Usha Martin Limited — PPTs, 12-05-2025: Investor Presentation

1. Financial Highlights:

Usha Martin’s consolidated revenue from operations rose 7.7% YoY to Rs. 3,474 crore in FY25, supported by a 9.5% increase in sales volumes. Q4 revenue grew 8.1% YoY to Rs. 896 crore. Operating EBITDA remained flat YoY at Rs. 598 crore, with margins contracting 1.4 percentage points to 17.2%. Q4 EBITDA margin was 15.6%, impacted by product mix shifts and a one-time redundancy cost of Rs. 4 crore. PAT declined 4.2% YoY to Rs. 406 crore. The balance sheet reflects strong deleveraging, with net debt reduced to Rs. 63 crore despite Rs. 245 crore capex. Operating cash flow stood robust at Rs. 541 crore, 91% of EBITDA, supporting liquidity and ongoing investments.

2. Strategic Initiatives & Growth Drivers:

The ‘OneUshaMartin’ program is enhancing operational efficiency across procurement, logistics, and working capital, aiming to boost margins from H2FY26. Focus remains on high-value domestic market opportunities and disciplined strategic capex for value-led growth. Investments in global R&D and modern manufacturing underpin product quality and innovation.

3. Business Developments:

International operations are being strengthened via UK restructuring to support direct exports from India, improving cash flow and working capital. Value-added segments like crane, oil & offshore, elevator, mining, and fishing now contribute 71% of Wire Rope segment revenues, emphasizing specialized, higher-margin products.

4. Market Position & Competitive Advantage:

Usha Martin holds the leadership as India’s No. 1 specialty steel wire rope provider, with 55% of revenues from international markets and diversified end-use industries. Its global manufacturing network and proprietary R&D capabilities offer solid differentiation and scale advantages.

5. Investor Implications:

Revenue growth combined with operational efficiencies and a de-risked balance sheet signals positive growth potential. Focus on margin improvement and capex discipline will be critical execution areas amid external uncertainties.