including mining, marine, construction, and infrastructure.
Usha Martin operates an advanced global R&D center in Italy equipped with proprietary design software for developing best-in-class wire rope products. The company reaches international customers through an extensive and dedicated network of global distribution centers.
The economic model focuses on value-led volume growth across specialty segments, supported by international manufacturing integration under the 'One Usha Martin' framework and ongoing efficiency and capacity enhancements.
02 · Historical context
What shaped the business before this quarter
Established in 1960, the company has grown into a leading global specialty steel wire rope and wire solutions provider.
The Board of Directors approved the 'Usha Martin Limited Employee Stock Option Plan - 2024' on August 12, 2024, executed via fresh share issuance and secondary acquisitions through the Usha Martin Limited Employees Welfare Trust.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,033.00 Cr |
| Total income | ₹1,041.56 Cr |
| Profit before tax | ₹184.12 Cr |
| Profit after tax | ₹142.04 Cr |
| EPS | ₹4.66 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Top-line expansion was propelled by healthy demand across India, the US, and Europe, specifically targeting higher-value rope applications that offset volume moderation in the Middle East.
Management highlighted that an improved product mix and disciplined pricing actions successfully lifted top-line realizations despite regional headwinds.
What drove margins
Operating EBITDA margin expanded by 3.8 percentage points year-on-year to 20.1%, supported by timely pricing actions and an improved product mix despite elevated input and freight expenses.
Disciplined operational cost management across global manufacturing units helped protect and expand profitability margins despite external cost headwinds.
Operating EBITDA margins expanded by 3.8 percentage points year-on-year to 20.1%, aided by strict internal cost management and higher realization from specialized applications.
Margins absorbed upward cost movements in raw materials (material consumption rose to Rs 524.65 crore) and freight expenses during the quarter.
05 · Demand, customers & order book
Where demand is coming from
Demand remained healthy across key end-user markets, driven by specialized, high-value wire rope applications in mining, marine, and industrial sectors.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated Rs 1,02,110 lakhs in revenue during Q1 FY27 compared to Rs 87,075 lakhs in Q1 FY25, delivering segment profit before tax and finance costs of Rs 19,206 lakhs.
Covering Jelly Filled and Optical Fibre Telecommunication Cables, this segment recorded Rs 1,190 lakhs in revenue and a minor segment loss of Rs 22 lakhs for the quarter.
Generated revenue of Rs 1,021.10 crore in Q1 FY27 (compared to Rs 870.75 crore in Q1 FY25) and delivered segment results of Rs 192.06 crore before finance costs.
Comprising telecommunication cables, this segment posted revenue of Rs 11.90 crore and a minor segment loss of Rs 0.22 crore.
Generated Rs. 1,02,110 lakh in revenue (up from Rs. 87,075 lakh in Q1 FY26) and delivered segment profit before finance costs and tax of Rs. 19,206 lakh.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Global facilities in Ranchi, Hoshiarpur, Dubai, Bangkok, and the UK utilized high-capacity state-of-the-art machinery to support volume growth in specialized wire lines.
Projects, capex and execution
The company incurred capital expenditure of approximately Rs 73 crore during Q1 FY27, directed toward expanding manufacturing capacity in specialised wire ropes and improving operational efficiency.
Ongoing capital investments remain directed toward expanding manufacturing capacity in specialized wire ropes and improving operational efficiency.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management aims to drive value-led volume growth, scale newer verticals such as plasticated LRPC and OceanFibre, and further integrate global operations under the 'One Usha Martin' framework.
The company is advancing integration and collaboration across its worldwide operations under the 'One Usha Martin' initiative.
09 · Reported developments
What changed operationally
Quarterly revenue crossed Rs 1,000 crore for the first time, accompanied by a 43.8% surge in operating EBITDA and a 40.9% increase in net profit.
Quarterly consolidated revenue crossed the Rs 1,000 crore threshold for the first time, reaching Rs 1,033 crore.
Operating EBITDA rose by 43.8% and PAT grew by 40.9% year-on-year, reflecting strong operational leverage.
10 · Items worth noticing
The line items that can distort a quick read
Tax expenses for the quarter included current tax of Rs 43.15 crore, deferred tax of Rs 0.79 crore, and an adjustment for earlier periods of negative Rs 0.18 crore.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Earnings translated into robust cash generation, with operating cash flow reaching Rs 242 crore during the quarter.
The company closed the quarter with a net cash position of approximately Rs 465 crore, providing substantial financial flexibility for future growth investments.
Capital allocation & funding
In recognition of strong financial performance and an improved credit profile, the company's Long-Term Credit Rating was upgraded to IND AA-/Stable.
Total finance costs for the quarter stood at a modest Rs 3.90 crore.
Usha Martin closed the quarter with a net cash position of approximately Rs. 465 crore. Reflecting this improved financial profile, the company's long-term credit rating was upgraded to IND AA-/Stable.
12 · Management guidance & targets
What management is targeting from here
Management stated confidence in delivering consistent, profitable growth, citing healthy demand across key markets and ongoing strategic expansion in specialized verticals.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Legal and Regulatory Contingency
The statutory auditors highlighted ongoing proceedings and provisional land attachments by the Enforcement Directorate and CBI regarding iron ore fines in prior years; management maintains based on legal opinions that the company has a strong case and ongoing operations remain unaffected.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue increased from Rs 97,926 lakhs in Q4 FY26 to Rs 1,033.0 crore in Q1 FY27, while PAT moved from Rs 15,512 lakhs to Rs 14,204 lakhs.
15 · Key Q&A
The quarter, answered directly
What does Usha Martin do?
Usha Martin Limited is a leading global and India's number one specialty steel wire rope solutions provider, established in 1960. The company manufactures a wide array of high-quality specialty wire ropes, wires, low relaxation prestressed concrete steel strands (LRPC), bespoke end-fitments, accessories, and related technical services.
What is the clearest takeaway from Q1 FY27?
Usha Martin Limited reported a strong start to fiscal 2027, crossing the Rs 1,000 crore quarterly revenue milestone for the first time with consolidated revenue from operations reaching Rs 1,033.0 crore, representing a 16.4% year-on-year increase compared to Rs 887.2 crore in Q1 FY26.
What drove revenue or demand?
Top-line expansion was propelled by healthy demand across India, the US, and Europe, specifically targeting higher-value rope applications that offset volume moderation in the Middle East.
What mattered most for margins or profitability?
Operating EBITDA margin expanded by 3.8 percentage points year-on-year to 20.1%, supported by timely pricing actions and an improved product mix despite elevated input and freight expenses.
What changed operationally beyond the headline numbers?
Global facilities in Ranchi, Hoshiarpur, Dubai, Bangkok, and the UK utilized high-capacity state-of-the-art machinery to support volume growth in specialized wire lines.
What is management guiding or targeting from here?
Management stated confidence in delivering consistent, profitable growth, citing healthy demand across key markets and ongoing strategic expansion in specialized verticals.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of Capex Projects: Monitor the commissioning and output scaling of ongoing capital expenditure aimed at specialized wire rope capacity expansion.
- 02
New Vertical Scaling: Track commercial progress and market adoption of newer product lines including plasticated LRPC and OceanFibre.
- 03
Legal Proceedings Progress: Observe scheduled hearings regarding ongoing regulatory and legal matters concerning historical mining and land attachment cases.
- 04
Legal Proceedings: Watch for developments in ongoing legal hearings regarding Ranchi land attachment matters listed before judicial authorities.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.