Usha Martin Limited — Investor Meet, 04-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Usha Martin reported strong Q3 FY26 results with consolidated revenue up 6.6% to INR 917 crore and Operating EBITDA rising 23.3% to INR 176 crore, achieving a 19.2% margin. Net profit was INR 107 crore, despite a one-time Wage Code impact. For 9M FY26, revenue hit INR 2,712 crore and PAT reached INR 336 crore.

The company's focus on value-added products like elevator and crane ropes drove performance. Working capital reduced by INR 97 crore, leading to a net cash position of INR 198 crore and ROCE of 20%. Management notes a healthier order book, with Saudi Arabian business ramping up and Thailand operations undergoing modernization. The "Ocean Fiber" synthetic sling business is cash-positive. Future capex of INR 250-300 crore annually aims for 10-15% volume growth, targeting early double-digit revenue growth and 19-20% EBITDA margins. The company is proactively addressing the future impact of the Carbon Border Adjustment Mechanism (CBAM) by evaluating emissions and investing in green manufacturing. Management expresses confidence in the company's operational and financial standing for continued growth.