Quarter Ended: March 2026
Usha Martin Ltd – Q4 FY26 Results
NSE
ushamart
BSE
517146
Usha Martin delivered robust profit growth (QoQ & YoY) supported by strong performance in its core Wire & Wire Ropes segment, improved operating efficiency, and lower finance costs
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹1,00,592 Lakh
- QoQ Change: +9.2%
- YoY Change: +9.4%
- Previous Quarter (Q3 FY26): ₹92,115 Lakh
- Previous Year (Q4 FY25): ₹91,973 Lakh
- Total Income (Q4 FY26): ₹1,00,592 Lakh
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹14,803 Lakh
- QoQ Change: +37.5%
- YoY Change: +46.7%
- Previous Quarter (Q3 FY26): ₹10,767 Lakh
- Previous Year (Q4 FY25): ₹10,091 Lakh
- PAT (Q4 FY26): ₹14,803 Lakh
- QoQ Performance:
- Revenue Trend: Growth
- Profit Trend: Strong Growth
Margin Analysis
Key Drivers:
- Better operating leverage
- Controlled finance costs (₹352 Cr vs ₹477 Cr QoQ)
- Stable raw material cost trends
Key Signal: Significant margin expansion, indicating improved operational efficiency
Segment performance
Segment: Wire & Wire Ropes
- Revenue: ₹95,890 Cr
- Insights:
- Core revenue driver (~98% contribution)
- Strong sequential and YoY growth
- High profitability contributor
Segment: Others
- Revenue: ₹2,036 Cr
- Insights:
- Minor contribution
- Slight volatility
Segment insight
Summary:
Business is heavily concentrated in the Wire & Wire Ropes segment, which drives both revenue and profitability
Characteristics:
- High operating leverage
- Export-linked demand
- Cyclical but currently in growth phase
Earning quality check
Drivers:
- Growth driven by core operations
- Limited reliance on exceptional items
- Contribution from joint ventures
Interpretation:
- Earnings quality is strong and sustainable, backed by core business performance
balance sheet Analysis
- Total Assets: ₹4,21,182 Cr
- Total Liabilities: ₹90,974 Cr
Insight:
- Strong balance sheet with improving equity base
- Reduction in leverage compared to previous year
Cash flow analysis
- Operating Cash Flow: ₹65,534 Cr
- Investing Cash Flow: ₹(36,667) Cr
- Financing Cash Flow: ₹(32,149) Cr
- Net Cash Change: ₹(1,888) Cr
Interpretation:
- Strong operating cash generation
- Cash deployed in capex and investments
- Debt repayment indicates balance sheet strengthening
key risks
- Commodity price volatility (steel)
- Export demand fluctuations
- Segment concentration risk
- Global macro slowdown
management strategy signals
Focus Area:
- Strengthening core wire rope business
- Expanding global footprint
- Improving margins via efficiency
Financial metrics table
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹1,00,592 Lakh | +9.2% | +9.4% |
| PBT | ₹20,437 Lakh | +48.4% | +53.5% |
| PAT | ₹14,803 Lakh | +37.5% | +46.7% |
Usha Martin has delivered a strong quarter with robust profit growth and margin expansion. Core segment strength and efficient cost management are key positives. The company remains well-positioned for continued growth, though commodity risks should be monitored
Official Exchange Filing: Usha Martin Ltd
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED