Key Financial Performance – Consolidated

Revenue & Profitability:

  • Revenue from Operations stood at ₹1,033.0 crore in Q1 FY27, a 16.4% increase Year-on-Year (YoY) from ₹887.2 crore in Q1 FY26 and a 5.5% increase Quarter-on-Quarter (QoQ) from ₹979.3 crore in Q4 FY26.
  • Operating EBITDA (calculated without other income) was ₹208.0 crore, a 43.8% increase YoY from ₹144.6 crore and a slight 1.7% decrease QoQ from ₹211.5 crore.
  • Operating EBITDA Margin improved significantly to 20.1% in Q1 FY27 from 16.3% in Q1 FY26 (a 380 basis point expansion) but decreased from 21.6% in Q4 FY26 (a 150 basis point contraction).
  • Operating EBITDA per ton was ₹40,581, a 42.4% increase YoY from ₹28,502 and a 2.7% increase QoQ from ₹39,496.
  • Profit After Tax (PAT) from continuing business was ₹142.0 crore, a 40.9% increase YoY from ₹100.8 crore and an 8.4% decrease QoQ from ₹155.1 crore.
  • PAT Margin was 13.8%, up 240 basis points YoY from 11.4% but down 130 basis points QoQ from 15.1%.
  • Basic EPS (not annualized) was ₹4.66, a 40.8% increase YoY from ₹3.31 and a 3.7% decrease QoQ from ₹4.85.

Other Income & Costs:

  • Other Income was ₹8.6 crore, a 44.6% decrease YoY from ₹15.5 crore and a 67.9% decrease QoQ from ₹26.7 crore.
  • EBITDA (including other income) was ₹216.6 crore, a 35.3% increase YoY from ₹160.1 crore and a 9.1% decrease QoQ from ₹238.2 crore.
  • EBITDA Margin was 21.0%, up 300 basis points YoY from 18.0% but down 330 basis points QoQ from 24.3%.
  • Depreciation was ₹33.5 crore, a 16.8% increase YoY from ₹28.7 crore and a 7.3% increase QoQ from ₹31.2 crore.
  • Finance Costs were ₹3.9 crore, a 37.6% decrease YoY from ₹6.3 crore and a 10.8% increase QoQ from ₹3.5 crore.
  • There was no exceptional item in Q1 FY27 or Q1 FY26. Q4 FY26 had an exceptional item of -₹3.5 crore.
  • The effective tax rate for Q1 FY27 was approximately 22.9% (Tax of ₹42.1 crore on PBT of ₹184.1 crore).

Key Financial Performance – Standalone

Revenue & Profitability:

  • Revenue from Operations stood at ₹642.4 crore in Q1 FY27, a 19.0% increase YoY from ₹539.8 crore and a 5.2% decrease QoQ from ₹677.7 crore.
  • Operating EBITDA was ₹145.2 crore, a 31.1% increase YoY from ₹110.8 crore and a 23.9% decrease QoQ from ₹190.9 crore.
  • Operating EBITDA Margin was 22.6%, up 210 basis points YoY from 20.5% but down 730 basis points QoQ from 29.9%.
  • PAT was ₹97.6 crore, a 37.7% increase YoY from ₹70.9 crore and a 28.0% decrease QoQ from ₹135.6 crore.
  • PAT Margin was 15.2%, up 210 basis points YoY from 13.1% but down 490 basis points QoQ from 20.1%.
  • Basic EPS (not annualized) was ₹3.21, a 37.8% increase YoY from ₹2.33 and a 24.1% decrease QoQ from ₹4.22.

Segment Performance – Consolidated

Revenue Breakdown:

  • The Wire Rope segment revenue grew 18.0% YoY.
  • The Wire segment revenue grew 31.7% YoY.
  • Segment-wise contribution to overall sales in Q1 FY27:
  • Wire Rope: 73% (vs. 73% in FY26)
  • Wire: 12% (vs. 11% in FY26)
  • LRPC: 9% (vs. 8% in FY26)
  • The share of international business stood at 57% of overall revenues in Q1 FY27.

Operational Highlights – Consolidated

Sales Volume:

  • Total sales volume was 51.3 thousand metric tons (000 MT) in Q1 FY27.
  • Wire Rope volume was 37.4 (000 MT).
  • Wire volume was 6.2 (000 MT).
  • LRPC volume was 4.6 (000 MT).

Balance Sheet & Cash Flow

Strengthened Position:

  • The company ended the quarter with a net cash position of approximately ₹465 crore.
  • Operating Cash Flow (before income tax) stood at ₹242 crore in Q1 FY27, reflecting a 116% cash conversion of operating EBITDA.
  • Healthy Free Cash Flow was ₹135 crore for the quarter.
  • Capital Expenditure incurred during the quarter was approximately ₹73 crore.

Credit Rating & Market Snapshot

Rating Upgrade:

  • The company's Long-Term Issuer Rating was upgraded to 'IND AA-/Stable'.

Market Data (as of 30th June 2026):

  • CMP: ₹497.05
  • Market Cap: ₹15,147.19 Crore
  • Number of outstanding shares: 30.47 Crore
  • Face Value: ₹1.00
  • 52-week High/Low: ₹527.00 / ₹333.95

Management Commentary

Mr. Rajeev Jhawar, Managing Director, commented on the performance:

  • The company commenced FY27 strongly, crossing the ₹1,000 crore revenue milestone.
  • Performance was supported by an improved product and geographic mix, disciplined cost management, and timely pricing actions, offsetting higher input and freight costs.
  • The rope business saw healthy growth in India, the US, and Europe, particularly in higher-value applications, which helped offset volume reductions in the Middle East caused by the ongoing geopolitical conflict.
  • The wires business delivered strong volume growth of around 19%.
  • Ongoing investments are focused on expanding capacity in specialized wire ropes and improving manufacturing efficiency.
  • The aim is to focus on value-led volume growth, scale newer verticals like plasticated LRPC and OceanFibre, and strengthen global operations under 'One Usha Martin'.
  • Demand in key markets remains healthy, and the company is confident of delivering consistent, profitable growth.

Corporate Details & Contact

Investor Contact: Mr. Abhijit Paul (Chief Financial Officer), Tel: +033 – 71006 403, Email: investor@ushamartin.co.in

Earnings Conference Call

A conference call is scheduled for 10:30 AM IST on Tuesday, July 28, 2026. Dial-in numbers and registration details were provided.